CACI International Inc (CACI) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International fiscal 2025 second-quarter conference call. Today's call is being recorded. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加 CACI International 2025 財政年度第二季電話會議。今天的通話正在錄音。（操作員說明）

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

現在，我想將會議交給投資者關係高級副總裁喬治·普萊斯 (George Price) 主持。請繼續，先生。

Thanks, Krista, 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.

謝謝克里斯塔，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。我們正在提供簡報投影片，所以讓我們轉到投影片 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 in this exhibit and should be incorporated as any part of this -- 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附件中，並應作為本次通話的任何記錄的任何部分納入其中。

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 second quarter fiscal year '25 results as well as our updated fiscal '25 guidance. With me this morning is Jeff 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 財年第二季業績以及更新的 25 財年指引。今天早上和我在一起的是我們的財務長 Jeff MacLauchlan。

Slide 4, please. Our second-quarter results represent another strong quarter on our way to a great year. We delivered revenue growth of 14.5%, EBITDA margin of 11.1% and solid free cash flow. In addition, we won $1.2 billion of awards, which represents a trailing 12-month book-to-bill of 1.7 times.

請幻燈片 4。我們第二季的業績代表著我們邁向偉大的一年的另一個強勁季度。我們實現了 14.5% 的營收成長、11.1% 的 EBITDA 利潤率和穩定的自由現金流。此外，我們還贏得了 12 億美元的獎項，相當於過去 12 個月的訂單出貨比的 1.7 倍。

As we've said many times before, quarterly awards can be lumpy due to timing, but the continued strength of our business can clearly be seen in our trailing 12-month book-to-bill, our pipeline and our backlog.

正如我們之前多次說過的那樣，季度獎勵可能會因時間安排而不穩定，但我們業務的持續實力可以從我們過去12 個月的訂單出貨量、我們的管道和我們的積壓訂單中清楚地看出。

I'll also mention that Azure Summit, which we acquired during the quarter, received a significant award just prior to closing, a $300 million award on the sea increment as contract with the Navy for new work over the next three years.

我還要提到的是，我們在本季度收購的 Azure Summit 在交易結束前獲得了一項重大合同，即與海軍簽訂的未來三年新工作合同，一筆 3 億美元的海上增量合同。

While this award was not included in our reported awards number, it is reflected in our backlog and is a great example of the value we're already seeing from that acquisition. And I'm pleased to report that the integrations of both Azure Summit and Applied Insight are on track, and both businesses are performing very well.

雖然該獎項未包含在我們報告的獎項數量中，但它反映在我們的積壓訂單中，並且是我們已經從該收購中看到的價值的一個很好的例子。我很高興地向大家報告，Azure Summit 和 Applied Insight 的整合都已步入正​​軌，並且兩項業務的表現都非常出色。

Based on our performance and the continued momentum we see in our business, we are raising our fiscal '25 guidance, and Jeff will provide more financial details shortly. With the first half of FY25 behind us, we are well on track and confident in our ability to deliver on the three-year financial targets we laid out at our recent Investor Day. In addition, we continue to be well positioned to drive long-term growth and free cash flow per share and shareholder value.

根據我們的業績和我們在業務中看到的持續勢頭，我們正在提高 '25 財年指導，Jeff 將很快提供更多財務詳細資訊。隨著 25 財年上半年的過去，我們一切順利，並且對實現我們在最近的投資者日制定的三年財務目標的能力充滿信心。此外，我們繼續處於有利地位，可以推動長期成長、每股自由現金流和股東價值。

Slide 5, please. Looking at the macro environment, we see three conditions that continue to be true: Healthy demand signals and funding streams in the markets we serve, support to increased spending in these key areas by the incoming administration and the world continuing to be a dangerous place.

請幻燈片 5。縱觀宏觀環境，我們看到三個仍然存在的條件：我們所服務的市場中健康的需求信號和資金流、即將上任的政府支持在這些關鍵領域增加支出以及世界仍然是一個危險的地方。

Against those conditions, we are a national security company, a company that generates about 90% of its revenue by solving the most difficult challenges of the DoD, the intelligence community and the Department of Homeland Security. We are focused on addressing critical, enduring national security priorities, which we continue to see as the focus under any administration.

在這些條件下，我們是一家國家安全公司，大約 90% 的收入來自解決國防部、情報界和國土安全部最困難的挑戰。我們專注於解決關鍵的、持久的國家安全優先事項，我們仍然將其視為任何政府的重點。

Slide 6, please. Next, there's been a lot of attention paid by elected officials, the media, investors and others regarding one of the new administration's key initiatives, the Department of Government Efficiency, or DOGE.

請幻燈片 6。其次，民選官員、媒體、投資者和其他人士對新政府的一項關鍵舉措——政府效率部（DOGE）給予了極大的關注。

DOGE has a number of stated objectives, including modernizing software information technology and networks across the federal government with a focus on interoperability, requiring new methods to address rapidly changing mission requirements in the national security environment, increasing the efficiency of government to get more for less while reducing the size of the government workforce, improving financial accountability and reducing ineffective or wasteful spending through budget reductions and significant regulatory reform.

DOGE 有許多既定目標，包括對整個聯邦政府的軟體資訊技術和網路進行現代化改造，重點是互通性，需要新方法來滿足國家安全環境中快速變化的任務要求，提高政府效率以少花錢辦事同時減少政府勞動力規模，透過削減預算和重大監管改革來改善財務問責制並減少無效或浪費的支出。

As we discussed in detail at our Investor Day, our strategy is purpose-built, to be successful exactly in this environment. At CACI, we have been and continue to be the leader in the use of software and investing ahead of customer need to develop and deliver high-value capabilities faster, more efficiently and with greater flexibility.

正如我們在投資者日詳細討論的那樣，我們的策略是專門制定的，旨在在這種環境下取得成功。在 CACI，我們一直並將繼續成為軟體使用的領導者，並在客戶需求之前進行投資，以更快、更有效率、更靈活地開發和交付高價值功能。

We have an exceptional track record of modernizing enterprise scale software applications and critical networks and delivering critical mission systems. We do that by using Agile software development processes that take advantage of commercial-based dev stack ops and design our solutions utilizing open architectures.

我們在企業級軟體應用程式和關鍵網路現代化以及交付關鍵任務系統方面擁有卓越的記錄。我們透過使用敏捷軟體開發流程來做到這一點，該流程利用基於商業的開發堆疊操作並利用開放架構設計我們的解決方案。

This drives technology that is more effective, more reliable, more secure, more interoperable and more efficient with AI-driven models that reduce operator burden and deliver more information faster at lower cost. Today, CACI is delivering exactly the things I just discussed. So let me give you a few significant examples.

這推動了技術變得更有效、更可靠、更安全、更具互通性和更高效，人工智慧驅動的模型可以減輕操作員的負擔，並以更低的成本更快地提供更多資訊。今天，CACI 所傳達的正是我剛才討論的內容。讓我給你們舉幾個重要的例子。

Slide 7, please. First, when we talk about modernizing enterprise scale software applications, our portfolio includes the three largest Agile software development programs in the federal government as well as many others of various sizes. Our Agile programs have a demonstrated track record of delivering impressive results, modernized software, more releases at a faster pace with higher quality and at lower cost.

請幻燈片 7。首先，當我們談論現代化企業規模軟體應用程式時，我們的產品組合包括聯邦政府中三個最大的敏捷軟體開發專案以及許多其他不同規模的專案。我們的敏捷計畫在交付令人印象深刻的成果、現代化軟體、以更快的速度、更高的品質和更低的成本方面發布了更多版本方面有著良好的記錄。

Our BEAGLE program with DHS Customs and Border Protection involves a continuous modernization of software applications, enabling border agents to perform at a high operational tempo against ever changing requirements.

我們與國土安全部海關和邊境保護局合作的 BEAGLE 計劃涉及軟體應用程式的持續現代化，使邊境代理能夠根據不斷變化的要求以高操作節奏執行任務。

On our -- program, which we discussed at our Investor Day, we are updating data visualization software daily to meet the demands of tens of thousands of analysts and classifying networks, 24/7 across the globe, as they use multi-source intelligence data to execute national security missions.

在我們在投資者日討論的計劃中，我們每天都會更新數據可視化軟體，以滿足全球數以萬計的分析師和分類網絡的需求，24/7，因為他們使用多源情報數據執行國家安全任務。

These programs have not only met or exceeded their objectives, they have also allowed customers to fund and move forward with additional technology modernization initiatives, which then drives growth for CACI as well. And it is this same velocity, quality, efficiency and transparency that we are now bringing to NASA and our NCAP program, which is ramping up on schedule.

這些計劃不僅達到或超越了其目標，還允許客戶資助並推進其他技術現代化計劃，從而推動 CACI 的成長。我們現在為 NASA 和 NCAP 專案帶來的正是同樣的速度、品質、效率和透明度，該專案正在按計劃進行。

Moving to the modernization of critical networks, CACI is in development and delivery spaces on seven programs across the federal government. We are regularly awarded these contracts because we are changing how network modernization is achieved. We are replacing costly, outdated legacy infrastructure with modern software-defined networks that are -- more secure, more extensible and lower cost over time because they require less human intervention. We are also delivering commercial solutions for classifying, or CSFC, a multi-classification access to ensure that from the network cabinet to the endpoint device, the user has secure and ubiquitous access.

轉向關鍵網路的現代化，CACI 正在聯邦政府的七個項目中進行開發和交付。我們經常獲得這些合同，因為我們正在改變網路現代化的實現方式。我們正在用現代軟體定義網路取代昂貴、過時的遺留基礎設施，這些基礎設施隨著時間的推移更安全、更可擴展且成本更低，因為它們需要更少的人為幹預。我們還提供用於分類（CSFC）的商業解決方案，這是一種多分類訪問，以確保從網路機櫃到端點設備，用戶擁有安全且無處不在的訪問。

Next, our Spectral program continues to progress well and is a great example of applying technology to address rapidly changing national security requirements. CACI is developing the Navy's next-generation -- weapon system for signals intelligence and electronic warfare.

接下來，我們的光譜計劃繼續取得良好進展，是應用技術來滿足快速變化的國家安全要求的一個很好的例子。CACI 正在開發海軍的下一代信號情報和電子戰武器系統。

Spectral is delivering mission-critical systems designed with open architectures to avoid vendor lock, and using software that can be rapidly and dynamically updated over the year as threats dictate. So the ship stays on station versus having to return to port. With the ever-evolving threats in -- theater, Spectral is exactly the type of program that will deliver capabilities at the speed of the fight that the Navy -- And because of our differentiated approach and good performance, we are taking out adjacent work from other providers.

Spectral 正在提供採用開放式架構設計的關鍵任務系統，以避免供應商鎖定，並使用可根據威脅要求在一年內快速動態更新的軟體。因此，船會留在原地而不是必須返回港口。隨著戰區威脅的不斷變化，Spectral 正是那種能夠以海軍戰鬥速度提供能力的項目，而且由於我們的差異化方法和良好的性能，我們正在從其他提供者。

On our enterprise IT as a Service program with the Air Force known as EITaaS, we continue to execute ahead of expectations and deliver increasing efficiency for the government. For the first time, both the Air Force and space force, having modern IT service management system in place to provide support across the entirety of both services.

在我們與空軍合作的企業 IT 即服務計畫（稱為 EITaaS）中，我們繼續超前執行並為政府提供不斷提高的效率。空軍和太空軍首次擁有現代化 IT 服務管理系統，為整個軍種提供支援。

This next-generation program is currently supporting nearly 700,000 Air Force base force personnel globally and will be fully deployed to support nearly 900,000 airman and guardians later this year. Importantly, the efficiencies delivered by EITaaS will enable thousands of airman and guardians to transition from providing IT support to more direct war-fighting roles.

該下一代計畫目前正在為全球近 70 萬名空軍基地人員提供支持，並將於今年稍後全面部署，為近 90 萬名飛行員和監護人提供支援。重要的是，EITaaS 提供的效率將使數千名飛行員和監護人從提供 IT 支援轉變為更直接的作戰角色。

Finally, I want to highlight our work enabling successful financial audits by government agencies. Our work on the Defense Agency Initiative program, or DAI, provides a single financial management ERP system implemented and supported by CACI as a service across the DoD.

最後，我想強調我們為政府機構成功進行財務審計所做的工作。我們在國防機構計劃 (DAI) 方面的工作提供了由 CACI 作為整個國防部實施和支援的單一財務管理 ERP 系統。

Today, of the seven DoD agencies that utilize this system and are audited annually, six have received clean financial audits and the seven agency improved its rating in its first year on the system. And notably, one of the six agencies received a clean audit is United States Marine Corps, the only arm service, utilizing the system, supported by CACI and the first branch of the US military ever to receive a clean audit. This is how we can drive even more financial transparency and accountability in the DoD going forward.

如今，在使用該系統並每年接受審計的七個國防部機構中，有六個機構接受了乾淨的財務審計，其中七個機構在使用該系統的第一年就提高了評級。值得注意的是，美國海軍陸戰隊是接受廉潔審計的六個機構之一，它是唯一使用該系統的軍種，在 CACI 的支持下，也是美國軍隊中第一個接受廉潔審計的部門。這就是我們如何推動國防部未來提高財務透明度和問責制。

Executing on programs like these strengthens our credibility with customers, drives on contract growth and it builds differentiation and past performance that enhances our ability to continue to win new work. And importantly, all of these examples align very well with the objectives of this new administration.

執行此類計劃可以增強我們在客戶中的信譽，推動合約成長，並建立差異化和過去的績效，從而增強我們繼續贏得新工作的能力。重要的是，所有這些例子都與新政府的目標非常吻合。

And beyond how we align and perform against these technology and efficiency-based DOGE goals, we have also minimal exposure to the civilian side of federal government, where regulatory reform is more likely to lead to a bunch of reductions. In fact, as we showed on chart five, only 6% of our total revenue comes from other federal surveillance agencies, which is a material differentiator relative to our peers.

除了我們如何根據這些技術和基於效率的 DOGE 目標來協調和執行之外，我們還很少接觸聯邦政府的民事方面，其中監管改革更有可能導致大量削減。事實上，正如我們在圖 5 中所示，我們總收入中只有 6% 來自其他聯邦監控機構，這與我們的同行相比是一個重大差異。

Slide 8, please. In summary, through our strategy and our execution, we have combined the best qualities of our competition, disciplined and structured processes of A&D primes, the agility and mission knowledge -- government services providers and the speed and innovation and software focus of the commercial world, all within a 60-plus year old company that understands the critical missions of national security and has a track record of performance unmatched in the industry.

請幻燈片 8。總而言之，透過我們的策略和執行，我們將競爭的最佳品質、A&D primes 的紀律和結構化流程、敏捷性和使命知識（政府服務提供者）以及商業世界的速度、創新和軟體重點結合起來，這一切都屬於一家擁有60 多年歷史的公司，該公司了解國家安全的關鍵使命，並擁有業內無與倫比的業績記錄。

The result of strong financial performance, confidence in our three-year financial outlook and the ability to drive long-term growth and free cash flow per share and share under value under any administration.

這是強勁的財務業績、對我們三年財務前景的信心以及推動長期成長的能力以及每股自由現金流和任何政府領導下的股價低估的結果。

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

這樣，我就把電話轉給傑夫。

Thank you, John, and good morning, everyone. Please turn to slide 9. In the second quarter, we generated revenue of $2.1 billion, representing 14.5% growth as reported. Organic growth was 8.1% or 14.3% on an underlying basis. Second quarter EBITDA margin of 11.1% represents a year-over-year increase of 180 basis points, which was driven largely by business mix and timing.

謝謝約翰，大家早安。請翻到投影片 9。第二季度，我們營收 21 億美元，年增 14.5%。有機成長率為 8.1%，基本成長率為 14.3%。第二季 EBITDA 利潤率為 11.1%，年成長 180 個基點，這主要是由業務組合和時機推動的。

EBITDA margin came in above our mid-10s expectation, primarily due to some software-defined technology deliveries pulled forward into the second quarter as well as some lower margin material purchases pushed into the third quarter. Executing -- I'm sorry, excluding those timing-related items, second quarter EBITDA margin would have been consistent with our prior expectations. These timing-related items are expected to be offset in our third quarter EBITDA margin, though our full year margin outlook remains unchanged.

EBITDA 利潤率高於我們 10 多歲的預期，主要是由於一些軟體定義技術的交付提前到了第二季度，以及一些利潤率較低的材料採購推遲到了第三季度。執行—抱歉，排除那些與時間相關的項目，第二季 EBITDA 利潤率將與我們先前的預期一致。儘管我們的全年利潤率前景保持不變，但這些與時間相關的項目預計將在我們第三季的 EBITDA 利潤率中被抵銷。

Adjusted diluted earnings per share of $5.95 were 36% higher than a year ago. Greater operating income more than offset higher interest expense and a higher income tax provision. Second quarter operating cash flow, excluding our accounts receivable purchase facility was $76 million, reflecting strong profitability, offset by higher working capital. Days sales outstanding, or DSO, were 53 days. Free cash flow for the second quarter was $66 million.

調整後攤薄每股收益為 5.95 美元，比去年同期成長 36%。更高的營業收入足以抵銷更高的利息支出和更高的所得稅撥備。第二季營運現金流量（不包括我們的應收帳款購買融資）為 7,600 萬美元，反映出強勁的獲利能力，但被較高的營運資本所抵銷。應收帳款天數 (DSO) 為 53 天。第二季自由現金流為 6,600 萬美元。

Slide 10, please. Second quarter net debt to trailing 12-month EBITDA was 2.9 times on a pro forma basis following the acquisitions of Applied Insight and Azure Summit. As we've previously discussed, we'd like to run the business with leverage in the 2.5 to 3 times range. We remain -- position to deploy capital in a flexible and opportunistic manner to drive long-term growth in free cash flow per share and shareholder value.

請投影片 10。收購 Applied Insight 和 Azure Summit 後，第二季淨債務與過去 12 個月的 EBITDA 相比按預計計算為 2.9 倍。正如我們之前討論的，我們希望以 2.5 至 3 倍範圍內的槓桿來經營業務。我們仍然堅持以靈活和機會主義的方式部署資本，以推動每股自由現金流和股東價值的長期成長。

Slide 11, please. Recall that we raised our fiscal '25 guidance in the first quarter as a result of greater organic business momentum and the acquisition of Applied Insight. We then increased our fiscal '25 guidance again at our November 8 Investor Day to reflect the closing of the Azure Summit acquisition.

請投影片 11。回想一下，由於更大的有機業務動力和收購 Applied Insight，我們在第一季提高了 25 財年指引。然後，我們在 11 月 8 日投資者日再次提高了 25 財年指引，以反映 Azure Summit 收購的完成。

With the continued momentum we see in the business, we're pleased to again be raising our fiscal '25 guidance. We're raising our revenue guidance to be between $8.45 billion and $8.65 billion, all due to stronger organic growth. This represents total growth of 13% to 16% on an underlying basis, which includes 6 points of growth from acquisitions.

鑑於我們在業務中看到的持續成長勢頭，我們很高興再次提高我們的 25 財年指導。我們將營收指引上調至 84.5 億美元至 86.5 億美元，這一切都歸功於更強勁的有機成長。這意味著基本基礎上的總成長率為 13% 至 16%，其中包括來自收購的 6 個百分點的成長。

We continue to expect fiscal '25 EBITDA margin to be in the low 11% range, consistent with what we communicated to you at our Investor Day. And we expect EBITDA margin in the second half to be more [weighted] to Q4 versus Q3 given the timing items I just discussed.

我們繼續預期 25 財年 EBITDA 利潤率將在 11% 的低水平範圍內，這與我們在投資者日向您傳達的訊息一致。考慮到我剛才討論的時間安排，我們預計下半年的 EBITDA 利潤率將比第三季更[加權]。

As a result of our higher revenue outlook, combined with a lower effective tax rate and reduced interest expense, we're also increasing our FY25 adjusted net income guidance to be between $537 million and $557 million. This yields an attendant increase in adjusted EPS to between $23.87 and $24.76 per share, representing growth of about [13% to] 18% compared with last year. And finally, we're increasing our free cash flow guidance to at least $450 million.

由於我們較高的收入前景，加上較低的有效稅率和減少的利息支出，我們也將 2025 財年調整後淨利潤指引提高至 5.37 億美元至 5.57 億美元之間。這使得調整後每股收益隨之增加至每股 23.87 美元至 24.76 美元，與去年相比增長約[13%至]18%。最後，我們將自由現金流指引提高至至少 4.5 億美元。

As we have said before, we see free cash flow per share as the ultimate value creation metric, and our FY25 guidance now implies 8% to 10% growth in free cash flow per share.

正如我們之前所說，我們將每股自由現金流視為最終的價值創造指標，而我們的 2025 財年指導現在意味著每股自由現金流將成長 8% 至 10%。

Slide 12, please. Turning to forward indicators, our trailing 12 months book-to-bill ratio of 1.7 times reflects strong performance in the marketplace. Our backlog of $32 billion increased 18% 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.

請投影片 12。就遠期指標而言，我們過去 12 個月的訂單出貨比為 1.7 倍，反映了市場的強勁表現。我們的積壓金額為 320 億美元，比一年前增加了 18%，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 year '25, we now expect approximately 95% of our revenue to come from existing programs with approximately 3% coming from repeats -- recompetes and about 2% from new business. Progress on these metrics reflects our strong operational performance and underpins our confidence in our updated expectations in the year.

對於 25 財年，我們現在預計約 95% 的營收將來自現有項目，其中約 3% 來自重複項目——重新競爭，約 2% 來自新業務。這些指標的進展反映了我們強勁的營運業績，並增強了我們對今年更新預期的信心。

In terms of our pipeline, we have $12 billion of bids under evaluation, around 75% of which are for new business to CACI. This significant sequential increase in bids under evaluation reflects our strong business development performance and the sometimes lumpy timing of RFP issuance, proposal submission and award decisions.

就我們的管道而言，我們正在評估 120 億美元的投標，其中約 75% 是針對 CACI 的新業務。評估中的投標數量顯著連續增加反映了我們強勁的業務發展業績以及有時 RFP 發布、提案提交和授予決策的不穩定時間。

We expect to submit another $13 billion in bids over the next two quarters with around 70% of that being for new business. Expected submissions are consistent on a sequential basis, reflecting continued healthy demand in our key areas of focus.

我們預計未來兩季將再提交 130 億美元的投標，其中約 70% 用於新業務。預期提交的數據連續一致，反映了我們重點關注領域的持續健康需求。

In summary, we delivered another quarter of strong results. We're seeing healthy demand from our customers as they focus on critical national security priorities and we continue to win and execute high-value enduring work that supports long-term growth, increasing free cash flow per share and additional shareholder value.

總而言之，我們又一個季度取得了強勁的業績。我們看到客戶的健康需求，因為他們專注於關鍵的國家安全優先事項，而我們繼續贏得並執行支持長期成長、增加每股自由現金流和額外股東價值的高價值持久工作。

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 13, please. In summary, we've had a great first half of fiscal '25, delivering strong growth, expanding profitability and solid cash flow. As a result of our performance, we are once again raising our fiscal year '25 guidance.

謝謝你，傑夫。請看投影片 13。總而言之，我們在 25 財年上半年表現出色，實現了強勁的成長、不斷擴大的獲利能力和穩定的現金流。鑑於我們的表現，我們再次提高了 25 財年的指導。

We continue to have high confidence in the three-year financial targets we outlined at our Investor Day in November. We're successfully executing our strategy, winning and executing high-value work for our customers and delivering on our financial commitments to our shareholders.

我們仍然對 11 月份投資者日概述的三年財務目標充滿信心。我們正在成功執行我們的策略，為我們的客戶贏得並執行高價值的工作，並履行我們對股東的財務承諾。

Our strategy uniquely positions CACI for where the world is going and drives us to think differently about how critical national security priorities can be addressed through the combination of expertise and technology. It enables us to invest ahead of need and differentiated capabilities to show our customers they are the possible. And our strategy is something that we have implemented and refined deliberately over many years.

我們的策略將 CACI 定位為世界發展的獨特方向，並促使我們以不同的方式思考如何透過專業知識和技術的結合來解決關鍵的國家安全優先事項。它使我們能夠提前投資需求和差異化能力，向我們的客戶展示他們的可能性。我們的策略是我們多年來精心實施和完善的。

We are truly excited about where our company is headed. As is always the case, our success is driven by our employees' talent through innovation and their commitment. To everyone on the CACI team, I am proud of what you do each and every day for our company and for our nation. Thank you. And to our shareholders, I want to thank you for your continued support of CACI.

我們對公司的發展方向感到非常興奮。一如既往，我們的成功是由員工透過創新和奉獻所發揮的才能所推動的。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。謝謝。對於我們的股東，我要感謝你們對 CACI 的持續支持。

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

克里斯塔，現在讓我們開始提問。

(Operator Instructions) Scott Mikus, Melius Research.

（操作員說明）Scott Mikus，Melius Research。

John, I just want to take a quick high-level question you've been your experience in the industry. So the CEO of [Ultra Harris] wrote a letter to DOGE with recommendations to make the acquisition process for the government more efficient. So I'm just curious if you had a meeting with the incoming administration. And if you were to make recommendations to them, what would they be and why?

約翰，我只想快速回答一個高級問題，您在該行業的經驗。因此，[Ultra Harris] 的執行長寫了一封信給 DOGE，提出了提高政府收購流程效率的建議。所以我很好奇你是否與即將上任的政府舉行了會議。如果你要向他們提出建議，他們會推薦什麼以及為什麼？

Yes, Scott, thanks. Look, at a high level, there'd be three or four things that I would share. I think first off, I do agree that we need to drive and accelerate the modernization of both the IT infrastructure and networks across the federal government but also within DoD and the intelligence community. But those folks need the requisite funding specific to those missions. It's really easy to point to things that are working.

是的，斯科特，謝謝。看，從高層次來看，我會分享三到四件事。我認為首先，我確實同意我們需要推動和加速聯邦政府以及國防部和情報界的 IT 基礎設施和網路的現代化。但這些人需要特定於這些任務的必要資金。指出正在發揮作用的事情確實很容易。

It's more difficult to work with those users. Many of them, I am certain understand the shortcomings of their IT infrastructure and their networks. DoD started off first looking at their networks, which is why we're involved in seven programs simultaneously trying to modernize what those customers need, not only for today's mission, but for the future ones.

與這些用戶合作更加困難。我確信他們中的許多人都了解他們的 IT 基礎設施和網路的缺點。國防部首先關注他們的網絡，這就是為什麼我們同時參與七個項目，試圖實現這些客戶所需的現代化，不僅是為了今天的任務，也是為了未來的任務。

I'd also focus them on the fact that we need to do more sooner to protect the Homeland from threat that could or already have come to our shores. Counter-UAS in the US is very different than outside the Continental US.

我還要讓他們專注於這樣一個事實：我們需要更快地採取更多行動，以保護祖國免受可能或已經來到我們海岸的威脅。美國的反無人機系統與美國本土以外的地區有很大不同。

I would ask that on the regulatory side that a national strategy be required with, frankly, a singular leader to bring DoD, DHS and law enforcement together and investigate the different priorities. I think we've all probably looked at the hysteria that occurred in New Jersey around drones and other parts of this nation. And I truly believe that we want to make a difference. Authorities and who they are granted to will make a world of difference on understanding what those threats are.

坦白說，我要求在監管方面製定一項國家戰略，並由一位單一領導人將國防部、國土安全部和執法部門聚集在一起，調查不同的優先事項。我想我們可能都看過新澤西州和這個國家其他地區發生的關於無人機的歇斯底里事件。我堅信我們希望有所作為。當局及其授權者將在理解這些威脅是什麼方面產生巨大的影響。

And I think last, rather than putting a time out flag on protest, I'd like to look at it from another view which was maybe spend some money in training acquisition officials to strictly follow the processes they already have to reduce the protesting that is rampant today in the federal government contracting world. Look, there's a lot of acquisition elements in the government that have near on blemish record or test like we do an industry. We're continuously doing lessons learned and sharing practices.

我認為最後，我不想在抗議上設置暫停標誌，而是想從另一個角度來看待它，即可能花一些錢來培訓採購官員嚴格遵循他們已經擁有的流程，以減少抗議如今，這種現像在聯邦政府合約界十分猖獗。看，政府中有很多收購部門有接近缺陷的記錄或測試，就像我們在行業中所做的那樣。我們不斷吸取經驗教訓並分享實踐。

I think something that would focus the acquisition community on that because (inaudible) in the marketplace for 41 years. We talked about acquisition reform forever, but some of this is low-hanging fruit. If we can get people better trained, I think that cuts down and frankly, a very rampant habit of people lose a program and they protest for the sole purpose of continuing revenue within their own shop. And frankly, that's not good form because a lot of us are doing work that needs to be done to protect this nation.

我認為有些事情會讓收購界關注這一點，因為（聽不清楚）在市場上已經 41 年了。我們一直在談論收購改革，但其中一些是唾手可得的成果。如果我們能讓人們接受更好的培訓，我認為這會減少，坦白說，人們失去一個專案的一個非常猖獗的習慣，他們抗議的唯一目的是在自己的商店內持續收入。坦白說，這不是一個好的形式，因為我們很多人都在做保護這個國家需要做的工作。

So thanks, Scott, for that.

所以謝謝斯科特。

Okay. And then Jeff, a quick question for you, or I guess, John as well, there's been a derating in valuations for government contractor stocks at least in the public markets. Has that changed valuation shown up in the M&A pipeline or maybe cause some companies that were thinking about selling to maybe wait until valuations improve?

好的。然後傑夫，我想問你一個簡單的問題，或者我想，約翰，政府承包商股票的估值至少在公開市場上有所下降。這種估值變化是否已體現在併購管道中，或者可能導致一些正在考慮出售的公司等待估值改善？

Yes. It's Scott. The -- we have talked about this phenomenon even before the election and the most recent rating. We've seen some moderation in multiples already. And if you look at our recent acquisitions, you'll see that we have found ways to take advantage of that.

是的。這是斯科特。我們甚至在選舉和最近的評級之前就已經討論過這種現象。我們已經看到倍數有所放緩。如果你看看我們最近的收購，你會發現我們已經找到了利用這一點的方法。

This is almost certainly sort of further dampened that a little bit. We actively review our pipeline, as I think you know, ultimately. Every transaction kind of has its own particular complexion and set of dynamics. But certainly, we've seen valuations trend down, and this is just kind of the most recent example of that.

幾乎可以肯定，這會進一步削弱這一點。我想您最終也知道，我們會積極審查我們的管道。每種交易都有其特定的情況和動態。但當然，我們已經看到估值呈現下降趨勢，而這只是最近的一個例子。

Scott, I'd also add, as you look at how we look at M&A today and in the future, I want our capital deployment strategy to remain flexible and opportunistic. We just did two fantastic acquisitions that are going to drive long-term growth.

史考特，我還想補充一點，當你看看我們今天和未來如何看待併購時，我希望我們的資本部署策略保持靈活和機會主義。我們剛剛進行了兩項出色的收購，這將推動長期成長。

So we're -- frankly, we're going to focus on delevering the next couple of quarters as we get into our target leverage range because I want that to be reloaded so we can look at other ways of driving our capital deployment, whether that be M&A or share buybacks or continuing to buy down debt. So thanks for your questions.

因此，坦白說，當我們進入目標槓桿範圍時，我們將在接下來的幾個季度專注於去槓桿化，因為我希望重新加載槓桿，以便我們可以尋找其他方式來推動我們的資本部署，無論是包括併購、股票回購或繼續購買債務。謝謝你的提問。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Nice result. John, so -- in the spirit of the kind of a DOGE question, there's a lot of talk around that they view the civilian side within the national security space to be kind of a bloated workforce. And if we start seeing reductions there, does that become an opportunity for someone like CACI in terms of either deploying technology or your software or just being -- getting more potential outsourced work? How do you think about that?

不錯的結果。約翰，本著 DOGE 問題的精神，有許多討論認為，他們認為國家安全領域內的文職人員是一支臃腫的勞動力隊伍。如果我們開始看到那裡的減少，這是否會成為像 CACI 這樣的人部署技術或軟體或只是獲得更多潛在外包工作的機會？您對此有何看法？

Yes. Peter, when I look into some of these initial goals, it sort of brought me back to the first days of sequestration, where most of us couldn't sell it and all of us couldn't know how it was going to play out. Look, I think what they did with sequestration was it frankly took the very quick acts, right? Let's reduce the number of federal contractors in all of our offices and doing work because that immediately saves money. And the federal government workforce was sort of untouchable at that point.

是的。彼得，當我研究其中一些最初的目標時，這有點讓我回到了隔離的最初幾天，我們大多數人都無法出售它，而且我們所有人都不知道它將如何實現。聽著，我認為他們在封存方面所做的坦率地說是採取了非常快速的行動，對嗎？讓我們減少所有辦公室和工作中聯邦承包商的數量，因為這會立即節省資金。那時聯邦政府的勞動力是不可觸碰的。

I don't have any inside track -- understanding what's going to be reduced. I do believe they returned to office mandate will take some time to take effect. But it's -- in my mind, it's sort of an easy connection that as they remove staff that are tied to mission that, that is an additional opportunity for us able to drive additional growth.

我沒有任何內幕消息——不知道什麼會被減少。我確實相信他們重返辦公室的授權需要一段時間才能生效。但在我看來，這是一種簡單的聯繫，當他們解僱與使命相關的員工時，這對我們來說是一個能夠推動額外成長的額外機會。

Look, we get -- every day. Our contracts only last so long. We are open today. We opened for recompete at just about any time for a multitude of reasons. I do believe in the expertise that we deliver to the federal government.

看，我們每天都會得到。我們的合約只有這麼長的時間。我們今天照常營業。由於多種原因，我們幾乎隨時可以重新比賽。我確實相信我們向聯邦政府提供的專業知識。

So at the end of the day with a lot of assumptions, yes, I believe that there are areas, not only in the federal government area, Peter, but on the DoD and the intel side as well. We're bringing more technology in, we can free more folks up. Every time we deliver another AI solution, we can get more done with less folks. And the government has to make that call whether those folks move on to other work or whether they become an eduction.

因此，歸根結底，有很多假設，是的，我相信不僅在聯邦政府領域，彼得，而且在國防部和英特爾方面也有一些領域。我們正在引進更多的技術，我們可以解放更多的人。每次我們提供另一個人工智慧解決方案時，我們都可以用更少的人員完成更多的工作。政府必須做出決定，無論這些人是否繼續從事其他工作，或是否接受教育。

I appreciate all the color. It seems like you're really well positioned there. And then just a quick one for Jeff. Is -- can you remind us what the target leverage is kind of where you want to be before you resume any potential repurchases?

我欣賞所有的顏色。看起來你在那裡的位置真的很好。接下來請傑夫快速介紹一下。您能否提醒我們，在恢復任何潛在的回購之前，您希望達到的目標槓桿是多少？

Yes. We've said 2.5 to 3 times, and we're just at the top now beside that range. We ended the quarter at 2.9x. We like to be a little less, but we are in a range now where we have the ability to be flexible and opportunistic. So we'd like to be a little bit less levered than we are, but we have a range of options open to us right now.

是的。我們已經說過 2.5 到 3 次了，現在我們剛剛處於該範圍之外的頂部。本季結束時，我們的本益比為 2.9 倍。我們希望減少一點，但我們現在處於一個有能力保持靈活性和機會主義的範圍內。因此，我們希望槓桿率比現在低一點，但我們現在有一系列選擇。

Mariana Perez Mora, Bank of America.

瑪麗安娜·佩雷斯·莫拉，美國銀行。

Thank you for that introduction showing the DOGE impact and how your portfolio is. So it's a question related to that. How do you think of what's your appetite to actually expand into civilian? Is this like DOGE initiative will actually be able would be focused on like a team -- financial management and all those like added efficiencies in a more like civilian type of like agencies? What is CACI's appetite to go towards those type of opportunities?

感謝您的介紹，展示了 DOGE 的影響以及您的投資組合。這是一個與此相關的問題。您如何看待實際擴展到民用領域的興趣？DOGE 計劃是否真的能夠像團隊一樣專注於財務管理以及所有希望在更像民用類型的機構中提高效率的人？CACI 對此類機會的興趣是什麼？

Yes, Mariana. Thanks. Look, in my prepared remarks, we actually talked about a number of those areas. I think -- I mean as the government moves towards modernizing more networks, as they look to driving more IT modernization, we're fully in that marketplace today. And long before DOGE, long before the election, we've been that company talking about invested of customer need and also show the customer the art of the possible, right, so that they could make better decisions as they look forward.

是的，瑪麗安娜。謝謝。看，在我準備好的發言中，我們實際上討論了其中的一些領域。我認為，我的意思是，隨著政府致力於實現更多網路的現代化，當他們希望推動更多的 IT 現代化時，我們今天已經完全進入了這個市場。早在 DOGE 之前，早在選舉之前，我們就一直是一家談論客戶需求投資的公司，並向客戶展示可能性的藝術，對吧，這樣他們就可以在展望未來時做出更好的決策。

I think what will happen in these areas is as the government today learns more about what other parts of the government are doing, I do think that the DOGE impact, I don't want to quote that, but as the impact of DOGE is understood more across all of the government agencies, their willingness to want to work together and actually so that they can all do more for less, at the end of the day, is the best solution for this nation.

我認為這些領域將會發生什麼，因為政府今天更多地了解政府其他部門正在做什麼，我確實認為 DOGE 的影響，我不想引用這一點，但隨著 DOGE 的影響被理解在所有政府機構中，他們願意共同努力，實際上這樣他們就能用更少的錢做更多的事，最終，這是這個國家的最佳解決方案。

We have an appetite to look at all of that work because we're already in it. And we're that company that is driving it in a much more cost-effective manner. We talk about BEAGLE and Agile software development. Agile software development with DevSecOps is a game changer. That's why we say software is our superpower because you are able to do so much more for the federal government customer for so much less.

我們有興趣審視所有這些工作，因為我們已經參與其中。我們是一家以更具成本效益的方式推動這一趨勢的公司。我們談論 BEAGLE 和敏捷軟體開發。使用 DevSecOps 進行敏捷軟體開發將改變遊戲規則。這就是為什麼我們說軟體是我們的超級力量，因為您能夠以更少的成本為聯邦政府客戶做更多的事情。

And both sides win because every dollar that we're saving them gets pushed into additional scope that wasn't on the original contract that can get added to ours. So we're in a fantastic position today. A lot of these ideas are not new to this company. And I'm really proud of the men and women of this company who have taken on that challenge a number of years back, and their fruits are just beginning to pay off.

雙方都贏了，因為我們為他們節省的每一塊錢都被推入了原始合約中沒有的額外範圍，而這些範圍可以添加到我們的合約中。所以我們今天處於一個非常有利的位置。其中許多想法對於這家公司來說並不新鮮。我真的為這家公司的員工感到自豪，他們多年前就接受了這項挑戰，他們的成果才剛開始得到回報。

Following one if like -- to both of you. There has been investor concerns about what is like appetite for more like commercial terms could mean for like cost-plus contracts and were like about like 60% of your contracts under cost plus. What are the challenges and opportunities you see if the government were to focus on more like commercial terms, fixed price type of contracts?

如果喜歡的話，請跟隨一位－給你們兩個。投資者一直擔心，對類似商業條款的興趣可能意味著成本加成合同，並且大約 60% 的合約屬於成本加成合約。如果政府更專注於商業條款、固定價格類型的合同，您會看到哪些挑戰和機會？

Yes. Thanks. Look, this is -- I guess, first off, we haven't appetite anytime the government pays an outcome versus buying inputs. There's a lot of positiveness and there's a couple of ways just to go down. The more we see for a fixed price contracting versus cost plus, that is a positive for us, and we do have a large appetite for that.

是的。謝謝。聽著，我想，首先，我們對政府支付成果而不是購買投入的任何時候都沒有胃口。有很多積極的一面，但有幾種方法可以降低。我們對固定價格合約與成本加成的看法越多，這對我們來說是正面的，我們對此確實有很大的興趣。

Again, cost price versus firm fixed price is an element of risk, okay? That sort of comes down to. If you're doing something for the first time, and it's an amazing engineering feat, I don't know anybody who would take a firm fixed-price arrangement.

同樣，成本價格與固定價格是風險因素，好嗎？歸根結底就是這樣。如果你是第一次做某件事，而且這是一項令人驚嘆的工程壯舉，我不知道有誰會接受嚴格的固定價格安排。

But firm fixed price to us is well known. I mean I have to remind everybody, the majority of our software-defined technology is delivered by our commercial businesses of this company. So we've been for at least the last seven years, have a lot of experience with outcome-based contracting, where we do the investment upfront, we share the art of the possible and then where we can sell that solution as an end item software-driven part of technology. That's a nice trade for us, and that's been, as you all know, very much behind our margin increases.

但固定價格對我們來說是眾所周知的。我的意思是我必須提醒大家，我們大部分的軟體定義技術都是由我們公司的商業業務提供的。因此，我們至少在過去七年裡，在基於結果的合約方面擁有豐富的經驗，我們預先進行投資，我們分享可能性的藝術，然後我們可以將該解決方案作為最終項目出售軟體驅動的技術部分。這對我們來說是一筆不錯的交易，眾所周知，這在很大程度上推動了我們利潤率的成長。

So Jeff, anything to add?

傑夫，有什麼要補充的嗎？

Mariana, I would -- I'd build on John's point, I'm referring you back to one of -- I think, one of John's last slides where he talks about the competitors and the profiles of the traditional primes of government services and the commercial providers.

瑪麗安娜，我會——我會以約翰的觀點為基礎，我想請你回顧約翰的最後一張幻燈片，其中他談到了競爭對手以及政府服務和傳統主要服務的概況商業提供者。

We have -- to the extent that there is sort of an inflection point here and business model and contracting approach, we have very deliberately positioned ourselves to have taken the things that we think are most important and most relevant to the qualities of each of those three types of providers and put ourselves squarely in that spot. So to the extent that we're in a sort of state of transition here, we feel like that's a divide that we're already straddling. Thanks.

我們已經——在某種程度上，這裡存在某種拐點、商業模式和承包方法，我們非常謹慎地定位自己，採取了我們認為最重要、與每個人的品質最相關的事情。提供者，並將我們自己置於該位置。因此，就我們目前所處的某種過渡狀態而言，我們感覺到這是我們已經跨越的鴻溝。謝謝。

Seth Seifman, JPMorgan.

賽斯‧塞夫曼，摩根大通。

This is [Rocco] on for Seth. CACI has invested recently in areas, including communications, network, battlefield and CUAS, where some of these startup type companies are investing. What gives management the confidence about the ability of the company to grow in those areas despite the new competition?

這是賽斯的[Rocco]。CACI最近投資的領域包括通訊、網路、戰場和CUAS，其中一些新創型公司正在投資這些領域。儘管面臨新的競爭，是什麼讓管理階層對公司在這些領域的發展能力充滿信心？

Yes. Look, I think confidence is great. It actually forces everybody to keep their pencil sharp. And you learn new things. Now having said that, we've been doing a lot of what you mentioned for a long time. And it's not just delivering the technology and expertise that our customers are asking for. The other 3/4 of this [half] is understanding the customer's mission, okay? And I don't give a high-level example, actually a couple of them.

是的。聽著，我認為信心是偉大的。它實際上迫使每個人都保持鉛筆鋒利。你會學到新東西。話雖如此，我們長期以來一直在做你提到的很多事情。它不僅僅是提供客戶所需的技術和專業知識。另外 3/4 [一半] 是了解顧客的使命，好嗎？我並沒有給一個進階的例子，其實只是舉幾個例子。

Our commercial wireless providers today, I don't know what the percentage is, but not every call I may go through not every request to get bandwidth and have my WiFi router connect works. There's a thousand reasons why.

我們今天的商業無線供應商，我不知道百分比是多少，但並不是我可能會經歷的每個呼叫都不是每個獲取頻寬並讓我的 WiFi 路由器連接正常工作的請求。有一千個理由。

In the missions that we serve, you don't get to give an excuse why it didn't work. It has to work and also has to know inherently how it's going to be used. And we don't have a call center when your radio squawks something to get me out of a really bad place. We don't -- nobody has a call center to go call into. So there's a lot being said, a lot of other companies in our space, and I think that's great.

在我們服務的任務中，你不能為它不起作用找藉口。它必須能夠工作，並且還必須本質上知道它將如何使用。當你的收音機發出刺耳的聲音來幫助我擺脫一個非常糟糕的地方時，我們沒有呼叫中心。我們沒有—沒有人可以撥打呼叫中心。我們這個領域有很多其他公司，我認為這很好。

On the Counter-UAS side, there are five levels of drones from really cheap commercial ones through nation state large ones. What's key to this nation outside of Conter-UAS within the US is being able to find all five levels of drones, not just the plastic ones, not just the simple ones. So what I hear is all true. But when you take the next click down, it drives my appetite even larger because we look at all of these things as software defined because the threat's going to continuously change.

在反無人機方面，有五個等級的無人機，從真正便宜的商用無人機到國家大型無人機。對於美國境內的反無人機系統之外的國家來說，關鍵是能夠找到所有五個等級的無人機，而不僅僅是塑膠無人機，而不僅僅是簡單的無人機。所以我聽到的都是真的。但是，當您按下下一次單擊時，它會進一步激發我的興趣，因為我們將所有這些事物視為軟體定義的，因為威脅將不斷變化。

So we are always going to deliver software-based technology that's based on software. It's based on the premise that this code and this theory is going to last in some instances, folks, for 8 hours. It has to be updated as to get to where all of our devices are around this globe. So the tactical part of the mission is very, very different.

因此，我們始終會提供基於軟體的技術。夥計們，它的前提是這個代碼和這個理論在某些情況下會持續 8 小時。它必須更新才能到達我們所有設備在全球各地的位置。所以任務的戰術部分非常非常不同。

But again, new entrants means new ways to look at problems. It means potentially new partnerships. But I think the position -- I like the hand we hold because we have a workforce to understand, as Jeff mentioned, taking the best of three different types of competitors, understanding software, understanding how to develop it at a very fast pace with high quality is what's going to change the US protection as we go into other conflicts.

但同樣，新進入者意味著看待問題的新方法。這意味著潛在的新合作關係。但我認為這個職位- 我喜歡我們握著的手，因為正如傑夫提到的那樣，我們有一支團隊可以理解，充分利用三種不同類型的競爭對手的優勢，了解軟體，了解如何以非常快的速度以高速度開發它當我們陷入其他衝突時，品質將改變美國的保護。

Okay. That makes sense. Then do you view the 6% of revenue from other federal civilian customers at that risk from those? Or is that revenue also insulated in your view?

好的。這是有道理的。那麼您是否認為來自其他聯邦民間客戶的 6% 收入面臨這些風險？還是您認為這些收入也被隔離了？

Well, it varies. We identify that because that's the area that seems to be sort of a developing sense that, that may be a focus. But there are some things in there that we think still remain priorities. I mean we have about 1 point of that 6% is with NASA, for instance, which we see as probably being a little bit less exposure. We have some DOJ work there that I think maybe less so. So I think the answer is that it varies. But we thought it was useful to people -- for people to be able to examine that piece of the portfolio as you form your own opinion about where the risks may be.

嗯，情況各不相同。我們確定這一點是因為這似乎是一個正在發展的領域，這可能是一個焦點。但我們認為有些事情仍然是優先事項。我的意思是，例如，我們有 6% 中的大約 1 個百分點來自 NASA，我們認為這可能會更少。我們在那裡有一些司法部的工作，但我認為可能不那麼重要。所以我認為答案是因人而異。但我們認為這對人們很有用——當你對風險可能存在的地方形成自己的看法時，人們能夠檢查投資組合的這一部分。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

This is (inaudible) sitting in for Matt. So just in terms of the EBITDA margins, obviously, things will step up a bit in the second half. So I guess, can you just walk us through some of the factors in that step-up what gives you confidence there, recognizing some of that will be timing related?

這是（聽不清楚）替馬特坐的。因此，就 EBITDA 利潤率而言，下半年情況顯然會有所改善。所以我想，您能否向我們介紹一些讓您有信心的升級因素，並認識到其中一些因素與時間有關？

Yes. The mix item that I referred to in the 11.1% in the second quarter will probably -- should manifest itself in a slight sequential reduction in margin in the third quarter, a slight reduction from the 11.1%. And then if you take our guidance for the year and you saw for the fourth quarter, you'll see that we expect the margin to tick up, and I think probably our strongest margin quarter of the 4.

是的。我在第二季 11.1% 中提到的混合項目可能會——應該表現為第三季利潤率的輕微連續下降，比 11.1% 略有下降。然後，如果您考慮我們今年的指導和第四季度的情況，您會發現我們預計利潤率會上升，我認為這可能是第四季度中利潤率最高的季度。

So I think that's probably the right way for you to think about it. But you ought to think about the third quarter as being kind of sequentially flat in revenue and a slight contraction in margin and then increases in both in the fourth quarter.

所以我認為這可能是你思考這個問題的正確方式。但你應該認為第三季的收入連續持平，利潤率略有收縮，然後在第四季度兩者均有所增加。

Okay. Makes sense. And then back to the M&A discussion. Obviously, you gave some early takeaways on Azure Summit and the Applied Insight deals. But can you just give us any more insight on how things are progressing on that end? And then just in terms of the pipeline, kind of what your appetite is right now, particularly now that you're just sub-3 times on leverage?

好的。有道理。然後回到併購討論。顯然，您對 Azure 高峰會和 Applied Insight 交易提供了一些早期要點。但您能否讓我們更深入了解這方面的進展？然後就管道而言，您現在的胃口是什麼，特別是現在您的槓桿率不到 3 倍？

Yes. John may want to add -- will probably want to add to this. But we've talked before for the last several quarters about the fact that our sweet spot in terms of acquisition targets is a little bit specific in that we're often involved with businesses that are founder operated, owned and operated or owned by an individual or a small group of individuals.

是的。約翰可能想補充——可能想補充這一點。但我們在過去幾季中已經討論過這樣一個事實，即我們在收購目標方面的最佳點有點具體，因為我們經常參與由創始人經營、擁有和經營或由個人擁有的企業或一小群人。

And we maintain a list and we sort of regularly stay in touch with them and they all sort of develop at their own pace. They're often driven by sellers -- potential sellers, personal plans and priorities and we continue to monitor and maintain regular dialogues in some cases for years before we eventually have a transaction.

我們保留了一份名單，並定期與他們保持聯繫，他們都按照自己的步調發展。它們通常是由賣家——潛在賣家、個人計劃和優先事項驅動的，在某些情況下，我們會持續監控並保持定期對話多年，然後才能最終達成交易。

So when we say flexible and opportunistic in terms of capital deployment, we're balancing what we see in the ripening of the targets in the pipeline along with market reaction and potential opportunities around share price. So as John mentioned, over the next couple of quarters here, we're going to focus on sort of further delevering to be well within the range that we've given you but we are ready at any time to act opportunistically as those targets develop -- we see market forces.

因此，當我們在資本部署方面說靈活性和機會主義時，我們正在平衡我們所看到的正在成熟的目標以及市場反應和圍繞股價的潛在機會。因此，正如約翰所提到的，在接下來的幾個季度中，我們將專注於進一步去槓桿化，以使其完全在我們給你們的範圍內，但我們隨時準備好隨著這些目標的發展而採取機會主義行動－我們看到市場力量。

Yes. Let's see, you also (inaudible) doing -- I'll start with Applied Insight. They're doing a great job of bringing their technology to bear across our intelligence community book of business as we continue to move more applications to the cloud.

是的。讓我們看看，您也（聽不清楚）在做什麼——我將從應用洞察開始。隨著我們繼續將更多應用程式遷移到雲端，他們在將他們的技術應用於我們的情報社群業務方面做得非常出色。

They've given us a great purchase on talking to customers about being able to test and develop modernization to those apps as they go to the cloud in an unclassified manner, so that we can do much more in an unclass world and then move that up to the classified side. So they're a great bunch of folks. They've done an awful lot for us.

他們為我們提供了很大的幫助，讓我們能夠與客戶討論如何在這些應用程式以非保密的方式進入雲端時測試和開發現代化，這樣我們就可以在非保密的世界中做更多的事情，然後將其提升到分類側。所以他們是一群很棒的人。他們為我們做了很多事。

Azure in my prepared remarks, said they just pulled down a $319 million award. They are -- we are already seeing the synergies of having both businesses together. This is the acquisition that is on the fastest track to full integration. With another quarter or two, it would be really tough to tell where we're helping their business and where they are helping ours.

Azure 在我準備好的演講中表示，他們剛剛拿下了 3.19 億美元的獎金。我們已經看到了兩家公司合併所產生的綜效。這是全面整合最快的收購。再過一兩個季度，就很難判斷我們在哪裡幫助他們的業務以及他們在哪裡幫助我​​們的業務。

We've watched them deliver with greater velocity. They are moving forward than some of the incumbents on their seeing increment act job. And just to lay that out, the way this goes is sea increment and then it's Spectral enabling hits to go on into the ship, then Spectral.

我們看到他們以更快的速度交付。他們在增量行動工作上比一些現任者更有進步。為了說明這一點，這種方式是海洋增量，然後是光譜，使命中能夠繼續進入船，然後是光譜。

So they've done an outstanding job of combining our engineering talent, both on the harbor and the software side and meeting with the Navy to actually show how much more nimble we can now be across all of those programs to make sure that we're getting features and software and different signals out to that fleet almost 16 to 18 months earlier than what we had even planned.

因此，他們做得非常出色，將我們在港口和軟體方面的工程人才結合在一起，並與海軍會面，以實際展示我們現在可以在所有這些計劃中變得更加靈活，以確保我們比我們計劃的提前近16 到18 個月向該車隊提供功能、軟體和不同訊號。

So that integration is going very well and on their financials, as I mentioned, they are right on top of the plan that was -- that drove our business case for that acquisition.

因此，整合進展順利，就他們的財務狀況而言，正如我所提到的，他們正處於計劃之上——推動了我們此次收購的業務案例。

So thanks for the questions.

謝謝你的提問。

Tobey Sommer, Truist Securities.

托比·索默 (Tobey Sommer)，Truist 證券公司。

I'm curious about what the mandate to go back to the office five days a week on the government's part means for CACI in the services industry? So what percentage of your employees are remote or hybrid that maybe Uncle Sam to be working on prem in the future?

我很好奇政府要求每週返回辦公室五天對服務業的 CACI 意味著什麼？那麼，您的員工中有多少比例是遠距或混合型員工，未來可能會在本地工作？

Yes, Tobey, thanks. So I want to focus on what we can control, and I'm going to go on a small limb here because I think it was released yesterday, if I remember right. So I'm definitely not the national expert on it.

是的，托比，謝謝。所以我想把重點放在我們可以控制的事情上，我將在這裡進行一些小討論，因為我認為它是昨天發布的，如果我沒記錯的話。所以我絕對不是這方面的國家專家。

So with that as a disclaimer. Look, as I mentioned, during sequestration, the number of folks from Federal on tractors who were providing day-to-day support came down materially. You can see that in -- if you went back seven or eight or nine years, you actually see what the employee counts were. You also see where revenue came down.

因此，以此作為免責聲明。瞧，正如我所提到的，在隔離期間，來自聯邦的拖拉機上提供日常支援的人員數量大幅下降。你可以看到，如果你回到七、八、九年前，你實際上會看到員工人數是多少。您還可以看到收入下降的地方。

Look, at the end of the day, we on the contractor side, we make decisions every week around our rates and what we need more or less to maintain G&A and overhead rates. We moved to a strategic focus with zero-based budgeting.

看看，歸根結底，我們作為承包商，每週都會圍繞我們的費率以及我們或多或少需要什麼來維持一般管理費用和間接費用做出決定。我們的策略重點轉向了零基預算。

And it's all about making choices. I don't know what the impact is going to look like because I don't know where there's more remote workers in the federal government versus less. But in our company, everything is driven at the program level. We don't have a corporate statement, and that's because we support so many different customers in so many different ways. It's tough to do classified work or anyone that's going to skip from home, okay?

這都是關於做出選擇的。我不知道會產生什麼影響，因為我不知道聯邦政府中哪些地方的遠距工作者較多，哪些地方較少。但在我們公司，一切都是在程序層面驅動的。我們沒有公司聲明，那是因為我們以多種不同的方式支援多種不同的客戶。從事機密工作或任何要離開家的人都很難，好嗎？

But on the other end of that, we did work pretty hard during COVID to find a way to keep this nation protected while we are working on classified work, okay? So I think we're going to sit and wait and understand how this plays itself out.

但另一方面，在新冠疫情期間，我們確實非常努力地工作，在我們從事機密工作的同時，找到一種保護這個國家的方法，好嗎？所以我認為我們將坐下來等待，了解這將如何發展。

I'm very confident in our work for home or work from remote policies that we have. It's customer first, substantial security first. Then after that, if there's an agreement between the government and us, then we'll have people working from a location other than in the government facility. Probably all I can share on that one, Tobey.

我對我們的在家工作或遠距工作政策非常有信心。客戶至上，安全第一。之後，如果政府和我們之間達成協議，那麼我們將安排人員在政府設施以外的地點工作。托比，我能分享的大概就是這個了。

That was helpful. What proportion of the company's revenue is priced on outcomes? And should efficiency be the mantra of the four-year term? Where's the upper bound on where that could go as a proportion of the company?

這很有幫助。公司收入的比例多少是根據結果定價的？效率是否應該成為四年任期的口號？作為公司的一部分，其上限在哪裡？

Look, I would say outcome-based is you can take all of our technology work, and you can probably add another 20 to -- I'd say probably 85% to 90% is outcome-based. And it's -- that's a different word, right? Because outcome-based for us is we have a statement of work, and a specification says this is exactly what we need. There are other areas, but very small, as you all will remember, we were a 80% services company, a 20% technology company when we made this switch.

聽著，我想說的是基於結果的，你可以承擔我們所有的技術工作，你可能還可以添加另外 20 項——我想說可能 85% 到 90% 是基於結果的。這是——這是一個不同的詞，對吧？因為對我們來說，基於結果是我們有一份工作說明書，而規範表明這正是我們所需要的。還有其他領域，但很小，你們都記得，當我們進行這次轉變時，我們是一家 80% 的服務公司，20% 的科技公司。

There are very few instances where we have taken on providing an individual in a slot on a labor hour basis to serve at the rest of the federal government. The majority of our work has been transformed so that whether we're building satellite ground stations, whether we're doing work in a labor hour type manner, we're actually delivering technology to those customers. And that's been part of the long-term transition that this company made, which is why our R&D spend is up, which is why we invest ahead of customer need.

我們極少數情況下會依照工時提供一個職位，為聯邦政府的其他部門服務。我們的大部分工作已經發生了轉變，因此無論我們是在建造衛星地面站，無論我們是在以工時方式工作，我們實際上都在向這些客戶提供技術。這是該公司長期轉型的一部分，這就是我們研發支出增加的原因，這就是我們在客戶需求之前進行投資的原因。

So we're not left to bid on jobs that are purely 200 folks working in a network operation center. We have to see an outcome that is at least software-based before we've even bid on that work. So this company, different than many others, has made that transition. Thanks, Tobey.

因此，我們不會競標僅由 200 名員工在網路營運中心工作的工作。在我們對這項工作進行投標之前，我們必須看到至少是基於軟體的結果。因此，與許多其他公司不同的是，這家公司已經實現了這一轉變。謝謝，托比。

Gautam Khanna, TD Cowen.

高塔姆·卡納，TD·考恩。

I apologize if you addressed this. I joined a little late. I was curious if you expect any sort of slowdown in the contract award adjudication pace over the next couple of quarters, given just the administration transition and -- well, the flag officers that get replaced and the like at the various DoD agencies. Any view on that?

如果您解決了這個問題，我深表歉意。我加入的有點晚了。我很好奇，考慮到政府的過渡以及國防部各個機構的被替換的軍官等，您是否預計未來幾個季度合約授予裁決速度會出現任何放緩。對此有何看法？

I don't foresee a major delay today. Look, in the uniform service, those folks transition every two to three years. That's the normal, right? That's just the normal course of how they promote and how they train their leaders. There is a lot of distractions if you're a federal government employee.

我預計今天不會有重大延誤。看，在製服服務中，這些人每兩到三年就會換屆。這是正常的，對吧？這只是他們提拔和培訓領導者的正常過程。如果您是聯邦政府僱員，會有很多幹擾。

I'm sure there's a lot of distractions today more than you might have had two months back. But I don't see it at this point, Gautam, of that being a major idea. Some of our awards that we are waiting for in the third quarter, those are going through the acquisition process now, and I just don't see any impact. Jeff, anything?

我確信今天的干擾比兩個月前還要多。但高塔姆，我目前並不認為這是一個主要想法。我們正在等待第三季的一些獎項，這些獎項現在正在經歷收購過程，我只是沒有看到任何影響。傑夫，有什麼事嗎？

Yes. I mean the level -- I would just add, I agree with obviously with that. But I would also add that the level at which the administrative work happens here is probably less affected by upper-level rotation. I don't -- it's not an area that we've identified as any particular area for us.

是的。我的意思是水平——我想補充一點，我顯然同意這一點。但我還要補充一點，這裡的行政工作等級可能會受上層輪調的影響較小。我不認為——這不是我們確定為任何特定領域的領域。

And just as a follow-up, if there's any sort of reduction in the [up tempo] Ukraine, Israel, what have you. What is, if any, impacts to CACI?

作為後續行動，如果烏克蘭、以色列的[快節奏]有任何形式的放緩，你們有什麼。如果有的話，對 CACI 有何影響？

Yes. Look, we've said that we learned a lot from the Russia-Ukraine war. A lot of people have learned. But we've also said that we don't have a material amount of business in either of those conflicts today. We are engaged and we are supporting, but that doesn't drive the financial outcome of this company.

是的。看，我們說過我們從俄羅斯-烏克蘭戰爭中學到了很多。很多人都學會了。但我們也說過，我們今天在這兩場衝突中都沒有大量業務。我們參與並提供支持，但這並不能推動該公司的財務成果。

What will drive the financial outcome in a different manner is looking at international spending around how some of these threats are being received. And we did talk about the fact that we're already delivering to fly-by countries. We're delivering to NATO. We're looking at, in Eastern Europe, expansion. But again, I will continue to say we're in the relatively early stages.

將以不同方式推動財務結果的因素是圍繞如何應對其中一些威脅來審視國際支出。我們確實談到了我們已經向飛越國家提供送貨服務的事實。我們正在向北約交付。我們正在考慮在東歐擴張。但我還是會繼續說，我們正處於相對早期的階段。

We're looking at how FMS or OEM partners or direct commercial sales would work for our software-defined tech business. But today, in our overall FY25 plan, it's de minimis.

我們正在研究 FMS 或 OEM 合作夥伴或直接商業銷售如何為我們的軟體定義技術業務發揮作用。但今天，在我們 25 財年的總體計劃中，這是微不足道的。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Jeff, maybe if you could just talk about margins to start off with. I understand the product commit you guys talked about in Q3. Exit rate does seem to imply Q4 closing in around the 12% mark. Maybe if you could talk about the potential how we think about that as you enter your next fiscal year to start off with.

傑夫，也許你可以先談談利潤。我了解你們在第三季談到的產品承諾。退出率似乎確實意味著第四季將接近 12% 左右。也許您可以談談當您進入下一個財政年度開始時我們如何看待這一潛力。

Yes. Thank you, Sheila. If you look at the last couple of years, you will notice that we have developed a pattern of having higher margin in volume in quarter three or four than in one and two. And we have done some work to try to smooth that out a little bit. Some of what you see in the second quarter margin is an artifact of that.

是的。謝謝你，希拉。如果你看看過去幾年，你會發現我們已經形成了一種模式，即第三季或第四季的銷售利潤率高於第一季和第二季。我們已經做了一些工作來嘗試解決這個問題。你在第二季利潤率中看到的一些數據就是由此造成的。

But we do have certain customers whose buying patterns and the type of products and services they acquire, solutions that they acquire, is weighted to the end of our fiscal year. So you will see generally the end of the year being -- the end of our fiscal year being heavier in terms of margin and volume.

但我們確實有某些客戶，他們的購買模式、他們獲得的產品和服務的類型、他們獲得的解決方案，都會在我們的財政年度結束時進行加權。因此，您通常會看到，當我們的財政年度結束時，利潤率和銷售都會增加。

Let me also share that, I guess, one click up. We still see upside potential to margin over the long term. We've been saying that for a number of quarters, but we're not going to short arm investments. We're not going to do unnatural acts. And I think we've been very honorable to that.

我想，讓我也分享一下，點擊一下即可。我們仍然看到長期利潤率的上升潛力。我們幾個季度以來一直這麼說，但我們不會短期投資。我們不會做出不自然的行為。我認為我們對此感到非常榮幸。

It's very strategic. It's not tactical to us. And at the end of the day, our value creation model is going to be based on free cash flow per share. And I know you know well that margin is only one of those dials. So we'll keep focused on free cash flow per share and work on that mix between technology and -- for these to continue to drive our margins.

這是非常具有戰略意義的。這對我們來說不是戰術性的。最終，我們的價值創造模型將基於每股自由現金流。我知道您很清楚，保證金只是其中之一。因此，我們將繼續關注每股自由現金流，並致力於科技之間的結合——以便這些繼續推動我們的利潤率。

Great. And then maybe if I could ask one, and you guys talked about this a little bit, just if you could provide an update on Spectral and how it's going, just given the development work here and how Azure is contributing. And I think you mentioned in the Q&A as there one another follow-on. Do we think about that as incremental revenues heading into fiscal '26?

偉大的。然後也許我可以問一個，你們稍微討論一下這個問題，只要你們能提供 Spectral 的更新以及它的進展情況，只要考慮到這裡的開發工作以及 Azure 的貢獻。我想你在問答中提到了另一個後續內容。我們是否認為這是進入 26 財年的增量收入？

Yes. Good. Thank you. Look, Spectral is going very, very well. You have to sort of picture that a customer that has a lot of funding needs, a lot of open threats.

是的。好的。謝謝。看，Spectral 進展得非常非常順利。你必須想像一個客戶有大量的資金需求，有很多公開的威脅。

INDOPACOM, there's an awful lot of water there. So how does this play? We also won the Spectral program very focused on the fact we were going to work on velocity and accuracy and efficiency is to the signals that the surface ships need to worry about the most. And we allowed the customer and challenge the customer to change those priorities as we go through this program.

印度太平洋司令部，那裡有大量的水。那這個怎麼玩呢？我們也贏得了光譜計劃，非常注重我們將致力於速度、準確性和效率，這是水面艦艇最需要擔心的訊號。在我們執行此計劃時，我們允許客戶並挑戰客戶改變這些優先順序。

We are now -- we've successfully demonstrated a minimally viable product. We got really positive feedback and a lot of customer excitement around it. That was the first step proof of the single set that was in the original RFP, changed quite dramatically by the time the award was made. And without a lot of schedule movement and without a lot of cost movement, we were able to bring a lot of those signals in.

我們現在—我們已經成功地展示了一個最低限度可行的產品。我們得到了非常正面的回饋和許多客戶的興奮。這是原始 RFP 中單套的第一步證明，在授予合約時發生了巨大的變化。在沒有大量進度變動和成本變動的情況下，我們能夠引入大量此類訊號。

We're working towards a production reference article in calendar year '25, which is sort of the full lay down of what will be in the Spectral system. At the same time, since Azure has joined us, we really looked at a preliminary delivery of what we're calling Spectral enabling kits, and those are intended to sort of layer the groundwork for the large Spectral system, but we want to put the heart and the brain and the infrastructure on those ships as Azure is doing their [INKF] upgrade to those ships.

我們正在努力在 25 日曆年撰寫一篇生產參考文章，該文章是光譜系統中內容的完整闡述。同時，自從 Azure 加入我們以來，我們確實研究了我們所謂的 Spectral 支援套件的初步交付，這些套件旨在為大型 Spectral 系統奠定基礎，但我們希望將Azure 正在對這些船舶進行[INKF] 升級，這些船舶上的心臟、大腦和基礎設施。

The bottom line is the programs we're guessing very, very well. It's very much in favor within the Navy surface fleet. And your last part of that is, look, there's the $319 million mod that Azure received, which is now all of us together is the best indicator of why we did this acquisition, okay? We firmly believe that as we started working together and share what we're doing in software and take some of their hardware and their software solutions, that together, we can drive a much more valuable product, and to your last next question, drive the growth as we take the '26 and beyond.

底線是我們猜測得非常非常好的程式。它在海軍水面艦隊中非常受歡迎。最後一部分是，看，Azure 收到的價值 3.19 億美元的模組，現在我們所有人一起，這是我們為什麼進行這次收購的最佳指標，好嗎？我們堅信，當我們開始合作並分享我們在軟體方面所做的事情並採用他們的一些硬體和軟體解決方案時，我們可以共同開發出更有價值的產品，對於您的最後一個問題，推動26 年及以後的增長。

Right. Yes. I mean I think that's covered it. We are -- we see a lot of opportunities around our Spectral business case, the initial integration and the couple of months of work here have really validated internally for us, really (inaudible) our wisdom of the decision.

正確的。是的。我的意思是我認為這已經涵蓋了。我們在 Spectral 商業案例中看到了很多機會，最初的整合和幾個月的工作確實在內部驗證了我們的決定，確實（聽不清楚）我們的決策是明智的。

And in an era of efficiency, this kit that we're putting on a surface ship, it can ride on surface ships. It can ride it on army vehicles built on the ground and in the air. It is built with modularity in mind to make certain that it can be used on other Navy platforms as well. So we see a nice growth path there.

在一個效率時代，我們在水面艦艇上安裝的這個套件，它可以騎在水面艦艇上。它可以騎在地面和空中建造的軍用車輛上。它在建造時考慮了模組化，以確保它也可以在其他海軍平台上使用。所以我們在那裡看到了一條很好的成長道路。

It's another step in proving that strategy is a place where we come from and we put our strategy in place instead of we can get these three pieces together, here's how we can grow with this market but also serve our national security customers better, and this is going to be that most recent case of that. So Sheila, thank you.

這是證明策略是我們的來源的又一步，我們將戰略落實到位，而不是我們可以將這三個部分組合在一起，這就是我們如何與這個市場一起成長，同時更好地為我們的國家安全客戶服務，這將是最近的一個案例。希拉，謝謝你。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

This is Josh Korn on for David. Just wanted to ask about capital deployment. And given the pullback in the stock, is there any more appetite for share buyback than historically going forward?

這是大衛的喬許·科恩。只是想問一下資金配置的問題。鑑於股票回調，股票回購的興趣是否比歷史上的未來更大？

Yes. Look, thanks for the question. Look, we remain focused in the near term on the delevering that we've talked about. But again, you guys are tired of hearing us say this probably, but we remain committed to being flexible and opportunistic. If we're going to get (inaudible) down here on the leverage, give back well into the range that we've said we want to be in. And at the same time, we're always looking at every option. So thanks for the question.

是的。聽著，謝謝你的提問。看，我們短期內仍將重點放在我們討論過的去槓桿化。但同樣，你們可能已經厭倦了聽我們這樣說，但我們仍然致力於保持靈活性和機會主義。如果我們要（聽不清楚）降低槓桿率，請回饋到我們所說的我們想要的範圍內。同時，我們一直在考慮每一個選擇。謝謝你的提問。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

You -- CACI, you're the leading provider or one of the leading providers in Counter-UAS detection, and you mentioned the New Jersey incidents. Are domestic Counter-UAS opportunities, is that something that you are pursuing? And do you view that as a viable market for CACI?

你——CACI，你是反無人機檢測領域的領先提供者或領先提供者之一，你提到了新澤西事件。國內反無人機機會是您所追求的嗎？您認為這對 CACI 來說是一個可行的市場嗎？

Yes. Thanks, Louie. So we've been in the Counter-UAS market for almost two decades. Yes, we do have solutions and systems in some areas of the US. What I shared earlier on the call is for, in our opinion, what we need is a singular focus on how we're going to solve this inside CONUS.

是的。謝謝，路易。我們進入反無人機市場已經將近二十年了。是的，我們在美國的一些地區確實有解決方案和系統。我們認為，我之前在電話會議上分享的內容是，我們需要集中精力如何在美國本土解決這個問題。

There are things methods that you can use outside of the US that you can't use inside the US for a number of reasons. But today, we're the leading provider of those Counter-UAS systems in the US and internationally.

有些方法可以在美國境外使用，但由於多種原因而無法在美國境內使用。但今天，我們是美國和國際上反無人機系統的領先供應商。

We have almost 5,000 solution sets and sensors out all over the globe. But the CONUS issue is a very important one. And I -- we all believe that they pose an absolute threat to this nation. And that's why if I had my five minutes with a DOGE, we've been talking to the appropriate people at all levels of DoD, the Intel community.

我們在全球擁有近 5,000 個解決方案集和感測器。但美國本土問題是一個非常重要的問題。我——我們都相信他們對這個國家構成了絕對的威脅。這就是為什麼如果我有五分鐘的時間與 DOGE 交談，我們就會與國防部各級的適當人員（英特爾社區）進行交談。

I like where we're at. I like the actions that DoD, the senior levels are beginning to take. But my only comment is it needs more quicker, and that's the way we can see ourselves getting ahead of some of these incidents that have been in the press.

我喜歡我們現在所處的位置。我喜歡國防部高層開始採取的行動。但我唯一的評論是它需要更快，這就是我們可以看到自己在媒體報導的一些事件之前領先的方式。

So yes, it's always been a growth market for us. A lot of that growth we don't talk about because we do it for different customers. But at the end of the day, it is a threat and one that we are very much aligned with the government on how we can all go out and solve it.

所以，是的，這對我們來說一直是一個成長的市場。很多成長我們不會談論，因為我們是為不同的客戶做的。但歸根結底，這是一種威脅，我們在如何走出去解決這個問題上與政府非常一致。

And John, I think you mentioned as it relates to Spectral that it would be possible to use that same system on other Navy platforms. And how much work would it take, and like has there been any indicators of interest that the Navy is looking to also modernize the other platforms?

約翰，我想你提到過，因為它與 Spectral 有關，所以可以在其他海軍平台上使用相同的系統。這需要多少工作，是否有任何跡象表明海軍正在尋求對其他平台進行現代化改造？

Yes. Louie, I'm not going to share anything from a marketing (inaudible) side, but appreciate your question, and I'll answer it in this manner. I believe that where we are today, a new administration looking at ways to do things differently and funds are not endless, I truly believe that there will be more folks spend on how close is this solution to another problem I have and how do I solve that problem at the same time we were solving this problem.

是的。路易，我不會從行銷（聽不清楚）方面分享任何內容，但感謝您的問題，我會以這種方式回答。我相信，在我們今天所處的位置，新政府正在尋找以不同方式做事的方法，而且資金不是無窮無盡的，我真的相信會有更多的人花在這個解決方案與我遇到的另一個問題有多接近以及我如何解決上我們在解決這個問題的同時也解決了這個問題。

So being an open architecture software-based solution, it automatically breaks fender -- It automatically allows other businesses across this great nation to provide software that will be quickly integrated into what's being put into these ships and a number of other areas. At the end of the day, a signal is a signal that comes in from an antenna and it goes through a number of conditionings and it comes out [zeroes and ones] and there's a really smart AI machine language-driven brain.

因此，作為一個基於開放架構軟體的解決方案，它會自動打破擋泥板——它自動允許這個偉大國家的其他企業提供軟體，這些軟體將快速整合到這些船舶和許多其他領域的軟體中。歸根結底，訊號是從天線傳入的訊號，經過多次調節後輸出[零和一]，並且有一個真正聰明的人工智慧機器語言驅動的大腦。

We build the AI machine language-driven brain. That's why I talk about AI when I talk about mission. It's great to use AI to find the cheapest blouse in a mall. It's way more important to make certain that this signal is one of these three foreign folks who are going to do our folks harm, and here's two potential ways you can -- that threat, kinetically or non-kinetically.

我們建構人工智慧機器語言驅動的大腦。這就是為什麼我在談論使命時談論人工智慧。使用人工智慧在商場裡找到最便宜的襯衫真是太棒了。更重要的是要確定這個訊號是對我們人民造成傷害的三個外國人之一，這裡有兩種可能的方式——這種威脅，無論是動力還是非動力。

So yes, we have modularized the system. We have built it on DevSecOps and using Spectral development and Agile development, which is exactly what everybody is looking for today. The commercial companies do that today on a regular basis.

所以是的，我們已經模組化了系統。我們將其建構在 DevSecOps 之上，並使用 Spectral 開發和敏捷開發，這正是當今每個人所尋求的。今天，商業公司定期這樣做。

As we've mentioned three times now with this call, we were purpose-built for this type of next move within the federal government. And yes, this -- and this solution can be used across DOE and brought every platform to have out there, and we have many moves and beginning to have those discussions and demos and trials in other areas.

正如我們在這次電話會議中已經三次提到的那樣，我們是專門為聯邦政府內部的此類下一步行動而建立的。是的，這個解決方案可以在整個能源部門使用，並將每個平台都提供給那裡，我們有很多舉措，並開始在其他領域進行這些討論、演示和試驗。

So this is a 5 to 10-year franchise win, which is what we shared when we won this job. And I love the fact that we have the combination of Azure our folks provide the Navy in this instance, a really nice solution we can deploy quickly. So thank you for your questions.

所以這是一個 5 到 10 年的特許經營權勝利，這就是我們在贏得這份工作時所分享的。我喜歡這樣一個事實：在這種情況下，我們將我們的人員為海軍提供的 Azure 結合起來，這是一個我們可以快速部署的非常好的解決方案。謝謝你的提問。

And ladies and gentlemen, I will now turn the conference over to John Mengucci for closing remarks.

女士們、先生們，我現在將會議交給約翰·門古奇 (John Menucci) 致閉幕詞。

Thanks, Krista, and thank you for your help on today's call. We'd like to thank everyone -- listen to the webcast for their participation. We know that many of you will have additional follow-up questions and Jeff MacLauchlan and George Price, and Jim Sullivan, are available after today's call to take additional.

謝謝克里斯塔，也謝謝你在今天的電話會議上提供的幫助。我們要感謝大家－收聽網路廣播的參與。我們知道你們中的許多人還會有其他後續問題，傑夫·麥克勞克蘭(Jeff MacLauchlan)、喬治·普萊斯(George Price) 和吉姆·沙利文(Jim Sullivan) 在今天的電話會議後可以回答更多問題。

And so everybody, please stay healthy. today out of the cold and all my best to you and your families. This concludes our call. Thank you, and have a great day.

所以大家，請保持健康。今天天氣寒冷，祝您和您的家人一切順利。我們的通話到此結束。謝謝您，祝您有美好的一天。

Ladies and gentlemen, you may now disconnect.

女士們先生們，你們現在可以斷開連結了。