CACI International Inc (CACI) 2025 Q3 法說會逐字稿

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

女士們，先生們，感謝你們的支持，歡迎參加 CACI International 2025 財年第三季電話會議。今天的通話正在錄音。（操作員指示）

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

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

Thanks, Kelvin, 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，凱爾文，大家早安。我是喬治‧普萊斯 (George Price)，CACI International 投資者關係資深副總裁。感謝您今天上午加入我們。我們提供簡報投影片，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.

本次電話會議中的一些陳述不涉及歷史事實，因此根據現行法律構成前瞻性陳述。這些聲明反映了我們今天的觀點，並受到可能導致我們的實際結果與預期存在重大差異的重要因素的影響。這些因素列在昨晚新聞稿的底部，並在該公司提交給美國證券交易委員會的文件中進行了描述。

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

我們的安全港聲明包含在此附件中，並應作為本次通話記錄的一部分。我還想指出，我們的演示將包括非公認會計準則財務指標的討論。這些不應被孤立地考慮或作為根據 GAAP 編制的績效衡量標準的替代。

Let's turn to slide 3, please. To open our discussion this morning here is John Mengucci, President and Chief Executive Officer of CACI International.

請翻到幻燈片 3。今天上午，CACI International 總裁兼執行長 John Mengucci 將主持我們的討論。

John?

約翰？

Thanks, George. Good morning, everyone. Thank you for joining us to discuss our third-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 25 財年第三季的業績以及更新的 25 財年指引。今天早上和我一起的是我們的財務長 Jeff MacLauchlan。

Slide 4, please. CACI's third-quarter results represent another strong quarter on our way to a great year. We delivered revenue growth of 12%, EBITDA margin of 11.7% and free cash flow of $188 million. In addition, we won $2.5 billion of awards representing a book-to-bill of 1.2 times for the quarter and 1.5 times on a trailing 12-month basis. We said it's not unreasonable to expect some slower decision-making in the current environment, where we continue to see our customers issuing RFPs and making awards. In fact, so far in the fourth quarter, we have won an additional $1.3 billion of awards.

請看投影片 4。CACI 第三季的業績代表著我們邁向輝煌的一年的另一個強勁季度。我們實現了營收成長 12%，EBITDA 利潤率達到 11.7%，自由現金流達到 1.88 億美元。此外，我們還贏得了 25 億美元的獎勵，這意味著本季的訂單出貨比為 1.2 倍，過去 12 個月的訂單出貨比為 1.5 倍。我們表示，在當前環境下，預計決策速度會放緩，這並不是不合理的，我們繼續看到我們的客戶發布 RFP 並做出授予。事實上，截至第四季度，我們已額外獲得 13 億美元的獎勵。

The business is performing well. Our strategy, differentiation, resilience, and superior execution are borne out by our results. We're in the right places doing the right things and controlling what we can control. Given our strong execution and healthy pipeline metrics, we are raising our fiscal year '25 guidance for revenue, adjusted EPS, and free cash flow.

業務表現良好。我們的策略、差異化、韌性和卓越的執行力都已由我們的成果所證實。我們在正確的地方做正確的事情並控制我們能夠控制的事情。鑑於我們強大的執行力和健康的管道指標，我們提高了 25 財年的收入、調整後每股收益和自由現金流的預期。

Jeff will discuss this in more detail shortly. And we remain confident in our ability to achieve our three-year financial targets and to continue driving long-term growth and free cash flow per share and shareholder value.

傑夫很快會更詳細地討論這個問題。我們仍有信心實現三年財務目標，並持續推動長期成長、每股自由現金流和股東價值。

Slide 5, please. Turning to the macro environment. We continue to see good demand signals from customers in our key focus areas. The world is a dangerous place and demand is being driven by geopolitical realities as well as a new administration. We see a constructive funding environment with healthy budgets and an upward bias in national security spending and investment, and our strategy and capabilities are extremely well aligned with the new administration's priorities.

請看投影片 5。轉向宏觀環境。我們繼續看到來自我們重點關注領域的客戶的良好需求訊號。世界是一個危險的地方，需求受到地緣政治現實以及新政府的推動。我們看到建設性的融資環境，預算健康，國家安全支出和投資呈上升趨勢，我們的策略和能力與新政府的優先事項高度一致。

As an example, Secretary of Defense Hegseth, recently issued a memo emphasizing the criticality of software-defined capabilities and mandating the use of the software acquisition pathway to pivot from a hardware-centric to a software-centric approach. We came to the same conclusion years ago that software would be the enabler of greater speed, agility, efficiency, and even lethality. And we developed a strategy and invested ahead of need to position CACI for where we saw the market going.

例如，國防部長赫格塞斯最近發布了一份備忘錄，強調軟體定義能力的重要性，並要求使用軟體採購途徑從以硬體為中心轉向以軟體為中心的方法。多年前我們就得出了同樣的結論：軟體可以提高速度、彈性、效率，甚至殺傷力。我們制定了策略並提前投資，以使 CACI 適應我們所看到的市場發展方向。

The Sec Def's directive is a clear validation of our strategy and the software-based approach we employ in everything we do. On the budget front, visibility is beginning to improve. For fiscal '25, we have a full-year continuing resolution in place that includes increased flexibility for our customers, allowing new starts and greater discretion and allocating funds.

國防部長的指令清楚地證明了我們的戰略以及我們在所做的每一件事中所採用的基於軟體的方法。在預算方面，可見度開始提高。對於 25 財年，我們制定了全年持續決議，其中包括為我們的客戶提供更大的靈活性、允許新的開始和更大的自由裁量權以及分配資金。

While there may be a learning curve for the DoD, given this is the first full year CR for defense, we don't expect any material impact to our business. Additionally, both the House and Senate recently passed separate budget reconciliation bills, which will provide additional funding for defense and border security. While these bills still have to go through the conference process, it represents significant incremental multiyear funding in key areas of our addressable market.

雖然國防部可能有一個學習曲線，但考慮到這是國防的第一個全年CR，我們預計不會對我們的業務產生任何實質影響。此外，眾議院和參議院最近都通過了單獨的預算協調法案，將為國防和邊境安全提供額外資金。雖然這些法案仍需經過會議程序，但它代表著我們目標市場關鍵領域的多年期大量增量資金。

Looking further out, government fiscal year '26 is still evolving. The President's Budget Request, or PBR, is not expected until next month, but early comments are positive, but the administration is showing support for a $1 trillion defense budget. Both the reconciliation bills and the PBR comments are strong signals for our business and generates 90% of its revenue from solving the toughest challenges of the DoD, the intelligence community, and the Department of Homeland Security.

展望未來，2026 年政府財政年度仍在持續發展中。總統的預算請求（PBR）預計要到下個月才會公佈，但早期的評論是積極的，政府表示支持 1 兆美元的國防預算。和解法案和 PBR 評論都對我們的業務發出了強烈的信號，我們的 90% 的收入來自解決國防部、情報界和國土安全部最嚴峻的挑戰。

Finally, the Department of Government Efficiency, or DOGE, continues to conduct their reviews. We've seen minimal impact thus far, but we continue to stay close to our customers to support whatever they need. While DOGE is not done with this work, we remain confident that our strategy, differentiated software-based capabilities, and superior program execution are extremely well aligned to the new administration and DOGE's objectives, [a piece of] strength, secure orders, increased efficiency, and technology modernization.

最後，政府效率部（DOGE）繼續進行審查。到目前為止，我們看到的影響很小，但我們仍將繼續與客戶保持密切聯繫，為他們提供所需的一切支援。雖然 DOGE 尚未完成這項工作，但我們仍然相信，我們的策略、差異化的基於軟體的能力以及卓越的程序執行與新政府和 DOGE 的目標（實力、安全訂單、提高效率和技術現代化）高度契合。

Slide 6, please. With that in mind, I'd like to highlight some of our recent successes on key programs supporting enduring national security priorities. Our proven commercial agile software development capabilities and software-defined approach on these programs continue to accelerate speed, agility, efficiency, and lethality across the national security space, which is exactly what this administration is asking.

請看投影片 6。考慮到這一點，我想強調我們最近在支持持久國家安全優先事項的關鍵項目上取得的一些成功。我們在這些專案中經過驗證的商業敏捷軟體開發能力和軟體定義方法繼續加速整個國家安全領域的速度、敏捷性、效率和殺傷力，這正是本屆政府所要求的。

First, our TLS Manpack technology is a perfect example of our strategy playing out in the electromagnetic spectrum. TLS Manpack is a commercially developed software-defined system that allows dismounted soldiers to conduct single detection, direction finding, and electronic attack while on the move. Manpacks have upgradable software and signal sets enable our warfighters to be more capable and more lethal and demand for this technology continues to strengthen.

首先，我們的 TLS Manpack 技術是我們的策略在電磁頻譜中發揮作用的完美例子。TLS Manpack 是一種商業開發的軟體定義系統，允許下馬士兵在移動中進行單一檢測、測向和電子攻擊。背負式武器配備可升級的軟體和訊號裝置，使我們的作戰人員能力更強、殺傷力更強，對這種技術的需求也不斷增強。

Our program of record ceiling was increased this quarter, and the number of systems we have delivered has more than doubled and will continue to grow. TLS Manpack was even featured on the cover of the April edition of the Journal of Electromagnetic Dominance.

本季我們的記錄上限計劃有所提高，我們交付的系統數量增加了一倍多，並將繼續增長。TLS Manpack 甚至登上了《電磁優勢雜誌》四月刊的封面。

Next, our Navy Spectral program continues to progress well as we enter the next phase of the program. We are beginning to upgrade existing systems as an interim step to deliver enhanced capability to the fleet faster and enabling more efficient transition to the full spectral system.

接下來，隨著我們進入計劃的下一階段，我們的海軍光譜計劃繼續進展順利。我們正在開始升級現有系統，作為一項臨時措施，以便更快地為艦隊提供增強的能力，並實現更有效地過渡到全光譜系統。

Spectral software-defined capabilities at upgrade will signal set enhanced with AI to reduce the cognitive burden on the sailor, will make our warfighters more capable and more lethal. The continued success of the program is not only a resounding endorsement of our investing ahead of customer need and our software-defined approach, but also a great example of the strategic value of the Azure Summit acquisition.

升級後的光譜軟體定義能力將透過人工智慧增強訊號集，以減輕水手的認知負擔，使我們的作戰人員更有能力、更具殺傷力。該計劃的持續成功不僅是對我們超越客戶需求的投資和軟體定義方法的有力認可，也是 Azure Summit 收購策略價值的一個很好的例子。

Next, as one of our seven large network modernization programs, Army SIPRMOD. Here, we are modernizing the US Army's secure internet protocol network, a highly complex network for transmitting classified information around the globe. The software-defined network technology we're deploying includes Archon, which is a CACI commercial technology that was developed ahead of customer need and improved to be a crucial differentiator in winning the program.

接下來，作為我們的七大網路現代化項目之一，陸軍 SIPRMOD。在這裡，我們正在對美國陸軍的安全互聯網協議網路進行現代化改造，這是一個用於在全球範圍內傳輸機密資訊的高度複雜的網路。我們正在部署的軟體定義網路技術包括 Archon，這是一項 CACI 商業技術，它是在客戶需求之前開發的，並且經過改進，成為贏得該專案的關鍵差異化因素。

We recently installed the first Archon Gateway, which represents an important program milestone. The Army SIPRMOD program highlights the significant opportunity for additional software-defined network monetization across the federal government to increase security and delivery efficiency and is another great example of CACI winning by investing ahead of customer need.

我們最近安裝了第一個 Archon Gateway，這代表著一個重要的專案里程碑。陸軍 SIPRMOD 計畫凸顯了聯邦政府透過額外的軟體定義網路貨幣化來提高安全性和交付效率的重大機遇，也是 CACI 透過提前投資滿足客戶需求而取得成功的另一個很好的例子。

Our support of DoD's push for financial accountability and transparency is yet another success story. Last quarter, we highlighted our work on the defense agency's initiative, or DAI program, where we have developed and deployed commercial software to enable successful financial audits for DoD agencies.

我們對國防部推動財務問責和透明度的支持是另一個成功案例。上個季度，我們重點介紹了我們在國防機構計劃（DAI 計劃）上的工作，我們開發並部署了商業軟體，以便為國防部機構成功進行財務審計。

This quarter, I'm pleased to report another great milestone. The US Marine Corps recently received their second clean financial audit. CACI is the only technology company that has helped a service level agency in the DoD achieve a clean financial audit, now for the second year in a row. But we've done the same for many other DoD entities as well.

本季度，我很高興地報告另一個重要的里程碑。美國海軍陸戰隊最近接受了第二次乾淨的財務審計。CACI 是唯一一家幫助國防部服務級機構實現乾淨財務審計的技術公司，這已是連續第二年了。但我們也為國防部的許多其他實體做了同樣的事情。

With the software we have implemented for the DAI, CACI has provided the blueprint for DoD agencies to successfully pass audits and provide financial accountability and transparency, and we expect other DoD agencies to follow the Marine Corps' example.

透過我們為 DAI 實施的軟體，CACI 為國防部各機構成功通過審計並提供財務問責和透明度提供了藍圖，我們希望其他國防部機構也能效仿海軍陸戰隊的做法。

Finally, this past February, our BEAGLE program for DHS Customs and Border Protection saw the highest monthly volume of software releases ever. This significant increase in release demand was driven by the new administration's border security policy. Our agile software development capabilities are purpose built for exactly this type of rapid changes and requirements.

最後，今年二月，我們為國土安全部海關和邊境保護局開發的 BEAGLE 程序的每月軟體發布量達到了有史以來的最高水平。釋放需求的大幅增加是由新政府的邊境安全政策所推動的。我們的敏捷軟體開發能力正是為滿足這種快速變化和需求而建構的。

We are on track to deliver well over 1,000 software releases this year with greater than 99% defect-free quality. And we are taking these same capabilities to NASA where our NCAPS program is increasing velocity and efficiency by consolidating software applications from 11 centers across NASA using the same proven commercial, agile software development processes combined with our six decades of mission focus.

我們今年可望推出超過 1,000 個軟體版本，且品質無缺陷率超過 99%。我們將同樣的功能帶到 NASA，我們的 NCAPS 計劃透過整合 NASA 11 個中心的軟體應用程式來提高速度和效率，採用相同的經過驗證的商業、敏捷軟體開發流程，結合我們六十年的任務重點。

These examples highlight how CACI's differentiated software-based capabilities, commercial processes, and exceptional execution are helping our customers address critical and enduring national security priorities and are helping CACI continue to win, grow, and deliver value to our shareholders.

這些例子突顯了 CACI 差異化的軟體為基礎的功能、商業流程和卓越的執行力如何幫助我們的客戶解決關鍵且持久的國家安全優先事項，並幫助 CACI 繼續贏得勝利、發展並為我們的股東創造價值。

Slide 7, please. In summary, our strategy and business remain resilient, as underscored by our continued strong financial performance. It's the reason we are again able to increase our fiscal year '25 guidance and remain confident in achieving our three-year financial targets.

請看投影片 7。總而言之，我們的策略和業務仍然保持彈性，這從我們持續強勁的財務表現中可以看出。這就是我們能夠再次提高 25 財年指導並對實現三年財務目標充滿信心的原因。

We remain positive given increasing budgets and bipartisan support to the national security priorities that we focus on. We are executing our strategy that purpose build our business for this environment, and that continues to position us well to drive long-term growth, increasing free cash flow per share and additional shareholder value.

鑑於預算不斷增加以及兩黨對我們關注的國家安全優先事項的支持，我們仍然持積極態度。我們正在執行旨在為這種環境建立業務的策略，這將繼續使我們處於有利地位，推動長期成長，增加每股自由現金流和額外的股東價值。

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

說完這些，我會把電話轉給傑夫。

Thank you, John. Good morning, everyone.

謝謝你，約翰。大家早安。

Please turn to slide 8. In the third quarter, we generated revenue of $2.2 billion, representing 11.8% reported growth, of which 5.6% is organic. As John mentioned, our strategy that differentiates CACI from traditional competitors and our superior execution are evident in our strong results. Third-quarter EBITDA margin of 11.7% represents a year-over-year increase of 40 basis points.

請翻到第 8 張投影片。第三季度，我們的營收為 22 億美元，成長 11.8%，其中 5.6% 為有機成長。正如約翰所提到的，我們的策略使 CACI 有別於傳統競爭對手，而我們卓越的執行力在我們強勁的業績中得到了充分體現。第三季 EBITDA 利潤率為 11.7%，年增 40 個基點。

Similar to last quarter, EBITDA margin is above our previously stated expectations primarily due to the timing of certain software-defined technology deliveries occurring in the third quarter. Excluding these items, third-quarter EBITDA margin would have been in line with our comments last quarter. Adjusted diluted earnings per share of $6.23 were 9% higher than a year ago. Greater operating income and our recent share repurchases more than offset higher interest expense and a higher income tax provision.

與上一季類似，EBITDA 利潤率高於我們先前預期，這主要是由於某些軟體定義技術的交付時間是在第三季。除去這些項目，第三季的 EBITDA 利潤率將與我們上個季度的評論一致。調整後每股攤薄收益為 6.23 美元，比去年同期高出 9%。更高的營業收入和我們最近的股票回購足以抵消更高的利息支出和更高的所得稅準備金。

Third-quarter operating cash flow, excluding our accounts receivable purchase facility, was $204 million, reflecting strong profitability and effective management of working capital. Days sales outstanding, or DSO, were 55 days. Free cash flow for the third quarter was $188 million, representing strong sequential and year-over-year increases.

第三季的營運現金流（不包括應收帳款購買工具）為 2.04 億美元，反映了強勁的獲利能力和有效的營運資金管理。應收帳款週轉天數（DSO）為 55 天。第三季的自由現金流為 1.88 億美元，環比和年比均有強勁成長。

Slide 9, please. During the quarter, we announced that we would be initiating an open market repurchase program utilizing our existing share repurchase authority. Through the end of the quarter, we bought 436,000 shares at an average price of about $344 per share. After completion of these latest repurchases, we have approximately $187 million remaining in our current authorization.

請翻閱第 9 張投影片。在本季度，我們宣布將利用現有的股票回購權啟動公開市場回購計畫。截至本季末，我們以每股約 344 美元的平均價格購買了 436,000 股。完成這些最新回購後，我們目前的授權金額還剩下約 1.87 億美元。

Including this latest activity, we have repurchased approximately 15% of our outstanding shares since FY21, while also completing 12 acquisitions during the same time period. This track record is a testament to our flexible and opportunistic capital deployment approach.

包括這次最新活動，自 21 財年以來，我們已經回購了約 15% 的流通股，同時也在同一時期完成了 12 次收購。這份業績記錄證明了我們靈活且機會主義的資本配置方法。

Third-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, and reflecting the capital used this quarter for the share repurchases. We remain well positioned to deploy capital in a flexible and opportunistic manner to drive long-term growth in free cash flow per share and shareholder value.

在收購 Applied Insight 和 Azure Summit 之後，第三季淨債務與過去 12 個月 EBITDA 比率按備考基礎計算為 2.9 倍，反映了本季用於股票回購的資本。我們仍處於有利地位，能夠以靈活和機會主義的方式部署資本，以推動每股自由現金流和股東價值的長期成長。

Slide 10, please. We are pleased to again raise our FY25 guidance, as a result of our strong business performance heading into the fourth quarter. We're raising the low end of our revenue guidance with a new range of $8.55 billion to $8.65 billion, driven by stronger organic growth. This represents total growth of 14.5% to 16% on an underlying basis, which includes about 6 points of growth from acquisitions.

請看第 10 張投影片。由於我們進入第四季後業務表現強勁，我們很高興再次提高 2025 財年的業績指引。受更強勁的有機成長推動，我們將營收預期的下限上調至 85.5 億美元至 86.5 億美元。這意味著整體基礎成長率為 14.5% 至 16%，其中包括來自收購的約 6 個百分點的成長。

We continue to expect fiscal '25 EBITDA margin to be in the low 11% range. And in light of our Q3 margin overperformance that was driven by the acceleration of the software-defined technology deliveries from Q4, we now expect Q4 EBITDA margin to also be in the low 11% range.

我們繼續預計 25 財年的 EBITDA 利潤率將在 11% 的低位範圍內。鑑於我們第三季的利潤率表現優異（這得益於第四季度軟體定義技術交付的加速），我們現在預計第四季度的 EBITDA 利潤率也將處於 11% 的低點。

As a result of our higher revenue outlook, combined with a slightly lower effective tax rate and interest expense, we're also raising the low end of our adjusted net income guidance with a new range of $543 million to $557 million. This, along with our reduced share count, yields an attendant increase in adjusted earnings per share to be between $24.24 and $24.87 per share, representing growth of 15% to 18% compared with last year.

由於我們的收入預期較高，加上有效稅率和利息支出略低，我們還將調整後淨收入預期的低端上調至 5.43 億美元至 5.57 億美元的新範圍。加上我們減少的股票數量，調整後的每股收益隨之增加，達到每股 24.24 美元至 24.87 美元之間，與去年相比增長 15% 至 18%。

And finally, as we're always focused on the efficient use of our capital, we're increasing our free cash flow guidance to be at least $465 million, driven by a reduction in our CapEx forecast. About half of the CapEx reduction is related to capital efficiencies from using existing Azure capacity with the balance coming from other program efficiencies and the timing of program ramp-ups. As we've said before, we see free cash flow per share as the ultimate value creation metric, and our FY '25 guidance now implies 22% growth in free cash flow per share.

最後，由於我們始終專注於高效利用資本，我們將自由現金流指引提高到至少 4.65 億美元，這得益於我們資本支出預測的減少。大約一半的資本支出減少與使用現有 Azure 容量的資本效率有關，其餘部分則來自其他計畫的效率和計畫加速的時間。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 25 財年的指引現在意味著每股自由現金流成長 22%。

Slide 11, please. Turning to forward indicators, our trailing 12 months book-to-bill ratio of 1.5 times reflects strong performance in the marketplace. Our backlog of $31 billion increased 10% from a year ago and continues to represent almost four years of annual revenue. These metrics provide good long-term visibility into the strength of our business.

請翻看第 11 張投影片。談到前瞻性指標，我們過去 12 個月的訂單出貨比為 1.5 倍，反映了市場表現強勁。我們的積壓訂單金額為 310 億美元，比去年同期增加了 10%，相當於我們近四年的年收入。這些指標為我們長期的業務實力提供了良好的可視性。

Entering the fourth quarter, more than 97% of our FY25 revenue is expected to come from existing programs with about 2% coming from recompetes and less than 1% from new business. Progress on these metrics reflects our strong operational performance and underpins our confidence in our updated expectations for the year.

進入第四季度，預計我們 25 財年收入的 97% 以上將來自現有項目，約 2% 來自重新競爭，不到 1% 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最新預期的信心。

In terms of our pipeline, we have $17 billion of bids under evaluation, nearly 80% of which are for new business to CACI. The 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. We expect to submit another $10 billion of bids over the next two quarters with more than 75% of that being for new business.

就我們的管道而言，我們正在評估 170 億美元的投標，其中近 80% 是針對 CACI 的新業務。評估投標數量的環比大幅增加反映了我們強勁的業務發展表現，以及 RFP 發布、提案提交和授予決定有時不一致的時間表。我們預計在未來兩季再提交 100 億美元的投標，其中 75% 以上用於新業務。

In summary, we continue to deliver successful results in an uncertain environment, underscoring the resilience and durability of our business. We are seeing healthy demand from our customers, as we help them address 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，我們在不確定的環境中繼續取得成功的成果，突顯了我們業務的彈性和持久性。我們看到來自客戶的健康需求，因為我們幫助客戶解決關鍵的國家安全問題。我們將繼續贏得並執行支持長期成長的高價值持久工作，增加每股自由現金流和額外的股東價值。

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

說完這些，我會把電話轉回給約翰。

Thank you, Jeff. Let's go to slide 12, please. In summary, we delivered double-digit revenue growth, increased profitability, strong cash flow, and solid awards. Our performance positions us to again raise our fiscal year '25 guidance, underscores our continued confidence in achieving our three-year financial targets.

謝謝你，傑夫。請翻到第 12 張投影片。總而言之，我們實現了兩位數的收入成長、獲利能力提高、現金流強勁以及獎勵豐厚。我們的業績使我們再次提高 25 財年的預期，凸顯了我們對實現三年財務目標的持續信心。

Additionally, we opportunistically repurchased $150 million of CACI shares to further enhance shareholder value. We continue to navigate a challenging and uncertain macro environment, thanks to the successful execution of our strategy; a strategy where we utilize commercial structure development processes and everything we do, we invest ahead of customer need, we provide differentiated expertise and technology.

此外，我們也趁機回購了價值 1.5 億美元的 CACI 股票，以進一步提高股東價值。由於我們成功實施了策略，我們能夠繼續應對充滿挑戰和不確定性的宏觀環境；我們的策略是利用商業結構開發流程和我們所做的一切，我們在客戶需求之前進行投資，提供差異化的專業知識和技術。

This strategy enables CACI to continue delivering increased speed, agility, efficiency, and lethality. And we see proof point after proof point that this is exceptionally well aligned to the administration's priorities. As is always the case, our success is driven by our employees' talent through innovation and our commitment.

這項策略使 CACI 能夠繼續提高速度、靈活性、效率和殺傷力。我們不斷看到證據證明這非常符合政府的優先事項。一如既往，我們的成功源自於員工的創新才能和我們的承諾。

To everyone on the CACI team, I'm 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.

對於 CACI 團隊的每一位成員，我為你們每天為我們的公司和國家所做的一切感到自豪。謝謝。對於我們的股東，我要感謝你們對 CACI 的持續支持。

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

凱爾文，讓我們開始提問吧。

(Operator Instructions) Scott Mikus, Melius Research.

（操作員指示） Scott Mikus，Melius Research。

Very nice numbers. Quick question on contract growth. Just wondering how that trended since the change in administration? You're finding any changes in customer behavior? Are they maybe not spending to the ceiling on some of their contracts or some of the task orders from IDIQ is coming out more slowly than you would have anticipated?

非常好的數字。關於合約成長的快速提問。只是想知道政府換屆以來趨勢如何？您發現客戶行為有任何改變嗎？他們是否在某些合約上沒有達到最高限額，或者 IDIQ 的某些任務訂單的執行速度比您預期的要慢？

Yes, Scott, thanks. So if I look at our on-contract growth, that's just one element of how we grow this business and how we have grown it through fiscal year 2025. We haven't seen any slowdown on our contract growth measures. We just talked about where our book-to-bill was in the third quarter, so we really haven't seen a material slowdown in awards.

是的，斯科特，謝謝。因此，如果我看一下我們的合約成長，這只是我們如何發展這項業務以及如何在 2025 財年實現成長的一個因素。我們的合約成長措施並未出現任何放緩。我們剛剛討論了第三季的訂單出貨比情況，因此我們確實沒有看到合約授予量出現實質的放緩。

And I think what else is telling as we look forward is the level of RFPs that we're responding to the fact that bids to be awarded and bids we're going to be submitting this up to, I think, a $2 billion or $3 billion from the last, last period, really gives us the confidence that we're going to continue to see awards and funding that will drive future growth.

我認為，展望未來，另一個值得關注的因素是，我們正在響應的 RFP 水平，以及即將授予的投標和我們將要提交的投標，我認為，從上一期開始，我們將獲得 20 億美元或 30 億美元的資金，這確實讓我們有信心，我們將繼續看到推動未來增長的獎勵和資金。

Okay. And then I know that you're not guiding to FY26 now, but I was just curious how much revenue is already in that backlog? And are there any sort of major recompetes that we should be aware of for the next, say, 12 to 18 months?

好的。然後我知道您現在沒有指導 FY26，但我只是好奇積壓的收入已經有多少？那麼，在接下來的 12 到 18 個月內，我們是否應該注意哪些重大的重新競爭？

Yes, Scott, there's not one program that's more than 5% of our revenue. It's sort of a moderate recompete year as we look forward to '26. Yeah, most likely won't be sharing '26 guidance the fact that we're still working through where we're going in fiscal year 2026. But yeah, it's actually building up very, very well. And Jeff, anything else you want to add?

是的，史考特，沒有一個項目占我們收入的 5% 以上。當我們展望 26 年時，這是一個適度重新競爭的一年。是的，很可能不會分享 26 年的指導，因為我們仍在研究 2026 財年的發展方向。但確實，它確實發展得非常非常好。傑夫，您還有什麼要補充的嗎？

Yeah. I would only add that while John alludes to the fact, obviously, that we're doing our detailed FY26 planning right now, the positioning of the portfolio, the pipeline that we see, and the pace and rhythm of the business is very much aligned with our three-year targets from last fall. So while we're not going to give you any details today on FY26, the medium-term horizon is very much consistent with what we saw then and see now.

是的。我只想補充一點，雖然約翰提到了我們目前正在製定詳細的 FY26 規劃，但投資組合的定位、我們看到的管道以及業務的速度和節奏與我們去年秋天的三年目標非常一致。因此，雖然我們今天不會向您提供有關 26 財年的任何詳細信息，但中期前景與我們當時和現在看到的情況非常一致。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

This is Josh Korn on for David. Nice results. Wanted to ask sort of an industry question about the DoD memo about in-sourcing or updating acquisition for tech. I guess you mentioned you haven't seen any major negative impacts from those. But just positively or negatively, how that could play out? Is that more of a short-term impact or a longer-term impact when those policies are put into practice?

我是喬許‧科恩 (Josh Korn)，代表大衛 (David) 報道。效果不錯。想問一個有關國防部關於內部採購或更新技術收購的備忘錄的行業問題。我想您提到您沒有看到任何重大的負面影響。但無論是正面的還是負面的，結果會怎麼樣呢？當這些政策付諸實施時，這更多的是短期影響還是長期影響？

Let me parse into a couple of pieces. Let's talk about the EOs first. Look, there's a lot of executive orders and memos. They're being released, and we are assessing all of them. A lot of the EOs related to our industries are really focused on greater spending efficiency for the US government, and especially in national security space.

讓我將其分解成幾個部分。我們先來談談 EO。你看，有很多行政命令和備忘錄。他們即將被釋放，我們正在對他們所有人進行評估。許多與我們的產業相關的行政命令實際上都專注於提高美國政府的支出效率，特別是在國家安全領域。

There is a focus on streamlining decision-making so that we can get better capabilities to warfighter faster and more efficiently, which clearly, myself, and I'm certain others in the industry strongly support. But how we relate to us, these concepts are really central to the strategy that we've outlined for a number of years, which is why we embarked on a software-defined capabilities path because it's really in line where the world is going.

我們的重點是簡化決策過程，以便我們能夠更快、更有效地為作戰人員提供更好的能力，顯然，我本人以及我確信業內其他人都大力支持這一點。但是，這些概念與我們自身如何相關，對於我們多年來所概述的策略來說，這些概念確實是核心，這也是我們走上軟體定義能力之路的原因，因為它確實符合世界的發展方向。

So look, the details are going to be important. It's going to depend on how they're implemented. But we do continue to engage at the appropriate level, Josh, and we see it as a net positive for CACI over time.

所以，細節很重要。這將取決於它們如何實施。但是我們確實會繼續在適當的層面上參與，喬希，我們認為從長遠來看這對 CACI 來說是一個淨積極因素。

You asked something specifically around how the government may be looking to buy based on some of those EOs? I'll just focus on the software pathway, one, because I think that's really well aligned to where we have been. We've been talking about this for years. It really is a pivot from a long-term program, hardware focus to a software-defined approach.

您具體問了政府如何根據這些行政命令來採購嗎？首先，我只關注軟體路徑，因為我認為這與我們一直以來的狀況非常一致。我們已經談論這個問題好幾年了。這其實是從長期計劃、硬體重點轉向軟體定義方法的轉變。

And that's right in line with agile software development. Literally today, we can overlay all the current metrics of the programs we've won in the last six to eight years as it pertains to Agile and show our customers today how we can align that to this new EO.

這與敏捷軟體開發完全一致。從字面上看，今天，我們可以將過去六到八年中贏得的與 Agile 相關的項目的所有當前指標疊加起來，並向我們的客戶展示我們如何將其與這個新的 EO 相結合。

So you also asked about DOGE. I think that they're still going through their reviews, tremendous impact so far. We do continue to support customers and DOGE, as questions are asked, the number of ways they need. But I have pretty strong confidence in the strategy of what we do that we're really well aligned to those DOGE objectives.

所以你也問了有關 DOGE 的問題。我認為他們仍在進行審查，迄今為止影響巨大。當有疑問時，我們確實會繼續以他們需要的方式為客戶提供支援。但我對我們的策略非常有信心，我們確實與 DOGE 目標保持一致。

And I guess from a roll up, again, we've got seven contracts that we're aware of including one that was already over when DOGE singled that out. Potential annual revenue, $3 million, but for just about $2 million of that three, we don't have any formal contractual notification.

我想，從總結來看，我們已經知道有七份合同，其中一份在 DOGE 挑選出來時就已經結束。潛在年收入為 300 萬美元，但對於其中約 200 萬美元，我們沒有任何正式的合約通知。

So a $1 million impact from where DOGE is at now really is a testament to the strategy we have. And we're going to keep talking about that over and over again because the strategy is such that it doesn't mean we're going to be DOGE immune. I think to a great extent, we've positioned this business long before these concepts have come out, which is why we're so strongly supportive of them.

因此，DOGE 目前所處的 100 萬美元的影響確實證明了我們的策略。我們會反覆討論這個問題，因為這個策略並不意味著我們會免受 DOGE 的影響。我認為在很大程度上，我們在這些概念出現之前就已經對這項業務進行了定位，這就是我們如此大力支持它們的原因。

Thanks, Josh.

謝謝，喬希。

Great. Thank you. Very helpful. I'll stick to one.

偉大的。謝謝。非常有幫助。我會堅持一個。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Can you maybe talk to the budget cadence contemplated in your Investor Day targets, not necessarily the top-line DoD budgets or getting into FY26 guidance by any stretch, but maybe just how you think about kind of the outweigh mechanics and where expertise and technology are kind of more sensitized to typically, we think of expertise as more O&M and technology is more R&D, but any color there would be super helpful.

您能否談談投資者日目標中考慮的預算節奏，不一定是國防部的最高預算或進入 FY26 指導，但也許您如何看待超越機制以及專業知識和技術在哪裡更加敏感，通常我們認為專業知識更多的是 O&M，而技術更多的是研發，但任何顏色都會非常有幫助。

Okay. Colin, thanks. Look, government fiscal year, 25 full-year CR, for new starts gives agencies more discretion flexibility, to able to move their funds. So that's a net positive, provides really good visibility and really good certainty.

好的。科林，謝謝。你看，政府財政年度，25 個全年 CR，對於新啟動的項目，為機構提供了更多的自由裁量權靈活性，使其能夠調動資金。所以這是一個淨收益，提供了非常好的可見性和非常好的確定性。

National security spending, other things you've heard me say a lot, remains bipartisan. And look, we're going to focus on the things that we can control. We're going to run the business. We're going to drive long-term growth and shareholder value.

國家安全支出以及你們經常聽到我談論的其他事情仍然是兩黨共同的。瞧，我們將專注於我們能夠控制的事情。我們要經營這項業務。我們將推動長期成長和股東價值。

And on that front, we're doing very, very well. You talked about technology and expertise. Look, our strategy has always been to strongly align around key national security priorities and invest ahead of (inaudible). And that's why we've been bringing differentiated expertise and tech, which does position us extremely well.

在這方面，我們做得非常非常好。您談到了技術和專業知識。你看，我們的策略一直是圍繞國家安全關鍵優先事項進行強有力的協調，並在（聽不清楚）。這就是我們一直提供差異化專業知識和技術的原因，這確實讓我們處於非常有利的地位。

So if we look at the FY26 budget and we look at all the numbers we have now, as Jeff and I and the rest of the company look forward to doing '26 and beyond planning, I just wanted to share a little bit about how we see our long-range plan because there's a lot of questions on budget and timing.

因此，如果我們看一下 26 財年的預算，並看看我們現在擁有的所有數字，當 Jeff 和我以及公司其他成員期待制定 26 年及以後的規劃時，我只想分享一下我們如何看待我們的長期計劃，因為在預算和時間方面有很多問題。

So here's how I will look at it. Book-to-bill, fiscal year '25, Q1 through Q3, stronger support of awards. We've already booked $1.3 billion awards in Q4 with a large volume of to-be awarded remains. We've got a number of large awards over the last two fiscal years that contribute to out-year growth as they continue to unpack shared that during our Investor Day in the fall around how expertise and technology programs unpack.

我將這樣看待這個問題。訂單出貨比，25 財年，第一季至第三季度，獎項支持力道加大。我們已經在第四季預定了 13 億美元的獎勵，並且還有大量待獎勵。我們在過去兩個財年獲得了許多大獎，這些獎項為我們今年的成長做出了貢獻，我們在秋季的投資者日上分享了有關專業知識和技術計劃如何發揮作用的資訊。

We've begun to see the unpacking of spectral yet as well as sell at several other programs. We've got enviable backlog with at least four to six quarters of clarity on where growth is going to come from. On the funding side, a favorable government fiscal year '25 CR, allowance for new starts, funding flexibility.

我們已經開始看到光譜的解包以及在其他幾個程式上的銷售。我們擁有令人羨慕的積壓訂單，並且至少有四到六個季度的時間可以明確增長的來源。資金方面，政府 25 財年 CR 優惠，允許新開工，資金彈性。

And then you talked about future budgets, reconciliation bills up to $150 billion of defense spending, up to $200 billion of GHS represents two-thirds of the business that CACI executes year over year. We're seeing signals to support a $1 trillion government fiscal year '26 budget. And we have a portfolio that's really much aligned with peace through strength, China, protecting the homeland.

然後您談到了未來的預算，高達 1500 億美元的國防開支和高達 2000 億美元的 GHS 的和解法案佔 CACI 逐年執行業務的三分之二。我們看到了支持政府 26 財年 1 兆美元預算的訊號。我們的政策與透過實力實現和平、保衛祖國的方針非常一致。

So when we look at those mileposts that we use to measure how our strategy is stacking up, and we're looking at where this customer set is going, whether it's does, whether it's GSA scrub list, whatever those are, those are quantitative measures that we need to support our three-year plan.

因此，當我們查看用來衡量我們的策略如何實施的里程碑時，我們會查看這個客戶群的去向，無論是什麼，無論是 GSA 清理列表，無論它們是什麼，這些都是我們支持三年計劃所需的量化指標。

So high-single-digit revenue growth, mid 11% margins, $1.6 billion of free cash flow, the use of which is not contemplated in the revenue and margin growth rates. We have base to navigate without a doubt. But where we are, folks is not by accident, by aligning a strategy ahead of customer need that makes up with the customer at the right time and it's the right time.

因此，高個位數的收入成長、11% 左右的利潤率、16 億美元的自由現金流，這些自由現金流的使用並未計入收入和利潤率的成長率。毫無疑問，我們有航行的基礎。但是，各位朋友，我們現在所處的位置並不是偶然的，而是透過事先制定策略來滿足客戶的需求，從而在正確的時間與客戶進行匹配。

Got it. And then maybe on the supplemental, is there a way to think about kind of how fast do you think those monies can get started and whether that supplemental is balanced more towards what I call as an O&M style cadence or more of an R&D style cadence on the outlays?

知道了。然後也許在補充方面，有沒有辦法考慮一下您認為這些資金可以多快開始使用，以及這種補充是否更傾向於我所說的 O&M 風格的節奏或更多的 R&D 風格的支出節奏？

Yeah. I think if we look at --

是的。我認為如果我們看看--

Sure, we have that visibility. I mean, we have a fair amount of work that's funded with O&M, but it will be across both areas. I'm sure. We'll give more details.

當然，我們有這樣的可見性。我的意思是，我們有相當多的工作是由 O&M 資助的，但它將涉及兩個領域。我敢肯定。我們將提供更多細節。

Thanks, all.

謝謝大家。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist Securities。

You mentioned the $1 trillion DoD budget and border security. Are there specific areas of incremental funding that represents sort of the biggest and best opportunities for the firm going forward that you could highlight for us?

您提到了 1 兆美元的國防部預算和邊境安全。是否存在一些特定的增量融資領域，代表公司未來最大、最好的機會，您能為我們重點介紹一下嗎？

Yeah. Tobey, I don't think a lot of us have the details behind the 150 and the 200, but I can share a little bit about where we're positioned within those areas. Electronic warfare is going to continue to be an issue that as recently as last week, there were senior government officials talking about that how woefully underinvested we have been in electronic warfare.

是的。托比，我認為我們中的許多人都不了解 150 和 200 背後的細節，但我可以分享我們在這些領域中的位置。電子戰將繼續成為一個問題，就在上週，還有高級政府官員談論我們在電子戰方面的投資嚴重不足。

You probably can't talk about things like Golden Dome, and I'd like to just say airborne base defense in the US without believing that that's going to cost additional funding, I think you've got combat commanders out there. We're all focused sort of in the UCom area, but we have to build up in the (inaudible) for the China fight, Taiwan defense, we've got a lot of bad actors still in (inaudible) today. So I think you're going to see a lot of capabilities so that we can build out what those combat commanders need.

您可能無法談論金色穹頂之類的事情，我只想說美國的空降基地防禦，我不認為這會花費額外的資金，我認為你們有作戰指揮官在那裡。我們都將注意力集中在 UCom 領域，但我們必須在（聽不清楚）中國鬥爭、台灣防禦方面加強建設，今天我們仍然在（聽不清楚）中遇到很多不良行為者。所以我認為你會看到很多能力，以便我們可以滿足戰鬥指揮官的需求。

So there's a large number of areas on the defense side. On the [DADA] side, protecting borders, that's going to be everything from customers and border agents. I shared a lot of fantastic news and support that we have given to that agency as far under our legal contract, I truly believe that something that's going to hit defense of the homeland as well as borders security is going to be how do we track and find drones that are bringing a lot of nefarious things not only across the border, but are also used by folks south of the border to traffic individuals.

因此，防守方面有很多領域。在 [DADA] 方面，保護邊境需要從客戶到邊境人員的全力配合。我分享了很多好消息和支持，我們根據法律合約向該機構提供了幫助，我堅信，對國土防禦和邊境安全造成重大影響的是如何追踪和發現無人機，這些無人機不僅將大量非法物品帶過邊境，而且還被邊境以南的人們用來販賣人口。

So I think that's another area. So -- and then last, I'd tell you that on the DoD or DoIT side and network modernization side, DOGE some of the very initial comments where once the pieces are done, where do we have to place more investments versus cuts? And I'd tell you, we are well aligned as a publicly traded company, as a 60-some year-old company, to bring our expertise and our technology to build network modernization and the number of the improvements that the government would like to make in enterprise IT.

所以我認為這是另一個領域。所以 — — 最後，我想告訴你，在國防部或資訊技術部以及網路現代化方面，DOGE 提出了一些最初的評論，一旦這些部分完成，我們應該在哪裡增加投資而不是削減投資？我想告訴你們，作為一家上市公司，作為一家擁有 60 多年歷史的公司，我們完全有能力利用我們的專業知識和技術來實現網路現代化，並實現政府希望在企業 IT 領域做出的一系列改進。

Thank you. For my follow up, I was hoping you could update us on the development and ramp of production for -- in your optical communications business and maybe remind us of the leverage in that units as you start to ramp production?

謝謝。作為我的後續提問，我希望您能向我們介紹一下光通訊業務的開發和生產提升情況，並在您開始提高產量時提醒我們該部門的槓桿作用？

Yeah. Thanks. Look, we are coming up upon making certain that we'll be delivering at least 6 times greater than our FY24 OCT delivery volume during 2025. Now I'll first start off that acquisitions really large and very complicated programs in a lot of areas, both in optical terminals as well as space, scrap, and bus design.

是的。謝謝。你看，我們即將確保在 2025 年期間我們的交付量至少是 FY24 OCT 交付量的 6 倍。現在我首先要說的是，在許多領域，包括光學終端、空間、廢料和匯流排設計，都收購了非常大且非常複雜的專案。

Look, we're all pushing the edges of technology at every term. But it's extremely relevant and time sensitive to the future space dominance. So we have delivered 25 OCTs that are operating in space, which includes 10 SDA (inaudible) tracking those OCTs. Those have already been used to prove out space to face, space to ground and space to air connections.

瞧，我們每個學期都在不斷推動科技的進步。但它與未來的太空主導地位極為相關且具有時間敏感性。因此，我們已經交付了 25 個在太空中運行的 OCT，其中包括 10 個追蹤這些 OCT 的 SDA（聽不清楚）。這些已經被用來驗證天對面、天對地和天對空的連結。

We are right in the middle of production now. We're looking at deliveries by the end of this month, by the end of May and by the end of June. I am very confident that we will hit our goal for SA Photonics and OGS Photonics business of delivering 6 times, if not more, the number of deliveries we made last year.

我們現在正處於生產過程中。我們預計本月底、五月底和六月底交貨。我非常有信心，我們將實現 SA Photonics 和 OGS Photonics 業務的目標，即交付數量將是去年的 6 倍，甚至更多。

So well on our way, we've solved an awful lot of very difficult production problems. But you would expect that because no one's ever put tightly wound fiber and optical terminal and pushed information through it. So I'm really pleased with where we're at. We'll start to see some of the investments in that area start to come down as we get through '25 going in '26, which is directly in line with what we told folks when we did the SA Photonics acquisition.

到目前為止，我們進展順利，解決了大量非常困難的生產問題。但你會想到這一點，因為從來沒有人將光纖和光學終端緊密纏繞在一起並通過它傳遞訊息。所以我對我們的現狀感到非常滿意。隨著 2025 年到 2026 年的到來，我們將開始看到該領域的一些投資開始減少，這與我們在收購 SA Photonics 時告訴人們的情況完全一致。

We have investments through 2025, and we would be giving -- we would be getting -- we would be delivering terminals and more volume by the end of '25. When we get into FY26 timeframe, we'll be able to talk about what the looks like and how we're going to achieve in more deliveries.

我們的投資將持續到 2025 年，到 2025 年底，我們將提供終端並增加吞吐量。當我們進入 FY26 時間範圍時，我們將能夠討論其外觀以及我們將如何實現更多交付。

Thanks for the question, Tobey.

謝謝你的提問，托比。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Thank you for the time. I appreciate the DOGE comments. So maybe one big picture question, and it's clear that CACI's portfolio is positioned well with only $1 million impact. Another competitor yesterday made some comments about the perils of just divesting government employees and how that potentially could impact contracts or the pipeline conversion. John, how are you thinking about that? And how are you working with the government to maybe better educate them on the process?

感謝您抽出時間。我很感謝 DOGE 的評論。因此也許有一個大問題，很明顯 CACI 的投資組合定位良好，影響僅為 100 萬美元。另一位競爭對手昨天對剝離政府僱員的危險性以及這可能會對合約或管道轉換產生的影響發表了一些評論。約翰，你怎麼看待這件事？您如何與政府合作以便更好地教育他們了解這項流程？

Yeah. So Jeff will start and I'll ask Jeff to -- actually go ahead.

是的。那麼傑夫將開始，我會要求傑夫 - 實際上繼續。

Yeah. So we have been saying for some time, Sheila, that we sort of anecdotally are seeing some slight slowdowns in the sort of administrative pace of the business. So things like invoice approval, things like funding mods, the kind of day-to-day business of the business, things that used to take two or three days are taking four or five days. We're still feeling and seeing a little bit of that distraction, but it's been only mildly disruptive and relatively short-lived.

是的。因此，希拉，我們一直在說，我們似乎看到業務的管理速度略有放緩。因此，諸如發票審批、資金調整、日常業務等事務，過去需要兩三天的時間，現在則需要四、五天的時間。我們仍然能感覺到並看到一點點這種幹擾，但它只造成輕微的破壞並且持續時間相對較短。

And I think that's what really translates into us seeing really net-net relatively little disruption to the business. Things are a little bit slower than they are in more normal times, but it's been very manageable disruption from our view.

我認為這實際上意味著我們看到的業務受到的干擾確實相對較小。與正常時期相比，現在的進展稍微慢了一些，但從我們的角度來看，這種幹擾是可以控制的。

Sheila, I'll add something else to maybe at a larger level how it pertains to this company, maybe why we're different. We built resilience into our strategy. You all have heard me come up with this term lumpy for at least 12 years, I have been here in the four years I've been in this industry, I don't think there's ever been a customer who's awarded exactly on the day that they believe they were going to deliver.

希拉，我想從更大的層面補充一些其他內容，說明這與這家公司有何關係，以及我們為何與眾不同。我們將韌性融入我們的策略中。你們都聽我提出「lumpy」這個詞至少 12 年了，我在這個行業工作了四年，我認為從來沒有一個客戶會在他們認為要交付的那一天準確地獲得合約。

And now that's not a site of our customer. But what it is, is for us to have built this portfolio and strategy going forward, we had to make sure that we're more resilient than an end of the quarter book-to-bill number because we're live in hand to mouth between awards and then revenue growth. So we're sitting here, we've got a quarter left. We've got maybe 1%, now that we're in the fourth quarter, worth of awards we have to win to hit the end of the year revenue. So that's one marker.

而現在這不是我們客戶的網站。但問題是，為了建立這個投資組合和未來策略，我們必須確保我們比季度末的訂單出貨比數字更有彈性，因為我們在獎項和收入成長之間勉強糊口。所以我們坐在這裡，還剩下四分之一。現在我們已經進入第四季度，我們可能還需要贏得價值 1% 的獎項才能達到年底的收入。這是一個標記。

The second marker is that we've talked a lot about that April 20 looks the same as March 30 to me. And that's why we shared the $1.3 billion awards, which is something we haven't done in the past, but really just trying to show that this strategy and how we grow can expand and contract based on when the majority of these awards are let out.

第二個標記是，我們已經討論過很多次了，對我來說，4 月 20 日與 3 月 30 日是一樣的。這就是我們分享 13 億美元獎金的原因，這是我們過去從未做過的事情，但實際上只是想表明，這項策略以及我們的成長方式可以根據大部分獎金的發放時間而擴大或縮小。

So that $1.3 billion could have easily been March 29, if we were in different times and instead it didn't come out until middle of April. So I do feel that a lot of government employees are under an awful lot of stress, and that is going to just naturally the human element.

因此，如果時間不同，這 13 億美元很容易在 3 月 29 日到賬，但實際上它直到 4 月中旬才到達。因此，我確實覺得很多政府僱員承受著巨大的壓力，這自然是人為因素造成的。

But I don't know if I have to advise or coach DOGE or coach the government as to how they put awards out there. They've been pretty much, in our portfolio, been pretty much on track as well as issuing RFPs in areas that are really, really struggling because of layoffs and the like. So I like where we are today. But to your point, we got a long way to go.

但我不知道我是否必須為 DOGE 或政府提供建議或指導，告訴他們如何頒發獎項。在我們的投資組合中，他們的業務基本上一直按計劃進行，並且在那些因為裁員等原因而陷入困境的地區發布了 RFP。所以我喜歡我們今天的狀況。但正如您所說，我們還有很長的路要走。

And maybe if I could just ask one on program specifics with spectral. Can you maybe just give us an update on Azure and how the integration process is going? I know you discussed some capability enhancements. But if you could just provide an update there in the next milestone?

也許我可以問一個有關光譜程序細節的問題。您能否向我們介紹一下 Azure 的最新情況以及整合過程的進展？我知道你們討論了一些能力增強。但是，您是否可以在下一個里程碑中提供更新？

Yeah, sure. Look, the integration is going very, very well. The folks from Azure Summit are very much contributing to spectral timeline, we're about six months into the integration. I could not be more pleased they have brought incredible talent, technology, and integration capabilities. We're a highly acquisitive company, and you'll always hear us say what a phenomenal group of folks, whoever it is that we're bringing in.

是的，當然。看，整合進展非常非常順利。Azure Summit 的人們對光譜時間線做出了很大貢獻，我們已經進行了大約六個月的整合。我非常高興他們帶來了令人難以置信的人才、技術和整合能力。我們是一家極具收購精神的公司，無論我們引進了誰，你總會聽到我們說我們是一群多麼出色的人。

They have proven it from day one, and they've helped us collectively better address the challenges that we're going to be able to see in the area. Cultural match, fantastic. Ongoing technical exchanges and their improvement to the mission could not be better.

他們從第一天起就證明了這一點，並幫助我們更好地應對我們將在該地區看到的挑戰。文化比賽，精彩極了。持續進行的技術交流及其對任務的改進再好不過了。

From a program side, based on that, we've aligned both programs under a blended leadership team, where we can provide the best concept to our customers on getting capability to the field quickly, we are moving even faster in developing and deploying next-generation ship port signals.

從專案方面來看，基於此，我們在一個混合領導團隊的領導下協調了這兩個項目，我們可以為客戶提供最佳的概念，以便快速將能力應用到現場，我們在開發和部署下一代船舶港口信號方面進展得更快。

What makes the combination to me, Sheila, a real win is the win for our US Navy customer is the fact that both companies have a similar view to open architecture, agile software development and we know how to be flexible and deliver world-class systems.

希拉，對我來說，這次合併是一次真正的勝利，對我們的美國海軍客戶來說也是一場勝利，因為兩家公司對開放式架構、敏捷軟體開發有著相似的看法，而且我們都知道如何靈活地提供世界一流的系統。

So we're accelerating the use of systems now. We've got program and spectral running side-by-side yet staggered. We're going to bring plug-and-play capabilities and what's most important and a non-proprietary non-licensed model, which to us as far as superior to a licensing model where updates are based on the vendor's business case.

因此我們現在正在加速系統的使用。我們讓程式和光譜並行運行，但又交錯運行。我們將帶來即插即用功能，最重要的是非專有的非許可模式，對我們來說，這比基於供應商業務案例進行更新的許可模式要優越得多。

We actually believe our national security customers should own the software and lay out when they want those for requirements. That's what agile gives and teams are doing an extremely fantastic job.

我們確實相信我們的國家安全客戶應該擁有軟體，並在需要時制定滿足要求的軟體。這就是敏捷所提供的，而且團隊正在做著非常出色的工作。

Yeah, Sheila, I would also add, you will have noted, I'm sure that our free cash flow increase in the -- for the year is related to -- as we get through the details of the integration, being able to optimize the capacity utilization of the Azure facilities that we've actually been able to reduce some of our spectral production CapEx spend plans.

是的，希拉，我還要補充一點，你會注意到，我確信我們今年的自由現金流增加與——隨著我們了解整合的細節，能夠優化 Azure 設施的產能利用率，我們實際上已經能夠減少一些光譜生產資本支出計劃。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

John, I just wanted to follow through on what you were just talking about on the slowdown. Is there a common theme? I mean is that the department level, the contracting officer level? Is there a turnover at your customer? Is there any common theme in that slowdown?

約翰，我只是想繼續討論你剛才談到的經濟放緩問題。有一個共同的主題嗎？我的意思是那是部門級別，還是承包官員級別？您的客戶有營業額嗎？這種經濟放緩是否存在一個共同點？

Yes. I mean, I guess, one is, we're not seeing a material slowdown. I think we're seeing some of the normal actions that have happened during other times, Gavin. I mean I do believe that if you lay the human element of what the government is asking contracting officers, funding orders have not slowed down. If you look at our funded backlog that portion is very, very strong.

是的。我的意思是，我想，首先，我們沒有看到實質的放緩。加文，我認為我們看到的是其他時候發生的一些正常行為。我的意思是，我確實相信，如果考慮到政府對承包官員的要求中的人為因素，資金訂單就不會減少。如果你看一下我們的資金積壓情況，那部分資金非常非常充足。

But if you look at the award side, I do believe that people are going to, one, make sure they have the funds, right? Even though we're in a more open CR, it's still a year that we have a CR going on. I also believe that they're making sure that all Is are dotted and all Ts are crossed, right? I don't think any acquisition official can have a slip up. And I don't have an opinion on that. That's durable. Our job is to put winning proposals out there, and their job is to select us.

但是如果你從獎勵方面來看，我確實相信人們首先會確保他們有足夠的資金，對嗎？儘管我們處於一個更開放的 CR，但這仍然是我們進行 CR 的一年。我還相信他們正在確保所有 I 都帶點，所有 T 都帶橫線，對嗎？我認為任何採購官員都不會犯任何錯誤。我對此沒有意見。這很耐用。我們的工作是提出得標提案，而他們的工作是選擇我們。

So I just don't see a pronounced slowdown, and that's what's been driving really strong year loan book-to-bills for us.

因此，我沒有看到明顯的放緩，而這正是推動我們年度貸款訂單與帳單比率真正強勁的原因。

Yeah. And I'd add, Gavin, if you think about my earlier comments about the sort of day-to-day business of the business. It's not isolated in any particular customer set or any particular activity. It's more of just a general things take a day or two longer than they used to.

是的。加文，我想補充一下，如果你想想我之前關於公司日常業務的評論。它並不孤立於任何特定的客戶群或任何特定的活動。這只不過是一般的事情，比以前多花一兩天的時間。

I guess you have executive orders every other day, you probably want to double-cross your Ts and double-down your Is.

我猜你每隔一天就會收到行政命令，你可能想要雙重背叛你的 T 並加倍下注你的 I。

I think there's some of that going around.

我認為有些這樣的情況正在發生。

Okay. That's helpful. The $17 billion pipeline, I think that's a record. Is there a mathematical way to extrapolate that to a book-to-bill because you guys have better than a 1.2 book-to-bill on a smaller pipeline in the past or is that not a great comparison?

好的。這很有幫助。170億美元的管道建設，我認為這是一個紀錄。有沒有一種數學方法可以將其推斷為訂單出貨比，因為你們過去在較小管道上的訂單出貨比高於 1.2，或者這不是一個很好的比較？

Yeah, I think that's probably going to be a hard thing to do. There's a lot of variability in there across customer sets, across timing and periods of performance. It's hard to, I think, translate it quite that precisely other than the fact that I would just reiterate that it's a positive development relative to the broader environmental view that we have of sort of our near- and medium-term prospects.

是的，我認為這可能是一件很難的事情。在不同的客戶群、不同的時間和不同的執行週期中存在著很大的差異。我認為很難如此準確地翻譯這一點，除了我只想重申，相對於我們對近期和中期前景的更廣泛的環境觀點而言，這是一個積極的發展。

Yeah. Gavin also looked at -- to your question, is there something we can learn from being news versus recompetes and enough -- both of them are pretty much on the same timeline, the same percentage of jobs do award on time and some deliver late.

是的。加文也研究了——對於你的問題，我們可以從新聞和重新競爭中學到什麼嗎？ ——它們幾乎都在同一時間線上，相同比例的工作確實按時授予，有些則延遲交付。

On contract growth clearly is much more predictable. We already have all the means. We have the contractual language in place. The customers' timeline is really just finding additional funding and putting them on a contract. But there's nothing there that we like to call lumpy because we don't have a better forecasting metric, frankly, as to how these things get awarded.

合約成長顯然更可預測。我們已經擁有了一切手段。我們已經制定了合約條款。客戶的時間表實際上只是尋找額外的資金並簽訂合約。但這並不算什麼，因為坦白說，對於這些事情如何獲得獎勵，我們沒有更好的預測指標。

What is important though, as I shared earlier, is that we're not living hand to mouth. We don't need to win a $200 million job before April 30 to meet the end of the year revenue numbers, and that's really a function of a multiyear strategic move for CACI.

但重要的是，正如我之前所說的，我們的生活不能只滿足於糊口。我們不需要在 4 月 30 日之前贏得 2 億美元的工作來實現年底的收入目標，這實際上是 CACI 多年戰略舉措的結果。

Thanks, Gavin.

謝謝，加文。

Jan Engelbrecht, Baird.

簡‧恩格爾布雷希特，貝爾德。

Congrats on the another (inaudible) set of results. So I think we've talked about this topic today, but it might be a bit more specific question. Just tied to the ongoing GSA review. And as it relates to the cost savings initiative, and we know that CACI has obviously been excluded from this top 10 list of contractors that's been making the headlines since sort of late February.

恭喜您又取得一組（聽不清楚）成果。所以我認為我們今天已經討論了這個主題，但它可能是一個更具體的問題。只是與正在進行的 GSA 審查有關。就成本節約計劃而言，我們知道 CACI 顯然已被排除在自 2 月底以來一直成為頭條新聞的十大承包商名單之外。

But are you informally sort of part of that process with the GSA in terms of that review? And can you just share anything that you've learned, I guess, over the past two months. As part of that review, what they're looking at? And then just obviously contrast that with your strong positioning that you're seeing on your contracts?

但就審查而言，您是否非正式地參與了 GSA 的這項流程？您能否分享一下過去兩個月您學到的東西？作為審查的一部分，他們在關注什麼？然後很明顯地將其與您在合約中看到的強勢定位進行對比？

Yeah. Thank you. So it's true. We're not on the top 10 list, everybody out there knows that. We don't consult, we do, we deliver outcomes. We have not been contacted, so I don't know the details of what they're all looking for.

是的。謝謝。所以這是真的。我們不在前十名之列，每個人都知道這一點。我們不提供諮詢，我們只提供實踐，並提供成果。我們還沒有聯繫上，所以我不知道他們在尋找什麼的細節。

But as we said before, we have about 80 GSA programs. We've taken a stab at what codes they could be potentially pulling together. We have about a half a dozen of those in total across the entire $8.5 billion portfolio. It adds to about $158 million total contract value, and you can hear total contract value over a number of years. And as I shared earlier prior to this call, two of those programs are an extremely mission critical areas and very highly aligned and have full customer support on those.

但正如我們之前所說，我們有大約 80 個 GSA 程式。我們已經嘗試了解他們可能正在拼湊哪些程式碼。在整個 85 億美元的投資組合中，我們總共擁有大約六隻這樣的股票。這使得合約總價值增加到約 1.58 億美元，而且您可以聽到幾年內合約總價值的計算結果。正如我在本次電話會議之前所分享的，其中兩個項目是極其關鍵的任務領域，高度一致，並為其提供全面的客戶支援。

I think the other question also in this, I'd like to share a little bit is, there's a lot of discussions on cost savings ideas with the GSAs, we're seeing a lot of reports. We haven't been in those meetings. But I think it's fair to say that, frankly, we have been having those customer meetings over the last eight years.

我認為另一個問題也是我想分享一點的，那就是我們與 GSA 就節約成本的想法進行了很多討論，看到了很多報告。我們沒有參加過這些會議。但我認為公平地說，坦白說，過去八年來我們一直在舉行這些客戶會議。

It really began when we began bringing commercial agile software development to the federal government utilizing DevSecOps and already beginning without DOGE, without GSA contract clubs, moving customers from purchasing labor hours to developing digital applications.

這一切真正開始於我們開始利用 DevSecOps 將商業敏捷軟體開發引入聯邦政府，並且從一開始就沒有 DOGE，沒有 GSA 合約俱樂部，將客戶從購買工時轉向開發數位應用程式。

This is a strategy we've been explaining for quite a long time. It is one of the material differentiators in the market. And simply stated, the value proposition has always been between CACI and our customers that by moving to a commercial-light model, customers are going to inherently spend less, they're going to receive better outcomes that they can fully control without costly labor honor contracts and the customer can then use those savings from their appropriated budgets and go by even more.

這是我們長期以來一直在解釋的策略。它是市場上的材料差異化因素之一。簡而言之，CACI 和我們的客戶之間始終存在著價值主張：透過轉向商業輕型模式，客戶本質上將花費更少，他們將獲得更好的結果，他們可以完全控制這些結果，而無需昂貴的勞動合同，然後客戶可以從撥款預算中使用這些節省下來的資金，甚至更多。

So -- and at the end of the day, I think a customer who owns a software, which is critical national security is more important than one that has bought multiple licenses. So to me, we have a lot of talk about moving the federal government to a new place. And maybe one way to do that is to go through all these GSA contracts. I don't know. I'm not involved in that.

所以——最終，我認為擁有對國家安全至關重要的軟體的客戶比購買了多個許可證的客戶更重要。所以對我來說，我們討論了很多關於將聯邦政府遷移到新地方的問題。也許一種方法就是仔細閱讀所有這些 GSA 合約。我不知道。我沒有參與其中。

But from what we understand, all the discussions around how do you save the government cost, we believe we've been having those discussions. The most recent one was with NASA, where it drove a multibillion-dollar award to consolidate 11 centers. So this is not new news for us. it is a clear differentiator. I don't know where the outcome of GSA contracts and (inaudible) codes are going to be.

但據我們了解，所有關於如何節省政府成本的討論，我們相信我們一直在進行。最近一次合作是與美國國家航空暨太空總署 (NASA) 合作，推動了一項價值數十億美元的合作，以整合 11 個中心。所以這對我們來說不是什麼新鮮事。這是一個明顯的區別。我不知道 GSA 合約和（聽不清楚）程式碼的結果會是什麼。

But I'm rather confident that what we're doing is on the right side of right and we've had a lot of these discussions. And it's why we open any other discussions, any other customers out there about how to get more from us.

但我相當有信心，我們所做的事情是正確的，而且我們已經進行了很多這樣的討論。這就是為什麼我們要展開其他討論，與其他客戶討論如何從我們這裡獲得更多。

Great, John. Just a quick follow up. Just within counter unmanned, it seems like you're well positioned, and that's going to be a focus area under this administration. So could you just talk about CACI's positioning within the counter unmanned market today? And then just some potential near-term opportunities we've seen about the Army TIC 2.0 contract. I think that's about $1 billion of funding through '27.

太好了，約翰。只是快速跟進。光是在反無人機領域，你們似乎就處於有利地位，這將是本屆政府關注的重點領域。那麼，您能否談談CACI目前在櫃檯無人市場的定位？然後是我們看到的一些有關陸軍 TIC 2.0 合約的潛在近期機會。我認為到 27 年，資金總額將達到約 10 億美元。

And there's some counter unmanned systems in there. There's some EW systems. I think there's 250 that they're looking for. Is that anything that sort of -- that you're aligned with or could you just talk about the counter unmanned market for CACI?

其中還有一些反無人機系統。有一些電子戰系統。我認為他們正在尋找 250 人。您認同這種觀點嗎？或者您能否談談 CACI 的反無人市場？

Yeah. I'll start with a strong fact that we've got over 5,000 EW systems deployed all over the world today. We've got a lot to bring to the table. It's proven, it's deployed, it's operational, including both sensors and capabilities. They're both coming from current program records and everything we deliver has confirmed kills and they're in theater.

是的。首先我要強調一個事實：目前我們已經在世界各地部署了超過 5,000 個電子戰系統。我們有很多東西可以拿出來討論。它已經過驗證、已部署、已投入運行，包括感測器和功能。它們都來自當前的計劃記錄，我們交付的所有內容都已確認擊殺，並且它們在戰場上。

So they're not in a range, they're not in exercise, they're not PowerPoint slide, they actually are out there driving confirmed kills for combat commanders. If we look at two areas going forward, Golden Dome will have some layer, I would imagine, of air defense to it as everybody else has been. They're looking for sensors, effectors, and command and control.

所以他們不在射程內，他們不在演習中，他們不是在放 PowerPoint 幻燈片，他們實際上在那裡為作戰指揮官執行確認擊殺任務。如果我們展望未來的兩個領域，我想，金色穹頂將會像其他地方一樣擁有一定程度的防空措施。他們正在尋找感測器、效應器以及指揮和控制。

We can talk about currently deployed systems as some companies have already talked about. There's a lot of capabilities out there, there's always been about getting them together in a more cost-efficient manner, and we believe that we have the right solutions that combat not only the simple drones you can see pass by, but everything, everything from a Level 1 to a Level 5 class drone.

我們可以談論目前部署的系統，正如一些公司已經談論過的。有很多功能，我們總是想以更具成本效益的方式將它們整合在一起，我們相信我們擁有正確的解決方案，不僅可以對抗你看到的簡單無人機，還可以對抗從 1 級到 5 級無人機的一切。

So I think we'll see more specifics around Golden Dome. I think we'll see some discussions from the combat commands from North Com and the like around how they plan to defend the US in a broader manner. And then we can also talk about the -- the authorizations are already out there for base commanders for us to be able to string some counter systems along the southern border to at least kind of jump start on providing better board protection. So thanks very much for those questions.

所以我認為我們會看到更多有關金色穹頂的具體資訊。我認為我們將看到來自北方司令部等作戰司令部的討論，討論他們計劃如何以更廣泛的方式保衛美國。然後我們還可以討論——基地指揮官已經獲得授權，可以在南部邊境設置一些反制系統，至少可以開始提供更好的邊境保護。非常感謝您提出這些問題。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

So for first question I wanted to ask, and I apologize I might be betraying my lack of technical expertise when I ask this question. But when you talk about the software memo and ways that the government is buying software. And I think that memo has come up a lot in the trade press. When you think about how you go to market and how it changes your relationship if it does at all with hardware providers, does that create more opportunities for partnerships. Does it mean you have to spend less time thinking about what you're going to do with hardware providers because software will be more at the center? Or is it just kind of not really relevant?

所以對於我想問的第一個問題，我很抱歉，當我問這個問題時，我可能會暴露出我缺乏技術專業知識。但是當你談論軟體備忘錄和政府購買軟體的方式時。我認為這份備忘錄已在業界媒體上多次出現。當您考慮如何進入市場以及它如何改變您與硬體供應商的關係時，這是否會創造更多的合作機會。這是否意味著您不必花太多時間考慮如何與硬體供應商合作，因為軟體將佔據更重要的位置？或者它只是有點不太相關？

Yes, Seth, so let me taking two different pieces. So there's large hardware and then there's, I'd say, component hardware similar to what the Azure Switchblade product does, right? You got to have memory and processing power to put the software to look in the EW world. But no, I don't think it fractures anything.

是的，塞斯，所以讓我選兩件不同的。因此，有大型硬件，然後我想說，還有類似於 Azure Switchblade 產品的組件硬件，對嗎？您必須擁有記憶體和處理能力才能讓軟體在電子戰世界中發揮作用。但不，我認為它不會破壞任何東西。

I think it's built some great relationships, right? I think in the optical communications terminal area, right, a lot of that is software based. There's some hardware in there. But at the end of the day, we're a merchant supplier to a lot of fantastic companies that are doing the actual larger platform-based work, and they do it extremely well.

我認為它建立了一些很好的關係，對嗎？我認為在光通訊終端領域，很多都是基於軟體的。裡面有一些硬體。但歸根結底，我們是許多優秀公司的商家供應商，這些公司正在從事實際的基於更大平台的工作，並且他們做得非常出色。

We've got our current large-scale hardware providers on our spectral team, right? So we built some antennas. They don't build them all. So we have their expertise. We're working below the deck plate on the ships, the surface ships for the United States Navy. And they work a lot of the topside work.

我們的光譜團隊中有目前的大型硬體供應商，對嗎？所以我們建造了一些天線。他們並沒有建造所有這些。所以我們有他們的專業知識。我們在船甲板下面工作，這些船是為美國海軍建造的水面艦艇。他們做了很多頂層工作。

So I don't think it's -- it's not one versus the other, but I do strongly believe, as we've been stating, that we don't get to make that vote, right? The enemy gets to vote as well. And the vote the enemy is making is quick changes, their TTPs, their tactics and their procedures, which just because of the nature of hardware and software, you can call it physical and digital, whatever those terms are, but the software side can be modified quickly and provide a new update globally in a very cost efficient and very secure manner.

所以我不認為這是——這不是一方對抗另一方，但我確實堅信，正如我們所說的那樣，我們無法進行這樣的投票，對嗎？敵人也有權投票。敵人的選擇是快速改變他們的 TTP、戰術和程序，這只是因為硬體和軟體的性質，你可以稱之為物理和數字，無論這些術語是什麼，但軟體方面可以快速修改並以非常經濟高效和非常安全的方式在全球範圍內提供新的更新。

So it's not that we all enjoy or we're willing to pick one over the other. We just believe because we're in the electronic world, where you met enemies first okay? It's just that software is the only thing out there that can change. So software is going to be [their] change.

因此，並不是我們都喜歡或願意選擇其中一個。我們只是相信，因為我們身處電子世界，你首先遇到的是敵人，好嗎？只是軟體是唯一可以改變的東西。因此軟體將會改變他們。

And we need software engineers 3,000, 4,000, 5,000, 6,000 of them that are trained in being able to move the customer towards an agile model, then that works. So at times, we're going to be delivering software solutions over hardware ones.

我們需要 3,000、4,000、5,000、6,000 名軟體工程師，他們必須接受過培訓，能夠幫助客戶採用敏捷模型，這樣才能發揮作用。因此，有時我們會提供軟體解決方案而不是硬體解決方案。

In other times, they're going to be delivering software that are in concert with, right? No great software system can live out there alone without writing on somebody's platforms. You're looking at DoD or some of the national intel area. So I think it's a very supportive ecosystem there, but customers are going to continue to pick software over the earlier one 9 out of 10 times we're actually [convinced].

在其他時候，他們將提供與之相協調的軟體，對嗎？任何偉大的軟體系統如果不在別人的平台上編寫就無法獨立生存。您正在查看國防部或某些國家情報領域。所以我認為這是一個非常支援的生態系統，但客戶在 10 次中有 9 次會繼續選擇軟體而不是之前的版本，我們實際上[確信]。

Great. That's very helpful. Just as a follow up, just a little more detailed question. In terms of the difference this quarter between gross and net bookings, if you can address kind of what that difference was? It's obviously a little bit of a sensitive environment out there with regard to changes in bookings.

偉大的。這非常有幫助。作為後續問題，我只想問一個更詳細的問題。就本季總預訂量和淨預訂量之間的差異而言，您能否解釋一下這種差異是什麼？就預訂變化而言，顯然這是一個有點敏感的環境。

Yeah, Seth, we had a good-sized program and in early January without using the full expected amount of the ceiling value that we had earlier anticipated. It was actually before the inauguration, so unrelated to kind of the current activities, but it's a program that ended sort of naturally and it happens from time to time. This quarter is a little bit larger than usual, but that's the whole story.

是的，塞思，我們有一個規模相當大的項目，但在一月初，我們並沒有用完之前預計的上限價值的全部金額。它實際上是在就職典禮之前，因此與當前的活動無關，但它是一個自然結束的項目，並且時不時會發生。本季的規模比往常要大一些，但這就是全部。

Okay. Very good. Thanks very much.

好的。非常好。非常感謝。

Mariana Perez Mora, Bank of America.

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

So my question is about M&A. On this more uncertain environment, how strong is the pipeline of opportunities. Number one, are these like target companies willing to sell or they want to wait until they have a little bit of more clarity of where things are going?

我的問題是關於併購的。在這個更不確定的環境中，機會的潛力有多大？第一，這些目標公司是否願意出售，或者他們是否想等到對事情的發展有更清晰的認識之後再出售？

And the second one is -- so for an agility become more apparent for some players that were not like focusing on that over the last couple of years. Have you seen an increased appetite for bidders on those targets?

第二個是——對於一些在過去幾年中並沒有關注敏捷性的球員來說，敏捷性變得更加明顯。您是否發現競購者對這些目標的興趣增加？

Sure. Maria, on the first one around M&A, look, it's an important use of capital, but it's not the only one, and everybody out there knows that we make those decisions by evaluating in the dynamics at any given time. Look, we always are continuing to pursue our preemptive M&A strategy. We continue to touch a number of those on our next uplist.

當然。瑪麗亞，關於第一個關於併購的問題，你看，這是資本的重要用途，但不是唯一的用途，每個人都知道，我們透過評估任何特定時間的動態來做出這些決定。你看，我們一直在繼續推行我們的先發制人的併購策略。我們將在下一個上調列表中繼續討論其中的一些內容。

But have things you have to invent the valuations and expectations are not favorable on the sellers. And so actionability of many of our target kind of list is going to be low. It's why we're very focused on flexible opportunistic I think we'll be there for some time.

但有些事情你必須發明估值和預期對賣家不利。因此，我們的許多目標清單的可操作性將會很低。這就是為什麼我們非常注重靈活的機會主義，我認為我們會在那裡待一段時間。

Jeff?

傑夫？

Yeah. John is just right. I won't recover a lot of the same ground. But I've talked for the fact that we maintain a list and we stay in regular contact with a great number of people and a great number of places and situations. And it's certainly true that when you go through a period like we're in now, where valuations are a little unclear, obviously, sellers are disinclined to act in the absence of some other reason.

是的。約翰說得對。我不會恢復很多相同的局面。但我已經說過，事實上我們保留著一份名單，並且與大量的人、大量的地點和情況保持著定期聯繫。確實，當我們經歷像現在這樣的時期時，估值有點不明確，顯然，如果沒有其他原因，賣家不願意採取行動。

And so generally, you see what we're -- just what we see and are expected to see, which is a slightly lower level of activity and interest in transacting. The other side of that is when things start to clarify, sometimes that volume will pick up. And so we remain sort of attentive and poised to take advantage of things as they present themselves. And both we and sellers have more clarity on what things are worth and where priority is maybe manifesting themselves in action.

因此，總的來說，您看到的只是我們所看到的和預期看到的，即交易活動和興趣水平略低。另一方面，當事情開始明朗時，有時音量就會上升。因此，我們保持警惕並隨時準備好利用出現的事物。我們和賣家都更清楚什麼有價值，以及優先順序在行動中如何體現。

And on the second item around software agility and its importance and who we see in some of those different markets. I think when you look at a customer, we've had eight years of experience on this now. If a customer is going to move to a new world of moving into Agile where they can spiral and continue to create new requirements and see capability to deliver out to that field and their hands are highly off of the actual software development, they're more on the actual order requirements.

第二項是關於軟體敏捷性及其重要性，以及我們在一些不同市場中看到的情況。我想，當你看到一個客戶時，我們在這方面已經有八年的經驗了。如果客戶要進入敏捷的新世界，他們可以螺旋式地繼續創造新的需求，並看到交付到該領域的能力，並且他們的手與實際的軟體開發完全無關，他們更專注於實際的訂單要求。

That's a new world, and that requires customers to want to push that button that they've always been afraid to push. And when they push it, they want to do it with people who don't say they can do it, but they proved that you can do it. And the beauty of agile software development over the last eight years, we have almost a decade of metrics to show how quickly we can release these.

這是一個新世界，它要求顧客願意按下他們一直不敢按下的按鈕。當他們推動這件事時，他們想和那些沒有說自己能做到的人一起做，但他們證明了你可以做到。過去八年敏捷軟體開發的美妙之處在於，我們擁有近十年的指標來顯示我們發布這些產品的速度有多快。

And also, how can we prevent new errors from getting into the system because it changes by putting new capabilities in. That's not an easy thing. People talk about agile software development, like it's a phrase it's a whole ecosystem. It's millions and millions of dollars of CapEx investments. It's millions and millions of dollars of training software and engineering folks to make certain that they can not only deliver, but they can also talk to the customers about how they would move them down there.

而且，當系統引入新功能並發生變化時，我們如何防止新的錯誤進入系統？這不是一件容易的事。人們談論敏捷軟體開發，就像它是一個完整的生態系統一樣。這是數百萬美元的資本支出投資。他們花費了數百萬美元來培訓軟體和工程人員，以確保他們不僅能夠交付產品，而且還能與客戶溝通如何將他們帶到那裡。

So are there other folks submitting bids in these areas? Yes. Do we like our last eight-year win rate? Yes. So I think there's a large market out there for us to continue to grow in these types of programs. Every market always has competitors coming into it, probably 35,000 competitors deliver to DoD today.

那麼還有其他人在這些地區提交投標嗎？是的。我們喜歡過去八年的勝率嗎？是的。所以我認為，我們在這類專案中擁有龐大的市場可以繼續發展。每個市場都會有競爭對手進入，今天大概有 35,000 個競爭對手向國防部供貨。

So I'm not sure that adding six or seven more really make that different because I think the issue is around how can we get our customers more lethal and get upgrades to them in a more faster manner.

所以我不確定增加六、七個真的會帶來什麼不同，因為我認為問題在於我們如何讓我們的客戶更具殺傷力並以更快的方式為他們升級。

Operator, I think that's all the time we have.

接線員，我想我們的時間就這麼多了。

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

目前沒有其他問題。最後，我將把電話轉回給約翰孟古奇 (John Mengucci) 做最後的總結發言。

Okay. Well, thanks, Kelvin, and thank you for all of your help on today's call. Before we go, I did want to just recognize Rob Spingarn who covered this company, many of us within the sector for a number of decades, a fantastic analyst, always fair. We may not have always agreed, but you always had the investor view in mind. I just want to wish his family well.

好的。好吧，謝謝你，凱爾文，也謝謝你在今天的電話會議中提供的所有幫助。在我們離開之前，我確實想先感謝負責這家公司的 Rob Spingarn，我們中的許多人在這個行業工作了幾十年，他是一位出色的分析師，總是很公正。我們可能並不總是意見一致，但您總是把投資者的觀點放在心上。我只是想祝他的家人一切順利。

We would like to thank everyone who dialed in or listened to the webcast for their participation. We know that many of you will have follow-up questions, so Jeff MacLauchlan, George Price, Jim Sullivan, are going to be available at today's call. Please stay healthy, and all my best to you and your families.

我們感謝所有撥入電話或收聽網路直播的人的參與。我們知道你們中的許多人都會有後續問題，因此 Jeff MacLauchlan、George Price 和 Jim Sullivan 將會出席今天的電話會議。請保持健康，並祝福您和您的家人一切順利。

Operator, this concludes our call. Everyone, thank you, and have a great day.

接線員，我們的通話到此結束。謝謝大家，祝大家有個愉快的一天。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。