CACI International Inc (CACI) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International fourth quarter and fiscal year 2024 earnings conference call. Today's call is being recorded. At this time, all lines are in a listen-only mode. Later, we will announce the opportunity for questions and instructions will be given at that time. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加 CACI International 2024 財年第四季和收益電話會議。今天的通話正在錄音。此時，所有線路都處於只聽模式。稍後，我們將宣布提問的機會，屆時將提供說明。（操作員指示）

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

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)。先生，請繼續。

Thanks, Rochelle, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI. Thank you for joining us this morning. 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 as of today and are subject to important factors that could cause our actual results to differ materially from anticipated.

謝謝，羅謝爾，大家早安。我是喬治普萊斯 (George Price)，CACI 投資者關係資深副總裁。感謝您今天上午加入我們。我們提供簡報投影片，讓我們轉到投影片 2。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。

Those factors are listed at the bottom of last night's press release and are described in our company's SEC filings. Our Safe Harbor statement is included in the exhibit and should be incorporated as part of any transcript of this call.

這些因素列在昨晚新聞稿的底部，並在我們公司的美國證券交易委員會文件中進行了描述。我們的安全港聲明已包含在附件中，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's John Mengucci, President and Chief Executive Officer of CACI International. John?

請翻到幻燈片 3。今天早上我們討論的開場嘉賓是 CACI International 總裁兼執行長 John Mengucci。約翰？

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our fourth quarter and fiscal year 2024 results, as well as our fiscal 2025 guidance. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

謝謝，喬治，大家早安。感謝您加入我們討論我們的 2024 財年第四季和年度業績以及 2025 財年指引。今天早上和我一起的是我們的財務長 Jeff MacLauchlan。

Slide 4, please. CACI delivered strong results in the fourth quarter, closing out an exceptional year by delivering 20% revenue growth during the quarter. For the full year, we delivered revenue growth of 14%, coming in ahead of our guidance, which we increased several times during the year. We delivered EBITDA of nearly $800 million with an underlying EBITDA margin of 10.7%, consistent with our guidance.

請看投影片 4。CACI 在第四季度取得了強勁的業績，以 20% 的營收成長結束了非凡的一年。全年，我們的收入成長了 14%，超出了我們的預期，我們在年內多次上調了預期。我們的 EBITDA 接近 8 億美元，基本 EBITDA 利潤率為 10.7%，與我們的預期一致。

We also generated free cash flow of over $380 million and free cash flow per share $17, the latter, an increase of 41% from last year. And we won over $14 billion of contract awards, the highest in company history, which represents a 1.9 times book-to-bill for the year. Nearly 60% of that award value is renewed business to CACI, and we continue to perform very well in our leagues (ph)

我們還產生了超過 3.8 億美元的自由現金流，每股自由現金流為 17 美元，後者比去年增長了 41%。我們贏得了超過 140 億美元的合同，這是該公司歷史上最高的合約金額，相當於全年訂單出貨比的 1.9 倍。該獎項價值的近 60% 是 CACI 的續約業務，我們在聯賽中繼續表現出色（音）

Slide 5, please. The outstanding results we delivered in fiscal 2024 are a testament to our successful execution of a consistent, well-defined and market-aligned strategy. A key enabler of our performance is business development. And as you can see, our BD change performance has been exceptional. Our fourth quarter awards alone were $5.4 billion, representing a book-to-bill of 2.7 times. These awards add to an already impressive list of wins we have discussed in recent quarters. In fact, we have won seven awards of $1 billion or more in the past two years, which supports our ability to drive long-term growth as these programs ramp over multiple years.

請看投影片 5。我們在 2024 財年取得的出色業績證明了我們成功執行了一致、明確且與市場一致的策略。我們業績的一個關鍵推動因素是業務發展。如您所見，我們的 BD 變更性能非常出色。光是第四季度，我們的獎勵就達到 54 億美元，訂單出貨比為 2.7 倍。這些獎項進一步豐富了我們在最近幾季討論過的令人印象深刻的獲獎名單。事實上，我們在過去兩年中已經贏得了七個 10 億美元或以上的獎項，這支持了我們在這些計畫多年發展過程中推動長期成長的能力。

Our strategy of investing ahead of need, bidding less and winning more, focusing on larger and longer term duration opportunities and proactively shaping those opportunities enabled CACI to win significant new work in fiscal 2024. In addition, our focus on superior execution, which is foundational to the culture and always the top priority, further supports our growth through sole-source extensions and expanded re-competes. We are in the right markets, delivering high-value differentiated capabilities and executing at a superior level, all of which support our ability to grow free cash flow per share and deliver value to our customers and shareholders.

我們的策略是提前投資、少投標、多贏得，專注於更大、更長期的機會並積極塑造這些機會，這使得 CACI 在 2024 財年贏得了重要的新工作。此外，我們專注於卓越的執行力，這是文化的基礎，始終是重中之重，透過單一來源擴展和擴大再競爭，進一步支持我們的成長。我們處於正確的市場，提供高價值的差異化能力並以卓越的水平執行，所有這些都支持我們增加每股自由現金流並為我們的客戶和股東創造價值的能力。

Slide 6, please. Let me highlight a few of our fourth-quarter awards that bring the successful execution of our strategy into focus. First, we won the eight-year, $2 billion NASA Consolidated Applications and Platform Services Award, known as NCAPS. CACI will deploy an Agilent-scale delivery model to standardize and centralize software development for more than 200 systems across NASA, enhancing quality, efficiency and speed of delivery.

請看投影片 6。讓我重點介紹一下我們第四季度獲得的一些獎項，這些獎項凸顯了我們策略的成功執行。首先，我們贏得了為期八年、價值 20 億美元的 NASA 綜合應用和平台服務獎（簡稱 NCAPS）。CACI 將部署安捷倫規模的交付模型，以標準化和集中 NASA 200 多個系統的軟體開發，從而提高交付的品質、效率和速度。

These are critical outcomes for our customers, and we invested ahead of need years ago to develop industry-leading Agilent software capabilities, identify and shape the right opportunities to show our customers they are as possible. With the NCAPS win, CACI is now executing the three largest Agile programs in US government, and we see a healthy pipeline of additional opportunities where these capabilities will continue to be a differentiator.

這些對我們的客戶來說都是至關重要的成果，而且我們多年前就提前投資開發了業界領先的安捷倫軟體功能，識別並塑造了正確的機會，盡可能地向我們的客戶展示它們。隨著 NCAPS 的勝利，CACI 目前正在執行美國政府中最大的三個敏捷項目，我們看到了一系列健康的額外機會，這些能力將繼續成為差異化因素。

Second, CACI was awarded a $100 million contract by the US Army to provide signals intelligence and electronic worker systems for the Terrestrial Layer System Manpack program of record. Our Manpack systems enable dismounted soldiers to conduct signals detection, direction finding and electronic attack while on the move, supporting the Army's multi-domain operations and helping to dominate the electromagnetic spectrum.

其次，CACI 獲得了美國陸軍一份價值 1 億美元的合同，為地面層系統背負式計劃提供信號情報和電子工作者係統。我們的背負式系統使徒步士兵能夠在移動中進行信號探測、測向和電子攻擊，支持陸軍的多域作戰並幫助控制電磁頻譜。

As we have discussed before, this is an increasingly critical domain and one where the US is still in the early stages of modernization and investment. This award also highlights the progression of a customer moving from purchase order awards to acquisition of our technology via a program of record that will contain larger volumes than a single award. This provides for a more consistent award basis and enhances the visibility of our business.

正如我們之前討論過的，這是一個日益重要的領域，美國仍處於現代化和投資的早期階段。該獎項還凸顯了客戶從採購訂單獎項轉向透過記錄計劃獲取我們技術的進展，該記錄計劃包含的數量將大於單一獎項。這提供了更一致的獎勵基礎並提高了我們業務的知名度。

Lastly, I'd like to highlight two new expertise awards that illustrate our deep domain and technical knowledge, our industry-leading talent, and the opportunity to inform our technology. We won a six-year, $239 million task order to provide intelligence analysis and operational support to the US Army commands in Europe and Africa. Every day, we see the headlines of how the US and its allies face increasing national security challenges across these regions, which is driving enduring requirements and resilient funding.

最後，我想強調兩個新的專業知識獎項，它們體現了我們深厚的領域和技術知識、我們領先業界的人才以及推廣我們技術的機會。我們贏得了一份為期六年、價值 2.39 億美元的任務訂單，為駐歐洲和非洲的美國陸軍司令部提供情報分析和作戰支援。每天，我們都會看到有關美國及其盟友如何在這些地區面臨日益嚴峻的國家安全挑戰的頭條新聞，這推動了持久的需求和有彈性的資金。

CACI is uniquely positioned to assist the Army in anticipating and responding to these fast-evolving and complex threats. We also won a 10-year contract worth up to $450 million to provide operations and technical support to the Joint Navigation Warfare Center, part of the US Space Force that focuses on positioning, navigation and timing, or PNT, for the US and our allies. PNT capabilities are a critical national security priority and an area where we have invested ahead of need in both technology and talent. This new work with the Space Force provides opportunities for future expansion as well as the potential to inform our technology investments over time.

CACI 具有獨特的優勢，可以協助陸軍預測和應對這些快速發展的複雜威脅。我們還贏得了一份為期 10 年、價值高達 4.5 億美元的合同，為聯合導航作戰中心提供營運和技術支援。該中心是美國太空軍的一部分，專注於為美國及其盟友提供定位、導航和授時（PNT）服務。PNT 能力是國家安全的關鍵重點，也是我們在技術和人才方面超前投入的領域。與太空部隊的這項新合作為未來的擴張提供了機會，同時也為我們日後的技術投資提供了潛力。

Slide 7, please. Turning to the macro environment, we continue to see healthy demand and a strong pipeline of opportunities. Customer demand continues to be driven by the elevated global threat environment, the evolving capabilities of our adversaries, and the rapid pace of technology change with a significant need for modernization across government. CACI's expertise in technology are intentionally aligned with enduring and well-funded national security priorities, including the electromagnetic spectrum and counter-UAS, application and network modernization, cloud migration, cyber and intelligence analysis. And this is true, not just for the United States, for our allies as well.

請看投影片 7。展望宏觀環境，我們持續看到健康的需求和強大的機會。全球威脅環境的加劇、對手能力的不斷增強以及技術的快速變化，以及政府部門對現代化的迫切需求，持續推動客戶需求。CACI 的技術專長有意與持久且資金充足的國家安全優先事項保持一致，包括電磁頻譜和反無人機系統、應用和網路現代化、雲端遷移、網路和情報分析。事實確實如此，不僅對美國如此，對我們的盟友也是如此。

From a budget perspective, government fiscal year 2024 was supportive of CACI programs. We believe government fiscal year 2025 will be no different. We are monitoring the GFY 2025 budget process and overall, the budget is shaping up in line with our expectations.

從預算角度來看，2024 財政年度政府支持 CACI 計畫。我們相信2025年政府財政年度也不會例外。我們正在監控 2025 財政年度預算進程，總體而言，預算正在按照我們的預期進行。

Like most years, we expect the coming year will begin with a continuing resolution. And as I've said, this typically does not have a material impact on our business, and we are very comfortable with the funding levels we see at this time.

與大多數年份一樣，我們預計新的一年將以持續的決心開始。正如我所說，這通常不會對我們的業務產生重大影響，我們對目前的融資水準感到非常滿意。

Slide 8, please. Looking back on fiscal 2024, I'm very pleased with the execution of our strategy, our exceptional contract awards and our strong operational and financial performance. Combined with the constructive macro environment, this provides a great foundation for CACI as we enter the new year.

請看第 8 張投影片。回顧 2024 財年，我對我們的策略執行、出色的合約授予以及強勁的營運和財務業績感到非常滿意。加上一個積極的宏觀環境，這為 CACI 進入新的一年提供了良好的基礎。

With that in mind, in fiscal 2025, we expect free cash flow per share growth of 11%, revenue growth of 6% to 8.5% on an underlying basis, which excludes the nonrecurring $200 million of materials last year and EBITDA margin in the high 10% range. Jeff will provide additional details on this guidance shorter.

考慮到這一點，我們預計 2025 財年每股自由現金流將成長 11%，基本營收將成長 6% 至 8.5%，其中不包括去年 2 億美元的非經常性材料費用，EBITDA 利潤率將達到 10% 的高點。Jeff 將稍後提供有關該指南的更多詳細資訊。

Our FY 2025 outlook is consistent with our value creation model, which is focused on driving long-term growth and free cash flow per share. In fact, I want to share that we are making changes to both our long-term incentive plan and our short-term annual bonus plan.

我們對 2025 財年的展望與我們的價值創造模式一致，該模式專注於推動長期成長和每股自由現金流。事實上，我想分享的是，我們正在對我們的長期激勵計劃和短期年度獎金計劃進行更改。

Going forward, half of CACI's granted long-term incentive shares will be performance stock units tied to a three-year free cash flow target. Additionally, we have added a cash collection component to our short-term bonus plan. The result is that we're focused and incentivized on delivering value for our shareholders. That is our commitment. And I look forward to updating you all through progress through the year.

展望未來，CACI 授予的長期激勵股份中有一半將是與三年自由現金流目標掛鉤的績效股票單位。此外，我們在短期獎金計劃中增加了現金收集部分。結果就是，我們專注並致力於為股東創造價值。這是我們的承諾。我期待向大家通報今年的進展。

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

說完這些，我會把電話轉給傑夫。

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our fourth quarter and fiscal year 2024 results, as well as our fiscal 2025 guidance. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

謝謝，喬治，大家早安。感謝您加入我們討論我們的 2024 財年第四季和年度業績以及 2025 財年指引。今天早上和我一起的是我們的財務長 Jeff MacLauchlan。

Slide 4, please. CACI delivered strong results in the fourth quarter, closing out an exceptional year by delivering 20% revenue growth during the quarter. For the full year, we delivered revenue growth of 14%, coming in ahead of our guidance, which we increased several times during the year. We delivered EBITDA of nearly $800 million with an underlying EBITDA margin of 10.7%, consistent with our guidance.

請看投影片 4。CACI 在第四季度取得了強勁的業績，以 20% 的營收成長結束了非凡的一年。全年，我們的收入成長了 14%，超出了我們的預期，我們在年內多次上調了預期。我們的 EBITDA 接近 8 億美元，基本 EBITDA 利潤率為 10.7%，與我們的預期一致。

We also generated free cash flow of over $380 million and free cash flow per share $17, the latter, an increase of 41% from last year. And we won over $14 billion of contract awards, the highest in company history, which represents a 1.9 times book-to-bill for the year. Nearly 60% of that award value is renewed business to CACI, and we continue to perform very well in our leagues

我們還產生了超過 3.8 億美元的自由現金流，每股自由現金流為 17 美元，後者比去年增長了 41%。我們贏得了超過 140 億美元的合同，這是該公司歷史上最高的合約金額，相當於全年訂單出貨比的 1.9 倍。該獎項價值的近 60% 是 CACI 的續約業務，我們在聯賽中繼續表現出色

Slide 5, please. The outstanding results we delivered in fiscal 2024 are a testament to our successful execution of a consistent, well-defined and market-aligned strategy. A key enabler of our performance is business development. And as you can see, our BD change performance has been exceptional. Our fourth quarter awards alone were $5.4 billion, representing a book-to-bill of 2.7 times. These awards add to an already impressive list of wins we have discussed in recent quarters. In fact, we have won seven awards of $1 billion or more in the past two years, which supports our ability to drive long-term growth as these programs ramp over multiple years.

請看投影片 5。我們在 2024 財年取得的出色業績證明了我們成功執行了一致、明確且與市場一致的策略。我們業績的一個關鍵推動因素是業務發展。如您所見，我們的 BD 變更性能非常出色。光是第四季度，我們的獎勵就達到 54 億美元，訂單出貨比為 2.7 倍。這些獎項進一步豐富了我們在最近幾季討論過的令人印象深刻的獲獎名單。事實上，我們在過去兩年中贏得了七個 10 億美元或以上的獎項，這支持了我們在這些計畫多年發展過程中推動長期成長的能力。

Our strategy of investing ahead of need, bidding less and winning more, focusing on larger and longer term duration opportunities and proactively shaping those opportunities enabled CACI to win significant new work in fiscal 2024. In addition, our focus on superior execution, which is foundational to the culture and always the top priority, further supports our growth through sole-source extensions and expanded re-competes. We are in the right markets, delivering high-value differentiated capabilities and executing at a superior level, all of which support our ability to grow free cash flow per share and deliver value to our customers and shareholders.

我們的策略是提前投資、少投標、多贏得，專注於更大、更長期的機會並積極塑造這些機會，這使得 CACI 在 2024 財年贏得了重要的新工作。此外，我們專注於卓越的執行力，這是文化的基礎，始終是重中之重，透過單一來源擴展和擴大再競爭，進一步支持我們的成長。我們處於正確的市場，提供高價值的差異化能力並以卓越的水平執行，所有這些都支持我們增加每股自由現金流並為我們的客戶和股東創造價值的能力。

Slide 6, please. Let me highlight a few of our fourth-quarter awards that bring the successful execution of our strategy into focus. First, we won the eight-year, $2 billion NASA Consolidated Applications and Platform Services Award, known as NCAPS. CACI will deploy an Agilent-scale delivery model to standardize and centralize software development for more than 200 systems across NASA, enhancing quality, efficiency and speed of delivery.

請看投影片 6。讓我重點介紹一下我們第四季度獲得的一些獎項，這些獎項凸顯了我們策略的成功執行。首先，我們贏得了為期八年、價值 20 億美元的 NASA 綜合應用和平台服務獎（簡稱 NCAPS）。CACI 將部署安捷倫規模的交付模型，以標準化和集中 NASA 200 多個系統的軟體開發，從而提高交付的品質、效率和速度。

These are critical outcomes for our customers, and we invested ahead of need years ago to develop industry-leading Agilent software capabilities, identify and shape the right opportunities to show our customers they are as possible. With the NCAPS win, CACI is now executing the three largest Agile programs in US government, and we see a healthy pipeline of additional opportunities where these capabilities will continue to be a differentiator.

這些對我們的客戶來說都是至關重要的成果，而且我們多年前就提前投資開發了業界領先的安捷倫軟體功能，識別並塑造了正確的機會，盡可能地向我們的客戶展示它們。隨著 NCAPS 的勝利，CACI 目前正在執行美國政府中最大的三個敏捷項目，我們看到了一系列健康的額外機會，這些能力將繼續成為差異化因素。

Second, CACI was awarded a $100 million contract by the US Army to provide signals intelligence and electronic worker systems for the Terrestrial Layer System Manpack program of record. Our Manpack systems enable dismounted soldiers to conduct signals detection, direction finding and electronic attack while on the move, supporting the Army's multi-domain operations and helping to dominate the electromagnetic spectrum.

其次，CACI 獲得了美國陸軍一份價值 1 億美元的合同，為地面層系統背負式計劃提供信號情報和電子工作者係統。我們的背負式系統使徒步士兵能夠在移動中進行信號探測、測向和電子攻擊，支持陸軍的多域作戰並幫助控制電磁頻譜。

As we have discussed before, this is an increasingly critical domain and one where the US is still in the early stages of modernization and investment. This award also highlights the progression of a customer moving from purchase order awards to acquisition of our technology via a program of record that will contain larger volumes than a single award. This provides for a more consistent award basis and enhances the visibility of our business.

正如我們之前討論過的，這是一個日益重要的領域，美國仍處於現代化和投資的早期階段。該獎項還凸顯了客戶從採購訂單獎項轉向透過記錄計劃獲取我們技術的進展，該記錄計劃包含的數量將大於單一獎項。這提供了更一致的獎勵基礎並提高了我們業務的知名度。

Lastly, I'd like to highlight two new expertise awards that illustrate our deep domain and technical knowledge, our industry-leading talent, and the opportunity to inform our technology. We won a six-year, $239 million task order to provide intelligence analysis and operational support to the US Army commands in Europe and Africa. Every day, we see the headlines of how the US and its allies face increasing national security challenges across these regions, which is driving enduring requirements and resilient funding.

最後，我想強調兩個新的專業知識獎項，它們體現了我們深厚的領域和技術知識、我們領先業界的人才以及推廣我們技術的機會。我們贏得了一份為期六年、價值 2.39 億美元的任務訂單，為駐歐洲和非洲的美國陸軍司令部提供情報分析和作戰支援。每天，我們都會看到有關美國及其盟友如何在這些地區面臨日益嚴峻的國家安全挑戰的頭條新聞，這推動了持久的需求和有彈性的資金。

CACI is uniquely positioned to assist the Army in anticipating and responding to these fast-evolving and complex threats. We also won a 10-year contract worth up to $450 million to provide operations and technical support to the Joint Navigation Warfare Center, part of the US Space Force that focuses on positioning, navigation and timing, or PNT, for the US and our allies. PNT capabilities are a critical national security priority and an area where we have invested ahead of need in both technology and talent. This new work with the Space Force provides opportunities for future expansion as well as the potential to inform our technology investments over time.

CACI 具有獨特的優勢，可以協助陸軍預測和應對這些快速發展的複雜威脅。我們還贏得了一份為期 10 年、價值高達 4.5 億美元的合同，為聯合導航作戰中心提供營運和技術支援。該中心是美國太空軍的一部分，專注於為美國及其盟友提供定位、導航和授時（PNT）服務。PNT 能力是國家安全的關鍵重點，也是我們在技術和人才方面超前投入的領域。與太空部隊的這項新合作為未來的擴張提供了機會，同時也為我們日後的技術投資提供了潛力。

Slide 7, please. Turning to the macro environment, we continue to see healthy demand and a strong pipeline of opportunities. Customer demand continues to be driven by the elevated global threat environment, the evolving capabilities of our adversaries, and the rapid pace of technology change with a significant need for modernization across government. CACI's expertise in technology are intentionally aligned with enduring and well-funded national security priorities, including the electromagnetic spectrum and counter-UAS, application and network modernization, cloud migration, cyber and intelligence analysis. And this is true, not just for the United States, for our allies as well.

請看投影片 7。展望宏觀環境，我們持續看到健康的需求和強大的機會。全球威脅環境的加劇、對手能力的不斷增強以及技術的快速變化，以及政府部門對現代化的迫切需求，持續推動客戶需求。CACI 的技術專長有意與持久且資金充足的國家安全優先事項保持一致，包括電磁頻譜和反無人機系統、應用和網路現代化、雲端遷移、網路和情報分析。事實確實如此，不僅對美國如此，對我們的盟友也是如此。

From a budget perspective, government fiscal year 2024 was supportive of CACI programs. We believe government fiscal year 2025 will be no different. We are monitoring the GFY 2025 budget process and overall, the budget is shaping up in line with our expectations.

從預算角度來看，2024 財政年度政府支持 CACI 計畫。我們相信2025年政府財政年度也不會例外。我們正在監控 2025 財政年度預算進程，總體而言，預算正在按照我們的預期進行。

Like most years, we expect the coming year will begin with a continuing resolution. And as I've said, this typically does not have a material impact on our business, and we are very comfortable with the funding levels we see at this time.

與大多數年份一樣，我們預計新的一年將以持續的決心開始。正如我所說，這通常不會對我們的業務產生重大影響，我們對目前的融資水準感到非常滿意。

Slide 8, please. Looking back on fiscal 2024, I'm very pleased with the execution of our strategy, our exceptional contract awards and our strong operational and financial performance. Combined with the constructive macro environment, this provides a great foundation for CACI as we enter the new year.

請看第 8 張投影片。回顧 2024 財年，我對我們的策略執行、出色的合約授予以及強勁的營運和財務業績感到非常滿意。加上一個積極的宏觀環境，這為 CACI 進入新的一年提供了良好的基礎。

With that in mind, in fiscal 2025, we expect free cash flow per share growth of 11%, revenue growth of 6% to 8.5% on an underlying basis, which excludes the nonrecurring $200 million of materials last year and EBITDA margin in the high 10% range. Jeff will provide additional details on this guidance shorter.

考慮到這一點，我們預計 2025 財年每股自由現金流將成長 11%，基本營收將成長 6% 至 8.5%，其中不包括去年 2 億美元的非經常性材料費用，EBITDA 利潤率將達到 10% 的高點。Jeff 將稍後提供有關該指南的更多詳細資訊。

Our FY 2025 outlook is consistent with our value creation model, which is focused on driving long-term growth and free cash flow per share. In fact, I want to share that we are making changes to both our long-term incentive plan and our short-term annual bonus plan.

我們對 2025 財年的展望與我們的價值創造模式一致，該模式專注於推動長期成長和每股自由現金流。事實上，我想分享的是，我們正在對我們的長期激勵計劃和短期年度獎金計劃進行更改。

Going forward, half of CACI's granted long-term incentive shares will be performance stock units tied to a three-year free cash flow target. Additionally, we have added a cash collection component to our short-term bonus plan. The result is that we're focused and incentivized on delivering value for our shareholders. That is our commitment. And I look forward to updating you all through progress through the year.

展望未來，CACI 授予的長期激勵股份中有一半將是與三年自由現金流目標掛鉤的績效股票單位。此外，我們在短期獎金計劃中增加了現金收集部分。結果就是，我們專注並致力於為股東創造價值。這是我們的承諾。我期待向大家通報今年的進展。

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, Jeff. Let's go to Slide 14, please. In summary, we had a fantastic fiscal 2024 in a volatile and rapidly changing world, CACI delivered expertise and technology that made a difference to our customers. We also delivered on our commitments to our shareholders. We won a significant amount of high-value new work, delivered with excellence on our programs, and successfully defended our recompetes. We continue to invest as of need in both our capabilities and our talent.

謝謝你，傑夫。請翻到第 14 張投影片。總而言之，在動盪和快速變化的世界中，我們度過了出色的 2024 財年，CACI 提供的專業知識和技術為我們的客戶帶來了改變。我們也履行了對股東的承諾。我們贏得了大量高價值的新工作，出色地完成了我們的項目，並成功地捍衛了我們的再競爭。我們將繼續根據需要對我們的能力和人才進行投資。

Our performance builds an increasingly strong foundation for growth in fiscal 2025 and beyond. We are further demonstrating alignment with our shareholders by focusing incentive compensation on free cash flow generation. The business we have built over the last 10 years is well positioned to deliver long-term growth and free cash flow per share and increasing value for our shareholders. We've built a leading business development team, and they are winning in the marketplace, capturing larger, longer duration awards.

我們的業績為2025財年及以後的成長奠定了日益強勁的基礎。我們透過將激勵薪酬重點放在自由現金流的產生上，進一步表明了與股東的一致性。我們在過去 10 年中建立的業務已做好準備，實現長期成長和每股自由現金流，並為股東創造更多價值。我們已經建立了一支領先的業務開發團隊，他們在市場上取得了成功，並獲得了更大、更長久的獎項。

We've driven significant improvements in margin in DSO, with a continued focus on execution, working capital management. Our leverage of 1.8 times will allow us to deploy significant capital and we have a meaningful benefit for our business and our shareholders over the long-term. And trust me, we're not done yet.

我們推動了 DSO 利潤率的顯著提高，並持續關注執行和營運資本管理。我們的 1.8 倍槓桿使我們能夠部署大量資本，並且從長遠來看，我們將為我們的業務和股東帶來有意義的利益。相信我，我們還沒完成。

Finally, as is always the case, our company's success is driven by our employees' talent, innovation and commitment enabled by our culture of integrity and ethics. So each and every CACI employee, thank you. I could not be prouder of what you've done to contribute to our company and to our nation. To shareholders, I thank you for your continued support of CACI.

最後，一如既往，我們公司的成功是由員工的才華、創新和承諾所驅動，而這又得益於我們誠信和道德的企業文化。所以，我要向每一位 CACI 員工表示感謝。我對於您為我們公司和國家所做的貢獻感到無比自豪。對於股東，我感謝你們對 CACI 的持續支持。

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

瑞秋，現在讓我們開始提問吧。

Thank you. We will now begin the question-and-answer session. (Operator Instructions).

謝謝。我們現在開始問答環節。（操作員指令）。

Bert Subin, Stifel.

伯特·蘇賓（Bert Subin），Stifel。

Hey, good morning, John and Mark.

嘿，早上好，約翰和馬克。

Great quarter, I mean, pretty impressive to see almost 20% organic growth, so pretty unusual for this industry. As we think about FY 2025, I mean, you've won a ton of work in FY 2024 and some of that has come in as recently as this week to into FY 2025. Can you just give us a little bit of color on how you're thinking about the ramp-up for new work in 2025? And then maybe how you're going about ensuring execution is not going to be an issue, obviously, a lot of labor to be added just to go after the awards you've won? So I'm just curious how you're thinking about those two things.

這是一個很棒的季度，我的意思是，幾乎 20% 的有機成長率相當令人印象深刻，這對這個行業來說相當不尋常。當我們考慮 2025 財年時，我的意思是，您已經在 2024 財年贏得了大量工作，其中一些工作是在本週才開始進入 2025 財年的。您能否稍微向我們介紹一下您對 2025 年新工作成長的看法？那麼也許你如何確保執行不會成為問題，顯然，為了獲得你贏得的獎項，需要投入大量的勞動力？所以我只是好奇你是如何看待這兩件事的。

Yes, Bert, thanks. So look, let's talk about ramp, but let's start that discussion around how we came out of 2024, because I think it's instructive as to help you ramp to how we get 2025. If we look at our three major program wins that played into our revenue growth in 2024. FocusedFox, approximately 90% ramps that drove a material portion of our 2024 growth, EITaaS and Spectral provide additional ramp but better than we originally planned, which drove additional growth. And then on contract growth from all our other programs were a little more net positive over programs that we're ending, and that provided the remainder of our 2024 growth. So that's how 2023 awards unpacked in 2024.

是的，伯特，謝謝。那麼，讓我們來談談坡道，但讓我們先從我們如何走出 2024 年開始討論，因為我認為這有助於您了解如何進入 2025 年。如果我們看一下我們在 2024 年收入成長中取得的三個主要計劃勝利。FocusedFox 約有 90% 的成長推動了我們 2024 年成長的很大一部分，EITaaS 和 Spectral 提供了額外的成長，但比我們最初計劃的要好，從而推動了額外的成長。然後，我們所有其他項目的合約成長都比我們即將結束的項目淨成長略高，這為我們 2024 年的成長提供了剩餘的部分。這就是 2023 年獎項在 2024 年的揭曉結果。

If we look at how we look at FY 2025 going forward. FocusedFox, mostly in the base, a small incremental growth. EITaaS and Spectral, more material growth from 2024 with Spectral will be starting their LRIP phase, most likely during the third quarter. It's going to require a higher than normal working capital. And then, look, we've talked a lot about the difference in wrap times converting awards to revenue, as you've all asked between expertise and technology programs. This should be the use case on what we mean every time. We have the discussions around ramp. So we can all model growth better in the future.

如果我們看看我們如何展望 2025 財年。FocusedFox，主要處於基礎階段，有小幅增量成長。EITaaS 和 Spectral 從 2024 年開始將實現更多實質成長，Spectral 將開始其 LRIP 階段，最有可能是在第三季。這將需要比正常情況下更高的營運資金。然後，你看，我們已經討論了很多關於將獎勵轉化為收入的完成時間的差異，正如你們所問的，專業知識和技術項目之間的差異。這應該是我們每次所指的用例。我們就坡道進行了討論。這樣我們就能在未來更好地模擬成長。

In fiscal 2025, we have multiple technology programs ramping in total to just above the ramp value of FocusedFox when we went through 2024. And that fact should be very instructive, because technology programs do ramp over five, six, seven, eight years. So the fact that we have multiple technology wins in our $8 billion of awards in total, ramping the same value of the FocusedFox did, does show the difference between expertise and technology ramp.

在 2025 財年，我們有多個技術項目的總增幅將略高於 2024 年 FocusedFox 的增幅價值。這一事實非常具有啟發性，因為技術專案確實會在五、六、七、八年內不斷進步。因此，我們在總計 80 億美元的獎項中獲得了多項技術獎勵，其價值與 FocusedFox 相同，這一事實確實顯示了專業知識和技術提升之間的差異。

Now clearly, technology jobs drive so many other positive areas. So they don't immediately go into the base. And that's what drives residual growth. You're seeing that with EITaaS and Spectral going forward.

顯然，技術工作推動了許多其他積極領域。所以他們不會立即進入基地。這就是推動剩餘成長的動力。您將會看到 EITaaS 和 Spectral 的持續發展。

Let me also finish the ramp piece that some of the $8 billion of awards are software-driven type technologies. I talked about the DLS job. That's going to have a higher percentage of working capital. That's going to be required. I mean, frankly, we're going to support the maturation of our products, which is going to help drive even longer-term free cash flow share.

我還要結束這個主題，80 億美元的獎金中有一些是軟體驅動技術。我談到了 DLS 工作。這將具有更高的營運資本比例。這是必須的。我的意思是，坦白說，我們將支持我們產品的成熟，這將有助於推動更長期的自由現金流份額。

So what we should all hear in that timing, timing of when that free cash flow per share growth comes. And look, we did our best estimate of how this is going to back for. Look, if timing accelerates or starts to unpack sooner in the year, then we get to the right goal post, which is what we did in 2024. If someone pack lighter or later in the year, there's a left almost five of our major seven programs that we won during the fourth quarter. So that's going to play into how that ramp changes. You also asked about actually institution that's a terrific question.

因此，我們都應該聽到那個時機，即每股自由現金流成長的時機。瞧，我們已經盡力估計了這將如何實現。你看，如果時間加快或在今年早些時候開始解開，那麼我們就能達到正確的目標，這就是我們在 2024 年所做的。如果有人在今年稍後或更晚的時候打包行李，那麼我們在第四季度贏得的七個主要項目中幾乎還剩下五個。所以這將影響坡道如何變化。您還詢問了有關實際機構的問題，這是一個非常好的問題。

Look, we're -- we've got a line organization that recognizes that we're getting larger and broader and that we need to continually ensure commonality of process so that we can reliably deliver. We have a stellar knock on wood track record of operational excellence throughout this company. It truly as my opening remarks stated, it is in the culture of this company.

你看，我們——我們有一個直線組織，它認識到我們正在變得越來越大、越來越廣，我們需要不斷確保流程的共通性，以便我們能夠可靠地交付。我們整個公司在卓越營運方面有著輝煌的記錄。正如我在開場白中所說的那樣，這是這家公司的文化。

Everything we bid comes with an eye on how we're going to execute this job. And that gets into how we price and how we bid our large expertise jobs. It also gets into the terms and conditions we're willing to accept on our large technology jobs. As for staffing, we just started our fiscal year 2025 with the top leaders, senior leader leadership off site. Where HR organization talked a lot about staffing a lot about the fact that Zoomers are the new boomers. And how are we going to source talent not only by degrees, or the skills that they have. So part of it is making certain. We're making changes in this business ahead of when we have to, to make sure that we can enhance skills of our current employees and also look at skill based hiring. So we're very confident on the execution piece. The one question here always is how these things have happened.

我們投標的每項工作都著眼於如何執行這項工作。這涉及到我們如何定價以及如何競標大型專業工作。它也涉及到我們願意接受的大型技術工作的條款和條件。至於人員配備，我們剛開始 2025 財年，最高領導層、高階領導層已離開公司。人力資源部門在人員配備方面進行了大量討論，其中重點提到了 Zoomers 是新嬰兒潮一代。我們如何才能不僅僅透過學位或技能來尋找人才呢？因此，其中一部分是確定性的。我們正在提前對這項業務做出改變，以確保我們能夠提高現有員工的技能，並考慮基於技能的招聘。因此我們對執行部分非常有信心。這裡始終存在的一個問題是這些事情是如何發生的。

That's very helpful, John. Maybe just for my follow-up for Jeff. Balance sheet is in extremely good shape. I mean on a trailing 12 basis, you're at 18 on a forward basis even lower. Can you sort of help us understand how you're thinking about uses of the balance sheet. I believe can you confirm that's not included in your guide. So how are you thinking about that as FY 2025 is there?

這非常有幫助，約翰。也許只是為了跟進傑夫。資產負債表狀況極為良好。我的意思是，以過去 12 年為基礎，未來 12 年則是 18 年，甚至更低。您能否幫助我們了解您對資產負債表用途的看法？我相信您能確認這不包含在您的指南中。那麼，2025 財年已經到來，您對此有何看法？

Thank for that, Bert. Yes, our guide presumes no share repurchases and no acquisitions, and we fully expect to do at least some of that, obviously. We've talked about this before. I mean our key approach here is about being flexible and opportunistic. We keep a pretty close eye on the acquisition target pipeline. We are constantly evaluating those things. John may want to value or may want to comment a little more on targets and evaluation.

謝謝你，伯特。是的，我們的指南假設不進行股票回購和收購，而且我們顯然完全希望至少進行其中的一部分。我們之前已經討論過這個問題。我的意思是，我們主要的方法是靈活和抓住機會。我們密切關注收購目標管道。我們一直在評估這些事情。約翰可能想要重視或想要對目標和評估發表更多評論。

But this is a result, you know this. I think we've said it before, a pretty disciplined, rigorous analytical process. That part is science. The art is sort of marrying that our view of what's in the pipeline and the rate at which things may happen or not happen. So I'll let John talk a little bit more about acquisition targets. But that's sort of the framework, which is no different from what we have done in the past.

但這是一個結果，你知道的。我想我們之前已經說過了，這是一個非常嚴謹、嚴謹的分析過程。那部分是科學。藝術在某種程度上將我們對正在發生的事情的看法與事情發生或不發生的速度結合起來。因此，我將讓約翰再多談談收購目標。但這只是一種框架，與我們過去所做的沒有什麼不同。

Yes. So look, we consistently get questions on how the M&A market works. I mean we are a serial acquirer. We'd like to fill long-term gaps with other companies out there. Frankly, the M&A market is looking better. Some of the potential targets would provide the opportunity for us to fill long-term gaps based on our market strategies.

是的。所以，我們不斷地被問到關於併購市場如何運作的問題。我的意思是我們是一個連續收購者。我們希望與其他公司一起填補長期空白。坦白說，併購市場看起來正在好轉。一些潛在目標將為我們提供根據市場策略填補長期空白的機會。

Some are going to be in lithimatic spectrum area, some are going to be in cloud and AI, others going to be in sort of the C4ISR and cyber area, although I will admit that electronic warfare is continues to sort of connect sign with cyber with EW with AI, machine learning and all. Jeff already mentioned it, but I'm going to foot stop, but we're a disciplined acquirer. We're not buying revenue. We're buying capabilities, customer relationships that allow us to sit on these calls for a number of years talking about how that acquisition 1, 2, 3, 7, 10 years back set us up very, very well. We're going to balance that with a healthy leverage and as Jeff said, a watchful eye in measurement to stock valuation and determine a best way for us to deploy capital both in the short term and in the long term. So Bert, thank you for your questions.

有些將會進入無線電頻譜領域，有些將會進入雲端運算和人工智慧領域，有些將會進入 C4ISR 和網路領域，儘管我承認電子戰仍然在某種程度上將訊號與網路、電子戰、人工智慧、機器學習等連結起來。傑夫已經提到了這一點，但我要停下來，但我們是一個有紀律的收購者。我們不購買收入。我們購買的是能力和客戶關係，這使我們能夠在幾年內坐下來討論 1、2、3、7、10 年前的收購如何為我們帶來非常好的回報。我們將透過健康的槓桿來平衡這一點，正如傑夫所說，密切關注股票估值，並確定短期和長期部署資本的最佳方式。所以伯特，謝謝你的提問。

Cai von Rumohr, TD Cowen

Cai von Rumohr，TD Cowen

Yes and thank you very much, and spectacular book-to-bill. So John, what is the 40% of your bookings, I guess, were recompetes, what percent of your sales of this year are recompete? And secondly, you mentioned the relative growth of tech and expertise, what should we look for tech and expertise if you kind of hit your sales go. How fast are each of them going to grow? Thank you.

是的，非常感謝，訂單出貨比非常出色。那麼約翰，我猜你的 40% 的預訂是重新競爭的，你今年的銷售額中有多少百分比是重新競爭的？其次，您提到了技術和專業知識的相對增長，如果您的銷售額達到一定水平，我們應該尋找什麼樣的技術和專業知識。它們各自的成長速度有多快？謝謝。

Yes. Cai thanks. So 40% of our last year awards were recompetes, 10% of our '25 revenue is based on winning '25. I'll tell you in '24, we were north of 90%. We did an outstanding job of protecting what is ours that we believe should still stay ours, so that worked out worked out fine. When you talk about what you should expect in the future around. I lost the question.

是的。蔡謝謝。因此，我們去年 40% 的獎項都是重新競爭的，我們 25 年收入的 10% 是基於 25 年的勝利。我會告訴你，在 24 年，我們已經超過 90%。我們出色地保護了我們認為應該屬於我們的東西，所以一切都很順利。當你談論你對未來應該期待什麼時。我忘記問這個問題了。

Great. And maybe give us an update on where we are with Photonics. I guess a big focus last year was on completing your investment, and this was going to be the harvest period, where are we in that?

偉大的。或許可以向我們介紹一下我們在光子學的最新進展。我想去年的重點是完成你的投資，而今年將是收穫期，我們處於哪個階段？

Yes, Cai. So I believe in previous calls, I was quoted saying restore we were in the seventh inning of investments in the bottom of the first on delivery. Look, the majority of investments are complete, and that got us to a reliable design on our Photonic Optical terminals.

是的，蔡。因此，我相信之前的通話，我曾說過，恢復我們在第一局下半場的投資。你看，大部分投資已經完成，這讓我們的光子光學終端有了可靠的設計。

Look, we're always going to have investments in producibility maturation that's going to continue to require both CapEx and working capital as we move forward. But I'm very pleased with the position that we're in.

你看，我們將始終對生產能力成熟度進行投資，隨著我們前進，這將繼續需要資本支出和營運資金。但我對我們現在的狀況感到非常滿意。

We delivered in the mid-teens terminals during FY 2024 Cai. We're looking to deliver 6 times to 8 times that volume during FY 2020, 2025, and that's going to take us somewhat up that curve of deliveries while we're still entertaining additional bids and other applications or where we can take all Photonics.

我們在 2024 財年交付了十幾個終端。我們希望在 2020 財年和 2025 財年期間交付 6 倍到 8 倍的產量，這將使我們的交付曲線有所上升，同時我們仍在考慮額外的投標和其他應用，或者我們可以將所有光子學應用到其中。

And I think that Photonics is another example as TLS Manpack is and the fact that we're going to move towards spectral production, most likely in the third quarter, those production-like programs really connects to Jeff's prepared remarks, around additional use of working capital.

我認為 Photonics 是另一個例子，就像 TLS Manpack 一樣，事實上我們將轉向光譜生產，最有可能是在第三季度，這些類似生產的計劃確實與 Jeff 準備好的發言有關，圍繞額外使用營運資金。

It should be clear now that the percentage growth in our business is not to predict our working capital, but more importantly, as you always ask how these programs ramp, the type of programs that we're delivering, very little capital very little CapEx around the expertise programs, but materially more as we look at technology as it should be because that's going to be the larger growth end. Thanks Cai.

現在應該清楚的是，我們業務的百分比增長並不是用來預測我們的營運資本的，更重要的是，正如你經常問到的，這些項目是如何增長的，我們提供的項目類型，圍繞專業知識項目的資本支出非常少，但從實質上看，技術應該是這樣的，因為那將是更大的增長點。謝謝蔡。

Peter Arment, Baird

彼得·阿門特，貝爾德

Thanks. Good morning John, Jeff, George. Hey John just to echo everyone's results, terrific results, $14 billion contract awards and then we think about pipeline of new bids and you've got, I think, in your charts, you had next two quarters, you've got $14 billion of bids that potentially, I guess, be submitted for 80% of its new business.

謝謝。早安，約翰、傑夫、喬治。嘿，約翰，我只是想重複一下大家的結果，非常棒的結果，140 億美元的合約授予，然後我們考慮新的投標管道，我認為，在你的圖表中，你有接下來兩個季度的 140 億美元的投標，我猜，這些投標可能會佔其新業務的 80%。

Do you think, how do we think about like the mix from a contract structure, either its cost plus or fixed price or however you want to explain it via technology. When you look at this pipeline, do you see this kind of mix changing? Or is it a lot of it still in the same wheelhouse of where you've been in previous awards?

您認為，我們如何從合約結構的角度來考慮這種組合，無論是成本加成還是固定價格，或者無論您想透過技術來解釋它。當您查看該管道時，您是否看到這種混合發生了變化？或者其中許多內容仍與您之前獲獎時所處的位置相同？

Yes. Peter, very time I hear $14 billion, it's a record, right? I mean it's quite awesome. Now, what I'm going to make sure I say at least once on this call is that awards are lumpy. You all know that I'm not fond of holding a record, but I have to admit it's an awesome delivery. Look, let me start with, I think how we got here. And I will talk about mix between contract type and what you all can see. But I think it's important to sort of take a slight step back and just make sure we all understand the hand we're playing is not by accident.

是的。彼得，每次我聽到 140 億美元這個數字，這都是一個紀錄，對吧？我的意思是這真是太棒了。現在，我要確保在這次電話會議上至少說一次，獎項是不固定的。你們都知道我不喜歡保持記錄，但我不得不承認這是一個很棒的交付。聽著，讓我先想想我們是如何走到這一步的。我將討論合約類型和大家所看到的之間的混合。但我認為，重要的是稍微退一步，確保我們都明白，我們所玩的遊戲並非偶然。

Our job is to ensure we continue growth in everything that we do. Those warrants are a result of working really hard to stay focused on our long-term strategy which is really hitting year-over-year markers that to mirror the sign of a business that's intentional and not opportunistic. We can talk about where the drone threat is we bought a company nine years ago to worry about petrometic spectrum and where drones are going to end up. And yes, we bought maybe a little bit ahead of customer need and we put some worthy investment. That's the beauty of our M&A plan, right, is that we're looking for those long, narrow deep streams of funding.

我們的工作是確保我們所做的每一件事都能持續成長。這些認股權證是我們努力專注於長期策略的結果，該策略確實實現了逐年增長，反映了我們企業有意圖而非投機取巧的跡象。我們可以討論無人機威脅在哪裡，九年前我們收購了一家公司，擔心石油頻譜以及無人機最終會在哪裡出現。是的，我們可能比客戶的需求提前了一些購買，並且進行了一些有價值的投資。這就是我們的併購計畫的美妙之處，就是我們正在尋找那些長而窄的深層資金流。

Where we sit today where we can talk about great growth and grade three free cash flow per share. It's even a strategy that's intentional. We really try to find things at the nexus of the needs of the customer that need software-based solutions that can keep case with the threats that are facing. The repeatable BD process is creating quality captures. And when we look at how that mix comes out, we expect it to be always more technology than expertise, but it's lumpy. Why do I say that? It doesn't mean that expertise work is not an interest to us. We've won some phenomenal jobs. It just means they can be much more selective, okay?

今天，我們可以談論巨大的成長和每股三級自由現金流。這甚至是一種有意為之的策略。我們確實試圖在客戶需求的結合點上尋找需要基於軟體的解決方案來應對所面臨的威脅。可重複的 BD 流程正在創造高品質的捕獲。當我們觀察這種組合的結果時，我們預期其中技術含量總是高於專業知識，但結果卻不理想。我為什麼這麼說呢？這並不意味著我們對專業工作不感興趣。我們贏得了一些非凡的工作。這只是意味著他們可以更有選擇性，好嗎？

And most of those expertise, job, Peter, are going to be time and material jobs or cost-plus jobs because in many instances, the customers sort of know the kind of support that they need, but that always changes. On technology programs, a lot of the work is going to be a mix of cost plus and fixed price, right? And what we enjoy since our solutions are software-based is that let's get the design done under a cost-plus framework. And then let's move to a fixed-price production side. When your production "production" is, I don't know, 60%, 80% software-based, it's not as risky as any method, right? You can make changes for swiftly, spectral, perfect example.

彼得，這些專業知識和工作大部分都是時間和材料工作或成本加成工作，因為在許多情況下，客戶知道他們需要什麼樣的支持，但這總是會改變。對於技術專案來說，很多工作都是成本加成和固定價格的混合，對嗎？由於我們的解決方案是基於軟體的，因此我們能夠在成本加成框架下完成設計。然後讓我們轉到固定價格生產方面。當你的生產「生產」有 60% 或 80% 基於軟體時，它並不像任何方法那麼危險，對嗎？您可以對快速、光譜、完美的範例進行更改。

RFP four years back, customer awards at the threat completely changes customers every day more excited that they selected us over everybody else because we're able to use software to make changes that program to actually stay with our original LRIP production schedule. So I think you're going to see the contract mix move around. I think it will always be predominantly cost plus theater, but a nice part delivery model where we're delivering to purchase orders and we well should deserve higher margins because that's our investment dollars, making sure that we're there to support our customers.

四年前的 RFP，客戶獎勵的威脅徹底改變了，客戶每天都更加興奮，他們選擇了我們而不是其他人，因為我們能夠使用軟體來更改程序，以真正遵守我們原來的 LRIP 生產計劃。所以我認為你會看到合約組合發生變化。我認為它將始終以成本加劇院為主，但也是一個很好的部分交付模式，即我們根據採購訂單進行交付，我們應該獲得更高的利潤，因為這是我們的投資，確保我們能夠為客戶提供支援。

Mariana Perez Mora, Bank of America.

美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

Hey, good morning. This is Sumit (ph) on for Mariana. I guess just double topping on those submitted bid pipeline and what you're expecting to submit in the next two quarters? How should we be thinking about the win rate on those new opportunities? And then also kind of a breakdown, are those new opportunities or like new opportunities? Or takeaway contracts?

嘿，早安。我是 Sumit (ph)，代表 Mariana。我猜只是將這些已提交的投標管道和您預計在接下來的兩個季度提交的內容進行雙倍提升？我們該如何考慮這些新機會的成功率？然後也進行細分，這些是新的機會還是像新的機會？或外帶合約？

Got you. One, I would expect that the pipeline plays out consistent with last year. I'd love to be very predictive on win rates at all and if I was, I'd probably be the business but look, I think we're doing the right things. We're not bidding on things that are out of our sweet spot. It's all within the market that we serve. There's so many factors, frankly, that goes into win rate. I'll also tell you that a lot of this is timing. We have $5.7 billion of rewards in the fourth quarter. Be it by two weeks, we might have had $2 billion less than and had $2 billion in the first quarter now. But I think what's important and foundational is when we share those numbers, it's not so much the numbers, it's the quality of things that we're out there chasing. We're not giving really nice strong win rates by accident. It actually is a function of a great line and this how the team working together with our client-focused folks, making certain that what we're bidding on is a quality bit.

明白了。首先，我預期管道的運作情況與去年一致。我很想對勝率做出準確的預測，如果可以的話，我可能會從事這項業務，但看，我認為我們正在做正確的事情。我們不會競標那些超出我們最佳範圍的東西。這一切都在我們所服務的市場內。坦白說，影響勝率的因素有很多。我還要告訴你，這很大程度與時機有關。我們在第四季有 57 億美元的獎勵。兩週之後，我們的資金可能比第一季少了 20 億美元，現在有 20 億美元。但我認為，重要且基礎的是，當我們分享這些數字時，重要的不是數字本身，而是我們所追求的事物的品質。我們不會偶然給出如此高的勝率。它實際上是一條偉大生產線的功能，這就是團隊如何與我們以客戶為中心的人員一起工作，確保我們競標的是高品質的產品。

So look, I like the odds of us winning more than not. What's feel confident about is we did some prudent work on what our potential win rates are in that went into our current rent guide. And again, if win rates improve as they did in 2024, from where we see their potential now we'll be at the upper end of the guide, if they're not there or they get delayed, then we can be slightly towards the left hand. But nice quality, similar type mix more technology, the expertise space and all focused on at or above the current margins that we produce today.

所以，你看，我更看好我們贏的幾率。值得我們信賴的是，我們對潛在的獲勝率做了一些審慎的研究，並將其納入我們目前的租金指南中。再說一次，如果勝率像 2024 年那樣提高，從我們現在看到的潛力來看，我們將處於指南的上端，如果他們沒有達到或被推遲，那麼我們可能會稍微向左手邊靠攏。但良好的品質、相似的類型混合了更多的技術、專業知識空間，所有這些都集中在我們今天生產的當前利潤率或之上。

The second part of that question about the new content, the $9 billion under evaluation, about 90% of that is due to us. The $14 billion we expect to bid in the first half of FY 2025, 80% of that is due to us.

問題的第二部分是關於新內容的，正在評估的 90 億美元中約有 90% 是我們的。我們預計在 2025 財年上半年投標 140 億美元，其中 80% 屬於我們。

And then for those new contracts, what kind of gives you the confidence that CACI can win market share for any of those that are maybe a takeaway contract where there's a different incumbent now? Kind of what gives you that confidence?

那麼對於那些新合同，是什麼讓您有信心 CACI 贏得市場份額，因為這些合約可能是目前不同的現任者的外賣合約？是什麼給了你這樣的信心？

Yes, it back to the recipe we put in place a number of years ago, and we continue to build on we're going to be involved in programs where we've spent a number of years shaping what we believe are the possible is for a customer. So a typical capture for us starts two to three years prior when the RFP comes out.

是的，這回到了我們幾年前製定的方案，我們將繼續在此基礎上繼續發展，我們將參與一些項目，這些項目我們已經花費了數年時間來塑造我們認為對客戶來說可能實現的目標。因此，我們典型的捕獲過程在 RFP 發布前兩到三年就開始了。

A great example is our NCAP job, right? So we're very, very well steeped in agile software development and how we deliver and how we can rapidly update what our customer needs. So that was foundational on the MPF job. The second piece was spending three years with the customer. How do you like the value that's being delivered to you today by whoever your current delivery is, if they say they're not extremely happy and that they like to take this somewhere else. And we sit with them and show them are the possible and then based on that, we'll invest ahead of customer need and we'll put investments in place to make certain that, that customer gets a comfort with working with us. That's over 1,000 days before the RFP comes out.

我們的 NCAP 工作就是一個很好的例子，對吧？因此，我們非常精通敏捷軟體開發以及如何交付以及如何快速更新客戶需求。這就是 MPF 工作的基礎。第二部分是與客戶共度三年時光。如果您目前的送貨員表示他們不是非常滿意並且想將其帶到其他地方，那麼您如何看待今天由他們向您提供的價值？我們與他們坐在一起，向他們展示可能性，然後在此基礎上，我們將在客戶需求之前進行投資，並將投資到位，以確保客戶樂於與我們合作。距離 RFP 發布還有 1,000 多天。

And if we're to that point that we pretty have a pretty good idea of how the customer operates, the type of contract vehicle that works for them and us, the level of budget that they have to plan for and then if you wrap that the sort of frosting is putting the right key personnel in place, that is recipe for a spectrum win and a large intel customer enterprise expertise. And it was the recipe that brought $2 billion multiyear and capital work to us. So we have some history here that doesn't always, always work, but it gives us the confidence that we're spending pressure has been in proposal dollars on growing the business versus playing a lot of time rewinning stuff that's already in our revenue. Thanks for the question.

如果我們能夠很好地了解客戶的運作方式、適合他們和我們的合約工具類型、他們必須規劃的預算水平，然後，如果我們能將這一切總結起來，那就是安排合適的關鍵人員，這是贏得頻譜和獲得大型英特爾客戶企業專業知識的秘訣。正是這個方法為我們帶來了 20 億美元的多年期資本工作。因此，我們在這裡有一些歷史，雖然並不總是有效，但它給了我們信心，我們花費的壓力一直在提案資金上，以發展業務，而不是花費大量時間重新贏得已經在我們的收入中的東西。謝謝你的提問。

Robert Spingarn, Melius Research

Robert Spingarn，Melius Research

This is Scott Mikus on for Rob Spingarn. John, I wanted to ask you a question. So Spectral was a big award for you guys that we normally would have expected to get to the large traditional defense primes, but you leverage software to deliver a solution there. And Northrop and RTX actually joined your team on that. So I was just wondering if you could elaborate on other opportunities where you think your software capabilities can be a differentiator to win larger programs that typically would go to the prime?

這是 Scott Mikus 為 Rob Spingarn 主持的節目。約翰，我想問你一個問題。因此，Spectral 對你們來說是一個巨大的獎勵，我們通常期望它能獲得大型傳統防禦素數，但你們利用軟體來提供解決方案。事實上，諾斯羅普和 RTX 也加入了你們的團隊。所以我只是想知道您是否可以詳細說明其他機會，您認為您的軟體功能可以成為贏得通常會進入主要階段的大型專案的差異化因素？

Yes. Look, one thing speaking of the primes, they're phenomenal companies. They all build eye-watering platforms, and we should be proud of everything that those companies do. We just believe here that there's a level of mission that we can deliver more agilely and in a manner that allows customers to address threats at the speed of the fight. And I actually believe, wholeheartedly, that's a better value proposition to our customers, who are facing our pricing all around the scope. So when we looked at software and the teaming look, we partnered with Northrop and an outstanding team, they sweetly augment our spectral delivery. okay? Because they have expertise in areas, that we don't. And that's what our customers want us to go to go do, lead with software, lead with agility, connect with partners who can provide the other pieces that we don't provide and then give them an experience and a set of outcomes that are absolutely eye watering.

是的。瞧，說到主要人物，有一件事，那就是他們是非凡的公司。他們都建立了令人瞠目結舌的平台，我們應該為這些公司所做的一切感到自豪。我們只是相信，我們可以更靈活地完成某種程度的任務，讓客戶能夠以戰鬥的速度應對威脅。事實上，我全心全意地相信，這對我們的客戶來說是一個更好的價值主張，因為他們面臨著我們全方位的定價。因此，當我們考慮軟體和團隊合作時，我們與諾斯羅普和一支優秀的團隊合作，他們很好地增強了我們的光譜傳輸。好的？因為他們在我們所不具備的領域擁有專業知識。這就是我們的客戶希望我們去做的事情，以軟體為主導，以敏捷性為主導，與能夠提供我們沒有提供的其他部分的合作夥伴建立聯繫，然後為他們提供絕對令人驚嘆的體驗和一系列成果。

I shared an caps, that's a customer that has 200 or so different systems and apps that need to be continuously update dated in a agile manner across all of NASA. You can look at the counter UAS threats. It's the same step and repeat, okay? What we do on spectral, all software processing below the deck plate taking threats and signals and what is that, how do I find it? And how do I read that up my world is similar to what the kind of UAS threat is. And frankly, there's a lot of companies that are looking at these level 1 and 2 drones that are not what we can have it across the world, okay? These are large country state actors, Level 3, 4 and 5 drones that are very complex. They change their tactics and their TTPs every other hour. So there's a large amount of work in the counter UAS world.

我分享了一個案例，該客戶擁有大約 200 個不同的系統和應用程序，需要在整個 NASA 範圍內以敏捷的方式不斷更新。您可以看看反無人機威脅。這是相同的步驟並重複，好嗎？我們在光譜上做什麼，甲板下方的所有軟體處理都會受到威脅和訊號，那是什麼，我如何找到它？我該如何理解我的世界與 UAS 威脅的相似性？坦白說，很多公司都在關注這些 1 級和 2 級無人機，但它們並不是我們在世界各地都能擁有的，好嗎？這些都是大型國家行為體，擁有非常複雜的 3、4 和 5 級無人機。他們每隔一小時就會改變策略和 TTP。因此，在反無人機領域還有大量的工作要做。

There is also where do we take things like Spectral, where do we take things like ITAs? Where do we take things like Ipsarmy? It's a step and repeat model. And once customers feel comfortable that a software-based solution is actually better and quite more in the current decade of what this customer base needs. Frankly, the opportunities is not our worry, the opportunities basis for us to select the right ones. And those are going to be with customers who are willing to change. And it's going to be changing how they buy. Having the Army moved to a program of record to buy exquisite electromenetic spectrum technology is a major step forward as investors and sell-side analysts don't pass that because that is extremely important. That is called acceptance.

還有，我們要把 Spectral 之類的東西帶到哪裡，把 ITA 之類的東西帶到哪裡？我們該把 Ipsarmy 之類的東西帶到哪裡去？這是一個步驟重複的模型。一旦客戶感到滿意，就會發現基於軟體的解決方案實際上更好，並且更能滿足當前客戶群的需求。坦白說，機會不是我們擔心的，機會是我們做出正確選擇的依據。而這些都將來自那些願意改變的客戶。這將改變他們的購買方式。陸軍轉向購買精密電磁波譜技術的正式專案是向前邁出的重要一步，因為投資者和賣方分析師不會忽視這一點，因為這極為重要。這才叫接受。

And to wrap up a customer like the United States Navy picking CACI, a software powerhouse, bringing all their traditional vendors along is also another marker that says that, that part of the market is ready to buy.

最後，像美國海軍這樣的客戶選擇軟體巨頭 CACI，並帶上所有傳統供應商，也顯示該部分市場已準備好購買。

Thanks. I’ll stick with one question.

謝謝。我只問一個問題。

All right. Thanks so much.

好的。非常感謝。

Matthew Akers, Wells Fargo.

富國銀行的馬修·埃克斯。

Hey guys, good morning. Thanks for the question. I wanted to ask about free cash flow conversion. I think in the past, CACI has been kind of well-above 100%. So you guys a little bit this year makes sense to some of the working capital. But I guess do we get back to that 100%? Or is there something different about some of this technology work that maybe a little bit more working capital intensive?

大家好，早安。謝謝你的提問。我想問有關自由現金流轉換的問題。我認為過去 CACI 一直遠高於 100%。所以你們今年對一些營運資金有點有意義。但我想我們能回到 100% 嗎？或者這些技術工作是否存在一些不同之處，可能需要更多的營運資本？

Thanks for the question, Matt. You should continue in the longer term or even medium-term to think about us as a 100% net income conversion. We happen to have an influence of factors here in the ramp of new programs as well as finishing up a couple of years of nonrecurring items that are kind of anomalous. And we're working through of phase of our cash profile. But steady state over time here over the next year or two, we fully expect to be back in that sort of range, and that's the way you ought to model us in the longer term.

謝謝你的提問，馬特。您應該從長期甚至中期繼續將我們視為 100% 的淨收入轉換。我們恰好受到了一些因素的影響，這些因素包括新項目的推出以及幾年內非經常性項目的結束，這些項目有些異常。我們正在進行現金狀況的階段性調整。但在未來一兩年內，隨著時間的推移，這裡的經濟將保持穩定，我們完全預期經濟將回到這種範圍內，這也是我們應該為我們建立長期模型的方式。

Got it. Thanks. That's helpful. And then I guess one more, just the O&M outlays data, I think a lot of us look at every month, be pretty weak lately. Is there any kind of signs you're seeing from your customer that would explain it? Or any way you can help us understand the difference between that data and what seems to be a pretty good growth for you guys.

知道了。謝謝。這很有幫助。然後我想再說一點，只是 O&M 支出數據，我想我們很多人每個月都會看，最近相當疲軟。您是否從客戶身上看到任何可以解釋這一點的跡象？或者您能以任何方式幫助我們理解這些數據與您們看來相當不錯的成長之間的差異。

Yeah. Look, a couple of things there. One is when we have an extended CR as we had while we're income with fiscal year 2024, what traditionally happens, is that, that spend at no greater than last year's spending rate. That really bottles up O&M spending early in the year. So you're going to see customers in more O&M towards the end of the year as they get to the end of September, and that's something that we're watching. We're a big modernization through sustainment companies as well in those O&M dollars that could bring some additional growth.

是的。瞧，那裡有幾件事。一種情況是，當我們擁有延長的 CR 時，就像我們在 2024 財年的收入一樣，傳統上發生的情況是，支出不會超過去年的支出率。這確實會在年初抑制營運和維護支出。因此，到 9 月底，您會看到客戶在年底有更多的 O&M 需求，這是我們正在關注的事情。我們透過維持公司以及那些可以帶來額外成長的 O&M 資金實現了大規模現代化。

So it's both of those things. It's nothing that's extraordinary. But what you'll see is that O&M dollars to be placed is going to be larger, the longer you see ACR go forward. So similar to other CR years, but a nice trend, also allows customers to allocate funds to go after more urgent needs. And I would put out there that in my lifetime, I've never seen a time when there's so many urgent needs across numerous Quebec Commander theaters, where some of that end of the year all want may make it place towards defending some of those threats. Thanks, Matt.

所以這是兩件事。這沒什麼特別的。但你會發現，ACR 發展得越快，需要投入的 O&M 資金就越多。與其他 CR 年份類似，但這是一個好的趨勢，也允許客戶分配資金來滿足更迫切的需求。我想說的是，在我的一生中，我從未見過魁北克指揮官的眾多戰區有如此多的緊急需求，而年底的一些願望可能會用於防禦其中的一些威脅。謝謝，馬特。

Tobey Sommer, Truist Securities

托比·索默（Tobey Sommer），Truist Securities

Yes. Hi. Good morning. This is Jack Wilson on for Tobey. If we could maybe just double click on sort of what you're seeing in terms of recruiting for top tech and expertise talent? And if you've seen any sort of change in your retention or attrition in the past couple of months?

是的。你好。早安.這是傑克威爾森 (Jack Wilson) 代替托比 (Tobee)。我們是否可以雙擊一下您在招募頂尖技術和專業人才方面所看到的情況？在過去的幾個月中，您是否發現員工留任率或流失率有任何變化？

Yes. Thanks. Sure. I made some reference to our senior leadership offsite earlier in our fiscal year, second week July and really talked about how the workforce is changing. It's nothing that's going to happen tomorrow afternoon at 3:00, but it's to be something that is starting to show its and a company like ours is very strategically based. We talk a lot about markets we serve and investing ahead of customer need. We also invest ahead of talent needed as well, right?

是的。謝謝。當然。我在財政年度早些時候，也就是 7 月的第二週，提到了我們高層領導的外出活動，並詳細討論了勞動力是如何變化的。這不是明天下午 3 點會發生的事情，但它正在開始顯現其影響力，而且像我們這樣的公司是非常注重策略的。我們談論了很多我們所服務的市場以及在客戶需求之前的投資。我們也對所需的人才進行了提前投資，對嗎？

You don't generate revenue with great awards if we don't have talent. Look, we're very focused on how do we as a company look at taking people into the company with a skill set that, frankly, across the majority of things that we do within five years, that skill set is going to be not fulsome enough to do the work we need to do.

如果我們沒有人才，就無法透過豐厚的獎項來創造收入。你看，我們非常關注我們作為一家公司如何看待招募具有某種技能的人，坦白說，在我們五年內所做的大多數事情中，這種技能不足以完成我們需要做的工作。

So how do we internally, how do build a program, it's not just about leadership training and some additional training. It really is about core skills upgrading. We get folks in this company as Zoomers and 20 years from now, everything that they came to the company with is going to be completely different, right? So good news is we are a strategic company. Strategies in place where we come from and our HR department got all of us on board saying, here so we're going to have to hire differently.

那麼我們如何在內部建立一個項目，這不僅僅是領導力培訓和一些額外的培訓。這確實與核心技能的提升有關。我們公司招募的都是 Zoomer，20 年後，他們來到公司時所擁有的一切都會完全不同，對吧？好消息是我們是一家策略公司。我們來自的地方制定了策略，我們的人力資源部門讓所有人都參與進來，說，所以我們必須以不同的方式招募。

Here's the kind of skill set programs. Here’s the changes in our internship program to make certain that even while folks get to us as a stop for in college. Frankly, it will be three years if they're part of our company, their skill sets going to need to be online. How are we doing? About 50% of our world-class force comes from referrals. About 25% of all the openings in our company are filled by someone else within the company.

以下是技能組合計劃的類型。以下是我們實習計畫的變化，以確保即使人們把我們當作大學實習的一站。坦白說，如果他們成為我們公司的一部分，那麼三年內他們的技能就需要在線。我們做得怎麼樣？我們大約 50% 的世界級人才來自推薦。我們公司大約 25% 的空缺職位是由公司內部的其他人填補的。

So I'm doing this today. I want to go do that tomorrow, maybe need a skill set upgrade, pull into the ramp and get your skill set trading and then go back out on the track doing different work for us. So look, I'm really happy and really confident. Retention is up, attrition is down. Again, something else it doesn't happen by accident, great first-line leaders making certain that we're keeping folks here with us. And frankly, you win $14 billion of awards or last year double-digit awards on the things that matter in markets that matter that are well funded, you're a younger employer due to the work workforce. I'm going to pick a company that's software-minded because that implies change and that change implies or opportunities, and we're going to invest in that. Thanks.

所以我今天就這麼做。我想明天去做那件事，也許需要升級技能，駛入坡道並進行技能組合交易，然後回到賽道上為我們做不同的工作。所以你看，我真的很高興並且非常自信。保留率上升，流失率下降。再說一次，這不是偶然發生的，偉大的第一線領導者確保我們能留住員工。坦白說，您在重要市場上的重要事項上贏得了 140 億美元的獎項或去年兩位數的獎項，這些獎項資金充足，由於勞動力充足，您是一個年輕的雇主。我將選擇一家具有軟體意識的公司，因為這意味著變革，而變革意味著機遇，我們將對此進行投資。謝謝。

David Strauss, Barclays

巴克萊銀行大衛‧史特勞斯

Thanks. Good morning. Just on the margin profile throughout the year. So last year, without the material purchases, you were around the 10% level in the first half and 11% plus in second half. It sounds like you're implying a similar profile this year. What explains that? Is that just volume? Or is there something else that explains that first half versus second half difference in margins?

謝謝。早安.僅關注全年的利潤率概況。因此，去年，如果不計入材料採購，上半年的成長率約為 10%，下半年則為 11% 以上。聽起來你暗示今年的情況也類似。這該如何解釋呢？那隻是音量嗎？或者有其他原因可以解釋上半年與下半年利潤率的差異嗎？

Yes. Thanks, David, for the question. As you know, we have over the last couple of years, developed a pattern of having higher volume and higher margins in the back half of the year over the first half. And it really relates to customer buying patterns. It's a mysterious thing, but there are certain customers and certain particularly technology solutions that seem to that fall into those periods in the year. It's just customer buying behavior.

是的。謝謝 David 提出這個問題。如您所知，過去幾年來，我們形成了下半年銷售和利潤率高於上半年的模式。它確實與顧客的購買模式有關。這是一件神秘的事情，但某些客戶和某些特定的技術解決方案似乎處於一年中的這些時期。這只是顧客的購買行為。

And to put a finer point on cash flow. So Jeff, it looks like maybe you're assuming about $100 million of working capital usage for the year, is that right? And then I guess, a couple and then Section 174, is this the last year of that impact? And I guess the last question I had was your book tax rate you're implying a bit higher this year, what's driving that change. Thanks.

並更詳細地闡述現金流。那麼 Jeff，看起來你可能假設今年的營運資金使用量約為 1 億美元，對嗎？然後我想，一對夫婦，然後是第 174 節，這是產生影響的最後一年嗎？我想我最後一個問題是，您暗示今年的圖書稅率會略高一些，是什麼原因導致了這種變化。謝謝。

Thank you. So the working capital, I'm probably not going to get into the specific amounts, but it's sort of on that order. And it split across the three things that I have mentioned in my prepared remarks. Let's see, what was the other one, the tax rate. The tax rate from the midpoint of our guidance range is about 160 basis points up, it's driven by several things, but the two real drivers in it are a higher blended effective state tax rate, which is just the distribution of the income that we generate by state moving around a little bit to higher rate jurisdictions.

謝謝。因此，對於營運資金，我可能不會透露具體金額，但大致如此。它涉及我在準備好的發言中提到的三件事。讓我們看看另一個是什麼，稅率。稅率從我們的指導範圍中點上漲了約 160 個基點，這是由多種因素推動的，但其中兩個真正的驅動因素是更高的混合有效州稅率，這只是我們按州產生的收入分配稍微轉移到更高稅率的管轄區。

And then the second thing is last year's increase in the UK statutory rate, we have now for a full year. And I think we had it like seven months last year. So we have it for a full year. And then the Section 174, no, it continues, although it's declining, in accordance with the guidance we've given you before. I think about $20 million a year, but there are two more years of that to go.

第二件事是去年英國法定稅率的上調，現在已經持續了一整年。我認為去年我們已經有七個月了。所以我們已經擁有它一整年了。然後是第 174 條，不，它仍在繼續，儘管它正在下降，但符合我們之前給你的指導。我認為每年大約需要 2000 萬美元，但還需要兩年的時間。

Seth Seifman, JPMorgan

賽斯‧塞夫曼，摩根大通

Good morning. This is Rocco on for Seth. Does CACI have any work directly or like second order related to Ukraine that could be at risk if the US cuts off funding? And if so, would you guys be able to size it?

早安.這是 Rocco 代替 Seth 上場的。如果美國切斷資金，CACI 是否有任何與烏克蘭直接相關的工作或類似第二訂單可能會面臨風險？如果可以的話，你們能確定它的尺寸嗎？

Yes, thanks. We have a non-material amount of work in the terms of revenue that we're doing there. I really can't size it beyond that, and I probably can't say much more than that other than you all know the kind of technology that we deliver and what we do, and I'll leave you to your assumptions there, but it's not from a revenue side, Rocco. There are other international customers that are looking at what it is we deliver. And in future quarters, we'll be talking about how we're building out, what our international strategy is there. But I think that's probably all I can talk about.

是的，謝謝。從收入方面來看，我們在那裡所做的工作量並不大。我真的無法對此進行進一步的評估，而且我可能無法透露更多，除了你們都知道我們提供的技術類型和我們所做的事情之外，我會讓你自行假設，但這不是從收入方面來說的，羅科。還有其他國際客戶正在關注我們提供的產品。在未來的幾個季度中，我們將討論如何拓展業務，以及我們的國際策略是什麼。但我想這可能就是我能談論的全部了。

Okay. Thank you. That's helpful. And then how is CACI progressing on integrating AI into the contract award and execution processes?

好的。謝謝。這很有幫助。那麼，CACI 在將人工智慧融入合約授予和執行流程方面進展如何？

I f we've got about 200 programs that have some version of a I manner. So as I mentioned in the past, look where we are, we are on the mission side of many of our customers since run the mission side from the data side of many of our customers are well versed, everything from visualization to a computer vision to machine learning and all the other elemental P Ackermans around AI., it's Bob.

如果我們有大約 200 個程式具有某種版本的 I 方式。正如我過去提到的，看看我們現在在哪裡，我們站在許多客戶的任務方面，因為我們從數據方面運行任務，許多客戶都非常精通，從可視化到計算機視覺到機器學習以及人工智能周圍的所有其他元素 P Ackermans。 ，是鮑伯。

It's sufficient to say that the fact that we're software based on the highly technical side and we actually deliver things that we like to call a today versus advice on it. We've been pretty steep than a lot of it is in the intelligence communities. We don't talk about a lot. You can only imagine given where the world threats are today, the fact that we are present every combatant command that were responsible for protecting troops in defending this nation.

可以說，我們是基於高度技術性的軟體，並且我們實際上提供了我們喜歡稱之為今天的東西，而不是建議。我們比情報界的很多人都要嚴格得多。我們談論的並不多。考慮到當今世界面臨的威脅，你只能想像，我們每一個作戰指揮部都負責保護保衛這個國家的軍隊。

This as a company that actually uses and delay livers AI. to the folks who are building and looking for information technology to sort of get an informational advantage. So we've been in a I for a really long time. We continue to manage for an extremely long time because everything we do have diminished level with our software based technologies have demanded for decades that we understand how to do more with less and how to process more data faster. Thanks, Rocco.

這是一家真正使用並延緩肝臟 AI 的公司。對於那些正在建立和尋求資訊技術以獲得資訊優勢的人來說。因此，我們已經在“I”中呆了很長時間了。我們繼續管理了很長時間，因為我們所做的一切都已經隨著基於軟體的技術的水平而下降，幾十年來，這些技術要求我們了解如何用更少的資源做更多的事情，以及如何更快地處理更多的數據。謝謝，羅科。

We will take the final question from the line of Sheila Kahyaoglu from Jefferies. Your line is open.

我們將回答 Jefferies 的 Sheila Kahyaoglu 提出的最後一個問題。您的線路已開通。

Thank you, guys, and thanks, Gordon. Change of maybe two questions. First on top line of from for Paul on for John. On top line, you talked about the technology events and own on a region at the revenue growth is maybe slower and expertise, France faster than the book to development contract may in fact, can you just distinguish that was confirmed by the customer or just timing of hiring onboarding or material the key, if you could just talk about that a little about pulls sharp plus

謝謝你們，夥計們，還有，戈登。可能改變兩個問題。第一行是保羅的，第二行是約翰的。最重要的是，您談到了技術事件，以及某個地區的收入增長可能較慢，專業知識的增長速度可能比法國的開發合約要快，事實上，您能否區分這是由客戶確認的，還是僅僅是招聘入職或材料的時機，關鍵在於，如果您能稍微談談拉尖加

Yes. We've got about 200 programs that have some version of AI it. So as I mentioned asked. Look, we are on the mission side of many of our customers. Since we're on the mission side, we're on the data side of many of our customers. We're well versed everything from visualization to computer vision to machine learning and all the other elemental partners around AI.

是的。我們有大約 200 個程式具有某種版本的 AI。正如我所提到的。你看，我們與許多客戶都肩負著使命。由於我們處於任務方面，因此我們也處於許多客戶的資料方面。我們精通從視覺化到電腦視覺到機器學習的一切以及圍繞人工智慧的所有其他基本合作夥伴。

It's sufficient to say that the fact we're software-based and on the highly technical side, and we actually deliver things that we like to call AI today versus advice on it. We've been pretty steep in it.

可以說，我們是基於軟體的，技術含量很高，我們實際上提供的是今天我們喜歡稱之為人工智慧的東西，而不是關於人工智慧的建議。我們對此已經相當投入了。

A lot of it is in the intelligence community, so we don't talk about a lot. But you can only imagine, given where the world threats are today, the fact that we are present in every combat and command, the fact that we're responsible for protecting troops in defending this nation.

其中很多都是情報界的事情，所以我們很少談論。但你只能想像，考慮到當今世界面臨的威脅，考慮到我們參與了每場戰鬥和指揮，考慮到我們有責任保護保衛這個國家的軍隊。

This is a company that actually uses deliver AI, to the folks who are building and looking for mission technology to store and give an informational advantage. So we've been in AI for a really long time.

這是一家真正使用人工智慧的公司，為那些正在建立和尋找任務技術來儲存和提供資訊優勢的人提供服務。我們從事人工智慧領域已經很久了。

We continue to manage it for an extremely long time, because everything we do at the mission level with our software-based technologies have demanded for decades that we understand how to do more with less and how to process more of our data faster.

我們持續對其進行管理的時間非常長，因為幾十年來，我們在任務層面利用基於軟體的技術所做的一切都要求我們了解如何用更少的資源做更多的事情，以及如何更快地處理更多的資料。

Okay. Thanks. Very clear.

好的。謝謝。非常清楚。

Sheila Kahyaoglu, Jefferies

Sheila Kahyaoglu，傑富瑞

Thank you guys and great quarter. So, Jeff, maybe two questions for you guys. First on top line if that's, okay. So John, on top line, you talked about the technology ramps as being a reason. The revenue growth is maybe slower and expertise ramps faster than the book-to-bill might suggest. Why is that? Can you just distinguish that is it constrained by the customer or just timing of that hiring, onboarding or material overseas, if you could just talk about that a little bit, please?

謝謝你們，本季表現非常出色。那麼，傑夫，我想問你們兩個問題。如果可以的話，請放在第一行，好的。約翰，首先，您談到了技術進步是一個原因。收入成長可能比訂單出貨比所顯示的要慢，而專業知識的成長速度則要快。這是為什麼？您能否區分一下，它是受到客戶的限制，還是僅僅受到招聘、入職或海外材料時間的限制，您能否稍微談一下？

Yeah. Sure. So let's take the expertise side first, right? And I'll talk it at an Uber high level. When we win a large program that's on the expertise side, it's traditionally work which is out there today that a customer may be adding some additional Scope 2.

是的。當然。那我們先從專業知識方面來考慮，對嗎？我將在極高的層面上談論這個問題。當我們贏得一個專業方面的大型專案時，傳統上這是客戶目前已有的工作，客戶可能會添加一些額外的範圍 2。

But at the end of the day, when we talk about an expertise, the customer is procuring talent, I used to call that labor hours. So you sort of get a leg up with the fact that you're going to look at folks who were currently on that previously held contract.

但歸根結底，當我們談論專業知識時，客戶採購的是人才，我過去稱之為工時。因此，如果你要檢視目前簽訂了之前合約的人員，那麼你就可以獲得優勢。

So you can immediately move people to start to build to that contract and address that that customers need. It's also their expectation, right? There's many contracts we signed could be an 8-year expertise contract for $1 billion with a 60-day startup window.

因此，您可以立即調動人員開始執行該合約並滿足客戶的需求。這也是他們的期望吧？我們簽署的許多合約包括一份為期 8 年、價值 10 億美元的技術合同，其中包含 60 天的啟動期。

So within 60 days, 90% of the job has to be staffed. And that's just the nature of how that works. When we look at a program like let's use Spectral, that is our design and development program, DevOn Technology, DevOn Software Creation, first our vertical testing then building kits beyond that, just by its nature, you're not looking at labor on our buildup, you're actually looking at outcome and units of outcome.

因此在 60 天內，90% 的工作必須配備人員。這就是它的工作原理。當我們查看像 Spectral 這樣的程式時，它是我們的設計和開發程式、DevOn 技術、DevOn 軟體創建，首先是我們的垂直測試，然後是構建套件，就其性質而言，您不是在看我們構建的勞動力，而是在看結果和結果單位。

So those programs, even at your major primes are going to start up slower and when you see a major fighter jet program, there's eight to 10 years of design work before you get to the larger revenue build. So at a high-level, that's how we see it.

因此，這些專案即使在主要階段也會啟動得比較慢，當你看到一個主要的戰鬥機專案時，在你獲得更大的收入之前，需要八到十年的設計工作。從高層次來看，我們就是這樣看待它的。

So when we announce more technology wins on an expertise jobs, that should be a huge clue that, okay, this is longer duration is going to ramp up more overtime, which really gets to some of my introductory remarks we have a number of programs that that are technology wins are going to ramp up with the same revenue delta that a single large expertise. But hopefully, that's helpful.

因此，當我們宣佈在專業技術工作中取得更多技術勝利時，這應該是一個巨大的線索，好的，這是更長的持續時間，將會增加更多的加班，這實際上涉及到我的一些介紹性言論，我們有許多項目，這些技術勝利將以與單個大型專業知識相同的收入增量增加。但希望這會有所幫助。

No, that really is. And then maybe just kind of adjacent to that and a bigger picture question on profitability for the industry. Obviously, you guys are demonstrating growth. The customer is changing the example with the Army buying software acceptance of what they buy, why isn't profitability for the industry better given the software offering? How could you change how customer buys from you?

不，確實如此。然後也許只是與此相關的一個更大的問題，即行業的盈利能力。顯然，你們正在展現成長。客戶正在改變陸軍購買軟體的例子，接受他們所購買的產品，為什麼在提供軟體的情況下，產業的獲利能力沒有更好？您如何改變顧客的購買方式？

Yes. Well, look, I think we've done a material job of giving the customer to buy it differently. Let me split here that may help. When we talk about software based, there's still a hardware element to it, but it's software based. So, when customers buy technology from us, they're looking at the ability to say, okay, so I bought the phone but I wanted to put different apps on it for a really long time. I'll use a commercial reference there.

是的。嗯，看，我認為我們已經做了實質的工作，讓顧客以不同的方式購買。讓我在這裡分開一下，這可能會有幫助。當我們談論基於軟體時，它仍然包含硬體元素，但它是基於軟體的。因此，當客戶從我們這裡購買技術時，他們希望能夠說，好吧，我買了這部手機，但我很久以前就想在它上面安裝不同的應用程式。我將在那裡使用商業參考。

When we hear about the government have trying to buy software today, they buy licensed products, think commercial shrink-wrap software. It is a licensed model we frankly don't believe in the license model because that puts our customers in a really rough spot.

當我們聽到政府今天試圖購買軟體時，他們會購買授權產品，想想商業收縮包裝軟體。這是一種許可模式，坦白說，我們不相信許可模式，因為這會讓我們的客戶陷入非常困難的境地。

And it make juice margins for a couple of quarters. But we're serving a mission that is how do I buy something that's going to be enduring that we continue to modify. So, our software delivery and the fact that we've had a customer need, we deliver on a purchase order, those for all sort of three elements that allow us to drive margin.

並且它在幾個季度內產生了豐厚的利潤。但我們正在執行一項使命，那就是我如何購買一些持久的東西，我們將不斷修改。因此，我們的軟體交付以及我們有客戶需求的事實，我們根據採購訂單進行交付，這三種要素使我們能夠提高利潤。

Look, we moved from an 8%-ish margin to the high 10%. We're still consistently focused on how do we drive both top and bottom-line growth, clearly free cash flow per share benefits from either and/or both of those. And that's what we're looking towards.

你看，我們的利潤率從 8% 左右上升到了 10% 以上。我們仍然始終專注於如何推動營收和利潤的成長，顯然每股自由現金流受益於其中之一或兩者。這正是我們所期待的。

So, look, I have to give our customers chops that they are working through how do they address today's threats more rapidly. And frankly, that gets yourself to an agile software model. And the fact that there's very few people who do it well, right, differentiation drives margin, right? It makes the ask heavier and then some of the terms that we're willing to accept.

所以，看，我必須讓我們的客戶知道他們正在努力如何更快地應對當今的威脅。坦白說，這會讓您獲得一個敏捷的軟體模型。事實上，能做好這件事的人非常少，對吧，差異化可以帶來利潤，對吧？這使得要求變得更高，並且我們願意接受一些條款。

And the last lever is are we doing some of our software at a express manner? The answer is yes. We understand how to do it well. we're able to sell it in a study of different manners. So, I like how this company is set up for us to continue to drive bottom-line growth. Thanks Sheila.

最後一個槓桿是我們是否以快速的方式開發一些軟體？答案是肯定的。我們知道如何做好這件事。我們能夠透過研究不同的方式來銷售它。所以，我喜歡這家公司的設立方式，它能讓我們繼續推動獲利成長。謝謝希拉。

Louie DiPalma, William Blair

路易·迪帕爾馬，威廉·布萊爾

John, Jeff, and George, good morning. This is rehashing several bit earlier questions, but the awards in the book-to-bill this quarter were superlative and 70% of the awards were for new work. Are you assuming a slow ramp for the new work in terms of it taking several years to reach peak run rate? And also for the first year of the new work is the margin initially dilutive. And so should we expect for these sets of contracts, the revenue run rate will increase in year to two and so will the margin?

約翰、傑夫和喬治，早安。這是對幾個稍早的問題的重複，但本季度的訂單出貨比獎項是極高的，其中 70% 的獎項是頒發給新作品的。您是否認為新工作會緩慢發展，需要幾年時間才能達到高峰運行率？而且新工作的第一年利潤率最初是被稀釋的。那麼，我們是否應該預期這些合約的收入運行率將在一到兩年內增加，利潤率也會增加？

Yes, Louise. So let's see on the 70% new work, how does that ramp? As I mentioned earlier, the expertise work is going to ramp up quicker. There's a higher percentage of technology in our fourth quarter awards and our full year awards, as you mentioned. So that is going to ramp up slower.

是的，路易絲。那麼讓我們來看看 70% 的新工作，其成長如何？正如我之前提到的，專業工作將會更快發展。正如您所說，我們的第四季度獎項和全年獎項中技術所佔的比例更高。因此，成長速度將會比較慢。

Based on the contract type, really tells you how the bottom line ramps, how offerability and EBIT is generated. On the technology programs that have firm fixed price elements to it, will be in an EAC model. And yes, we will hold back some of that profit dollars based on risk, and it's a well-defined process that's got back up as to which risk we still have to burn off.

根據合約類型，真正告訴您底線如何成長、供應能力和息稅前利潤如何產生。對於具有固定價格元素的技術項目，將採用 EAC 模型。是的，我們會根據風險保留部分利潤，這是一個明確的過程，可以確定我們仍需消除哪些風險。

But on the other technology work that we have, I'll let Jeff make any of your comments. Profit is going to follow revenue, because it is cost plus, right, Jeff?

但關於我們開展的其他技術工作，我會讓傑夫發表任何評論。利潤將跟隨收入，因為它是成本加成，對吧，傑夫？

Yes, I would also Louise start by noting that was 60% new not 70%. And I would just echo John's margin comments. I mean the ramp is, as you would expect, we are slower, we protected our early booking decisions, some development work and the cost type work generally, the margin is what it is right now indicating.

是的，我還要向 Louise 指出，首先要指出的是 60% 是新的，而不是 70%。我只是想重複約翰在邊註中的評論。我的意思是，正如你所預料的那樣，我們的成長速度較慢，我們保護了我們早期的預訂決定、一些開發工作以及一般的成本類型的工作，利潤率就是現在所表明的。

Great. That’s it for me. Thanks everyone.

偉大的。對我來說就是這樣。謝謝大家。

Thank you. That concludes our Q&A session. I will now turn conference back over to John Mengucci for the closing remarks.

謝謝。我們的問答環節到此結束。現在我將會議交還給約翰孟古奇 (John Mengucci) 作結束語。

Thanks, Rachel, and thank you, everyone, for your help on today's call. We'd really like to thank everyone who dialed in or listened to the webcast for their participation. Many of you are going to have follow-up questions. So Jeff McLaughlin, George Price and Jim Sullivan are available after today's call. Please stay healthy, and all my best to you and your families. Operator, this concludes our call. Thank you all, and have a fantastic day.

謝謝 Rachel，也謝謝大家在今天的電話會議上提供的協助。我們衷心感謝所有撥入電話或收聽網路直播的人們的參與。你們中的許多人都會有後續問題。因此，Jeff McLaughlin、George Price 和 Jim Sullivan 在今天的電話會議後有空。請保持健康，並祝福您和您的家人一切順利。接線員，我們的通話到此結束。謝謝大家，祝大家有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。