CACI International Inc (CACI) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Fiscal 2024 Third Quarter Conference Call. Today's call is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加 CACI International 2024 財年第三季電話會議。今天的通話正在錄音。 （操作員指示）

At this time, I would like to turn the conference call over to George Price, Senior Vice President, Investor Relations. Please go ahead.

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, Dennis, 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，丹尼斯，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 facts, 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.

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。

Our safe harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call.

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 third quarter fiscal year '24 results. With me this morning is Jeffrey MacLauchlan, our Chief Financial Officer.

謝謝，喬治，大家早安。感謝您加入我們討論 24 財年第三季的業績。今天早上和我一起的是我們的財務長 Jeffrey MacLauchlan。

Move to Slide 4, please. CACI delivered outstanding third quarter results across the board. We grew revenue by 11%, with contributions from both expertise and technology programs.

請移至投影片 4。 CACI 第三季業績全面出色。我們的收入成長了 11%，這得益於專業知識和技術專案的貢獻。

EBITDA margin of 11.3% showed significant expansion from last year, consistent with our expectations of stronger margins in the second half. And we delivered healthy free cash flow of $102 million.

EBITDA 利潤率為 11.3%，較去年同期大幅擴張，符合我們對下半年利潤率更高的預期。我們實現了 1.02 億美元的健康自由現金流。

In addition, our third quarter award of $3.5 billion represents a 1.8x book-to-bill for the quarter and on a trailing 12 months book-to-bill to 1.5x. About half of our awards were for new work to CACI, and we continue to demonstrate excellent performance on our recompetes as well.

此外，我們第三季的 35 億美元獎勵代表本季訂單出貨比為 1.8 倍，過去 12 個月的訂單出貨比為 1.5 倍。 我們獲得的獎項中約有一半是針對 CACI 的新作品，而且我們在重新參賽時也繼續表現出色。

Our third quarter results are well aligned with our value creation model, which focuses on long-term growth and free cash flow per share. As a result of our strong performance, we are again raising our full year guidance.

我們的第三季業績與我們的價值創造模式非常一致，該模式註重長期成長和每股自由現金流。由於我們表現強勁，我們再次上調了全年業績預期。

Slide 5, please. Let me provide a few thoughts on the macro environment. Recent passage of the government fiscal year '24 budget and supplemental is a positive development and removes an element of uncertainty for our customers. Budget levels and growth are very consistent with what was laid out last year by the debt-ceiling agreement, and the supplemental could provide funding that would support additional growth of our Counter-UAS technology.

請看投影片 5。我對宏觀環境談幾點看法。政府最近通過的 24 財年預算和補充預算是一個積極的發展，為我們的客戶消除了不確定因素。預算水準和成長與去年債務上限協議規定的水準非常一致，補充資金可以提供資金，支持我們的反無人機技術的進一步發展。

The proposed GFY '25 budget is also in line with expectations. And like most years, we expect it will begin with a continuing resolution, which typically does not have a material impact on our business. One thing remains clear, National Security and IT modernization remain key focus areas for our government. As we've said many times before, the world is a dangerous place. And we continue to see clear demand signals driven by world events. CACI continues to be strategically positioned in enduring and well-funded areas that align with our nation's most important priorities.

擬議的 25 財年預算也符合預期。和大多數年份一樣，我們預計它將以持續決議開始，這通常不會對我們的業務產生重大影響。有一點很清楚，國家安全和資訊科技現代化仍然是我們政府關注的重點領域。正如我們之前多次說過的，世界是一個危險的地方。我們繼續看到由世界事件推動的明確需求訊號。 CACI 繼續在與我們國家最重要的優先事項相一致的持久且資金充足的領域中佔據戰略地位。

Slide 6, please. A number of years ago, we undertook a strategy to become a more focused, differentiated and resilient company. It was even better positioned to drive long-term growth and shareholder value. This strategy has 5 key elements: focus on key enduring priorities for national security and IT modernization; leverage software to rapidly address critical needs; bid less, win more, and prioritize larger longer-duration opportunities; invest ahead of need to develop differentiated capabilities; and deploy capital in a flexible and opportunistic manner. All of these elements are focused on driving long-term growth, particularly in free cash flow per share, which we believe is the ultimate metric for long-term shareholder value creation.

請看投影片 6。幾年前，我們制定了一項策略，旨在成為一家更專注、差異化和韌性的公司。它甚至更有能力推動長期成長和股東價值。該戰略有5個關鍵要素：關注國家安全和資訊科技現代化的關鍵持久優先事項；利用軟體快速滿足關鍵需求；少出價，多贏得，並優先考慮更大、更長期的機會；提前投資以開發差異化能力；並以靈活和機會主義的方式部署資本。所有這些因素都致力於推動長期成長，特別是每股自由現金流，我們認為這是長期股東價值創造的最終指標。

Slide 7, please. Today, you can see the successful execution of our strategy manifest in several ways. First, we are well positioned in key national security and IT modernization priorities of the federal government with agile software development methodologies and software-based technologies. On the national security front, our capabilities in the electromagnetic spectrum are differentiated and in high demand. Every day, world events are demonstrating the increasing importance of signals collection, intelligence, geolocation and electronic attack. Software enables us not only to provide these capabilities to our customers but also to adapt and update these capabilities, which speed in agility as adversaries change their tactics.

請看投影片 7。今天，您可以透過多種方式看到我們策略的成功執行。首先，我們憑藉敏捷的軟體開發方法和基於軟體的技術，在聯邦政府的關鍵國家安全和 IT 現代化優先事項中佔據有利地位。在國家安全方面，我們在電磁頻譜方面的能力具有差異性，而且需求量很大。每天，世界各地發生的事件都顯示訊號收集、情報、地理定位和電子攻擊的重要性日益增加。軟體使我們不僅能夠向客戶提供這些功能，而且還能夠調整和更新這些功能，隨著對手改變策略，這些功能的速度也會加快。

On our U.S. Navy Spectral program, we are working with our customers to modify and enhance what will be delivered and when, made possible by our open architecture and software approach, which allows for contemplated changes and requirements. And we are beginning discussions with the Navy in an effort to consider reusing elements of Spectral as a baseline for other systems because that's one way to provide fleet-wide capability upgrades, when and wherever required to keep pace with rapidly changing adversaries and technologies.

在我們的美國海軍光譜計劃中，我們正在與客戶合作修改和增強交付內容和交付時間，這得益於我們的開放式架構和軟體方法，該方法允許預期的更改和要求。我們正在開始與海軍進行討論，考慮將 Spectral 的元素重新用作其他系統的基準，因為這是隨時隨地提供全艦隊能力升級的一種方式，以跟上快速變化的對手和技術。

In addition, we are building out our ability to deliver our technology to FVEY countries, to NATO countries and other allies. We have already made deliveries to several of these countries. In fact, during the quarter, we received our first order from the Canadian government for our software-defined, man-portable Counter-UAS technology, called BEAM.

此外，我們正在增強向五國、北約國家和其他盟友提供技術的能力。我們已經向其中幾個國家發貨。事實上，在本季度，我們收到了加拿大政府的第一份訂單，訂購我們的軟體定義、便攜式反無人機技術，稱為 BEAM。

We are also providing our software-defined SIGINT technology, (inaudible) UAVs to assist in signal collection missions. On the IT modernization front, last quarter, we discussed how our capabilities are addressing increasing demand for network monetization. In addition, we are also winning and delivering on other IT modernization requirements. For example, this quarter, we won our recompete of IT work supporting both EUCOM and AFRICOM, enabling our customers' missions and they respond to an ever-increasing list of critical world events. IT modernization using our Agile software development and DevSecOps capabilities also recently held the U.S. Marine Corps to achieve the first ever clean financial audit for a branch of the military. This highly visible achievement as to our strong record of past performance and enhances our ability to pursue additional modernization opportunities across the U.S. government.

我們也提供軟體定義的 SIGINT 技術，（聽不清楚）無人機來協助訊號收集任務。在 IT 現代化方面，上個季度，我們討論了我們的能力如何滿足日益增長的網路貨幣化需求。此外，我們還贏得並實現了其他 IT 現代化要求。例如，本季度，我們贏得了支援美國歐洲司令部和非洲司令部的 IT 工作，使我們的客戶能夠完成任務並應對日益增多的重大世界事件。利用我們的敏捷軟體開發和 DevSecOps 功能進行的 IT 現代化最近也幫助美國海軍陸戰隊實現了軍事部門首次乾淨的財務審計。這項顯著成就充分證明了我們過去出色的業績記錄，並增強了我們在美國政府內部尋求更多現代化機會的能力。

Slide 8, please. As I said, we're continuing to enhance the long-term visibility of CACI's business through disciplined bidding and larger, longer duration opportunities. As I mentioned, we had yet another fantastic quarter for awards, and I'm very pleased with our business development organization's performance. Our $3.5 billion of awards in the quarter had a healthy mix of recompetes. And in several cases, we were able to expand those contracts.

請看第 8 張投影片。正如我所說，我們將繼續透過嚴格的投標和更大、更長期的機會來提高 CACI 業務的長期知名度。正如我所提到的，我們又度過了一個獲得獎項的輝煌季度，我對我們業務發展組織的表現非常滿意。我們本季的 35 億美元獎項有著良好的重新競爭組合。在很多情況下，我們能夠延長這些合約。

On the IT work I mentioned earlier, this supports both EUCOM and AFRICOM. We not only won our recompete, we nearly doubled the size of that contract to well over $1 billion. Successes like this drove our third quarter backlog to a record $28.6 billion, representing nearly 4 years of annualized revenue. The weighted average duration of awards that we booked into backlog remains well above 5 years on a year-to-date basis. We continue to have a robust pipeline of new opportunities that allows us to be discriminating in the work we pursue. These wins and the delivery duration metrics provide visibility not only to support current year growth but for future year growth as well.

關於我之前提到的 IT 工作，這支持了美國歐洲司令部和非洲司令部。我們不僅贏得了重新競爭，而且合約規模幾乎增加了一倍，達到 10 億美元以上。這樣的成功使我們第三季的積壓訂單達到了創紀錄的 286 億美元，相當於近 4 年的年化收入。從年初至今，我們積壓的獎勵加權平均期限仍遠高於 5 年。我們繼續擁有大量新的機遇，這使我們能夠在從事的工作中有所區分。這些勝利和交付持續時間指標不僅為支持當年的成長提供了可見性，也為未來幾年的成長提供了可見性。

Slide 9, please. Finally, we continue to invest ahead of need and deploy capital in a flexible and opportunistic manner. I previously mentioned our Agile software development and software-defined capabilities in the electromagnetic spectrum. Two examples that illustrate investing ahead of need, as well as our organic investments in our Photonics business, to name just a few.

請翻看投影片 9。最後，我們繼續提前投資，並以靈活和機會主義的方式部署資本。我之前提到過我們在電磁頻譜中的敏捷軟體開發和軟體定義能力。舉兩個例子來說明提前投資以及我們對光子業務的有機投資，僅舉幾例。

You also may have seen we've made a few smaller acquisitions this year, both in the U.K. and here in the U.S. as our M&A pipeline continues to expand. During the third quarter, we closed the acquisition of Quadrint, a provider of digital application modernization, primarily for the intelligence community. Quadrint brings specific customer relationships and past performance in the IC that are additive to our business. Consistent with our M&A strategy and the acquisition is accretive in year 1.

您可能還已經看到，隨著我們的併購管道不斷擴大，我們今年在英國和美國進行了一些較小的收購。第三季度，我們完成了對 Quadrint 的收購，Quadrint 是一家主要為情報界提供數位應用現代化的供應商。 Quadrint 為我們帶來了 IC 中的特定客戶關係和過往業績，這對我們的業務大有裨益。與我們的併購策略一致，並且收購在第一年就實現了增值。

Slide 10, please. Overall, I am very pleased with our strong performance. We are seeing accelerating growth as the larger awards we've won over the past few years continue to ramp. And we see on contract growth in our existing portfolio. As a result, we are raising our full year guidance, and Jeff will share the details with you shortly.

請看第 10 張投影片。總體而言，我對我們的出色表現感到非常滿意。隨著過去幾年贏得的大獎不斷增加，我們的成長速度也不斷加快。我們看到現有投資組合中的合約有所成長。因此，我們提高了全年業績預期，Jeff 很快就會與您分享詳細資訊。

In summary, we continue to successfully execute our strategy. Our investments ahead of need, differentiated capabilities, strong execution and exceptional business development positions CACI to drive top line growth, strong margins and increasing free cash flow per share.

總而言之，我們繼續成功執行我們的策略。我們的超前投資、差異化能力、強大的執行力和卓越的業務發展使 CACI 能夠推動營收成長、實現強勁利潤率並增加每股自由現金流。

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. Please turn to Slide 11. In the third quarter, we generated record revenue of over $1.9 billion, representing 11.1% growth, of which 10.2% was organic. The balance was generated by the 3 acquisitions we've made over the past 12 months. Third quarter EBITDA margin of 11.3%, represents a sequential increase of 200 basis points, which is in line with our expectations and what we have communicated to you throughout the year. Adjusted diluted earnings per share of $5.74 were 17% higher than a year ago. Greater operating income, along with a lower share count more than offset a higher income tax provision and higher interest expense.

謝謝你，約翰，大家早安。請翻到投影片 11。第三季度，我們創造了超過 19 億美元的創紀錄收入，成長 11.1%，其中 10.2% 為有機成長。餘額是我們在過去 12 個月內進行的 3 次收購產生的。第三季 EBITDA 利潤率為 11.3%，環比成長 200 個基點，這符合我們的預期以及我們全年向您傳達的訊息。調整後每股攤薄收益為 5.74 美元，比去年同期高出 17%。營業收入增加，加上股票數量減少，足以抵銷更高的所得稅準備金和更高的利息支出。

Third quarter operating cash flow, excluding our accounts receivable, purchase facility was $114 million, reflecting strong profitability and cash collections. We reported day sales outstanding DSO of 50 days, as we continue to efficiently manage working capital. Free cash flow of $102 million for the quarter represents good sequential and year-over-year increases.

第三季的經營現金流（不包括應收帳款和採購貸款）為 1.14 億美元，反映出強勁的獲利能力和現金回款。由於我們繼續有效管理營運資金，我們報告的未償銷售 DSO 為 50 天。本季的自由現金流為 1.02 億美元，環比和年比均有良好成長。

Slide 12, please. The healthy long-term cash flow characteristics of our business are modest leverage of 2x net debt to trailing 12 months EBITDA and our access to capital provides us with significant optionality.

請翻看第 12 張投影片。我們業務健康的長期現金流特徵是2倍淨債務與過去12個月EBITDA的適度槓桿，而我們的資本取得為我們提供了很大的選擇性。

As John mentioned, we made an acquisition in the third quarter, and we remain well positioned to deploy capital in a flexible and opportunistic manner to drive long-term growth in free cash flow per share and shareholder value.

正如約翰所提到的，我們在第三季度進行了收購，我們仍然能夠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和股東價值的長期成長。

Slide 13, please. We're pleased to, again, raise our fiscal '24 guidance as a result of our strong business performance. We're raising our revenue guidance to between $7.5 billion and $7.6 billion. This represents growth of 11.9% to 13.4% for the year, with the organic component being 11.3% to 12.8%.

請翻閱第 13 張投影片。由於我們強勁的業務表現，我們很高興再次提高 24 財年的業績預期。我們將營收預期上調至 75 億美元至 76 億美元之間。這意味著全年成長率為 11.9% 至 13.4%，其中有機成長率為 11.3% 至 12.8%。

We are also affirming our underlying EBITDA margin expectations in the high 10% range where we now expect to be about 10.7% for FY '24. Recall that this margin guidance excludes the previously discussed $200 million of material sales in the first half of the year, which equates to approximately 30 basis points of impact to the full year margin.

我們也確認了我們的基本 EBITDA 利潤率預期在 10% 的高點範圍內，目前我們預計 24 財年的利潤率約為 10.7%。回想一下，該利潤率指引不包括先前討論過的上半年 2 億美元的材料銷售額，這相當於對全年利潤率產生約 30 個基點的影響。

As a result of our stronger revenue outlook, we're narrowing and increasing our FY '24 adjusted net income guidance accordingly to be between $455 million of $465 million, with an [attentive] increase in adjusted earnings per share to between $20.13 and $20.58 per share.

由於我們預期營收前景更為強勁，我們相應地縮小並增加了 24 財年的調整後淨收入預期，使其介於 4.55 億美元至 4.65 億美元之間，同時將調整後每股收益 [謹慎地] 提高至每股 20.13 美元至 20.58 美元之間。

And finally, we're maintaining our free cash flow guidance of at least $420 million. You will recall this assumes receipt of a $40 million tax refund related to prior year tax method changes. The IRS has accepted our treatment of the method change, the timing of the payment is entirely up to the IRS.

最後，我們維持至少 4.2 億美元的自由現金流指引。您會記得，這是假設收到與前一年稅務方法變更相關的 4000 萬美元退稅。美國國稅局已經接受了我們對方法改變的處理，付款時間完全取決於美國國稅局。

In addition, our free cash flow outlook now assumes about $80 million in capital expenditures, down slightly from our prior expectation as we're able to realize efficiencies in our capital spending. This is largely offset by slightly higher working capital usage from the higher revenue we expect through the end of the fiscal year.

此外，我們的自由現金流前景現在假設資本支出約為 8000 萬美元，略低於我們先前的預期，因為我們能夠實現資本支出的效率。這在很大程度上被我們預期到本財政年度結束收入增加而導致的營運資本使用率略微上升所抵消。

Please note that additional details of our updated guidance have been included in our presentation to assist you with your modeling.

請注意，我們的簡報中包含了更新指南的更多詳細信息，以幫助您進行建模。

Slide 14, please. Turning to our forward indicators, our prospects continue to be strong. Our trailing 12 months book-to-bill ratio of 1.5x reflects strong performance in the market place. Our record backlog of $29 billion, increased over 13% from a year ago and represents just under 4 years of annual revenue. These metrics provide good long-term visibility into the strength of our business.

請翻看第 14 張投影片。回顧我們的前瞻指標，我們的前景依然強勁。我們過去 12 個月的訂單出貨比為 1.5 倍，反映了市場表現強勁。我們的積壓訂單達到創紀錄的 290 億美元，比去年同期成長了 13% 以上，相當於近 4 年的年收入。這些指標為我們長期的業務實力提供了良好的可視性。

For fiscal year '24, we now expect approximately 98% of our revenue to come from existing programs, with approximately 1% each from recompetes and new business. Progress on these metrics reflects our successful business development and operational performance and yields increased confidence in our expectations for the year.

對於 24 財年，我們目前預計約 98% 的收入來自現有項目，約 1% 來自重新競爭和新業務。這些指標的進步反映了我們成功的業務發展和營運業績，並增強了我們對今年的預期的信心。

In terms of our pipeline, we have $11 billion of bids under evaluation, over 70% of which are for new business to CACI. We expect to submit another $15 billion in bids over the next 2 quarters with 90% of that for new business. Our ability to increase both of these metrics from last quarter, even while delivering a 1.8x book-to-bill ratio reflects the healthy demand, successful strategic positioning, differentiated capabilities and disciplined bidding we have discussed.

就我們的管道而言，我們正在評估 110 億美元的投標，其中 70% 以上是針對 CACI 的新業務。我們預計在未來兩季再提交 150 億美元的投標，其中 90% 用於新業務。我們能夠提高上一季的這兩項指標，即使在訂單出貨比為 1.8 倍的情況下，也反映了我們所討論的健康需求、成功的戰略定位、差異化能力和有紀律的投標。

In summary, we delivered outstanding third quarter results. We continue to see good momentum in our business, and as a result, are raising our full year guidance for the third time this year. We are winning and executing high-value enduring work that supports long-term growth, increased free cash flow per share and additional shareholder value.

總而言之，我們第三季取得了出色的業績。我們的業務繼續保持良好勢頭，因此，今年我們第三次上調了全年業績預期。我們正在贏得並執行支持長期成長、增加每股自由現金流和增加股東價值的高價值持久工作。

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 15, please. In closing, I'm very pleased with our strong third quarter performance and our ability to again raise full year revenue and earnings guidance. At the start of this fiscal year and over the past several quarters, we have outlined our expectations of how and why our financial results would progress through the year. We discussed the fact that many of our larger technology awards would take time to ramp and the timing of investments and deliveries would drive higher margins in the second half versus the first half. The stronger growth and increased profitability we've reported are entirely consistent with those expectations. We continue to successfully execute our strategy. It is a thoughtful and intentional strategy of focusing on current key enduring priorities, investing ahead of need, developing differentiated capabilities and then deploying capital in a flexible and opportunistic manner. And it is a strategy that is driving higher visibility, long-term growth, increasing free cash flow per share and shareholder value.

謝謝你，傑夫。請翻到第 15 張投影片。最後，我對我們第三季的強勁表現以及再次提高全年收入和獲利預期的能力感到非常滿意。在本財年開始時以及過去幾個季度，我們已經概述了對全年財務表現如何以及為何發展的預期。我們討論了這樣一個事實：我們的許多大型技術獎項需要時間來提升，而投資和交付的時間將推動下半年的利潤率高於上半年。我們報告的更強勁的成長和更高的獲利能力完全符合這些預期。我們繼續成功執行我們的策略。這是一項深思熟慮且有意為之的策略，重點關注當前的關鍵持久優先事項、提前投資、開發差異化能力，然後以靈活和投機的方式部署資本。這項策略將提高知名度、實現長期成長、增加每股自由現金流和股東價值。

As is always the case, CACI's success is driven by our employees' talent, innovative spirit and commitment to customers' missions and to each other. I'm immensely proud to lead such a capable and dedicated group of people. To everyone on the CACI team, thank you for what you do each and every day for our company and our nation. And to our shareholders, I want to thank you for your continued support of CACI.

一如既往，CACI 的成功源於我們員工的才華、創新精神以及對客戶使命和彼此的承諾。我為能夠領導這樣一群有能力、有奉獻精神的人而感到無比自豪。對於 CACI 團隊的每一位成員，感謝你們每天為我們的公司和國家所做的一切。對於我們的股東，我要感謝你們對 CACI 的持續支持。

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

丹尼斯，讓我們開始提問。

(Operator Instructions) Your first question is 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。

Very nice quarter, John and Jeff. And Jeff, I've got a question for you and then a follow-up for John.

非常好的季度，約翰和傑夫。傑夫，我有一個問題想問你，然後我想問約翰一個後續問題。

For Jeff, these margins in the quarter were quite strong and the implied margin for the fourth quarter as well. And while I know you aren't yet ready to talk about fiscal '25, for our modeling perspective, should we think of this underlying 10.7% margin has a good jumping off point? Or should we be thinking about something in the low 11% range like you did in the third fiscal quarter?

對傑夫來說，本季的利潤率相當高，第四季的隱含利潤率也同樣高。雖然我知道您還沒有準備好談論 25 財年，但從我們的建模角度來看，我們是否應該認為這個 10.7% 的潛在利潤率是一個很好的起點？或者我們應該像您在第三財季那樣考慮 11% 以下的範圍內的增長？

Well, you're right. We're not ready to talk about '25. I think it's really probably more prudent to think about the year as a whole. We talk about the fact that we manage and guide to the year, the profile this year was such that we thought it was meaningful enough to give you some kind of first half, second half insight, but we really manage the business on an annual basis and I would encourage you to think about it that way.

嗯，你說得對。我們還沒準備好談論『25』。我認為從整體上考慮這一年可能更為謹慎。我們談論的是我們對今年業務的管理和指導，我們認為今年的情況足夠有意義，可以為您提供一些上半年和下半年的見解，但我們實際上是按年度管理業務的，我鼓勵您這樣思考。

Let me try with this then, Jeff. At the very least, in the fixed price portion of your business, which I think is around 30%. I don't know if the backlog is at 30% as well. But does the roll off of any stale pricing in that fixed price business at least give you some natural lift? And then John, I have one for you.

那麼讓我試試這個，傑夫。至少，在您的業務的固定價格部分，我認為大約是 30%。我不知道積壓量是否也達到了 30%。但是，固定價格業務中任何陳舊定價的取消是否至少會為您帶來一些自然的提升？然後約翰，我有一個要告訴你的。

Well, I think the premise of your question might be a little off. I don't think you can necessarily equate fixed price with high margins and cost type with low margins. We've talked before about the fact that we have some very good margins on some very high value-added item cost type work. So I think you ought to -- I'm going to go back to what I said a few minutes ago, I would encourage you to think about the business kind of in total.

嗯，我認為你的問題的前提可能有點不對。我認為你不能將固定價格等同於高利潤，而將成本類型等同於低利潤。我們之前曾談到，我們在一些高附加價值項目成本類型的工作中獲得了非常好的利潤。所以我認為你應該——我要回到幾分鐘前所說的內容，我鼓勵你從整體上考慮業務。

What I was going to say -- I'm sorry, John, go ahead.

我本來想說的是──對不起，約翰，請說。

Go ahead, Rob.

繼續吧，羅布。

Jeff, what I was getting at was inflation. And so not so much whether margin and cost plus are higher or lower than fixed price, but just that the fixed price for a lot of companies in the backlog was priced pre-inflation. And as that rolls off, you can reprice at better rates. And does that provide some natural lift?

傑夫，我想說的是通貨膨脹。因此，利潤和成本加成是否高於或低於固定價格並不重要，重要的是許多積壓公司的固定價格是在通貨膨脹之前定價的。隨著這種情況的發生，您可以以更優惠的價格重新定價。這是否能提供一些自然的升力？

Yes, I see. Inflation is not really a major factor for us. A lot, particularly on the fixed price work, a great deal of it is kind of quicker turn task orders. And we really maintain fairly current view of our cost structure as we're pricing those. So that's not really a big driver for us as it may be for others.

是的，我明白。通貨膨脹對我們來說並不是一個真正主要因素。很多，特別是固定價格的工作，其中很大一部分是更快的任務訂單。在定價時，我們確實對成本結構保持了相當最新的看法。因此，這對我們來說並不是一個很大的驅動力，但對其他人來說可能是一個。

Yes, Rob, on our software-based technology deliveries, a lot of those come in and go out in the same quarter, right? So we're constantly repricing some of that software-based tech. So we're always keeping up with things like supply chain issues, right? When we were spending a lot of time talking about that as well as any type of inflationary costs, but we're always able to reprice those items and that part of our portfolio. Our larger technology programs that are fixed price, even over a 3- to 5-year range, labor, we're very -- we're probably industry-leading at making sure we can get talent with the right skills at the right price and being able to manage that and also bring in efficiency. So on those longer-term technology builds, we're constantly bringing in efficiencies and those were software based, right? We're able to look for better and faster and cheaper ways to develop software, which then allow us to deliver the planned margins.

是的，羅布，就我們基於軟體的技術交付而言，很多都是在同一季度完成和完成的，對嗎？因此我們不斷重新定價一些基於軟體的技術。所以我們一直在關注供應鏈問題，對嗎？當我們花費大量時間討論這個問題以及任何類型的通貨膨脹成本時，我們總是能夠重新定價這些項目以及我們投資組合的部分。我們的大型技術專案是固定價格的，即使在 3 到 5 年的範圍內，勞動力價格也是如此——我們可能在行業中處於領先地位，確保我們能夠以合適的價格獲得具有合適技能的人才，並且能夠管理這一點並提高效率。因此，在這些長期技術建設中，我們不斷提高效率，而這些都是基於軟體的，對嗎？我們能夠尋找更好、更快、更便宜的方法來開發軟體，從而實現預期的利潤。

Okay. And then, John, just real quickly, the one I had for you, you did 2 acquisitions, 1 was in the U.K. You've had a presence in the U.K. all along. But are you looking to increase your international exposure? Or was that just strictly a technology-driven acquisition?

好的。然後，約翰，我很快地告訴你，你進行了兩次收購，其中一次是在英國。你一直在英國有業務。但您是否希望提高您的國際知名度？或者這僅僅是一次技術驅動的收購？

Strictly a technology-driven. I will tell you that, as I alluded to in my opening comments on our software-based technology side, we are looking at building ourselves out more broadly in the international front. We're probably in the second or third inning there. Really looking at most NATO countries or FVEY countries you already delivered to today. Canada was the one that we added to that list. So we're going to continue to expand our reach of our software-based technology into the international market.

嚴格來說，是技術驅動。我要告訴你們，正如我在開場白中提到的基於軟體的技術方面，我們正在考慮在國際上更廣泛地發展自己。我們可能正處於第二局或第三局。真正看看您今天已經向其提供服務的大多數北約國家或五十三個國家。加拿大就是我們加入這個名單上的國家。因此，我們將繼續擴大基於軟體的技術在國際市場的影響力。

One, it allows us to drive our addressable market for those -- for that technology. And then second, it is where the largest threat is, and well, I'm sure we'll talk more about that during the rest of the call. So Rob, thanks for your questions.

首先，它使我們能夠推動該技術的目標市場。其次，這是最大的威脅所在，我相信我們會在通話的剩餘時間進一步討論這個問題。所以 Rob，謝謝你的提問。

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

您的下一個問題來自 Stifel 的 Bert Subin。

Jeff, John, so maybe just sticking with the margin theme. You saw a nice step-up going from just from the first half to the third quarter. And I think part of that was investment related. Can you just walk us through what specific Photonics-related investments moderated in the quarter to help push margins higher? And what's your general view on the lumpiness of margins on a go-forward basis? Do you think the cadence throughout the year will start looking flatter? Or would you expect variability to remain on the back of tech sales timing?

傑夫、約翰，也許只是堅持邊際主題。你看到了從上半場到第三節的良好進步。我認為部分原因與投資有關。您能否向我們介紹本季哪些具體的與光子學相關的投資有所放緩，以幫助提高利潤率？您對未來利潤率波動的整體看法是什麼？您是否認為全年的節奏會開始變得更加平緩？或者您是否預期技術銷售時機的變化仍將持續存在？

Yes. We've talked about this Photonics investments in the past. We have several programs where we're sort of transitioning into more robust volume. And some of the investments associated with that have come to an end, as we've talked about the last couple of quarters.

是的。我們過去曾討論過光子學投資。我們有幾個項目正在朝向更強勁的規模轉變。正如我們在過去幾個季度中討論過的，與此相關的一些投資已經結束。

I think we will always have some variability in orders based on our commitments to invest ahead of need. Those are always going to be prioritized and they'll lead to some lumpiness on expected margin.

我認為，根據我們提前投資的承諾，我們的訂單總是會有一些變化。這些總是會被優先考慮，並且會導致預期利潤率出現一些波動。

John, do you want to add to that?

約翰，你想補充一下嗎？

Yes, sure. Bert, look, on our software technology sales, right, of which Photonics is a part of all of our Counter-UAS systems, all of our SIGINT collection systems, everything that we do in the EW, electromagnetic Spectrum area. As I started off with one of Rob's questions, those are -- those have a highly variable sales cycle, right? Most are not really being driven by long-term backlog. They are -- they are sort of book and turn work. So I believe we will, for a long time, look at ups and downs on quarterly margins, which is why we're really focused on the full year margin.

是的，當然。伯特，你看，關於我們的軟體技術銷售，對吧，其中光子學是我們所有反無人機系統、所有訊號情報收集系統的一部分，也是我們在電子戰、電磁頻譜領域所做的一切的一部分。正如我一開始回答 Rob 的一個問題時所說的那樣，這些是——這些具有高度可變的銷售週期，對嗎？大多數情況並不是長期的積壓所驅動。它們——它們是一種書本和作品。因此，我相信，我們將長期關注季度利潤率的起伏，這也是我們真正關注全年利潤率的原因。

So why is that? It is that way because we are the company in a sector that actually does deliver technology. And when you deliver technology, it's not the same as delivering pure expertise, where you roll out and your margins are quite predictable quarter-to-quarter. And as the volume of technology is at a 55-45 mass to expertise, it does bring some variability to quarter-to-quarter endpoint.

那為什麼呢？之所以如此，是因為我們是一家真正提供技術的公司。當你提供技術時，它不同於提供純粹的專業知識，在純粹的專業知識中，你的利潤率是可以逐季度預測的。由於技術量與專業知識的比例為 55-45，因此確實會為季度終點帶來一些變化。

So we will talk a lot about that, Bert, as we present our '25 guidance, but I think it's a very important thing to recognize. So it will not be uncommon for us to talk about beat, beat, let's beat on margin because that's just how that more volatile but very positive higher-margin work comes in.

因此，伯特，當我們提出 25 年指導意見時，我們會就此進行大量討論，但我認為認識到這一點非常重要。因此，我們經常談論超越、超越、超越保證金，因為這就是更不穩定但非常積極的高利潤工作的方式。

The second thing that I want to say on that is, look, margins are a really important part of our value creation model. So it actually has our intention. It's what we've been focused on. But long term, it's going to be our focus. Jeff talked about the Photonics investments that have now ramped down. We're not going to short on investments that drive future growth. And we're not going to do one natural etch to achieve a quarter-to-quarter point margin.

我想說的第二件事是，利潤率是我們價值創造模型中非常重要的一部分。所以這其實符合我們的意圖。這正是我們一直在關注的重點。但從長遠來看，這將是我們的重點。傑夫談到了目前已經減少的光子學投資。我們不會缺少推動未來成長的投資。我們不會透過一次自然蝕刻來實現季度間的點差。

We love free cash flow per share because it brings in margin, it also brings in prudent value-creating capital deployment, that brings in investing ahead of need. It also brings in a longer-term view and a long-term approach to organic growth. So all of those things go into this soup. And what we would like to see come out over the long term, which is what we have experienced is more visibility on the organic growth side, and then ever increasing margins, but it's not going to be year-over-year. So hopefully, that provides some additional color.

我們喜歡每股自由現金流，因為它帶來利潤，也帶來審慎的價值創造資本配置，帶來提前投資。它也帶來了更長遠的眼光和長期的有機成長方法。所以所有這些東西都放進了這個湯裡。而從長遠來看，我們希望看到的結果就是，我們已經經歷了有機成長方面的更加清晰可見，利潤率也不斷提高，但這不會是逐年遞增的。所以希望這能提供一些額外的色彩。

That does. I guess just as a follow-up, if we think about some of these tech items, I mean you've had a lot of recent success on the contract front really across these. And I'm just curious if you had to rank Photonics, Counter-UAS, EW, SIGINT and Network Security, all areas that you've had recent contract success, just as growth drivers over the next couple of years, how would you do that? You don't have to specifically rank, but what's at the top of that list?

確實如此。我想作為後續問題，如果我們考慮其中一些技術項目，我的意思是您最近在合約方面確實取得了很多成功。我很好奇，如果您必須對光子學、反無人機系統、電子戰、信號情報和網路安全（所有這些您最近成功簽約的領域）進行排名，將其作為未來幾年的成長動力，您會怎麼做？您不必進行具體排名，但清單頂部是什麼？

Yes, sure. Look, on the software-based technology work, that has been something we've been investing in over the years. It is a highly volatile market, which you should read as a positive rate. Folks who look to do us harm change their tactics on an hourly basis. And the only way you can keep up with those threats is to make certain that your signals in your EW, electromagnetic spectrum technology stays up with that.

是的，當然。你看，在基於軟體的技術工作方面，這是我們多年來一直在投資的。這是一個高度波動的市場，你應該將其解讀為正利率。那些想要傷害我們的人每小時都會改變他們的策略。而應對這些威脅的唯一方法就是確保您的電子戰（EW）訊號、電磁頻譜技術能夠跟上這些威脅。

We have proven that if you look at all of the issues that are out in today's press about drone strikes, all of that technology that we have fits exactly on top of those threats where drones are launched in 24, 48 hours, tactics, technology and procedures are changed and the government, our customers and NATO allies as well need technology that can quickly adapt.

我們已經證明，如果你看一下今天媒體上關於無人機襲擊的所有問題，你會發現，我們所擁有的所有技術都完全可以應對這些威脅，無人機可以在 24 到 48 小時內發射，戰術、技術和程序都會發生變化，政府、我們的客戶和北約盟友也需要能夠快速適應的技術。

Photonics for -- we're going to hit volume there as we get through '25 and into 2026. We'll always have investments there as we work on being able to work on producibility. But overall, I hate to rank one over the other, except to say Photonics will hit a more compact volume sooner. But the high volume over a number of products that we have within this company are going to continue to drive technology top line and bottom line growth.

光子學－我們將在 2025 年至 2026 年期間實現產量成長。我們將一直在那裡進行投資，致力於提高生產能力。但總的來說，我不想將兩者進行排名，但我可以肯定地說，Photonics 很快就會達到更緊湊的規模。但我們公司多種產品的高銷售量將持續推動技術收入和利潤的成長。

Your next question is from the line of Jan Engelbrecht with Baird.

您的下一個問題來自 Baird 的 Jan Engelbrecht。

I just want to talk about capital deployment. I know you've done some recent deals and you've got plenty of headroom available on the current share repurchase program. So just as we think about that and obviously, the M&A pipeline is more attractive right now, but you also have a higher priority in terms of growing free cash flow per share over time.

我只想談一下資金配置的問題。我知道您最近做了一些交易，並且在當前的股票回購計劃中有足夠的空間。因此，正如我們所想的那樣，顯然，併購管道現在更具吸引力，但隨著時間的推移，每股自由現金流的成長也具有更高的優先事項。

Yes. Thanks for the question. We -- the observation you make about the M&A Pipeline and the reference to our comments is correct. There are -- we see some expanding opportunity list. Even though we did not buy-back shares in the quarter, I would remind you that since the second quarter of last year, we've repurchased 1.3 million shares. So we have bought in about 6% of our outstanding shares in the last 4 or 5 quarters. So even though we didn't buy any shares in the quarter, and we are continuing to evaluate both opportunities, we're very attentive to share repurchases.

是的。謝謝你的提問。我們—您對併購管道的觀察和對我們評論的引用是正確的。我們看到了一些不斷擴大的機會。儘管我們本季沒有回購股票，但我要提醒大家，自去年第二季以來，我們已經回購了 130 萬股。因此，我們在過去 4 或 5 個季度中回購了約 6% 的流通股。因此，儘管我們本季沒有購買任何股票，我們正在繼續評估這兩個機會，但我們非常關注股票回購。

Yes. Jan, and at a macro level, look, we're flexible on the offer and opportunistic, right? And that's going to be based on the dynamics that we see. We're going to evaluate a range of factors. We're going to look at some of the things that you mentioned. We're looking at our M&A pipeline, looking at the stock price, we're looking at valuation, leverage interest rate, many, many things.

是的。簡，從宏觀層面來看，我們的報價很靈活，而且機會主義，對嗎？這將基於我們所看到的動態。我們將評估一系列因素。我們將研究您提到的一些事情。我們正在關注我們的併購管道、股票價格、估值、槓桿利率等等。

All options are always on the table. You heard we did a few smaller acquisitions that we have completed. The only thing I'd mention is that timing of the future M&A candidates is a consideration of our capital deployment assessment as well, right? So it's not always when we're in a leverage of x, we have y number of different companies we'd like to make a future growth part of CACI. So there are a lot of moving pieces.

所有選項都擺在桌面上。您聽說我們進行了一些規模較小的收購，並且已經完成。我唯一想提到的是，未來併購候選人的時機也是我們資本部署評估的考量因素，對嗎？因此，當我們的槓桿率為 x 時，我們並不總是希望有 y 家不同的公司成為 CACI 未來的成長部分。因此，有很多活動部件。

Bottom line, we believe that either of those capital deployment actions are going to benefit shareholders in the near and in the long term, which is why we're focused on free cash flow per share. I really appreciate the question.

總而言之，我們相信，這兩種資本配置行動都將在短期和長期內使股東受益，這就是我們關注每股自由現金流的原因。我非常感謝你的提問。

Perfect. That's really helpful. And just a quick follow-up. Just at a high level, if we look at some of your more recent sort of multibillion dollar programs, can you just walk us quickly, from a top line perspective, sort of the cadence on -- maybe not each one, but if you could sort of EITaaS and NSA and the Navy program to sort of how the revenue when that peaks over the next couple of years?

完美的。這真的很有幫助。這只是一次快速的跟進。從高層次來看，如果我們看一下您最近的一些數十億美元的項目，您能否從頂線角度快速向我們介紹一下這些項目的節奏——也許不是每一個，但您是否可以介紹一下 EITaaS、NSA 和海軍項目，看看在未來幾年內當這些項目的收入達到峰值時會如何？

Yes, sure. So look, on our larger expertise award, which is the large sizable Cyber Intel award, you all know the name, I'm not allowed to say it. Look, we've ramped ahead of plan. We've -- we will continue to ramp that at a reasonable rate as we go through '25. So look at the full ramp when we get to start off our fiscal year '26. So there is a number of items that are in our current scope that just started later after award. So I like how we ramp that one up, and really good positive feedback from our customer.

是的，當然。所以看看我們更大的專業知識獎，也就是大型網路情報獎，你們都知道這個名字，但我不被允許說出來。瞧，我們已經提前完成計畫了。在 2025 年，我們將繼續以合理的速度提高這一水平。因此，當我們開始 26 財年時，請關注整個成長勢頭。因此，我們目前範圍內的許多項目都是在授予獎項後才開始的。所以我喜歡我們如何提升這一點，以及來自客戶的正面回饋。

On our EITaaS, that also ramped ahead of plan. That's going to continue to ramp and grow in '25 and beyond. If you all remember, that was a BPA, total value of $5.7 billion over a 10-year period. We recognized about $2 billion of that in the first quarter of '23.

在我們的 EITaaS 上，這也超出了計劃。在 25 年及以後，這一數字還將繼續上升和增長。如果大家還記得的話，那是一個 BPA，10 年內總價值為 57 億美元。我們在 2023 年第一季確認了其中約 20 億美元。

So that starts upfront planning. We're doing some design work there, picture a lower volume. The customer did ask us to take over from the small level of incumbents, take their work over sooner because they want to see that work improved. So we're able to do that as well. So customers are very, very pleased.

因此，開始進行前期規劃。我們正在那裡做一些設計工作，設想較低的音量。客戶確實要求我們從小規模的現任人員接手他們的工作，因為他們希望看到工作得到改善。所以我們也能做到這一點。所以顧客們非常非常高興。

The last one is Spectral, right? That's a real [gem] technology program. We did ramp ahead of plan. Connected to my prepared remarks, we're looking at what that first delivery looks like to the fleet. I spent some time during the last week with some of the Navy seniors talking about this program extensively, that the threats are continually changing. And what a refreshing discussions -- what refreshing discussions we had, because we can talk about the threats changing, how do we make changes to this large technology program without the ACAP1 kind of follow-on, that's a 4-year delay. We're sitting there working alongside, shoulder-to-shoulder, hip-to-hip with this customer, who frankly has the -- has responsibility of protecting their surface fleet from the things that you read about in the news today.

最後一個是 Spectral，對嗎？這是一個真正的（寶石）技術項目。我們確實提前完成了計劃。結合我準備好的發言，我們正在討論第一批交付給艦隊的情況。上週我花了一些時間與一些海軍高層詳細討論了這個計劃，威脅不斷變化。我們進行了令人耳目一新的討論，因為我們可以談論威脅的變化，我們如何在沒有 ACAP1 之類的後續行動的情況下對這個大型技術項目做出改變，這需要 4 年的延遲。我們與這位客戶並肩工作，坦白說，他們有責任保護他們的水面艦隊免受您今天在新聞中讀到的威脅。

So great work there. We would see future expansion definitely into '25 and '26. So hopefully, that provides some the color you were looking for, Jan.

那裡的工作太棒了。我們肯定會看到未來在 25 年和 26 年的擴張。所以希望這能提供一些你所尋找的顏色，Jan。

Your next question is 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 my question is a follow-up on the international opportunities. And how should we think about M&A and partnerships there? I really think that [C-UAS] gives, particularly in the pillar 2, C-UAS. You see opportunities for electronic warfare and C2. Capabilities like how do you think about positioning there kind of like going solo, partnering with someone in the region or even doing some acquisitions in strategic areas?

我的問題是關於國際機會的後續問題。我們該如何看待那裡的併購和合作？我確實認為 [C-UAS] 發揮了作用，特別是在支柱 2，C-UAS。 您將看到電子戰和 C2 的機會。能力，例如您如何考慮在那裡定位，例如單獨行動，與該地區的某人合作，甚至在戰略領域進行一些收購？

You're asking for all of our secrets. All right. So here's -- let me try to unpack that. Look, on the international front, it's no secret that in electromagnetic spectrum, given everything that we're seeing today, it's a very dangerous world and everyone needs electronic warfare equipment.

你正在詢問我們所有人的秘密。好的。那麼，讓我來嘗試解釋一下。看看，在國際方面，這不是什麼秘密，在電磁頻譜方面，鑑於我們今天看到的一切，這是一個非常危險的世界，每個人都需要電子戰裝備。

Many allies around the globe are talking about expanding their budgets. We, as I mentioned earlier, currently delivered technology to a number of FVEY countries. As we "expand", go deeper into the FVEY and into NATO, Eastern Europe is going to be one of our absolute focus spots. We have made a number of trips with our software-based technology sales team, Poland, (inaudible), Lithuania, Romania and the like. And we had 2 of our folks spend about 10 days in the Ukraine, buckled down in Kyiv, frankly, talking to on-the-ground commanders about what they're seeing and what they need as we go forward. And it really related to the supplemental comment I made during my prepared remarks that we can have all the meetings we like, but the supplemental helps.

全球許多盟友正在討論擴大預算。正如我之前提到的，我們目前已向多個五大經濟聯盟國家提供了技術。隨著我們“擴張”，深入到五大洋洲和北約，東歐將成為我們絕對關注的焦點之一。我們曾與軟體技術銷售團隊一起去過波蘭、（聽不清楚）、立陶宛、羅馬尼亞等國家多次。我們派了兩名工作人員在烏克蘭待了大約 10 天，坦白說，他們在基輔與當地指揮官交談，以了解他們所看到的情況以及他們在我們前進的過程中需要什麼。這確實與我在準備好的演講中所做的補充評論有關，即我們可以舉行所有我們喜歡的會議，但補充有幫助。

In addition, a lot of those Eastern European companies are spending their own defense [routes], including in the Ukraine to look for faster paced solutions to what they're seeing.

此外，許多東歐公司正在自己的防禦[路線]上投入資金，包括在烏克蘭尋找更快的解決方案來應對他們所看到的問題。

You asked about M&A, I don't, today, see us doing international-based M&A. That's a tough one for us. There's a lot of different skill sets that we, today, and our company don't have, but we're able to reach all of those customer needs with international sales reps and our own sales team.

你問到關於併購的問題，今天我沒有看到我們進行國際併購。這對我們來說是一個難題。目前，我們和我們的公司不具備許多不同的技能，但我們能夠透過國際銷售代表和我們自己的銷售團隊來滿足所有客戶的需求。

I would mention, when we did the AVT acquisition, you mentioned [C-UAS]. We have a small branch of what was AVT in Australia. It does allow us to qualify in a different manner to go after Australian programs because we have indigenous capabilities within the country. So a lot of avenues there. A lot of decisions we're still in the middle of making Mariana.

我想提一下，當我們進行 AVT 收購時，您提到了 [C-UAS]。我們在澳洲有一個 AVT 的小分店。由於我們國內擁有本土能力，它確實使我們能夠以不同的方式獲得資格參與澳洲的計畫。那裡有很多途徑。我們仍在製定許多關於 Mariana 的決定。

But there and in other areas, we're going to continue to drive growth. We're going to drive all 4 of our sales channels for all those products, 2 current programs of records, direct sales and then in our international. So excited by that as we talk about '25. And as we go forward, we'll continue to be very transparent and share what we're going to do there.

但在那裡以及其他領域，我們將繼續推動成長。我們將推動所有這些產品的所有 4 個銷售管道，即 2 個當前記錄計劃、直接銷售和國際銷售。當我們談論 25 時，我們對此感到非常興奮。隨著我們不斷前進，我們將繼續保持高度透明，並分享我們將要做的事情。

And sorry if I'm oversimplifying this, but like is it fair to think that you will kind of like target the international budgets and like the growth in international budgets mostly with your technologies portfolio versus expertise?

抱歉，如果我把這個問題過於簡單化了，但是您是否可以公平地認為，您會以國際預算為目標，並且主要透過技術組合而不是專業知識來實現國際預算的成長？

Yes. We will address the international market with our technology portfolio. Now at the same time, expertise and forms tech. So a lot of the information we get about what other countries are doing. If you look at our expertise who focuses on soft support, on folks out in the field on the long side of the wire in a lot of these really dangerous countries, we do get a lot of expertise information that then tells us who we should go and target, where and what are order. And that is the beauty and the strength of delivering expertise and tech and all those 2 parts of our business supporting each other.

是的。我們將利用我們的技術組合來開拓國際市場。現在同時，專業知識和形式技術。因此，我們獲得了很多有關其他國家正在做的事情的資訊。如果你看看我們的專業知識，我們專注於軟支持，關注在許多非常危險的國家中身處外線的人員，我們確實會獲得大量專業信息，然後告訴我們應該去攻擊誰、瞄準哪里以及按照什麼順序。這就是提供專業知識和技術的美妙之處和力量，也是我們業務的這兩個部分相互支持的美妙之處和力量。

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

您的下一個問題來自富國銀行的 Matt Akers。

I guess, John, how should we think about kind of the long-term growth rate for this business? I think back when you guys did the Investor Day, the quadrants that you gave, you kind of laying out like a 4%, 5% kind of margin growth, I think you're doing more like double digits this year. It sounds like there's a lot still to come. So I was just curious if that's accelerated a little bit?

我想，約翰，我們該如何看待這個業務的長期成長率？我回想起你們舉辦投資者日活動時給的象限，你們列出的利潤率成長大概是 4%、5%，我認為今年的成長率會更接近兩位數。聽起來還有很多事情要做。所以我只是好奇這是否會加速一點？

Yes. Look, we are at the point where we're a reliable mid-single-digit growth company over the long term, right? We're still in the '25 and future year build-out. So I don't want to show too much because, frankly, that will end up kind of changing. But at a macro level, look, we're a solid better than mid-single-digit growth company going forward. And it really does harken back to how closely we watch free cash flow per share, right? We all talked about margins for a very long time, which is the right thing for us to be talking about because it takes an enormous amount of top line growth to drive free cash flow per share when our EBITDA margins were sub 8, okay?

是的。你看，從長遠來看，我們已經是一家可靠的中個位數成長公司了，對嗎？我們仍處於 25 年及未來幾年的建設之中。所以我不想展示太多，因為坦白說，這最終會改變。但從宏觀層面來看，我們是一家穩健成長、成長高於中個位數的公司。這確實讓人回想起我們多麼密切地關注每股自由現金流，對嗎？我們談論利潤率已經很長時間了，這對我們來說是正確的話題，因為當我們的 EBITDA 利潤率低於 8 時，需要大量的營收成長來推動每股自由現金流，好嗎？

We are excited that we're actually talking about high 10s, and 10, 7, 10, 8, 10, 9, all come to high 10s. So at a macro level, how we're driving the ship, which is long term, we're extremely excited and also encouraged from where we were. Frankly, Matt at that 2019 Investor Day.

我們很高興我們實際上談論的是 10 多分，而 10、7、10、8、10、9 都達到了 10 多分。因此，從宏觀層面來看，對於我們如何駕駛這艘長遠的巨輪，我們感到非常興奮，並且比以前更加受到鼓舞。坦白說，馬特出席了 2019 年投資者日。

What's -- what we're focused on, as you look at future investments and future growth, it's going to be near peer and the counterterrorism mission. You've heard me say so many times, folks. This was always going to be an end case even though we tried to will it into an or case, it is an end. We're going to focus on network modernization. We talked about that in the very early, early days after that 2019 meeting. We talked about the importance of electromagnetic spectrum, SIGINT, EW, Counter-UAS.

當您展望未來的投資和未來的成長時，我們所關注的重點將是近乎匹敵的反恐任務。各位，你們已經聽我說過很多次了。儘管我們試圖將其變成或案例，但這始終是一個結局，它就是結局。我們將專注於網路現代化。我們在 2019 年會議結束後的最初幾天就討論過這個問題。我們討論了電磁頻譜、信號情報 (SIGINT)、電子戰 (EW)、反無人機系統 (Counter-UAS) 的重要性。

Turn that page 5 years later, everything, it's a signal -- a signal.

五年後翻開這一頁，一切，都是一個訊號──一個訊號。

Near peer threats are going to drive urgency for increased speed and flexibility -- Spectral. We're a leading Counter-UAS provider out there today and the threats are in their infancy stage. I'm not trying to sell fear, but fear is out there because it is a dangerous world, and that's what we all see.

近鄰威脅將推動對提高速度和靈活性的迫切需求—Spectral。我們是當今領先的反無人機系統供應商，而威脅尚處於起步階段。我並不是想散播恐懼，但恐懼確實存在，因為這個世界很危險，而這正是我們都看到的。

And then space, right? We talked a lot about on the Photonics side. We started to build backlog. We're the first to launch, first to interface, first to connect, and the U.S. supplier that does design and production fully in the U.S. So as we look at how we go forward, there's plenty of room for us to grow a really nice addressable market for us. And so if you take a look at where we started, mid-single-digit top line growth company focused on margins, ultimately focused on free cash flow per share.

然後是空間，對嗎？我們討論了很多關於光子學方面的話題。我們開始累積積壓工作。我們是第一個推出、第一個介面、第一個連接並且完全在美國進行設計和生產的美國供應商。因此，當我們展望未來時，我們發現我們有足夠的空間來為我們發展一個真正好的潛在市場。因此，如果你看看我們的起點，中等個位數營收成長的公司專注於利潤率，最終專注於每股自由現金流。

Great. That's helpful. And I guess one for Jeff. Just the CapEx guide for the year, $80 million, I think, implies a pretty big lump in Q4. Just curious what's going through there?

偉大的。這很有幫助。我想給傑夫也送一個。我認為，光是今年的資本支出指南就為 8,000 萬美元，這意味著第四季將出現相當大的成長。只是好奇那裡發生了什麼事？

Yes. There are a couple of things in there, Matt. I would say that the preponderance of it is related to some more efficient facility strategies and some footprint consolidation and management of our kind of physical infrastructure. It's not at all related to program or growth-specific kind of projects.

是的。裡面有幾件事，馬特。我想說，其中的大部分與一些更有效的設施策略以及一些實體基礎設施的足跡整合和管理有關。它與計劃或特定增長類型的項目完全無關。

Your next question is from the line of Tobey Sommer with Truist Securities.

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

This is Jasper Bibb on for Tobey. Really nice growth in the Civil business this quarter. Last few quarters, I think better than -- I guess, flat to down with the transition in the background screening contract to DCSA. So just curious, I guess, what's driven the acceleration in Civil, now that it seems like the comps from that contract have rolled off?

這是 Jasper Bibb 代替 Tobey 上場的表演。本季度民用業務確實取得了良好的成長。過去幾個季度，我認為情況比預期要好——我想，隨著背景篩選合約向 DCSA 的過渡，情況持平或下降。所以我只是很好奇，既然現在看起來該合約中的可比較價格已經滾落，那麼是什麼推動了 Civil 業務的加速發展？

Yes, sure. Yes. Go ahead. You're talking about DoD versus Fed, Civ and sort of how those parts move. Some of it is, if you all remember, a number of quarters back, the government -- we reclassified our background investigation work, our DCSA program, that was a Fed, Civ program and that transition to DoD. So that was the majority of why you're seeing some of these deltas.

是的，當然。是的。前進。您正在談論國防部與聯邦、文明以及這些部分的運作方式。其中一部分是，如果你們都記得的話，幾個季度前，政府——我們重新分類了我們的背景調查工作，我們的 DCSA 計劃，這是一個聯邦、民事計劃，後來過渡到國防部。這就是您看到這些增量的主要原因。

Some of our longer, older recompete losses, even though that doesn't happen very often, but (inaudible) TSA impact ramped down in the second half of '23 to anniversaries fourth quarter '24. So things like that, there isn't any one item or a difference in our strategy as to how we're bidding. So hopefully, that provides some of the color you were looking for.

我們的一些較長、較早的重新競爭損失，儘管這種情況並不經常發生，但（聽不清楚）TSA 的影響在 23 年下半年至 24 年第四季有所下降。因此，諸如此類的事情，我們的競標策略並不存在任何單一項目或差異。所以希望這能提供您正在尋找的一些顏色。

Yes. No, that's helpful. And then you mentioned the new business pursuit targets. So curious if there's been any change in how you manage bid and proposal activity recently, including potentially going after more international work? And then also what does fiscal '25 look like from a recompete risk perspective?

是的。不，這很有幫助。然後您提到了新的業務追求目標。所以很好奇您最近在管​​理投標和提案活動的方式上是否有任何變化，包括可能開展更多的國際工作？那麼從重新競爭風險的角度來看，25 財年是什麼樣的呢？

Yes. Let me take a step up on that one. Look, how we're focused in our business development [amortization] where we spend the BNP and the like, it really starts at a different level. It starts with the fact that we have a very different strategy within our sector on how to grow this company. We are focused on investing ahead of customer needs, developing differentiated capabilities that then address critical enduring national security and modernization priorities.

是的。讓我在這方面更進一步。你看，我們如何專注於業務發展[攤銷]，我們如何花費法國國家銀行等，這實際上是從不同的層面開始的。首先，我們在產業內對於如何發展公司有著非常不同的策略。我們專注於滿足客戶需求，發展差異化能力，以解決關鍵的持久國家安全和現代化優先事項。

That statement in itself says that we approach how we do business win, how we approach a new business with a very different lens, right? We're looking at first, what's going to grow the fastest? And then second, if that's where we're going to plan, that's got to be a 10- to 20-year low. That has to be a narrow deep funding stream, and I use that term many, many times. And that our strategy is technology and expertise versus just expertise. The days of trying to find just expertise work, and what is -- with the longest term will be a commodity-based delivery model. It was not the way we believe long term we could grow this business.

這句話本身就表明，我們以一種非常不同的視角來看待如何贏得業務，如何開展新業務，對嗎？我們首先要看的是，什麼將會成長得最快？其次，如果這是我們的計劃，那麼這個數字必定是 10 到 20 年來的最低點。這必須是一條狹窄而深層的資金流，我多次使用過這個術語。我們的策略是技術和專業知識，而不僅僅是專業知識。試圖尋找專業工作的日子已經過去了，從長遠來看，這將是一種基於商品的交付模式。我們認為這不是能夠讓我們業務長期發展的方式。

So that's why we built nearly from scratch a technology partners business that would be inextricably connected to the expertise side, right? So we could understand what customers need and then develop it. And then it really comes down to Bid Less and Win More, like Jasper, so giving you that comment. So how do you Bid Less and Win More? It's called focus. So there's a lot of people out there talking about retooling BD teams that we're going to go out there and went, hey, the model starts, what are you about? What are you going to focus on? How are you going to be very transparent with your shareholders? How do you find patient shareholders over the long term that are going to be looking to us to provide that reliable long-term growth?

所以這就是為什麼我們幾乎從零開始建立一個與專業知識密不可分的技術合作夥伴業務，對嗎？這樣我們就能了解客戶的需求，然後再進行開發。然後它實際上歸結為“少出價，多贏得”，就像 Jasper 一樣，所以給你這樣的評論。那麼如何才能以更少的出價贏得更多的勝利呢？這叫做專注。因此，有很多人在談論重組 BD 團隊，我們將走出去，然後說，嘿，模型開始了，你要做什麼？你要關注什麼？您將如何對股東保持高度透明？您如何找到長期有耐心並希望我們提供可靠的長期成長的股東？

So we align with customer needs, we invest ahead of need, we shape the (expletive) out of things, which really means show the customer the art of the possible and really drive preference, not drive price down. And then at the end of the day, who doesn't like somebody who performs better than everybody?

因此，我們與客戶需求保持一致，我們在需求之前進行投資，我們對事物進行塑造，這實際上意味著向客戶展示可能性的藝術並真正推動偏好，而不是降低價格。那麼，歸根究底，誰不喜歡比所有人都表現出色的人呢？

So that's the mix we have. That's the recipe we have in this company. So we're not sitting here worried about, do we spend more money in Fed, Civ versus DoD. We really say, does this fit the markets that we're in and the technology and expertise strategy? When it does, we will stop at nothing to win that business for the investments, both in BNP, IRAD and in CapEx, as Jeff just mentioned, are crucial to driving our long-term growth.

這就是我們的組合。這就是我們公司的秘訣。所以我們不是坐在這裡擔心，我們是否在聯邦、民事和國防部上花更多錢。我們真的會問，這是否適合我們所處的市場以及技術和專業知識策略？一旦實現，我們將不遺餘力地贏得這項業務，因為正如傑夫剛才提到的，對法國巴黎銀行、IRAD 和資本支出的投資對於推動我們的長期成長至關重要。

On the '25 view, this year, frankly, we went through a lot of recompetes. What you don't see is, we have a lot of contract extensions. So those are customers who may have recompete it next year that came to us during the last couple of quarters and said, if you want to take another 3 years, 4 years, 2 years. So there was a lot of work that we did to gain extensions. And then, Jasper, that drives potentially a lower recompete rate as we move into '25 and '26.

從 25 的角度來看，坦白說，今年我們經歷了很多次重新競爭。但你沒有看到的是，我們有很多合約續約。因此，這些客戶可能在明年重新競爭，他們在過去幾季來找我們，說，如果你想再花 3 年、4 年或 2 年的時間。因此，我們做了很多工作來獲得擴展。然後，賈斯珀，當我們進入 25 年和 26 年時，這可能會導致重新競爭率降低。

Your next question is from the line of Seth Seifman with JPMorgan.

您的下一個問題來自摩根大通的 Seth Seifman。

This is Rocco on for Seth. Building on the prior question, what were the drivers of CACI's impressive awards in the quarter? Did the bidding trend shift? And how is CACI thinking about bidding on future awards?

這是 Rocco 代替 Seth 上場的。基於先前的問題，CACI 在本季獲得令人印象深刻的獎項的驅動因素是什麼？競價趨勢是否改變了？ CACI 對於競標未來的獎項有何考慮？

Also, should we be thinking about that the strong bookings will drive another strong revenue year in fiscal year '25 above the long-term growth rate mentioned earlier? Or is there more lag in these awards?

此外，我們是否應該考慮，強勁的預訂量將推動 25 財年的營收再創輝煌，超過前面提到的長期成長率？或者這些獎項是否有更多滯後性？

I love the last question, trying to crowbar into 2025. But, we will certainly be overly transparent when we get to '25. But on the spirit of the first part of the question. Yes, we have had a great win. It's more about the -- more about the culture, and it's more about the strong business of our team, (inaudible), but also the deep bench that really know how to win. This is not a 1- or 2-person driven business development machine. They are absolutely connected, both business development and sales teams, to the P&L centers. They are really looking at how do we competitively position ourselves.

我喜歡最後一個問題，試圖將時間延伸到 2025 年。但是，到了 25 年，我們肯定會過度透明。但關於問題第一部分的精神。是的，我們取得了偉大的勝利。這更多的是關於——更多的是關於文化，更多的是關於我們團隊的強大業務，（聽不清楚），也是關於真正懂得如何取勝的深厚陣容。這不是一個由一兩個人驅動的業務開發機器。業務開發和銷售團隊都與損益中心緊密相連。他們真正關注的是我們如何在競爭中定位自己。

The large win we had this quarter, the [ELITE] program, right? That was one where we spent an awful lot of time working with current customers, how do we do more for you given that the world is becoming an even more dangerous place. So that is a 2-year ago plan. And so as these programs are being run, how do we merge what we do for them? That helps unity and purpose, that helps support ability across those 2 combatant commands. So it's a very involved detailed process that is not in the hands of less than 5 people. It's in the hands of 150 people that are actually focused each and every day as to how do we shape.

我們本季取得的巨大勝利是[ELITE]計劃，對嗎？我們花了大量時間與現有客戶合作，鑑於世界變得越來越危險，我們如何為您做更多的事情。這是兩年前的計畫。那麼，當這些程式運行時，我們如何合併我們為它們所做的事情？這有助於團結和目標，有助於支持這兩個作戰司令部的能力。所以這是一個非常複雜詳細的過程，需要 5 個人才能完成。它掌握在 150 個人手中，他們實際上每天都在關注我們如何塑造。

And we have this mantra within this company. We're going to go into '25. Our entire FY '25 bidding lineup, most of that has already been bid in '24. The rest of that will be solutions in bid here shortly. So when we get into '25, we're talking about how do we grow '26 from a wins and award spot. That's why we've been traditionally, a long number of quarters, over 1.0, why we had a 1.8 book-to-bill, and why our trailing 12-month book-to-bill is always above 1.0.

我們公司內部也有這樣的口號。我們將進入25年。我們整個 25 財年的競標陣容，其中大部分已在 24 年進行過競標。其餘部分將很快在這裡提供解決方案。因此，當我們進入 25 年時，我們正在討論如何從勝利和獎項的角度發展到 26 年。這就是為什麼我們的訂單出貨比在很長的幾個季度都超過 1.0，為什麼我們的訂單出貨比是 1.8，為什麼我們過去 12 個月的訂單出貨比總是高於 1.0。

So it is in the ethos of this company how to go drive growth, but we're going to stay true to what is we do well. We're not going to drop an anchor and some kind of work that we have no idea of doing and then chase that job based on price and promise you all, we're going to get better. We just don't operate that way. It's a long-term strategy.

因此，如何推動成長是這家公司的精神所在，但我們將堅持做我們擅長的事情。我們不會拋錨，去做一些我們不知道該做什麼的工作，然後根據價格來追逐這項工作，並向你們保證，我們會做得更好。我們根本不以那種方式行事。這是一個長期戰略。

Your next question is from the line of Conor Walters with Jefferies.

您的下一個問題來自 Jefferies 的 Conor Walters。

Congrats on the great quarter. Trying to get back to the growth you had exiting this year, you're on a really strong organic growth trajectory here in the second half in the low double-digit range. Curious if you could point to what some of the key drivers are here? I don't know if it's all from the accelerated program ramps you touched on earlier, perhaps some share gains. Anything you'd point to would be great.

恭喜本季取得如此出色的成績。為了恢復今年的成長勢頭，下半年您將實現非常強勁的有機成長軌跡，成長率將達到兩位數左右。好奇您是否可以指出這裡的一些關鍵驅動因素是什麼？我不知道這是否都歸功於您之前提到的加速計劃，也許是一些份額的增長。您所指出的任何事情都很棒。

John would likely want to expand on this, but it's really pretty broad-based. I mean we've talked about a couple of the major sort of franchise wins we've had over the last couple of years. Those are all ramping on or ahead of our expectation. We're really -- the portfolio broadly is kind of hitting on all cylinders, really can't point to 1 or 2 or 3 programs and say it's this or that. It's very broad-based.

約翰可能想進一步闡述這一點，但它的範圍確實相當廣泛。我的意思是，我們已經討論了過去幾年中我們取得的幾項重大特許經營勝利。這些都達到或超出了我們的預期。我們真的——投資組合總體上是全方位發展的，真的不能指出 1 個、2 個或 3 個項目，然後說它是這個或那個。它的基礎非常廣泛。

Yes. I think you can look at the future programs we'll be talking about driving revenue, right? During this year, beyond EITaaS and the Large Intel expertise program, and EITaaS, we'll be talking about [ELITE], some of those items. So we're not a 1-program company. We're not a 3-program one, we're looking in and out to get our stride.

是的。我想您可以看看我們將要討論的有關推動收入的未來計劃，對嗎？今年，除了 EITaaS 和大型英特爾專業知識計劃以及 EITaaS 之外，我們還將討論其中的一些項目。所以我們不是一個只提供單一程序的公司。我們並不是一個只有 3 個專案的公司，我們正在不斷探索以取得進步。

Now if I say that, we also have technology programs and we actually do deliver right? And when we deliver, that revenue goes away, right? And there's some sustainment. But at a company of this size, coming up on $8 billion, we are going to have programs that are going to sunset, which is a positive thing, it means we deliver everything we're supposed to deliver. And so that's why we're in the middle of building our '25 plan, right? What gives you the right range so you can assess what our most probable cases.

現在，如果我這麼說，我們也有技術項目，而且我們確實在交付，對嗎？當我們交付時，收入就消失了，對嗎？還有一些維持。但對於這樣規模、資產達到 80 億美元的公司來說，我們將會有一些專案即將終止，這是一件好事，這意味著我們交付了我們應該交付的一切。這就是我們正在製定『25』計畫的原因，對吧？什麼給了你正確的範圍，以便你可以評估我們最可能的情況。

I'll also say, if you look back to where we were in August, folks, right? We were there where we gave you a growth rate. We also gave you a range. We said low end and high end. I invite you all to go back to what we presented to you all as the left end of the goalpost as we used to say in the right hand, 5 of the 6 things on what would allow us to drive growth, 5 of the 6 things on the high end were actually achieved. And those were some pretty high bars, but it proves, maybe not every single year, but when things align, things align, awards are lumpy, right? So we can never kind of an award coming in a specific quarter. And you all know, based on where our fiscal year is and the government's fiscal year is, there are times where we're going to win great awards that are going to come too late to have any material difference in the current year that we're in. Respect those questions, but there are times when we have to say it's going to show up in the next year.

我還要說，如果你們回顧一下我們八月的情況，對吧？我們在那裡為您提供了增長率。我們還為您提供了一個範圍。我們說的是低端和高端。我邀請大家回顧我們向大家展示的目標，即目標的左端，就像我們過去常說的右手邊的目標一樣，在能夠推動我們增長的 6 件事中，有 5 件事已經實現，而高端的 6 件事中，有 5 件事實際上已經實現。這些標準相當高，但事實證明，也許不是每年都這樣，但當一切順利時，獎項就不會那麼容易評定，對吧？因此，我們永遠無法確定某個特定季度會頒發什麼獎項。大家都知道，根據我們和政府的財政年度，有時我們會贏得巨額獎金，但這些獎金來得太晚，無法在當前年度帶來任何實質的改變。我尊重這些問題，但有時我們不得不說，獎金會在明年顯現出來。

So it's this rubric of what's exiting, what's ending. And that really drives the reason why Jeff and I always say, well I can talk about '25, it's not going to be flippant, frankly. It's just that we don't have a really good eyeball yet, and we're in the middle of stirring that soup and absolutely, when we get to August, we'll be in a really nice position to talk about '24 bottomed up, you got some great guidance earlier today and what we expect for the future.

這就是關於什麼是退出，什麼是結束的準則。這確實是為什麼 Jeff 和我總是說，好吧，我可以談論 25 年，坦白說，這不會是輕率的。只是我們還沒有真正看清楚，而且我們還在攪動這鍋湯，絕對的，當我們到了八月，我們將處於一個非常好的位置來談論‘24 年觸底反彈’，你今天早些時候得到了一些很好的指導，以及我們對未來的期望。

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

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

Following up on the Spectral comments. What is the progress in terms of installations across the Navy surface fleet?

跟進 Spectral 的評論。海軍水面艦隊的安裝進度如何？

Yes. So we are in the design phase now. We've gone through a number of PDRs and CDRs using really great system engineering and software engineering terms. So we are looking at how the program moves forward.

是的。所以我們現在處於設計階段。我們已經使用非常出色的系統工程和軟體工程術語研究了許多 PDR 和 CDR。因此，我們正在關注該計劃如何向前推進。

At a macro level, we are looking for a minimally viable product, which means what's that first spiral of capabilities are going to be delivered to this 200 plus Navy surface ship fleet closer to the end of this calendar year. And then based on how that goes, we'll be looking at end of next calendar year in '25, that has to start to make deliveries to the fleet. That's a highly fluid, casual mix up. So we'll have a much better view when we get to August, but that's sort of the period we're in the development period now.

從宏觀層面來看，我們正在尋找一種最低限度可行的產品，這意味著第一批能力將在今年年底前交付給這支 200 多艘海軍水面艦艇艦隊。然後根據進展情況，我們將預計在 25 年年底開始向艦隊交付。這是一種高度流暢、隨意的混合。因此，當我們進入 8 月時，我們會有一個更清晰的認識，但這正是我們現在所處的開發階段。

We will develop and deliver product at the end of the calendar year and some later, which is why we've been talking about that we're in the design phase now and ramp will actually start to show itself in '25, and then clearly [N] number of ships as we go '26 and beyond.

我們將在年底或更晚的時候開發和交付產品，這就是為什麼我們一直在談論我們現在處於設計階段，而產量提升實際上將在 25 年開始顯現，然後隨著 26 年及以後，顯然會有 [N] 數量的船舶出現。

Great. And for that software solution, is the vision that it would last for the entire useful life of the ship in that -- a significant component is software, and you've discussed the dynamic nature of the threat. And so do you have the ability to upgrade the software in response to the changing nature of the threats such that even as requirements change, your software allows your solution to change with those requirements so that the solution can last for decades rather than I think the contract is only for 7 years, but do you envision that your software is going to last for decades and decades?

偉大的。對於該軟體解決方案，我們的願景是它將持續整個船舶的使用壽命——其中一個重要組成部分是軟體，您已經討論過威脅的動態性質。那麼，您是否有能力根據威脅的變化性質升級軟體，以便即使需求發生變化，您的軟體也允許您的解決方案隨著這些需求而改變，以便解決方案可以持續數十年，而不是我認為合約只有 7 年，但您是否設想您的軟體將持續數十年？

Yes, Louie. Yes. So 2 key points of that. It's an open architecture solution. Many people claim it. We actually deliver it, okay? It's open architecture because we want other companies who can decrypt different signals that they're finding with their gear to come up with what's the signature and then what is the effect to kind of apply to whatever that is, so that you can protect surface ships.

是的，路易。是的。其中有兩個關鍵點。這是一個開放式架構解決方案。許多人都這麼認為。我們確實送貨了，好嗎？它是開放式架構，因為我們希望其他公司能夠解密他們用設備發現的不同訊號，從而確定特徵並將其應用到任何訊號上，這樣就可以保護水面艦艇。

So one, based on the open architecture, yes, we have a long history. Two, the fact that we can make software changes based on the threat makes us a highly capable company as you go out into the future. We're having a lot of talks around counter-UAS at all levels of the DoD and the intelligence community. A lot of that work is based on GOTS software-based line that the government owns. We created it for them over more than a couple of decades. We start with that, and we're continually adding to that.

首先，基於開放式架構，是的，我們有著悠久的歷史。其次，我們能夠根據威脅對軟體進行修改，這使得我們成為一家面向未來的高能力公司。我們正在國防部和情報界的各個層面就反無人機問題進行大量討論。很多工作都是基於政府擁有的 GOTS 軟體生產線。我們花了二十多年的時間為他們創造了它。我們從此開始，並不斷添加內容。

So to your point, as the threat changes, as we've all witnessed, when those threats change, we're able to collect the crypt, put solutions in, they can counter those within a matter of hours versus the old style was, take a surface ship into ports, tear the hardware out, put more racks of hardware in, do 6 or 7 each year, you can't maintain a fleet given where the [threat is on].

所以正如你所說，隨著威脅的變化，正如我們都目睹的那樣，當這些威脅發生變化時，我們能夠收集密碼，輸入解決方案，他們可以在幾個小時內應對這些威脅，而以前的方式是，將水面艦艇駛入港口，拆除硬件，放入更多的硬件架，每年做 6 或 7 次，考慮到 [威脅所在]，你無法維持一支艦隊。

So we are exactly where we wanted to be, a software-based company. It is our superpower. We look to making our customers superpower as those threats continue to change.

所以我們正是想要成為一家以軟體為基礎的公司。這是我們的超能力。隨著這些威脅不斷變化，我們希望讓我們的客戶成為超級大國。

Great. And on this same topic of drone warfare. Is CACI involved in the official JADC2 program on both the hardware and software side? In the past, you've discussed a role on several data analytics software programs with their Agile Solutions Factory and you obviously provide many different types of signals, intelligent sensors across many programs. And recently, the Department of Defense has been on Bloomberg, talking about how they have their first version of JADC2 with algorithmic warfare. Are you involved in that program? .

偉大的。我們也討論了無人機戰爭這個主題。 CACI 是否在硬體和軟體方面都參與了官方的 JADC2 計劃？過去，您曾與他們的 Agile Solutions Factory 討論過在多個數據分析軟體程式中扮演的角色，並且您顯然為許多程式提供了許多不同類型的訊號和智慧感測器。最近，美國國防部在彭博社上談論了他們如何推出具有演算法戰功能的首個 JADC2 版本。您參與了那個專案嗎？ 。

Yes. There are a lot of folks are involved in JADC2 as it starts to build out, and we all understand it better. I would say in the [OV-1] level, yes, we're absolutely involved right. Every sensor, every shooter will have the (inaudible) involved. But to our belief, there's a lot of building blocks that get the DoD to that and then get to the cross service model. DCGS, whether it's DCGS, Navy DCGS, Air Force, DCGS Soft, where a lot of everything we know about is put into this massively large library.

是的。隨著 JADC2 的建設，許多人參與其中，我們都對它有了更深入的了解。我想說，在 [OV-1] 級別，是的，我們絕對參與其中。每個感測器、每個射手都會涉及（聽不清楚）。但我們相信，國防部需要許多基礎構件才能實現這一目標，進而實現跨服務模式。 DCGS，無論是 DCGS、海軍 DCGS、空軍、DCGS Soft，我們所知道的很多東西都被放進了這個龐大的圖書館。

We have a formal team in Omaha that really works on DCGS Air Force. Spectral is an example, a lot of those JADC2 components, like how do you pull in from other sensors that may have seen this threat in the past, flying over surface ship X and how do we bring that signature and then exploit in quickly and provide that to the ships commander.

我們在奧馬哈有一個正式的團隊，專門負責 DCGS 空軍工作。光譜就是一個例子，許多 JADC2 組件，例如如何從過去可能已經發現過這種威脅的其他感測器中提取信息，飛越水面艦艇 X，以及我們如何獲取該特徵，然後快速利用並將其提供給艦艇指揮官。

So yes, so we're very much connected on our technology side into all things JADC2. And in fact, the building block level today, I'm certain that as more building blocks get added, we'll be a key component of what DoD eventually delivers.

是的，我們的技術方面與 JADC2 的所有事物都有著密切的聯繫。事實上，就今天的建造模組層面而言，我確信，隨著更多模組的添加，我們將成為國防部最終交付成果的關鍵組成部分。

There are no further questions. I will now turn the conference back to John Mengucci for closing remarks.

沒有其他問題了。現在我將會議交還給約翰孟古奇，請他致閉幕詞。

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

謝謝，丹尼斯，感謝您在今天的電話會議中提供的幫助。

Look, we'd like to thank everyone who dialed in or listened to the webcast for their participation. We know that many of you will have follow-up questions and Jeff MacLauchlan, George Price and James Sullivan are available after today's call. Please stay healthy and my best to you and your families. That concludes our call.

瞧，我們要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，今天的電話會議結束後，Jeff MacLauchlan、George Price 和 James Sullivan 將會回答你的問題。請保持健康，並向您和您的家人致以最美好的祝愿。我們的通話到此結束。

This concludes today's conference call. We thank you all for participating, and you may now disconnect.

今天的電話會議到此結束。感謝大家的參與，現在您可以斷開連線了。