CACI International Inc (CACI) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the CACI International Fiscal 2025 first- quarter conference call. Today's call is being recorded. (Operator instructions)

女士們、先生們，感謝你們的支持並歡迎參加 CACI 國際 2025 財年第一季電話會議。今天的通話正在錄音。（操作員說明）

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

現在，我想將電話會議轉給投資者關係高級副總裁喬治·普萊斯 (George Price) 主持。請先生繼續。

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

謝謝曼迪普，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。感謝您今天早上加入我們。我們提供簡報投影片。那麼讓我們轉到投影片 2。

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

本次電話會議中的某些陳述不涉及歷史事實，因此構成現行法律下的前瞻性陳述。這些陳述反映了我們截至目前為止的觀點，並受到可能導致我們的實際結果與預期有重大差異的重要因素的影響。這些因素列在昨晚新聞稿的底部，並在該公司提交給美國證券交易委員會的文件中進行了描述。我們的安全港聲明包含在本次會議的任何記錄中，並應納入其中。

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，我們的演講將包括對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 制定的績效衡量標準的替代品。

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?

請轉到投影片 3。今天早上的討論由 CACI International 總裁兼執行長約翰·蒙古奇 (John Menucci) 開始。約翰？

Thanks George and good morning everyone. Thank you for joining us to discuss our first quarter fiscal year '25 results, as well as our updated fiscal '25 guidance. With me this morning is Jeffery MacLauchlan, our Chief Financial Officer.

謝謝喬治，大家早安。感謝您與我們一起討論我們的 25 財年第一季業績以及更新的 25 財年指引。今天早上和我在一起的是我們的財務長 Jeffery MacLauchlan。

Let's go to slide 4 please. Our first quarter results represent a great start to fiscal '25. We delivered revenue growth of 11%, EBITDA margin of 10.5% and solid free cash flow. In addition, we won over $3.3 billion of rewards, which represents a 1.6 times book to bill for the quarter and 1.8 times on a trailing 12 month basis.

請轉到投影片 4。我們第一季的業績代表了 25 財年的良好開端。我們實現了 11% 的營收成長、10.5% 的 EBITDA 利潤率和穩定的自由現金流。此外，我們還贏得了超過 33 億美元的獎勵，相當於本季帳面成本的 1.6 倍，是過去 12 個月的 1.8 倍。

First quarter awards were a strong follow up to a record Q4 and nearly 75% of our awards this quarter were for new work to CACI. During the quarter, we also executed purchase agreements for two strategic acquisitions, Azure Summit Technology and Applied Insight. Azure Summit remains on track to close during our second quarter, while Applied Insight closed earlier this month, both are strong first quarter organic performance and the addition of Applied Insight enables us to raise our FY25 guidance, and Jeff will provide the financial details shortly.

第一季獎項是繼創紀錄的第四季之後的有力跟進，本季近 75% 的獎項都頒發給了 CACI 的新作品。本季度，我們也簽署了兩項策略性收購的購買協議：Azure Summit Technology 和 Applied Insight。Azure 高峰會仍有望在第二季結束，而Applied Insight 在本月稍早結束，兩者都是第一季強勁的有機業績，Applied Insight 的加入使我們能夠提高我們的25 財年指導，Jeff 將很快提供財務詳細資訊。

CACI continues to be well positioned to drive long term growth and free cash flow per share and shareholder value, thanks to our exceptional business development function, our strong execution, our strategy of investing ahead of need and our flexible opportunistic capital deployment.

由於我們卓越的業務開發功能、強大的執行力、超前投資策略以及靈活的機會主義資本部署，CACI 繼續處於推動長期成長、每股自由現金流和股東價值的有利地位。

Slide 5 please. Our $3.3 billion of awards represents another strong quarter of business development performance. Let me briefly highlight a couple of the wins this quarter. We were awarded two separate contracts with the US Navy to provide engineering expertise and technology that focused on accelerating the implementation of new capabilities to the war fighter.

請幻燈片 5。我們的 33 億美元獎項代表了另一個強勁的季度業務發展業績。讓我簡要介紹一下本季的幾場勝利。我們與美國海軍簽訂了兩份單獨的合同，提供工程專業知識和技術，重點是加快戰鬥機新功能的實施。

First, a five year task order valued at up to $805 million with NavalX, the Innovation arm of the Navy and US Marine Corp to support the development and deployment of new technologies in areas such as artificial intelligence, command control and cyber across their platforms and sensors.

首先，與海軍和美國海軍陸戰隊的創新部門 NavalX 簽訂了價值高達 8.05 億美元的五年任務訂單，以支援人工智慧、指揮控制和跨平台網路等領域的新技術的開發和部署，感測器。

Second, a five year task order, valued at up to $314 million with the Naval Undersea Warfare Center to support fleet readiness, accelerate implementation of new technology and enhance cyber resiliency for undersea warfare systems.

其次，與海軍水下作戰中心簽訂的價值高達 3.14 億美元的五年任務訂單，以支援艦隊戰備、加速新技術的實施並增強水下作戰系統的網路彈性。

Slide 6, please. Our strong track record of awards is driven by our strategy to address critical and enduring national security priorities, invest ahead of need and differentiate the capabilities, bid less and win more and focus on larger longer duration programs.

請幻燈片 6。我們良好的獲獎記錄是由我們的策略推動的，該策略致力於解決關鍵和持久的國家安全優先事項、提前投資並區分能力、出價更少、贏得更多以及專注於更大、持續時間更長的項目。

But equally important to the long term success of our business is superior execution after those contracts were won. Strong execution was a track record of past performance, which together with the other elements of our strategy creates sustainable differentiation and enduring competitive advantage.

但對於我們業務的長期成功同樣重要的是贏得這些合約後的卓越執行力。強大的執行力是過去業績的記錄，它與我們策略的其他要素一起創造了可持續的差異化和持久的競爭優勢。

Let me share a few examples of just how CACI is consistently executing at scale on our large programs. First, the army's integrated personnel and pay system, which is referred to as [ZPS] Army is the largest and most complex people soft implementation in history.

讓我分享幾個例子，說明 CACI 如何在我們的大型專案上持續大規模執行。首先，陸軍綜合人事與薪資系統，簡稱[ZPS]陸軍，是史上規模最大、最複雜的人員軟實施。

Since going live, the system has had over 1 million distinct users and supports more than 140,000 users per day. Its army for the first time, provides online integrated HR capabilities across the entire army and is recognized as the model agile program within the service.

自上線以來，該系統已擁有超過100萬不同用戶，每天支援超過14萬用戶。它的軍隊首次在全軍範圍內提供線上綜合人力資源能力，並被公認為軍種敏捷計畫的典範。

Next, our enterprise IT as a service program with the air force known as [ITA] continues to scale. Our new IT service management system has been seamlessly deployed to replace their old system and we are now supporting over 400,000 users exceeding the contract milestone by nearly 60% and tracking to over 600,000 users by the end of this calendar year.

接下來，我們與空軍合作的企業 IT 即服務計畫（稱為 [ITA]）繼續擴大規模。我們的新 IT 服務管理系統已無縫部署以取代舊系統，我們現在支援超過 40 萬名用戶，超出合約里程碑近 60%，並在本日曆年年底追蹤到超過 60 萬名用戶。

And most importantly, customer feedback has been extremely positive on the value, the speed and the responsiveness that we are delivering. In addition, we've met all milestones on our recent network modernization awards, including DIA, ECS3, Army SIPRMOD and Army GENMOD. CCAI is designing and deploying faster, more secure software defined networks that not only enhance efficiency and reduce cyber vulnerabilities, but are also critical enablers of customer priorities like (inaudible) in AI.

最重要的是，客戶回饋對我們提供的價值、速度和反應能力非常積極。此外，我們還實現了最近網路現代化獎的所有里程碑，包括 DIA、ECS3、陸軍 SIPRMOD 和陸軍 GENMOD。CCAI 正在設計和部署更快、更安全的軟體定義網絡，這些網絡不僅可以提高效率並減少網絡漏洞，而且還是人工智慧（聽不清楚）等客戶優先事項的關鍵推動者。

And finally, we recently began ramping up and executing on our [NFSA HCAPS] contract. With this work underway, CCI is now executing the three largest agile software development programs in the US government. We continue to see a healthy pipeline of additional opportunities as the government increasingly adopts agile methodologies.

最後，我們最近開始加速並執行我們的 [NFSA HCAPS] 合約。隨著這項工作的開展，CCI 目前正在美國政府執行三個最大的敏捷軟體開發計畫。隨著政府越來越多地採用敏捷方法，我們繼續看到一系列健康的額外機會。

Slide 7, please. I'm also pleased with the increasing demand we're seeing for our software defined RF technology. CAC I has the right capabilities to meet our customers critical needs in the current geopolitical environment today because we began to invest ahead of need over a decade ago.

請幻燈片 7。我還很高興看到我們對軟體定義射頻技術的需求不斷增長。CAC I 擁有適當的能力來滿足當今當前地緣政治環境下客戶的關鍵需求，因為我們十多年前就開始提前投資。

First, our spectral program for the Navy has successfully completed the design phase and it shifted to development and integration. This is a major milestone on a program critical to our country's national security strategy. The Navy's goal is to bring enhanced capabilities to the fleet faster and CACI is making that possible.

首先，我們的海軍光譜計劃已成功完成設計階段，並轉向開發和整合。這是對我國國家安全戰略至關重要的計畫的重要里程碑。海軍的目標是更快地增強艦隊的能力，而 CACI 正在使這一目標成為可能。

Next on our TLS Manpack program for the army, we will begin deliveries against the previously announced $100 million IDIQ this quarter. As a reminder, the TLS Manpack system allows dismounted soldiers to conduct signals detection, direction finding and electronic attack while on the move. CACI technology enables the army to dominate the electromagnetic spectrum and increasingly critical domain on today's battlefield, and one where the US is still in the early stages of modernization and investment.

接下來，在我們為軍隊提供的 TLS Manpack 計劃中，我們將在本季開始按照先前宣布的 1 億美元 IDIQ 進行交付。需要提醒的是，TLS Manpack 系統允許健行士兵在行進中進行訊號偵測、測向和電子攻擊。CACI 技術使軍隊能夠在當今戰場上主導電磁頻譜和日益關鍵的領域，而美國仍處於現代化和投資的早期階段。

Our technology can also address counter UAS threats, a capability that was not previously available at the individual soldier level. We expect additional orders in FY25, as these critical capabilities are in high demand by our customers.

我們的技術還可以應對反無人機威脅，這是以前單兵級別所沒有的能力。我們預計 25 財年會有更多訂單，因為我們的客戶對這些關鍵功能的需求很高。

Through our strategy of focusing on differentiated software defined technology, we are delivering speed and agility to our customers to address their most critical missions and increasingly setting CACI apart from a wide range of competitors.

透過我們專注於差異化軟體定義技術的策略，我們為客戶提供速度和敏捷性，以解決他們最關鍵的任務，並日益使 CACI 從眾多競爭對手中脫穎而出。

Slide 8, please. We continue to execute our flexible and opportunistic capital deployment strategy, where we evaluate M&A, share repurchases, debt repayment and other actions based on the dynamics we see at the time. Our M&A program focuses on filling gaps in our capabilities, our customer presence and past performance and on this front, we recently announced two fantastic acquisitions.

請幻燈片 8。我們繼續執行靈活、機會主義的資本配置策略，根據當時的動態評估併購、股票回購、債務償還和其他行動。我們的併購計劃專注於填補我們的能力、客戶影響力和過去業績的空白，在這方面，我們最近宣布了兩項出色的收購。

First in September, we announced a definitive agreement to purchase Azure Summit. Azure Summit is a provider of innovative high performance RF technology and engineering, focused on the electromagnetic spectrum. Strategically, they add established and complementary technology and expand our customer presence.

首先是在 9 月份，我們宣布了購買 Azure Summit 的最終協議。Azure Summit 是一家專注於電磁頻譜的創新高效能射頻技術和工程供應商。從策略上講，他們添加了成熟的互補技術並擴大了我們的客戶範圍。

Financially, Azure Summit will be accretive to CACI EBITDA margin, adjusted EPS and free cash flow per share in the first year. And they have strong cultural alignment with CACI and bring an exceptionally talented workforce.

從財務角度來看，Azure Summit 將在第一年增加 CACI EBITDA 利潤率、調整後每股盈餘和每股自由現金流。他們與 CACI 有著強烈的文化一致性，並帶來了一支才華橫溢的員工。

In addition, and earlier this month, we completed the acquisition of Applied Insight, a company that fills gaps by enhancing our capabilities and customer presence around cloud migration and AI, particularly in the intelligence community.

此外，本月早些時候，我們完成了對 Applied Insight 的收購，該公司透過增強我們在雲端遷移和人工智慧方面的能力和客戶存在來填補空白，特別是在情報社群。

Applied Insight utilizes repeatable tools and technology that enable faster, more efficient cloud migration, particularly within classified cloud environments. They also have several existing contracts with intelligence community customers to provide AI and machine learning technology development. And financially they are similarly creative to CACI in the first year like Azure summit.

Applied Insight 利用可重複的工具和技術，實現更快、更有效率的雲端遷移，特別是在分類雲環境中。他們還與情報界客戶簽訂了幾份現有合同，以提供人工智慧和機器學習技術開發。在財務上，他們在第一年的創造力與 CACI 類似，例如 Azure 高峰會。

Slide 9, please. We continue to monitor the government fiscal year '25 budget process closely. As the most years, government this year '25 began under a continuing resolution which lasts through December 20. We prepared it for a number of scenarios, most of which we believe are addressed within our guidance range. We typically do not see a material impact from CRS, so they can sometimes influence a quarter-to-quarter timing, a shorter cycle revenue like our software defined technology deliveries.

請幻燈片 9。我們將繼續密切關注政府 25 財年的預算流程。與往常一樣，政府今年的「25」是根據一項持續到 12 月 20 日的持續決議開始的。我們為多種場景做好了準備，我們認為其中大多數場景都在我們的指導範圍內得到了解決。我們通常不會看到 CRS 產生重大影響，因此它們有時會影響季度到季度的時間安排，即較短週期的收入，例如我們的軟體定義技術交付。

We continue to see customer demand being driven by geopolitical dynamics, the elevated global threat environment and the pacing capabilities of our adversaries. National security remains bipartisan and budgets are healthy with an upward bias. CACI is well positioned in areas of enduring demand with deep, resilient, funding streams.

我們繼續看到客戶需求受到地緣政治動態、全球威脅環境的加劇以及對手的節奏能力的推動。國家安全仍然是兩黨的共識，預算健康且有向上的傾向。CACI 在持久需求領域處於有利地位，擁有深厚、有彈性的資金流。

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

這樣，我就把電話轉給傑夫。

Thank you, John. Good morning, everyone. Please turn to slide 10. In the first quarter, we generated revenue of nearly $2.1 billion representing 11.2% growth of which 9.9% was organic. The balance was generated by the three acquisitions that we made in our fiscal '24. First quarter EBITDA margins of 10.5% represent a year-over-year increase of 110 basis points which was driven primarily by business mix and timing.

謝謝你，約翰。大家早安。請翻到投影片 10。第一季度，我們創造了近 21 億美元的收入，成長 11.2%，其中有機成長 9.9%。該餘額是我們在 24 財年進行的三項收購產生的。第一季 EBITDA 利潤率為 10.5%，年成長 110 個基點，這主要是由業務組合和時機推動的。

Adjusted diluted earnings per share of $5.93 were 36% higher than a year ago. Greater operating income along with lower interest expense and a lower share count more than offset a higher income tax provision.

調整後攤薄每股收益為 5.93 美元，比去年同期成長 36%。更高的營業收入、更低的利息支出和更少的股份數量足以抵消更高的所得稅準備金。

First quarter operating cash flow excluding our accounts receivable purchase facility was $61 million, reflecting strong profitability and cash collections partially offset by some of the working capital factors we discussed last quarter. Day sales outstanding were TSO of 47 days was a slight uptick from Q4's record low as we continue to efficiently manage working capital. Free cash flow of $49 million for the quarter was in line with our expectations.

第一季營運現金流量（不包括我們的應收帳款購買融資）為 6,100 萬美元，反映出強勁的獲利能力和現金回款部分被我們上季討論的一些營運資本因素所抵銷。由於我們繼續有效管理營運資金，未償還日銷售 TSO 為 47 天，較第四季的歷史低點略有上升。本季自由現金流為 4,900 萬美元，符合我們的預期。

Slide 11, please. As John discussed subsequent to the conclusion of the first quarter, we closed on the Applied Insight acquisition and we remain on track to close Azure Summit during the quarter, as we previously indicated. Our pro forma leverage following the completion of both transactions will be 3.2 times. As we've demonstrated in the past, the healthy long term cash flow characteristics of our business allow us to quickly deliver to our target range. This means that as always, we remain well positioned to continue deploying capital in a flexible and opportunistic manner to drive long term growth and free cash flow per share and shareholder value.

請投影片 11。正如約翰在第一季結束後所討論的那樣，我們完成了對 Applied Insight 的收購，並且正如我們之前所指出的，我們仍有望在本季度結束 Azure 峰會。兩筆交易完成後，我們的預估槓桿將為 3.2 倍。正如我們過去所證明的那樣，我們業務健康的長期現金流特徵使我們能夠快速實現目標範圍。這意味著，一如既往，我們仍然處於有利地位，能夠繼續以靈活和機會主義的方式部署資本，以推動長期成長、每股自由現金流和股東價值。

Slide. 12, please. We're pleased to be raising our fiscal '25 guidance. This increase is due to the ongoing momentum of our organic business as well as the recently completed acquisition of Applied Insight. We're raising our revenue guidance to be between $8.1 billion and $8.3 billion. $75 million of this increase is driven by the organic performance of the business, while the balance is from the inclusion of Applied Insight. This represents growth of 8.6% to 11.3% on an underlying basis.

滑動。 12，請。我們很高興提高 '25 財年指引。這一增長得益於我們有機業務的持續發展勢頭以及最近完成的 Applied Insight 收購。我們將營收指引上調至 81 億美元至 83 億美元之間。其中 7,500 萬美元的成長是由業務的有機績效推動的，而餘額則來自 Applied Insight 的納入。這意味著基本成長率為 8.6% 至 11.3%。

In addition, we now expect fiscal '25 EBITDA margin to be toward the upper end of the high 10s range we previously communicated. Driven by the strength of the organic business, increased visibility of some of our software defined technology sales and the inclusion of Applied Insight.

此外，我們現在預計 25 財年的 EBITDA 利潤率將接近我們先前通報的 10 倍區間的上限。在有機業務實力的推動下，我們的一些軟體定義技術銷售的知名度提高了，並納入了 Applied Insight。

As a result of our updated revenue and EBITDA margin outlook, we're also increasing our FY25 adjusted net income guidance reportingly to be between $515 million, $535 million with an attendant increase in adjusted EPS to be between $22.89 and $23.78 per share.

由於我們更新了營收和EBITDA 利潤率展望，我們也將2025 財年調整後淨利潤指引上調至5.15 億美元至5.35 億美元之間，調整後每股收益隨之增加至22.89 美元至23.78 美元之間。

And finally, we're increasing our free cash flow guidance to at least $435 million due to higher organic growth as well as the income contribution of Applied Insight, that of increased interest expense. Please note that additional details of our updated guidance have been included in our presentation to assist you with your modeling.

最後，由於更高的有機成長以及 Applied Insight 的收入貢獻（利息支出增加），我們將自由現金流指引提高到至少 4.35 億美元。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。

Additionally, as previously mentioned Azure Summit will be included in our guidance during our normal cadence once it is closed. We continue to work through the customary closing process and remain confident it will occur during the second quarter, most likely sooner rather than later.

此外，如前所述，Azure 峰會結束後將按照正常節奏納入我們的指南中。我們將繼續完成慣常的結算流程，並堅信這將在第二季度發生，而且很可能更早而不是更晚。

Slide 13, please. Turning to forward indicators our trailing 12 months book to bill ratio of 1.8 times reflects strong performance in the marketplace. Our record backlog of $32.4 billion increased over 21% from a year ago and represents just under four years of annual revenue. These metrics provide good long term visibility into the strength of our business.

請幻燈片 13。轉向遠期指標，我們過去 12 個月的訂單出貨比為 1.8 倍，反映了市場的強勁表現。我們的積壓訂單達到創紀錄的 324 億美元，比一年前增加了 21% 以上，相當於近四年的年收入。這些指標為我們的業務實力提供了良好的長期可見度。

For fiscal '25, we now expect approximately 89% of our revenue to come from existing programs with approximately 8% coming for (inaudible) and just over 3% from 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 25 財年，我們現在預計大約 89% 的收入將來自現有計劃，其中約 8% 來自（聽不清楚），略多於 3% 來自新業務。這些指標的進展反映了我們成功的業務發展和營運績效，並增強了我們對今年預期的信心。

In terms of our pipeline, we have $4 billion of bps under evaluation, around 80% of which are for new business CACI. We expect to submit another $13 billion in bids over the next two quarters with over 70% of that being for new business.

就我們的管道而言，我們正在評估 40 億美元的基點，其中約 80% 用於新業務 CACI。我們預計未來兩季將再提交 130 億美元的投標，其中 70% 以上用於新業務。

In summary, we delivered outstanding first quarter results and deployed capital in a flexible and opportunistic manner to bring additive capabilities and customer presence to CACI. We continue to win and execute high value and during work that supports long term growth, increased free cash flow per share and additional shareholder value.

總而言之，我們交付了出色的第一季業績，並以靈活和機會主義的方式部署資本，為 CACI 帶來附加能力和客戶影響力。我們在支持長期成長、增加每股自由現金流和額外股東價值的工作中持續贏得並執行高價值。

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

然後，我會將電話轉回給約翰。

Thank you, Jeff. Let's go to slide 14. Overall, this has been a great start to our fiscal year '25. We continue to successfully execute our strategy and are delivering strong performance as we ramp up large awards we've won over the past few years along with strong on contract growth from our existing programs. We have added to our differentiated capabilities, customer access and employee talent with our acquisition of Applied Insight.

謝謝你，傑夫。讓我們看投影片 14。總體而言，這是我們 25 財年的良好開端。我們繼續成功執行我們的策略，並隨著我們在過去幾年中贏得的巨額獎項的增加以及現有計劃的合約強勁增長，我們正在提供強勁的業績。透過收購 Applied Insight，我們增強了差異化能力、客戶管道和員工才能。

As a result, we are pleased to be in the position to raise our fiscal '25 guidance. In addition, we look forward to closing the Azure Summit acquisition shortly and welcoming them to CACI as well. We are well positioned in the right markets with the right capabilities and remain confident in our ability to drive long term growth, increase free cash flow per share and generate additional shareholder value.

因此，我們很高興能夠提高 '25 財年指引。此外，我們期待盡快完成對 Azure Summit 的收購，並歡迎他們加入 CACI。我們在正確的市場中處於有利地位，擁有正確的能力，並對我們推動長期成長、增加每股自由現金流和創造額外股東價值的能力充滿信心。

I look forward to discussing our business, our strategy and our longer term financial outlook in more detail during our investor day at the New York Stock Exchange on November 8. As is always the case, our success is driven by our employees talent, their innovation and their commitment. To everyone on the team on the CACI team, I'm proud of what you do each day and every day for our company and our nation. And to our shareholders, I continue to thank you for your support of CACI.

我期待在 11 月 8 日紐約證券交易所投資者日期間更詳細地討論我們的業務、策略和長期財務前景。一如既往，我們的成功取決於員工的才能、創新和奉獻。對於 CACI 團隊的每個人，我為你們每天為我們公司和我們國家所做的事情感到自豪。對於我們的股東，我繼續感謝你們對 CACI 的支持。

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

接下來，馬德普，讓我們開始提問。

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。（操作員說明）

Scott Mikus, Melius Research.

斯科特·米庫斯，Melius 研究公司。

Good morning and great numbers.

早安，數字很大。

Thanks Scott. Good morning. Thank you.

謝謝斯科特。早安.謝謝。

John, Jeff. I wanted to ask, we saw [ minoric]had some production issues with their optical communications terminals. They're supposed to be supplying a number of contractors for the space development agencies tranche one satellites.

約翰、傑夫.我想問一下，我們看到 [minoric] 他們的光通訊終端存在一些生產問題。他們應該為太空開發機構的一群衛星提供一些承包商。

So I was just wondering, have any of their customers reached out to you? And could this be an opportunity to gain share either on the tranche one satellite or is this more an opportunity for tranche two and beyond?

所以我只是想知道，他們的客戶有聯絡過你嗎？這可能是在第一階段衛星上獲得份額的機會，還是對於第二階段及以後的衛星來說這更是一個機會？

Yes, Scott, thanks. Look in the area of our tonics, we're seeing great success with our technology and strong demand from both government and primes. I'm not going to comment on where the other vendor is at today. I will share though that we have had discussions with other primes around that topic, but I'm not going to go into too many details there.

是的，斯科特，謝謝。在我們的補充品領域，我們看到我們的技術取得了巨大成功，並且政府和總理的強烈需求。我不會評論其他供應商今天的處境。我將分享雖然我們已經與其他素數圍繞該主題進行了討論，但我不會在那裡討論太多細節。

What I would say is and as we have been saying over the last six quarters, where that optical communication terminal provider that's proven we deployed operational and tested in various orbits. As we share with many of the primes where our technology is the most mature that's not our words. That's our customer's words and a number of our major OEM primes words.

我想說的是，正如我們在過去六個季度中一直所說的那樣，光通訊終端供應商已經證明我們在不同的軌道上進行了部署和測試。正如我們與許多主要公司分享的那樣，我們的技術是最成熟的，這不是我們的話。這是我們客戶的原話，也是我們許多主要 OEM 的原話。

They do come to us because we're the most mature and the lowest risk and we're US designed and manufactured. So we're still on track to do 6 to 8 times number of deliveries that we did last year. I think I shared that during our guidance call, and we're still entertaining additional bids.

他們確實來找我們，因為我們是最成熟、風險最低的，而且我們是在美國設計和製造的。因此，我們的交付量仍有望是去年的 6 至 8 倍。我想我在我們的指導電話中分享了這一點，並且我們仍在接受額外的出價。

So there's a long road ahead. It's a very sizable and very profitable for us. And, as always Scott, we're going to, you know, keep an eye and keep an ear on where everybody else is at and have the discussions we need to make sure that the end customer is well served.

所以前面的路還很長。這對我們來說規模非常大，利潤也非常可觀。而且，斯科特一如既往，我們將密切關注並傾聽其他人的情況，並進行我們需要的討論，以確保最終客戶得到良好的服務。

Okay. And then I wanted to ask about Azure Summit. It seems like it could open up a lot of new doors for CACI. So are any of their products explorable? And could this open up a pathway for foreign military sales for CACI?

好的。然後想問一下Azure Summit的狀況。看起來它可以為 CACI 打開很多新的大門。那麼他們的產品是否具有可探索性呢？這能否為CACI開闢對外軍售的途徑？

Yes, Scott. Look, we're, we've been talking about what our international plan is and you should think about Azure Summit switchblade and other products that they deliver to be similar to all everything we've shared in our software based RF tech products. Look, they will be very applicable clearly immediately to all the five wise countries that we serve today.

是的，斯科特。聽著，我們一直在討論我們的國際計劃是什麼，您應該考慮一下 Azure Summit switchblade 和他們提供的其他產品，它們與我們在基於軟體的射頻技術產品中共享的所有內容類似。看，它們將立即清楚地適用於我們今天服務的所有五個明智國家。

They are also very involved in a number of platforms in the US government in inventory. So the path to international partnerships there, Scott is really, how do we take our software defined tech, put it into their signal processing rack and get that kit running well and where we can provide much more capability to our US customers.

他們也非常參與美國政府的一些平台的清查工作。因此，斯科特在那裡建立國際合作夥伴關係的途徑實際上是，我們如何利用我們的軟體定義技術，將其放入他們的信號處理機架中，並使該套件運作良好，以及我們可以在哪裡為我們的美國客戶提供更多功能。

And then the step forward there, of course, is how we look at five eyes NATO in Eastern European countries, not only sell our RFRF tech, but also be selling switchblade and other products. So it's what drove it was one of the reasons that drove the the acquisition.

當然，接下來的一步是我們如何看待東歐國家的五眼北約，不僅銷售我們的 RFRF 技術，還銷售彈簧刀和其他產品。因此，這就是推動收購的原因之一。

It is some of the gaps that Azure Summit fills and they are coming with a large number of really mission focused top notch engineering and technologists that we really set us well, both in the domestic market for expansion there and then as we slowly, but very aggressively work into the international market.

Azure Summit 填補了一些空白，他們帶來了大量真正專注於任務的頂尖工程和技術專家，我們確實為我們做好了準備，無論是在國內市場的擴張，還是我們緩慢但非常迅速的擴張。進軍國際市場。

Thanks Scott.

謝謝斯科特。

Perfect. Thanks for taking the questions.

完美的。感謝您提出問題。

Jan Engelbrech, Baird.

揚‧恩格爾布雷希，貝爾德。

Good morning, John, Jeff and George. Congrats on another set of strong results. I just want to revisit some of the comments you made on the business update call with Azure Summit and just your position that you'll have on the spectral contract after that transaction closes and any potential sort of future content that you can expand there?

早安，約翰、傑夫和喬治。祝賀又一組強勁的成果。我只想回顧一下您在 Azure 峰會業務更新電話會議上發表的一些評論，以及您在交易結束後對光譜合約的立場，以及您可以在那裡擴展的任何潛在的未來內容？

I was just looking at the justification documents for the Navy and it looks like essentially the spectral line item doubles from government fiscal '25 to '29. So it looks attractive but just wanted to get your thoughts there.

我剛剛查看了海軍的理由文件，看起來從政府財政“25”到“29”，譜線項目基本上翻了一番。所以它看起來很有吸引力，但只是想表達你的想法。

Yeah, Jan, thanks. So if you look at the work effect that that Azure summit has today. They're on C increment F. So picture that as the next stage of the below deck signal suite that is on all US navy surface ships. So they are doing the next modification to that kit that is a prime program that they won from a major prime a couple of years back and they're doing a just an exquisite job of beginning the production run up and the delivery.

是的，簡，謝謝。所以如果你看看今天Azure高峰會的工作效果。它們位於 C 增量 F 上。因此，他們正在對該套件進行下一次修改，這是他們幾年前從主要主要項目中贏得的主要項目，並且他們在開始生產運行和交付方面做得非常出色。

And that production run goes for the next four to six years. Spectral then gets built on top of (inaudible) and that's where a lot of AI and machine learning comes in. We're going to process many more signals and Azure is a subcontractor to us on spectral. So if I zoomed up from those, micro comments at a macro level, the next 10 years for surface ships below deck, anything to do with, signals intel (inaudible) and the like is going to come from the combination of CACI and what is now known as Azure Summit.

該生產運行將持續四到六年。然後頻譜建立在（聽不清楚）之上，這就是大量人工智慧和機器學習的用武之地。我們將處理更多的訊號，而 Azure 是我們的光譜分包商。因此，如果我從宏觀層面上放大這些微觀評論，未來 10 年甲板下水面艦艇的任何相關信號、情報（聽不清楚）等都將來自 CACI 和什麼的結合現在稱為 Azure 峰會。

We're very pleased with the work that we've done on Spectro. We just were successful in a minimally value viable product demonstration and test with the United States Navy. We'll be moving into further development and then getting into the implementation, the integration and the production stage in another 12 to 18 months from now.

我們對 Spectro 所做的工作非常滿意。我們剛剛與美國海軍成功進行了最低價值可行產品演示和測試。我們將進入進一步的開發，然後在接下來的 12 到 18 個月內進入實施、整合和生產階段。

Perfect. That's really helpful. And then just a quick follow-up. Is there any meaningful just changes over the next couple of quarters or maybe the next year or two in terms of the contract mix? I know you previously called out is there Summit pricing metric is probably more a fixed price versus the rest of CACI, but any large programs in backlog or new acquisitions that should close that we should think about in terms of fixed prices, the cost plus mix?

完美的。這真的很有幫助。然後進行快速跟進。就合約組合而言，未來幾季或未來一兩年是否會有任何有意義的變化？我知道您之前曾指出，與CACI 的其他部分相比，峰會定價指標可能更像是固定價格，但積壓的任何大型項目或應關閉的新收購項目，我們都應該從固定價格、成本加組合的角度來考慮？

Yes, Dan, I mean, other than the fact that all of our software-based technology is sold in a very similar manner to Azure is. So to the extent that their revenue comes with direct tech sales, yes, then we'll see some level of fixed price work come up. We did move into a ton of material phase on the ICAS program. So if you look behind the release, you'll see where time material is a little bit higher, but that's what's driving that. Jeff, anything could you see?

是的，Dan，我的意思是，除了我們所有基於軟體的技術的銷售方式與 Azure 非常相似之外。因此，如果他們的收入來自直接技術銷售，是的，那麼我們將看到一定程度的固定價格工作的出現。我們確實進入了 ICAS 專案的大量材料階段。因此，如果您查看發布的背後，您會發現其中的時間材料有點高，但這就是推動這一點的原因。傑夫，你能看到什麼嗎？

No, you got it. And that particularly the ICAS, T&M content will continue to ramp, we expect

不，你明白了。我們預計，特別是 ICAS、T&M 內容將繼續增加

Thanks, Jan.

謝謝，簡。

Thanks. I'll jump back in the.

謝謝。我會跳回來。

Mariana Perez Mora, Bank of America.

瑪麗安娜·佩雷斯·莫拉，美國銀行。

Good morning, everyone. So my question is around the election. And like I think everyone is kind of like used to consume resolution that goes into the end of the calendar year. But, if we were to think about more noise around the election, like how are you prepared to a longer continued resolution probably going like into next year?

大家早安。所以我的問題是圍繞著選舉的。我認為每個人都習慣在日曆年末消費決心。但是，如果我們考慮圍繞選舉的更多噪音，例如您準備如何應對可能持續到明年的更長期持續的決議？

And how can that affect, I don't know, the awarding time or how fast some of the awards that you have recently awarded or even the pipeline of opportunities that is like really exposed to new businesses and consumer resolution caps kind of like the start of those new businesses? How should we think about the impact of a longer container resolutions?

我不知道，這會如何影響授予時間或您最近授予的某些獎項的速度，甚至是真正接觸新業務和消費者分辨率上限的機會管道，就像開始一樣那些新業務？我們應該如何考慮更長的容器決議的影響？

Mariana, this is John. Thank you. So when I hear election, I sort of think after the election and where do budgets go and the fact that defense for as long as we've been in a country has always been a five parts of efforts. So I sort of work our way through that noise and really focus on budget because that's what we're focused on.

瑪麗安娜，這是約翰。謝謝。因此，當我聽到選舉時，我會想到選舉後預算的去向以及事實上，只要我們存在於一個國家，國防始終是努力的五個部分。因此，我會努力克服這些噪音，並真正專注於預算，因為這就是我們所關注的。

Look, I think it's safe to say that CR is an election year last longer than other CRs. I've been surprised there in the past. How it impacts our business, as I tried to share in my prepared remarks is that it can impact some of our shorter cycle purchase order based software product awards. Now having said that, let's take a look at where our customers have gone in that (inaudible).

看，我認為可以肯定地說，CR 是一個選舉年，比其他 CR 持續時間更長。過去我對那裡感到驚訝。它如何影響我們的業務，正如我在準備好的演講中試圖分享的那樣，它會影響我們一些基於較短週期採購訂單的軟體產品獎勵。話雖如此，讓我們看看我們的客戶在這方面去了哪裡（聽不清楚）。

As we announced last quarter and during our guidance call, customers that were traditionally buying our software technology on purchase orders as funding became available to put in place IDIQs where they can do larger scale, larger bulk buys of that technology that we sell on a firm fixed price manner.

正如我們在上個季度和指導電話會議期間宣布的那樣，傳統上透過採購訂單購買我們的軟體技術的客戶可以利用資金來建立 IDIQ，以便他們可以更大規模地批量購買我們在公司銷售的技術固定價格方式。

A perfect example would be TLS Manpack, right, where we're building a common software framework that allows dismounted soldiers to do the same kinds of things, sanocollection and the like and all the way up to (inaudible) . But the customer has put in place buying structures where it's not concerned any new program. And those programs have quickly funded.

一個完美的例子是 TLS Manpack，對吧，我們正在建立一個通用軟體框架，允許徒步士兵做同樣的事情，sanocollection 等，一直到（聽不清楚）。但客戶已經制定了與任何新計劃無關的購買結構。這些項目很快就獲得了資金。

So in the areas during my prepared remarks, where you heard me talk about we will look for additional volume or additional awards. Those are not underscore bold impacted by where this budget goes. At a macro level, I'd like to talk about it in the manner of, we're an $8 billion company with a $250 billion addressable market throughout the United States government, not as steep on the federal civilian area, but very, very deep in the intelligence community and the Department of Defense.

因此，在我準備好的演講中，您聽到我談論的領域，我們將尋求額外的數量或額外的獎項。這些並沒有強調受到預算去向的影響。在宏觀層面上，我想這樣談論它，我們是一家價值 80 億美元的公司，在美國政府範圍內擁有 2500 億美元的潛在市場，在聯邦民用領域的市場份額沒有那麼大，但非常非常大深入情報界和國防部。

So a large portion of the market we can address is very, very rich. It's more than enough to support our future growth I've said over and over, weren't deepen in during funding, funding streams and there's still a tremendous opportunity for growth.

因此，我們可以解決的很大一部分市場非常非常豐富。這足以支持我們未來的成長，我已經一遍又一遍地說，在融資期間沒有深化，資金流仍然存在巨大的成長機會。

So I don't see the budget going forward, whether it's the presence budget, whether it's a mark from either of the potential new presidents coming into the position, national security priorities are going to drop a lot of what we heard, no pun intended. And I think we'll be fine, but it could move some quarter points around. Hopefully, that gives you some additional color.

因此，我不認為未來的預算會繼續下去，無論是存在預算，還是任何一位潛在的新總統上任的標誌，國家安全優先事項將放棄我們聽到的很多內容，沒有雙關語的意思。我認為我們會沒事的，但它可能會移動四分之一個百分點。希望這能給你一些額外的色彩。

Thank you. And then a little bit on M&A. If you could discuss like how is the competitive environment, if you have any dose or attractive deals in the pipeline? And especially like do you think there are any areas that you'd like to be exposed like particular customers, some products that you can actually use to penetrate with your software solutions? Or like how should we think about that?

謝謝。然後是關於併購的一些內容。您是否可以討論競爭環境如何，是否有任何劑量或有吸引力的交易正在進行中？特別是您是否認為您希望向特定客戶展示某些領域，例如您實際上可以用來滲透您的軟體解決方案的某些產品？或者說我們該如何思考這個問題？

Yes. John will want to add to the strategy and the capability gaps a little bit. But we continue to see a really strong pipeline. We have a lot of opportunities and robust set of opportunities that we're working on. We have mentioned for a year or so that we expected valuation multiples to contract a little bit which is consistent with our recent experience.

是的。約翰想要稍微補充一下戰略和能力差距。但我們繼續看到一個非常強大的管道。我們有很多機會，而且我們正在努力發展一系列強大的機會。我們已經提到一年左右的時間，我們預期估值倍數會略有收縮，這與我們最近的經驗一致。

And I'm going to say somewhat mechanically, we're committed to remaining very patient and disciplined acquirers. We have a very rigorous evaluation criteria. We've spent a lot of energy making sure we're applying our precious capital in the right places. And we continue to do so. But we see a good, rich, robust pipeline. I don't know, about particular capabilities.

我要機械地說，我們致力於保持非常有耐心和紀律嚴明的收購者。我們有非常嚴格的評估標準。我們花費了大量的精力來確保我們將寶貴的資本運用在正確的地方。我們將繼續這樣做。但我們看到了一個良好、豐富、穩健的管道。我不知道具體的能力。

Yes. I mean I think everything is going to be around SIGN and EW. We talked about cyber and space, IT modernization. I sort of look back and look at Azure Summit sort of covering down on the SIG and EW and cyber area. I look at Applied Insight covering down on the IT modernization area being able to do just moving even more applications to the cloud at lightning speed at a much lower risk level.

是的。我的意思是，我認為一切都將圍繞著 SIGN 和 EW 展開。我們討論了網路和空間、IT 現代化。我回顧 Azure 高峰會，其中涵蓋了 SIG、電子戰和網路領域。我認為 Applied Insight 涵蓋了 IT 現代化領域，能夠以閃電般的速度以低得多的風險等級將更多應用程式遷移到雲端。

Look, anything that drives our expertise in our technology businesses, clearly, we're very focused on the technology side, but really no other changes there. And I'll footstop what Jeff mentioned, disciplined and patient are those words that we've been using over the last few years, and I know many of you have been asking when is the next M&A coming.

看，任何推動我們技術業務專業知識的東西，顯然，我們非常專注於技術方面，但實際上沒有其他變化。我會繼續傑夫提到的，紀律和耐心是我們過去幾年一直在使用的詞，我知道你們很多人一直在問下一次併購何時到來。

It sort of comes when the time is right. It's not highly predictable. But rest assured, we're always out there looking. We looked at over 600 targets in the last 18 months. And we sort of called those down. We're an experienced acquisitive company. We've been doing it for three or four decades, and it works very, very well for us. So Mariana, thanks for the questions. Thanks for the question.

當時機成熟時它就會到來。這不是高度可預測的。但請放心，我們一直在尋找。在過去 18 個月裡，我們考察了 600 多個目標。我們有點取消了這些。我們是一家經驗豐富的收購公司。我們已經這樣做了三、四年，而且它對我們來說非常非常有效。瑪麗安娜，謝謝你的提問。謝謝你的提問。

Thank you.

謝謝。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

Hey, good morning. This is Sid on for Toby. I'm hoping you can provide any details maybe on what your win rate has looked like recently? And maybe if you can call out anything specifically that might be driving it a little bit different than what you've seen historically?

嘿，早安。這是托比的希德。我希望您能提供有關您最近的勝率的任何詳細資訊？也許您能具體指出一些可能導致它與您歷史上看到的情況有所不同的事情嗎？

Yes. When we talk about end rates, we sort of get into a place where we don't like to talk about, right? But trying to provide some clarity there. Look, I'm going to start off with just how incredibly focused we are on recompete rates. We're not a fan of losing our current book of business. We're not a fan of losing current customers. So we are very, very focused on recompete rates, and those traditionally are all greater than 90%.

是的。當我們談論最終利率時，我們有點進入了一個我們不喜歡談論的境地，對嗎？但試圖在那裡提供一些清晰度。看，我將從我們對重新競爭率的高度關注開始。我們不希望失去現有的業務。我們不喜歡失去現有客戶。因此，我們非常非常關注重新競爭率，而傳統上這些比率都大於 90%。

So we actually leak a smaller percentage of next year's growth dollars by losing our competes. In fact, what we do more often than not we win or competes at larger values on a matter at better rates, if it's a case. On the technology side, we find that we not only win all the book of business we have, but we traditionally bring other people's book of business well because we are performing exquisitely out there.

因此，我們實際上因失去競爭而損失了明年成長資金的較小比例。事實上，我們經常做的事情是，如果確實如此，我們會以更大的價值以更好的速度贏得勝利或競爭。在技​​術方面，我們發現我們不僅贏得了我們擁有的所有商業記錄，而且我們傳統上也很好地帶來了其他人的商業記錄，因為我們在這方面表現出色。

On the new business side, we always say that our overall win rate has to be north of 30% or 40% across everything we chase to be successful. And by any measure in the last six to seven years, I say we've been quite successful in driving book-to-bill ratios at one or above over the last six to seven years. We're going to talk at Investor Day, frankly, around sort of the nuts and bolts of why this works and why we're different.

在新業務方面，我們總是說，我們所追求的一切目標的整體勝率必須超過 30% 或 40%，才能取得成功。從過去六到七年的任何標準來看，我認為我們在過去六到七年裡將訂單出貨比提高到 1 或以上方面都相當成功。坦白說，我們將在投資者日上討論這種方法為何有效以及我們為何與眾不同的具體細節。

We have a different strategy, we have this bid less and win more. We have focus on larger and longer duration programs. What we're looking to share with all of our shareholders is really here's what happens when we say we're in [77] markets and here's strategically how we are how we're focused, how that drives pipeline and how that drives individual captures.

我們有不同的策略，我們出價更少，贏得更多。我們專注於規模更大、持續時間更長的專案。我們希望與所有股東分享的是，當我們說我們處於[77]市場時，會發生什麼，從策略上講，我們如何集中精力，如何推動管道以及如何推動個人捕獲。

We'll be talking about things like Spectral, we'll talk about electronic warfare, we'll be talking about network modernization and sort of give you all that more detailed look at why we are successful there. And I know Jerry Parker is hungry to be giving that briefing to be able to show how we grow today, but also what's behind how we're going to grow into the future.

我們將討論諸如「光譜」之類的事情，我們將討論電子戰，我們將討論網路現代化，並讓大家更詳細地了解我們為何在這方面取得成功。我知道傑瑞·帕克（Jerry Parker）渴望進行簡報，以便能夠展示我們今天如何成長，以及我們未來如何成長背後的原因。

All right. Thank you.

好的。謝謝。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

Good morning, John, Jeff and George, good morning

早安，約翰、傑夫和喬治，早安

Good morning.

早安.

Was there any revenue from like zero margin materials that contributed to the gross margin being flat year-over-year? I think last year, there was $100 million in materials revenue and the gross margin was 31%, and it was also 31% this quarter.

是否有來自類似零利潤材料的收入導致毛利率同比持平？我想去年材料收入有1億美元，毛利率是31%，本季也是31%。

Yes. There was a very small amount, but it was sort of at a routine level that we execute as part of larger programs, not materially. It's more broadly probably attributable to mix and some of the better margin technology areas that we talked about when we talked about the EBITDA margin more broadly.

是的。數量非常少，但它是我們作為較大計劃的一部分執行的例行級別，而不是實質性的。更廣泛地說，這可能歸因於我們在更廣泛地談論 EBITDA 利潤率時所討論的混合和一些利潤率更高的技術領域。

Okay. Great. And on the counter UAS side of the business, and this is more of a strategy question, but there has been a ton of innovation related to the different geopolitical conflicts on the mitigation side of counter UAS with high-powered microwaves, lasers and interceptors, and you have traditionally been more focused on the signals intelligence side, do you feel a need to have a more end-to-end system?

好的。偉大的。在反無人機業務方面，這更多的是一個戰略問題，但是在反無人機方面，使用高功率微波、雷射和攔截器緩解不同地緣政治衝突方面已經出現了大量的創新，您傳統上更關注信號情報方面，您是否覺得需要擁有一個更端到端的系統？

Yes. Louie, thanks. So yes, we've been in the canola business for a very long time. And what's equally as important as people read what's out there is we handle group one to group five and the real threats are groups [34]. Those are really hard ones. Those are the things that, those tactics and procedures and frequencies change every 24 hours. They are larger in nature.

是的。路易，謝謝。所以，是的，我們從事油菜籽業務已經很長時間了。與人們閱讀現有內容同樣重要的是，我們處理第一組到第五組，真正的威脅是組[34]。這些確實很難。這些策略、程序和頻率每 24 小時就會改變一次。它們本質上更大。

They can carry more payload, they're much more dangerous and are those groups that have been involved in everything that you all have read and watched the news over. So at the end of the day, the most exquisite and reliable way to check drones is in the radio frequency spectrum.

他們可以攜帶更多的有效載荷，他們更加危險，而且是那些參與了你們都讀過和看過的新聞的一切組織。因此，歸根結底，檢查無人機最精緻、最可靠的方法是無線電頻譜。

Many drones are going to other methods to be able to launch and then be guided, many are using wireless. Some are going to begin to use satellite. It sort of I need, everybody needs a link at point or not, even dark drones require coordinates to be loaded to them.

許多無人機將採用其他方法來發射並進行引導，其中許多方法都使用無線技術。有些將開始使用衛星。這是我需要的，每個人都需要或不需要鏈接，即使是黑暗的無人機也需要加載坐標。

So I listen and I watch what's going on, and you would imagine, we're very much engaged at very, very senior levels across the federal government around what we're seeing in all of the conflicts around the go. So having said all that, we've been in this business for about two decades. We understand where the state-of-the-art is going. We're not that company that's going to look at Group 1 drones that you buy for $38. That used to be a focus many years back.

因此，我傾聽並觀察正在發生的事情，你可以想像，我們在聯邦政府的非常非常高層的層面上非常積極地參與我們在所有衝突中所看到的事情。話雖如此，我們從事這個行業已有大約二十年了。我們了解最先進的技術發展方向。我們不是那種會關注您花 38 美元購買的 1 類無人機的公司。許多年前，這曾經是一個焦點。

That's not what's delivering the most destruction around the globe, which is why we're involved at levels that we don't speak about because we can't speak about it. What rest assure when we talk about having exquisite county UAS capabilities, that is everywhere from a large-scale system fixed site to mobile to man packable, which you heard about on someone else's question earlier in the call, we're that exquisite provider.

這並不是全球造成最大破壞的原因，這就是為什麼我們所參與的程度是我們不談論的，因為我們無法談論它。請放心，當我們談論擁有精緻的縣級無人機系統能力時，從大型系統固定站點到移動到便攜式，您在電話會議早些時候在其他人的問題中聽說過，我們就是那個精緻的提供者。

There's different business models out there. We've investigated a lot of those different business models. At the end of the day, our solutions come with a combatant command or stamp of approval and a long list of confirmed kills. And frankly, customers out there today that are less and less needing to use a $1 million missile to defeat a $1,000 drone. So I can't comment on any specific company. We just talk about ourselves and how we go to market, but I believe we have a long-term growth path in our county US.

那裡有不同的商業模式。我們研究了很多不同的商業模式。最終，我們的解決方案會附帶戰鬥命令或批准印章以及一長串已確認的擊殺記錄。坦白說，如今的客戶越來越不需要使用價值 100 萬美元的飛彈來擊敗價值 1,000 美元的無人機。所以我無法對任何特定公司發表評論。我們只是談論我們自己以及我們如何進入市場，但我相信我們在美國有一個長期的成長道路。

Thanks. And is there a a lot more opportunities in the pipeline for counter UAS, I think you suggested that there are more follow-on orders expected for the Manpack program. But for the Navy and you already have the spectral, but are there other opportunities within the Navy for other large platforms for you to be involved?

謝謝。反無人機系統是否還有更多機會，我認為您建議 Manpack 計畫預計會有更多後續訂單。但對海軍來說，你已經有了光譜，但海軍內部還有其他機會讓你參與其他大型平台嗎？

Yes. I think when you look at the Azure Summit acquisition, the platforms that they're on both airborne and, (technical difficulty) the last thing that I'll share what makes us extremely unique and why we have other growth opportunities, not only in this year's pipeline, but you'll hear at Investor Day, a multiyear pipeline is the fact that we share a common baseline.

是的。我認為，當你看到 Azure Summit 收購時，他們所使用的平台以及（技術難度）我將分享的最後一件事是什麼使我們極其獨特，以及為什麼我們擁有其他成長機會，不僅在今年的管道，但你會在投資者日聽到，多年管道是我們共享共同基線的事實。

So every time we learn something about drones and other unique signals that gets put into everybody's systems at one time. And nobody can match the speed and the power that we can deliver that, which is why we talk about speed of the flight and speed of the fleet.

因此，每次我們都會了解一些有關無人機和其他獨特訊號的知識，這些訊號會同時輸入每個人的系統。沒有人可以與我們提供的速度和功率相匹配，這就是為什麼我們談論飛行速度和機隊速度。

So yes, there's plenty of work in our pipeline out there. I would assume by, I'm almost assured that by next quarter, you'll hear about some additional awards. But again, I think I'd better cover that in even more detail at the Investor Day coming up. Thanks, Louie.

所以，是的，我們還有很多工作要做。我幾乎可以肯定，到下個季度，您會聽到一些額外的獎項。但我想我最好在即將到來的投資者日更詳細地介紹這一點。謝謝，路易。

Great. Thanks John. Thanks Jeff. And.

偉大的。謝謝約翰。謝謝傑夫。和。

Connor Walters, Jeffries.

康納沃特斯，傑弗里斯。

Hi guys and good morning. Thanks so much for giving me questions. I wanted to dig into your margins a little bit more the strong performance in the first quarter. Your commentary on the second quarter, it certainly de-risked the ramp through the remainder of the year, but it kind of suggests that the second half run rate could be down 10, 20 basis points year-over-year. Just curious if that's really conservatism or any other puts and takes you want to call out there?

大家好，早安。非常感謝您給我提問。我想進一步了解第一季的強勁表現，進一步了解你們的利潤率。您對第二季的評論確實降低了今年剩餘時間的成長風險，但這在某種程度上表明下半年的運行率可能會比去年同期下降 10、20 個基點。只是好奇這是否真的是保守主義或任何其他你想要呼籲的看漲期權和看跌期權？

Yes. Thanks for the question. There's a condition here that we've seen in the last couple of years where our second half has been relatively flat quarter-to-quarter with higher margins than the first quarter or the first half, rather, the first and second quarter. And we see that same pattern continuing this year, although the disparity has become less pronounced.

是的。謝謝你的提問。在過去幾年中，我們看到了一個情況，即我們的下半年季度環比相對持平，利潤率高於第一季或上半年，而不是第一季和第二季。我們看到今年同樣的模式仍在繼續，儘管差異變得不那麼明顯。

So we still have a stronger second half than first half. But the first half of the year, the second quarter that is the balance of the first half is probably somewhat flattish from where we are today and then a step up for the second half. If that's helpful but not to, hopefully, that gives you some insight.

所以我們下半場還是比上半場更強。但今年上半年，第二季度，也就是上半年的餘額，可能與今天的情況相比有些持平，然後下半年會有所上升。如果這有幫助但沒有幫助，希望能為您提供一些見解。

No, that's great. I appreciate that color. And maybe just to dig into cash. I think, last quarter, we talked about how there was kind of an implied headwind of working capital around $100 million for the year. Just curious if that's still the latest thought process? And if you could provide any other color around how we bridge to this year versus your fiscal '24 performance?

不，那太好了。我很欣賞那種顏色。也許只是為了挖掘現金。我想，上個季度，我們討論了今年約 1 億美元的營運資金存在隱含的逆風。只是好奇這是否仍是最新的思考過程？您能否就我們如何過渡到今年以及您 24 財年的表現提供任何其他資訊？

We continue to see working capital demand. I mean that's all factored in, of course, to our guide. But the changing nature of the portfolio, and if you think about some of the business that, where we have growing volume, and this will, you'll see this again following the Azure acquisition.

我們繼續看到營運資金需求。我的意思是，當然，我們的指南都考慮到了這些因素。但投資組合的性質正在發生變化，如果你考慮我們的一些業務，我們的業務量將會不斷成長，在收購 Azure 後你會再次看到這一點。

We are growing in places that require some amount of working capital for the growth, certainly, still a capital-light business by any kind of customary industrial standard. But we do have inventory and work in process in a way that the business has historically not had. So that is a factor in our cash guidance.

我們正在需要一定數量營運資金才能成長的地方發展，當然，按照任何慣常的工業標準來看，我們仍然是一個輕資本企業。但我們確實擁有庫存和在製品，這是企業歷史上從未有過的。所以這是我們現金指導中的一個因素。

Okay, great. Thanks so much for taking my questions.

好的，太好了。非常感謝您回答我的問題。

You bet.

你打賭。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

Morning, David.

早安，大衛。

Hi, good morning. This is actually Josh Korn on for David. Just wanted to ask about the revenue guide. So we've had three straight quarters now of 10% or greater growth more with the materials purchases. So what, if anything, is decelerating over the balance of the year to get into the guidance range? Thanks.

嗨，早安。這其實是喬許·科恩（Josh Korn）為大衛代言。只是想問收入指南。因此，我們的材料採購量已經連續三個季度實現 10% 或更高的成長。那麼，今年剩下的時間裡，是什麼原因導致經濟成長放緩，進入指導範圍？謝謝。

Yes, David, thanks. Look, when we did our original '25 guidance and as we spent a fair amount of time during this last quarter doing this updated guidance. We love to talk about guidance or the low end in a high-end scenario. Look, we contemplate a number of different scenarios, and we really try to focus on what we can control. I think we're confidently executing our strategy.

是的，大衛，謝謝。看，當我們制定最初的 25 年指南時，我們在上個季度花了相當多的時間來製定這個更新的指南。我們喜歡談論指導或高端場景中的低端。看，我們考慮了許多不同的場景，我們確實嘗試專注於我們可以控制的事情。我認為我們正在自信地執行我們的策略。

So that's a check box for the right and gold post, but on that budget question earlier, if we look at anything of an extended CR that can delay some software defined tech awards, if there's any other geopolitical or macro uncertainty that sort of enters in. Those are sort of left side of the gold post markers.

因此，這是正確和黃金職位的複選框，但在之前的預算問題上，如果我們考慮任何可能延遲某些軟體定義技術獎項的擴展 CR，如果存在任何其他地緣政治或宏觀不確定性， 。這些是金柱標記的左側。

If we see volume pick up, if we see some additional awards during this year, which clearly we did $3.3 billion in the first quarter, then that sort of trends us truly towards the upper guide. So I remind, we're 97 days into the fiscal year. So we're at the end of the first quarter. So those are just some macrodynamics as we look at guidance.

如果我們看到交易量回升，如果我們今年看到一些額外的獎項，顯然我們在第一季獲得了 33 億美元，那麼這種趨勢就會真正使我們朝著上位指南的方向發展。所以我提醒一下，本財年已經進入 97 天了。現在我們已經到了第一季末。因此，當我們查看指導時，這些只是一些宏觀動態。

Yes, I don't think I have a lot to add to that. I think you summarized it pretty well. I mean we do think that we encompass most of the scenarios that we monitor and keep our eye on. And we're early in the year. We're encouraged by what we've seen so far here in the first quarter. It's a lot of the game left.

是的，我認為我沒有太多要補充的。我覺得你總結得很好。我的意思是，我們確實認為我們涵蓋了我們監控和關注的大部分場景。而且我們還處於年初。我們對第一季迄今所看到的情況感到鼓舞。遊戲還剩下很多。

Great. Thanks. I'll stick to one.

偉大的。謝謝。我會堅持一個。

Thank you.

謝謝。

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

我們的問答環節到此結束。現在，我將把會議轉回約翰·門古奇 (John Menucci) 致閉幕詞。

Thanks, Mandeep, and thank you for your help on today's call. I would like to thank everyone who dialed in or listen to the webcast for their participation. Really that many of you will have potential follow-up questions, Jeffrey MacLauchlan, George Price and Jim Sullivan are available after today's call. Please stay healthy and on my best to you and your families. This concludes our call. Thank you all, and have a great day.

謝謝曼迪普，也謝謝你在今天的電話會議上提供的幫助。我要感謝所有撥打或收聽網路廣播的人的參與。事實上，你們中的許多人都會有潛在的後續問題，Jeffrey MacLauchlan、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。我們的通話到此結束。謝謝大家，祝您有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。