CACI International Inc (CACI) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Fourth Quarter Fiscal Year 2025 Earnings Conference Call. Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference call over to George Price, Senior Vice President of Investor Relations for CACI International. Please go ahead, sir.

女士們、先生們，感謝你們的支持。歡迎參加 CACI International 2025 財年第四季財報電話會議。今天的通話正在錄音。（操作員指示）現在，我想將電話會議交給 CACI International 投資者關係資深副總裁 George Price。先生，請繼續。

Thanks, Amy, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning.

謝謝，艾米，大家早安。我是喬治‧普萊斯 (George Price)，CACI International 投資者關係資深副總裁。感謝您今天上午加入我們。

We are providing presentation slides, so let's move to slide 2. There will be statements in this call that do not address historical 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.

我們提供簡報投影片，讓我們轉到投影片 2。本次電話會議中的一些陳述不涉及歷史事實，因此根據現行法律構成前瞻性陳述。這些聲明反映了我們今天的觀點，並受到可能導致我們的實際結果與預期存在重大差異的重要因素的影響。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 any part of 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納入其中。我還想指出，我們的演示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 編制的績效衡量標準的替代。

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

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

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our fourth quarter and fiscal year 2015 results as well as our fiscal 2016 guidance. With me this morning is Jeff McLaughlin, our Chief Financial Officer. slide 4, please. .

謝謝，喬治，大家早安。感謝您與我們一起討論我們 2015 年第四季和財年的業績以及 2016 財年的指引。今天早上和我一起的是我們的財務長 Jeff McLaughlin。請看投影片 4。。

Before we begin, I'd like to take a moment to acknowledge the recent passing of our Chairman, Mike Daniels. Mike was an exceptional leader, mentor and friend. His vision, experience and dedication greatly enriched CACI and the broader technology, government and corporate communities. Mike's unique perspective in governance was based on many valuable lessons and experiences throughout his renowned professional career, is critical government advisory roles and his humble life story. He contributed greatly to the growth and success of many organizations, including CACI where he was a steadfast supporter of our strategy. We extend our deepest condolences to -- my family and are grateful for his invaluable contributions to our company. slide 5, please.

在我們開始之前，我想花點時間紀念我們董事長麥克丹尼爾斯最近去世的消息。麥克是一位傑出的領導者、導師和朋友。他的遠見、經驗和奉獻精神極大地豐富了 CACI 以及更廣泛的技術、政府和企業界。麥克在治理方面的獨特視角是基於他著名的職業生涯中的許多寶貴經驗、重要的政府顧問角色以及他謙遜的人生故事。他為許多組織的成長和成功做出了巨大貢獻，其中包括 CACI，他是 CACI 策略的堅定支持者。我們向我的家人表示最深切的哀悼，並感謝他對我們公司的寶貴貢獻。請看投影片 5。

CACI's strong fourth quarter performance closes out another great year and underscores the strength, differentiation and resilience of our business. For the full year of fiscal '25, we delivered revenue growth of 16% on an underlying basis, EBITDA margin of 11.2%. Free cash flow was $442 million and free cash flow per share growth of over 16%. We deployed capital to acquire three strategic assets while also repurchasing $150 million of shares. We won $10 billion of contract awards, representing a book-to-bill of 1.1x.

CACI 第四季的強勁表現為又一個偉大的年份畫上了圓滿的句號，並凸顯了我們業務的實力、差異化和韌性。25 財年全年，我們的營收基本上成長了 16%，EBITDA 利潤率為 11.2%。自由現金流為 4.42 億美元，每股自由現金流成長超過 16%。我們部署資本收購三項戰略資產，同時回購了價值 1.5 億美元的股票。我們贏得了價值 100 億美元的合同，訂單出貨比為 1.1 倍。

As we've discussed many times, we undertook a strategy years ago to become a more focused and differentiated company that was positioned to drive long-term growth and shareholder value in any environment. Our exceptional results demonstrate the successful execution of that strategy. slide 6, please.

正如我們多次討論過的，幾年前我們就實施了一項策略，旨在成為一家更專注、差異化的公司，在任何環境下都能推動長期成長和股東價值。我們的出色業績證明了該策略的成功執行。請看第 6 張投影片。

The market trends you're increasingly seeing and hearing about today, speed, efficiency, lethality, software-based capabilities, modernization. These are all the result of the rapidly evolving environment around us. Government budgets and procurement actions are adapting to reflect this reality, but we anticipated these changes years ago and invested ahead of need accordingly.

您今天越來越多地看到和聽到的市場趨勢是速度、效率、殺傷力、基於軟體的功能、現代化。這些都是我們周遭環境快速變化的結果。政府預算和採購行動正在適應這一現實，但我們多年前就預見了這些變化，並提前進行了投資。

We are a 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. And we are strategically positioned in enduring and well-funded areas that align with our nation's most important national security priorities. That is why CACI is so resilient, so well positioned and already able to deliver in accordance with buying methods, the government has only recently started to more formally implement.

我們在軟體使用方面處於領先地位，並提前投資於客戶需求，以更快、更有效率、更靈活地開發和交付高價值功能。我們的戰略地位處於持久且資金充足的領域，與我們國家最重要的國家安全優先事項一致。這就是為什麼 CACI 如此有彈性、定位如此良好並且已經能夠按照政府最近才開始更正式實施的購買方式交付。

Among the many examples I could share, here are four. First, electromagnetic spectrum is a critical domain for national security and modern warfare. CACI today delivers differentiated software-defined, commercially developed and commercially sold technology to multiple customers who demand best-in-class capabilities. Our investments ahead of customer need led to the development of the TLS Manpack, which integrates signals intelligence and electronic warfare, collection, processing, exploitation and effects into a single software-defined system for the dismounted soldier.

我可以分享很多例子，以下是四個。首先，電磁頻譜是國家安全和現代戰爭的關鍵領域。CACI 目前為眾多需要一流功能的客戶提供差異化的軟體定義、商業開發和商業銷售的技術。我們超前於客戶需求的投資促成了 TLS Manpack 的開發，它將信號情報和電子戰、收集、處理、利用和效果整合到一個供徒步士兵使用的單一軟體定義系統中。

It is one of the first successful rapid fielding mid-tier acquisitions for the Army because of CACI's ability to rapidly prototype and deliver a cutting edge solution in record time. The recent ceiling increase to $500 million supports the Army's decision to deploy our technology as the primary [Sigund] EW system for all forget combat teams. Additionally, the Army announced plans to enhance our TLS Manpack to field a vehicle-mounted option demonstrating the versatility of our technology.

這是陸軍首次成功快速部署的中層採購之一，因為 CACI 能夠快速製作原型並在創紀錄的時間內提供尖端解決方案。最近將上限增加到 5 億美元，支援了陸軍決定將我們的技術部署為所有戰鬥隊的主要 [Sigund] EW 系統。此外，陸軍還宣布計劃增強我們的 TLS Manpack，以部署車載選項，以展示我們技術的多功能性。

Second, our software-defined commoner UAS technology is addressing the increased demand for protection against drones. We were recently awarded a contract by the Canadian government to deliver Counter-UAS vehicle mode systems which follows a previous award from Canada for our backpackable Conroy systems last year. We're also seeing an increase in demand for our technology in support of U.S. border protection and is a key component of Golden Dome.

其次，我們的軟體定義的通用 UAS 技術正在滿足日益增長的無人機防護需求。我們最近獲得了加拿大政府授予的一份合同，為我們提供反無人機車輛模式系統，這是繼去年我們的背包式 Conroy 系統獲得加拿大政府授予的合同之後的又一合同。我們也看到對我們的技術的需求不斷增加，以支持美國邊境保護，這是 Golden Dome 的關鍵組成部分。

Our technology leverages decades of experience and actual mission results delivered by our sensors and operation globally. In addition, the significant reconciliation funding associated with this critical administration priority will enable procurements looking for proven ready out technology that can defend across the electrolytic spectrum with no or low collateral defeats, CACI checks every box and more to defeat all levels of potentially threatening UASs.

我們的技術利用了數十年的經驗以及全球感測器和營運所提供的實際任務結果。此外，與此關鍵管理優先事項相關的大量和解資金將使採購能夠尋求經過驗證的現成技術，該技術可以在整個電解頻譜範圍內進行防禦，且不會或很少發生附帶失敗，CACI 檢查每個箱子以及更多，以擊敗各級潛在威脅的 UAS。

Next, enterprise software modernization is another area where CACI is both well aligned to administration's priorities and where we have demonstrated clear industry leadership. Recently, the Army issued a memo highlighting the imperative for significant system consolidation across the service to enhance security, reduce costs and improve efficiency as well as request enterprise systems to be commercial based with limited enhancement and integrations to other systems as required.

接下來，企業軟體現代化是 CACI 與管理階層優先事項高度一致且我們已展現出明顯產業領導地位的另一個領域。最近，陸軍發布了一份備忘錄，強調必須對整個軍種進行重大系統整合，以增強安全性、降低成本、提高效率，並要求企業系統以商業為基礎，並根據需要進行有限的增強和與其他系統的整合。

Our initial implementation consolidated 50 legacy systems into one modern commercial-based enterprise system. Our performance on its Army puts CACI in a strong position to consolidate an additional 40 systems that the Army has identified. And it also positions CACI as the partner of choice for other DoD and intelligence customer community customers as they execute similar modernization and consolidation initiatives.

我們最初的實施將 50 個遺留系統整合為一個基於現代商業的企業系統。我們在陸軍的表現使 CACI 處於有利地位，可以整合陸軍已確定的另外 40 個系統。它還使 CACI 成為其他國防部和情報客戶社群客戶在執行類似的現代化和整合計畫時的首選合作夥伴。

Finally, in fiscal '25, we also began executing on our NASA NCAP program where we are deploying a commercial Agile scale delivery model to standardize and centralize software development across NASA enhancing efficiency, quality and speed of delivery, a key customer and administration priority.

最後，在 25 財年，我們也開始執行 NASA NCAP 計劃，我們正在部署一個商業敏捷規模交付模型，以標準化和集中整個 NASA 的軟體開發，從而提高交付的效率、品質和速度，這是客戶和管理部門的首要任務。

Since November, our NCAPs team has met all key metrics related to system availability and is currently supporting nearly 900 applications and platforms. These examples of how CACI's software-based capabilities, commercial tools and processes and investment ahead of customer need are enabling critical national security priorities to be addressed. Faster and more efficiently to drive reduced customer cost and propel the growth of CACI. In other words, we are extremely well aligned to the environment we see today. We don't need to transform. We're already here. slide 7, please.

自 11 月以來，我們的 NCAP 團隊已經滿足了與系統可用性相關的所有關鍵指標，目前正在支援近 900 個應用程式和平台。這些例子說明了 CACI 的基於軟體的功能、商業工具和流程以及超越客戶需求的投資如何幫助解決關鍵的國家安全優先事項。更快、更有效地降低客戶成本並推動 CACI 的成長。換句話說，我們與今天所見的環境極為契合。我們不需要轉變。我們已經到了。請看投影片 7。

Turning to the macro environment. We continue to see healthy customer demand and a strong pipeline of opportunities in our markets. Demand is being driven by today's global geopolitical realities as well as the administration's priorities, including peace through strength, securing our borders and an increasing use of software to enhance efficiencies, speed and lethality. As I've discussed, these are all areas where CACI continues to be extremely well positioned.

轉向宏觀環境。我們繼續看到健康的客戶需求和強大的市場機會。需求受到當今全球地緣政治現實以及政府優先事項的推動，包括以實力求和平、保衛邊境以及越來越多地使用軟體來提高效率、速度和殺傷力。正如我所討論的，這些都是 CACI 繼續佔據極佳地位的領域。

And this positive customer demand is now supported by the reconciliation funding contained in the one Big Beautiful Bill Act, which provides over $150 billion for defense, of which $25 billion is to fund Golden Dome. And also provides approximately $170 billion for border security. This is a favorable development for our business, which generates 90% of its revenue from National Security customers, solving the toughest challenges of the DoD, the intelligence community and the Department of Homeland Security.

如今，這項積極的客戶需求得到了《美麗大法案》中和解資金的支持，該法案為國防提供了超過 1500 億美元的資金，其中 250 億美元用於資助金色穹頂。並且還提供了約1700億美元用於邊境安全。這對我們的業務來說是一個有利的發展，我們的 90% 的收入來自國家安全客戶，解決了國防部、情報界和國土安全部最嚴峻的挑戰。

Looking forward, we are closely monitoring the government fiscal year '26 budget process. Should the new year start with a CR as most years do, we are comfortable operating in that environment and typically do not see a material impact to our business. So we can sometimes influence the quarter-to-quarter timing of shorter-cycle revenue like our software-defined technology. But as you know, we are focused on the long term, and we continue to see significant opportunities across our large and growing addressable market. slide 8, please.

展望未來，我們正密切關注政府 26 財年的預算進程。如果新的一年像大多數年份一樣以 CR 開始，我們就可以在這種環境下安心運營，並且通常不會對我們的業務產生重大影響。因此，我們有時可以影響較短週期收入的季度時間，就像我們的軟體定義技術一樣。但正如您所知，我們著眼於長遠發展，並且我們將繼續在龐大且不斷增長的潛在市場中看到重大機會。請看第 8 張投影片。

Looking ahead, our proven strategy differentiation, execution and resilience set the foundation for CACI to deliver another strong year. With that in mind, in fiscal '26, we expect revenue growth of nearly 8% at the midpoint EBITDA margin in the mid-11% range and free cash flow per share growth of over 60%. Jeff will provide additional details on our guidance shortly.

展望未來，我們經過驗證的策略差異化、執行力和韌性為 CACI 再創輝煌奠定了基礎。考慮到這一點，我們預計 26 財年營收將成長近 8%，EBITDA 利潤率中點在 11% 左右，每股自由現金流成長超過 60%。傑夫將很快提供有關我們指導的更多詳細資訊。

Our '26 guidance reflects our continued business momentum, our robust pipeline and the constructive macro environment, including passage of the reconciliation fund. It is consistent with the 3-year financial targets we discussed at our Investor Day last November, which we remain highly confident in achieving. And it is aligned with our objectives of driving long-term growth and free cash flow per share and shareholder value. With that, I'll turn the call over to Jeff.

我們對 26 年的預期反映了我們持續的業務發展勢頭、強勁的產品線和積極的宏觀環境，包括和解基金的通過。這與我們去年 11 月投資者日討論的 3 年財務目標一致，我們對實現這一目標仍然充滿信心。這與我們推動長期成長、每股自由現金流和股東價值的目標一致。說完這些，我會把電話轉給傑夫。

Thank you, John. Good morning, everyone. Please turn to slide 9. As John mentioned, we're very pleased with both our fourth quarter and fiscal year '25 performance. Not only does the continued strong performance, underscore the deliberate positioning of the portfolio. It's also very much in line with what we've communicated to you throughout the year. In the fourth quarter, we generated revenue of $2.3 billion, representing 13% year-over-year growth with 5.3% of that being organic. EBITDA margin was 11.5% in the quarter, slightly above our expectations and in line with last year. .

謝謝你，約翰。大家早安。請翻到第 9 張投影片。正如約翰所提到的，我們對第四季和 25 財年的業績都非常滿意。持續強勁的表現不僅凸顯了投資組合的精心定位。這也與我們全年向您傳達的訊息非常一致。第四季度，我們的營收為 23 億美元，年增 13%，其中有機成長 5.3%。本季 EBITDA 利潤率為 11.5%，略高於我們的預期，與去年持平。。

Fourth quarter adjusted diluted earnings per share of $8.40 were 27% higher than a year ago. Greater operating income, a lower tax provision and a lower share count more than offset higher interest expense. Notably, the effective tax rate in the quarter reflects a $28 million tax benefit resulting from the favorable resolution of an outstanding IRS R&D tax credit audit. This results in both a current period benefit for open tax years, but also gives us confidence to reduce our estimated tax liabilities prospectively.

第四季調整後每股攤薄收益為 8.40 美元，比去年同期高出 27%。營業收入增加、稅收準備金減少和股票數量減少足以抵消利息支出增加的影響。值得注意的是，本季的有效稅率反映了 2800 萬美元的稅收優惠，這是由於未決的 IRS 研發稅收抵免審計的有利解決而產生的。這不僅能為未結課稅年度帶來當期收益，還能讓我們有信心在未來減少預期的稅負。

I would also note that even without this tax benefit, we exceeded consensus estimates for the quarter. Free cash flow of $139 million for the quarter represents strong profitability and reflects days sales outstanding, or DSO, of 56 days. As we've mentioned previously, Azure is currently a modest headwind to DSO due to the billing terms and milestones in legacy contracts is currently impacting our DSO by about 4 days. We see an opportunity to lessen that impact over time as we migrate new business to our more standard terms. slide 10, please.

我還要指出的是，即使沒有這項稅收優惠，我們也超越了本季的普遍預期。本季 1.39 億美元的自由現金流代表著強勁的獲利能力，並反映了 56 天的應收帳款週轉天數（DSO）。正如我們之前提到的，由於舊合約中的計費條款和里程碑，Azure 目前對 DSO 造成了一定程度的阻礙，目前對我們的 DSO 產生了大約 4 天的影響。隨著我們將新業務遷移到更標準的條款，我們看到了隨著時間的推移減輕這種影響的機會。請看第 10 張投影片。

Turning to full year results. We delivered significant growth in revenue, EBITDA margin and free cash flow, driven by strong customer demand for our differentiated technology and expertise and by the exceptional execution of our team. In fiscal year '25, we generated $8.6 billion of revenue, representing just under 16% total growth and 10% organic growth both on an underlying basis. You may recall that when we provided our initial FY '25 guidance last year, we discussed a number of factors that could drive results toward the upper end of the range.

轉向全年業績。由於客戶對我們差異化技術和專業知識的強勁需求以及我們團隊的出色表現，我們的收入、EBITDA 利潤率和自由現金流均實現了顯著增長。在 25 財年，我們的營收為 86 億美元，整體成長率略低於 16%，有機成長率為 10%。您可能還記得，當我們去年提供最初的 25 財年指導時，我們討論了一些可能推動結果走向上限的因素。

Our outperformance of these factors, particularly in regard to the faster ramp-up of our awards, stronger on-contract growth and successfully defending our recompetes allowed us to finish the year well ahead of our initial expectations.

我們在這些因素上的出色表現，特別是合約授予速度的更快提升、合約執行量的更強勁增長以及成功捍衛我們的再競爭優勢，使我們今年的業績遠超我們最初的預期。

EBITDA margin of 11.2% for the year was in line with our most recent guidance of low 11% range and represents an 80 basis point increase year-over-year. Fiscal '25 adjusted diluted earnings per share were $26.48, up 26% from the prior year despite an increase of $54 million in interest expense that was partially offset by a lower tax provision, delivering 26% year-over-year growth despite this factor underscores our robust operating execution, while positioning for future opportunities.

全年 EBITDA 利潤率為 11.2%，與我們最近的 11% 低點預期一致，年增 80 個基點。25 財年調整後每股攤薄收益為 26.48 美元，較上年增長 26%，儘管利息支出增加了 5,400 萬美元，但部分被較低的稅收準備金所抵消，儘管存在這一因素，但仍實現了 26% 的同比增長，這凸顯了我們強勁的運營執行力，同時也為未來的機會做好了準備。

Operating cash flow for fiscal '25 also reflects strong profitability and cash collections driving free cash flow of $442 million, which represents a 16% increase in free cash flow per share. I'll note that we did not receive the $40 million tax refund related to prior year tax method changes previously identified as a risk due to a delay associated with the extended negotiations on the IRS audit I mentioned. But I would point out that adjusting for the delayed refund, we delivered free cash flow ahead of our expectations.

25 財年的營運現金流也反映了強勁的獲利能力和現金回款，推動自由現金流達到 4.42 億美元，這意味著每股自由現金流增加了 16%。我要指出的是，我們並未收到與前一年稅收方法變更相關的 4000 萬美元退稅，而這筆退稅之前被認定為風險，是由於我之前提到的美國國稅局審計談判延長導致的延誤。但我想指出的是，經過延遲退款的調整，我們實現的自由現金流超出了我們的預期。

As is likely clear to you at this point, there are several moving pieces related to our tax position in both fiscal '25 results and fiscal '26 guidance. This is a result not only of the successful conclusion of our outstanding audit but also the passage of the one Big Beautiful Bill Act. I'll note that we have included slide 16 in the appendix to provide greater specificity about the expense and cash flow impacts in both years to assisting our analysis. slide 11, please.

現在您可能已經清楚，在 25 財年業績和 26 財年指引中，有幾個與我們的稅務狀況相關的變動因素。這不僅是我們出色審計成功完成的結果，也是《美麗大法案》通過的結果。我要指出的是，我們在附錄中加入了第 16 張投影片，以便更具體地說明這兩年的費用和現金流影響，以協助我們的分析。請看第 11 張投影片。

The healthy long-term cash flow characteristics of our business are modest leverage of 2.9x net debt to trailing 12-month EBITDA and our demonstrated access to capital provides us with significant optionality. During the year, not only did we complete three strategic acquisitions, we also opportunistically repurchased $150 million of shares at an average price of $344. We also took an important step in refreshing and diversifying our debt stack with a high-yield bond offering we executed during the quarter.

我們業務健康的長期現金流特徵是適度的槓桿率，即 2.9 倍淨債務與過去 12 個月的 EBITDA 之比，而且我們已證明的資本獲取能力為我們提供了很大的選擇性。在這一年中，我們不僅完成了三次策略性收購，還抓住機會以平均344美元的價格回購了價值1.5億美元的股票。我們也在本季發行了高收益債券，在更新和多樣化我們的債務結構方面邁出了重要一步。

CACI closed on a $1 billion offering of [6 3-8%] senior unsecured notes and a transaction that was substantially oversubscribed, increasing our flexibility and underscoring our ready access to capital. We remain well positioned to continue to deploy capital in a flexible and opportunistic manner to drive long-term growth in free cash flow per share and shareholder value. slide 12, please.

CACI 完成了 10 億美元 [6 3-8%] 優先無擔保票據的發行，該交易獲得了大幅超額認購，這提高了我們的靈活性，並凸顯了我們隨時可以獲得資本的能力。我們仍處於有利地位，可以繼續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。請看第 12 張投影片。

Now I'll provide some additional details on our fiscal year 2016 guidance. We expect revenue between $9.2 billion and $9.4 billion, which represents growth between 6.6% and 8.9%. EBITDA margin is expected to be in the mid-11% range, representing a 30 basis point increase at the midpoint. Adjusted net income is expected to be between $605 million and $625 million, which translates into adjusted diluted earnings per share of between $27.13 and $28.03. We expect free cash flow of at least $710 million, which equates to free cash flow per share of $31.84 and based on our full year diluted share count assumption of 22.3 million shares.

現在我將提供有關我們 2016 財年指導的一些更多詳細資訊。我們預計營收在 92 億美元至 94 億美元之間，成長率在 6.6% 至 8.9% 之間。EBITDA 利潤率預計在 11% 左右，中間值增加 30 個基點。調整後淨利預計在6.05億美元至6.25億美元之間，相當於調整後每股攤薄收益在27.13美元至28.03美元之間。我們預計自由現金流至少為7.1億美元，相當於每股自由現金流31.84美元，此數據基於我們全年稀釋後股數2,230萬股的假設。

This implies free cash flow per share growth of more than 60% and I'd also like to point out that our free cash flow guidance adjusted for the tax-related cash benefits I mentioned earlier, means that our expected FY '26 free cash flow conversion is slightly above 100% of the adjusted net income midpoint. This implies accomplishing our goal of returning to a 100% free cash flow conversion rate by the end of our 3-year targets a year early.

這意味著每股自由現金流增長超過 60%，我還想指出，我們的自由現金流指導已根據我之前提到的稅收相關現金收益進行了調整，這意味著我們預期的 26 財年自由現金流轉換率略高於調整後淨收入中點的 100%。這意味著我們將提前一年實現三年目標，即自由現金流轉換率恢復到 100%。

As we routinely say, we are focused on full year results rather than any particular quarter since a myriad of factors can skew quarterly trends. But to help you with your modeling, we provided additional details on the slide, including information regarding certain timing trends we expect in FY '26. And finally, I'd point out that our guidance does not contemplate any acquisitions or share repurchases that might occur during the year. slide 13, please.

正如我們常說的那樣，我們關注的是全年業績，而不是任何特定季度的業績，因為無數因素都可能扭曲季度趨勢。但為了幫助您進行建模，我們在幻燈片上提供了更多詳細信息，包括有關我們預計 26 財年的某些時間趨勢的信息。最後，我想指出的是，我們的指導意見並未考慮年內可能發生的任何收購或股票回購。請看第 13 張投影片。

Turning to our forward indicators, our prospects continue to be strong. As John mentioned, fiscal year '25 awards were $10 billion with a healthy mix of new work and recompetes. Our trailing 12 months book-to-bill ratio of 1.1x reflects continued differentiation in the marketplace and our backlog of more than $31 billion represents about 3.5 years of annual revenue. The weighted average duration of awards that went into backlog in FY '25 continues to exceed five years. Together, these metrics provide good visibility into the long-term strength and cash generation potential of our business.

回顧我們的前瞻指標，我們的前景依然強勁。正如約翰所提到的，25 財年的獎項金額為 100 億美元，其中包括新工作和重新競爭。我們過去 12 個月的訂單出貨比為 1.1 倍，反映出市場持續分化，而我們超過 310 億美元的積壓訂單約相當於 3.5 年的年收入。25 財年積壓的獎項的加權平均期限持續超過五年。綜合起來，這些指標可以很好地反映我們業務的長期實力和現金創造潛力。

As we enter fiscal year '26, we expect approximately 84% of our revenue to come from existing programs, 11% for recompetes and 5% from new business. We continue to have a healthy pipeline of new opportunities. We have $16 billion of bids under evaluation, 80% of which are for new business to CACI. And we expect to submit another $11 billion in bids over the next 2 quarters with about 75% of that for new business.

進入 26 財年，我們預計約 84% 的營收來自現有項目，11% 來自重新競爭，5% 來自新業務。我們繼續擁有大量新的機會。我們正在評估 160 億美元的投標，其中 80% 是針對 CACI 的新業務。我們預計在未來兩季再提交 110 億美元的投標，其中約 75% 用於新業務。

In summary, we delivered strong fourth quarter and fiscal year '25 results during an uncertain environment, highlighting the resilience of our business and the effectiveness of our strategy. As we look to fiscal '26, we expect another year of strong performance. We are winning and executing high-value enduring work that supports increased free cash flow per share long-term growth and additional shareholder value. And with that, I'll turn the call back over to John.

總而言之，在不確定的環境中，我們取得了強勁的第四季和 25 財年業績，突顯了我們業務的韌性和策略的有效性。展望 26 財年，我們預計今年仍將表現強勁。我們正在贏得並執行高價值的持久工作，以支持增加每股自由現金流的長期成長和額外的股東價值。說完這些，我會把電話轉回給約翰。

Thank you, Jeff. Let's go to slide 14, please. In closing, I want to emphasize that our strong performance is the result of intentional purposeful actions taken over many years through the successful implementation of our strategy, it's not by accident. A strategy we put in place years ago because we anticipated what we are seeing today. Our customers need to move faster, and we're helping them do just that with software-defined technology, investing ahead of needs and 6 decades of superior performance and mission insights. This is how we built CACI to be resilient. This is how we're able to deliver strong '25 results, issue robust fiscal '26 guidance, expressed confidence in achieving our three-year financial targets and continue to drive growth in free cash flow per share and shareholder value.

謝謝你，傑夫。請翻到第 14 張投影片。最後，我想強調的是，我們強勁的業績是透過成功實施我們的策略，多年來有意識地採取有目的的行動的結果，這並非偶然。我們多年前就制定了這項策略，因為我們預見了今天所看到的情況。我們的客戶需要更快地行動，我們正在透過軟體定義技術、提前滿足需求的投資以及 60 年的卓越性能和任務洞察力來幫助他們做到這一點。這就是我們建構具有彈性的 CACI 的方法。這就是我們如何能夠實現強勁的 25 年業績、發布強勁的 26 年財務指導、表達對實現三年財務目標的信心並繼續推動每股自由現金流和股東價值的成長。

As is always the case, our success is driven by our employees' talent, their 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. With that, Amy, let's open the call for questions.

一如既往，我們的成功源自於員工的才華、創新和承諾。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。艾米，現在讓我們開始提問吧。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Scott Micas with Melius Research.

Melius Research 的 Scott Micas。

Nice guidance. One of your peers this quarter mentioned they see a $70 billion pipeline over the next 12 months. about 3/4 of that being takeaway work? And when I think of government services companies pursuing takeaway work, it kind of makes me nervous because to unseat the incumbent, you have to have a better solution or bid really aggressively on price. You highlighted a $16 billion pipeline of submitted bids and that 80% is for new business. But how much of that is new programs launched by your customers versus takeaways from an incumbent?

很好的指導。本季度，您的一位同事提到，他們預計未來 12 個月內將有價值 700 億美元的項目，其中約 3/4 是外送工作？當我想到政府服務公司從事外送業務時，我感到有點緊張，因為要取代現任者，你必須有更好的解決方案，或者在價格上進行非常積極的競標。您強調了已提交的 160 億美元投標，其中 80% 用於新業務。但是，其中有多少是你的客戶推出的新項目，有多少是從現有企業那裡借鑒的呢？

Yes, Scott, thanks. I'll start on this one. I guess, first of all, I had to look at us here at CACI as being a traditional government services company. And that's why when I hear numbers of $80 billion or $90 billion -- it's nothing that frightens us and it's nothing that we aspire to. Frankly, we've got over $250 billion addressable market. We serve seven markets we're very, very focused, and we retool the entire company around understanding what is the value in and what is not value bid.

是的，斯科特，謝謝。我先從這個開始。我想，首先，我必須將 CACI 視為一家傳統的政府服務公司。這就是為什麼當我聽到 800 億美元或 900 億美元這樣的數字時——我們不會感到害怕，也不是我們所追求的。坦白說，我們擁有超過 2500 億美元的潛在市場。我們服務於七個市場，我們非常非常專注，我們重組整個公司，以了解什麼是價值，什麼不是價值出價。

The only way we deliver $1.6 billion of free cash flow over the next three years is that we're out there bidding things that matter in markets that matter. Areas that we can differentiate in where we're going to drive single -- high single-digit top line growth and achieve mid- to higher 11% percent of margins. .

我們在未來三年內實現 16 億美元自由現金流的唯一方法就是在重要的市場中競標重要的東西。我們可以區分的領域是，我們將推動個位數的較高營業額成長，並達到 11% 左右的中高利潤率。。

As for our pipeline, there is -- the majority of that would be new work to CACI, and well over half of that is going to be new customer work as well. We are going to talk about the level of recompetes we have. I think this year, I think that shared were around 11% of this year revenue plan. at the midpoint, and we're very confident on that. I also would say that the recompete work that we have because the government is going through a number of personnel reductions and the contracting officer ranks continue to shrink. We're looking at achieving additional follow-on option year work with a customable pushy competes down another one to two years. So -- there's an awful lot there on pack, but I would boil it back to absolute focus. Our pipeline supports the growth rates we have in our FY '26 plan, and in our three-year '25 through 2027 plan. So nothing in those comments give us pause.

至於我們的管道，其中大部分是 CACI 的新工作，而且其中超過一半也將是新客戶的工作。我們將討論我們所擁有的重新競爭水平。我認為今年的份額約為今年收入計劃的 11%。處於中點，我們對此非常有信心。我還想說，我們之所以要重新進行競爭工作，是因為政府正在經歷一系列人員裁減，而且承包官員的隊伍也不斷縮減。我們正在尋求在未來一到兩年內透過可自訂的強力競爭實現額外的後續選擇年工作。所以——包裝上有很多東西，但我會將其歸結為絕對焦點。我們的管道支持我們 26 財年計劃以及 2025 年至 2027 年三年計劃中的增長率。因此，這些評論並沒有讓我們停下來思考。

I would add to that, we've talked to many of you, recently, about the fact that an important part of our strategy is the idea of bidding less and winning more. We are focused on areas where we can bring differentiated. Capabilities to a position to provide compelling value and the size of the pipeline is important in as much as it supports our growth plans, but we're not, on a path to sort of bid everything that we can get.

我想補充一點，最近我們和你們中的許多人都談過，我們策略的一個重要部分就是少出價，多贏得。我們專注於能夠帶來差異化的領域。能夠提供引人注目的價值和管道規模的能力非常重要，因為它支持我們的成長計劃，但我們不會對我們所能得到的一切進行競標。

Okay, and then if I could ask a quick one on ITask, there was news the ceiling had been reduced, I think by about $77 but your book the bill was really good. I just want to make sure there wasn't any sort of price reduction, no potential impact on margin booking rates, or no debook backlog, just any color on that.

好的，如果我可以在 ITask 上快速問一個問題，有消息稱上限已經降低，我認為大約降低了 77 美元，但你的賬簿賬單真的很好。我只是想確保沒有任何形式的降價，對保證金預訂率沒有潛在影響，也沒有註銷積壓，只是有任何顏色。

Yes, Scott, thanks. Look, EITaaS is a 10-year program, and the ceiling was reduced from $5.7 billion to $5 billion. It doesn't change a thing for this company. Our work is going to continue on this program. We continue to execute extremely well given the efficiencies that I have spoken about that we've already brought to this program, customers most likely looking to bank those savings now, and you all should hear that as a positive thing. It's a ceiling reduction from an estimated cost of a 10-year program. But on a 10-year long program, Air Force can always program additional ceiling during any of the next 8 years of execution as requirements change, which, in this world, they inevitably will change.

是的，斯科特，謝謝。看，EITaaS 是一個為期 10 年的計劃，上限從 57 億美元降至 50 億美元。這對這家公司來說沒有任何改變。我們將繼續進行這個項目。鑑於我之前提到的我們已經為該計劃帶來的效率，我們繼續執行得非常好，客戶現在很可能希望將這些節省的資金存入銀行，你們都應該將此視為一件積極的事情。這是對十年計劃預計成本的上限削減。但在為期 10 年的計畫中，隨著需求的變化，空軍可以在接下來的 8 年內隨時規劃額外的上限，而在這個世界上，需求不可避免地會改變。

I'd also like folks to recall that when we won the EITaaS job, we announced in January of 2023, we booked $2 billion of total contract value. We didn't book $5.7 billion, the remainder of the ceiling, $5 billion of our projection still allows us for additional 150% growth over the 10-year period that is fully spent. So there's no backlog adjustments. There's no [de-books], there's no impact to guidance. There's no reduction in revenue. There's no reduction in margin or any of our three-year targets. So we have programs and task order cancellations where revenue is impacted from our current work and other moves that DOGE is proven. But that still stays at $1 million. of reductions of revenue. So taking ceiling down has nothing to do with our growth rates that we have published and our outstanding fiscal year '26 plan that we're looking forward to achieving.

我還想讓大家回想一下，當我們贏得 EITaaS 工作時，我們在 2023 年 1 月宣布，我們的合約總價值為 20 億美元。我們沒有預定 57 億美元，剩餘的上限，我們預測的 50 億美元仍然允許我們在全部花費的 10 年期間實現額外的 150% 的增長。因此沒有積壓調整。沒有[去帳本]，對指引沒有影響。收入沒有減少。利潤率和我們的任何三年目標都沒有減少。因此，我們取消了一些項目和任務訂單，這些項目的收入受到了我們目前工作和 DOGE 已證實的其他舉措的影響。但收入減少額仍為 100 萬美元。因此，降低上限與我們公佈的成長率以及我們期待實現的 26 財年計畫無關。

Yes. I mean, you've covered it. There is 0 impact to anything.

是的。我的意思是，你已經涵蓋了它。對任何事物都沒有影響。

Colin Canfield with Cantor

科林·坎菲爾德與 Cantor

On the guidance outlook, it sounds like you're assuming DR in terms of the kind of midpoint of the guidance. So if we assume that the Senate moves quick, like they are, and we get a budget in place faster. Is it fair to assume that you could hit the top end of that organic growth guidance? And then as we think about next year, what are the sort of milestones and timing of those milestones that you need to see to sign on for increased Investor Day growth targets?

在指導前景方面，聽起來你是在根據指導的中點假設 DR。因此，如果我們假設參議院行動迅速，我們就能更快地制定預算。您是否可以合理地假設自己能夠達到有機成長預期的最高點？然後，當我們考慮明年時，您需要看到哪些里程碑以及這些里程碑的時間表才能簽署增加的投資者日成長目標？

Colin, thanks. Let me cover the -- our '26 guidance range. Look, we intentionally put out low-end, high-end guidance. And as we've discussed many, many times, we have quite a robust process. Looking at how we would post this current guidance. Look, we strive to not be conservative and not be aggressive. We contemplate a multitude of different scenarios, and we do try to account for many factors that can come up, and that's why we had the low-in high end.

科林，謝謝。讓我來介紹一下我們的 26 個指導範圍。看，我們有意提出了低端、高端的指導。正如我們多次討論過的，我們有一個相當健全的流程。看看我們將如何發布當前指南。瞧，我們力求不保守，也不激進。我們考慮了多種不同的情況，並嘗試解釋可能出現的許多因素，這就是為什麼我們採用低端方案。

My first part of my answer to you is I did the calculations last night. We actually have 92% of fiscal year '26 ahead of us. So -- and we're already talking about visit the IS. Look, if funding is slower and uneven and we have a full year CR, that mostly stakes us more towards the lower end if give come fiscal year '26, CR is shorter and the budget gets passed sooner. And funding remains steady, then we can see us towards the higher end.

我首先要回答的是，我昨晚做了計算。實際上，26 財年我們還剩下 92% 的時間。所以——我們已經在談論訪問 IS 了。你看，如果資金投入較慢且不均衡，而我們有全年的 CR，那麼如果到 26 財年，CR 較短且預算通過較快，那麼我們基本上會更傾向於較低端。如果資金保持穩定，我們就能看到我們走向更高的目標。

A multitude of things can come up and happen as you all know, who followed us for an extremely long time. But we feel comfortable that we can support the current guidance that we have. At the end of the day, we're going to focus on what we can control, but we're very confident in executing our strategy. We're going to talk about Golden Dome and other things I would imagine.

正如你們這些長期關注我們的人所知道的，許多事情都會發生。但我們感到很放心，我們可以支持目前的指導。最終，我們將專注於我們能夠控制的事情，但我們對執行我們的策略非常有信心。我們將討論金色穹頂和我能想到的其他事物。

The only thing we don't have covered, frankly, is that the government shuts down for several months. But frankly, when the government shut down most recently, we had a negligible impact to our overall guide. Jeff, do you want to talk about the second part of that?

坦白說，我們唯一沒有報道的事情是政府關門幾個月。但坦白說，最近政府關門對我們的整體指導影響微乎其微。傑夫，你想談談第二部分嗎？

Yes. I would only -- I'd only comment that, as John described, there's 10 or so factors that go into the upper end of the range and a quicker budget and faster funding is certainly one of those, and a lot of the year ahead of us.

是的。我只想——我只想評論一下，正如約翰所描述的，有大約 10 個因素會影響到這個範圍的上限，而更快的預算和更快的資金肯定是其中之一，而且在未來的很多年裡，這些因素都會影響到我們。

Got it. And then if you think about the implied margin progression investor day targets, I think folks are probably assuming the 10 to 20 bps a year of expansion onward to that mid 11%. But obviously, the delta this year is probably more like 30-ish bps. So not to track up all history, but as we think about kind of the pathway of this company to mid-teens margins, how do we think about kind of the long-term potential there? And where do you think about the levers between expertise and technology to get to those types of longer-term margins.

知道了。然後，如果您考慮隱含的保證金成長投資者日目標，我認為人們可能會假設每年擴張 10 到 20 個基點，直至達到 11% 的中間水平。但顯然，今年的增量可能更像是 30 個基點左右。因此，我們不需要追溯所有的歷史，但是當我們思考這家公司實現十幾歲利潤率的道路時，我們如何看待那裡的長期潛力？您認為專業知識和技術之間的槓桿作用如何實現這種長期利潤？

Yes. Let's unpack that a little. There's two or three questions I heard in there. The first one is I'd refer you to the guidance slide in the deck where we talk about the progression in the year. Over time, over the last several years, several of our more impactful customers and programs have fallen into a rhythm that gives us slightly attenuated margins in the first half of the year and then they move up through the year. You'll notice though that the revenue is a little bit more evenly distributed, meaning, of course, that you have lower margins in the first half, higher in the second.

是的。讓我們稍微解釋一下。我聽到裡面有兩三個問題。首先，我想請您參考簡報中的指導投影片，我們在其中討論了今年的進展。隨著時間的推移，在過去的幾年裡，我們的一些更有影響力的客戶和專案已經形成了一種節奏，使我們的利潤率在上半年略有下降，然後在全年上升。不過，你會注意到，收入分佈更均勻，這當然意味著上半年的利潤率較低，下半年的利潤率也較高。

So we see in our current view of the year a very similar distribution to that. And you see a similar distribution in cash flow as well, where it's very back-end loaded. We have a disproportionate amount of our outflows in the early part of the year. compensation expense, prepaid expenses associated with certain programs, a number of things that just sort of structurally give us a heavier second half cash flow. So I say did I cover your whole question? Did I miss anything?

因此，從我們目前對今年的看法來看，其分佈與此非常相似。您還可以看到現金流的類似分佈，其中後端負載非常大。我們的資金流出在年初顯得格外龐大，包括薪資費用、與某些項目相關的預付費用等一系列因素，從結構上來說，導致我們下半年的現金流更加緊張。那麼我說我是否回答了你的全部問題？我遺漏了什麼嗎？

I think it's fair. You're probably going to wait till later in the year to follow up on kind of the algorithm on longer-term mid-teens potential. But I appreciate the color as always.

我認為這是公平的。您可能要等到今年稍後才能跟進長期中期潛力的演算法。但我一如既往地欣賞這種顏色。

Thanks, Colin. Thanks.

謝謝，科林。謝謝。

Gavin Parsons with UBS

瑞銀的加文·帕森斯

Thanks guys. Good morning.

謝謝大家。早安.

Morning.

早晨。

John, I think you mentioned maybe fewer contracting officers. I was hoping you can just talk a bit about the award environment and if things are generally still moving more slowly than usual.

約翰，我想你提到的承包官員可能較少。我希望您能簡單談談獎項環境，以及事情是否總體上仍然比平時進展得更慢。

Yes. Gavin, thanks. Look, we've talked about this the last couple of quarters. My comment was really around the fact that we've seen some modest impacts, but nothing major. We had talked about some award decisions that are taking a little bit longer. Jeff mentioned that things that you should take 1 to 2 days are taken three to four days around slower invoice payment and processing, but it also couch that with -- remember that awards are lumpy.

是的。加文，謝謝。瞧，我們在過去幾季已經討論過這個問題了。我的評論實際上是圍繞著這樣一個事實：我們已經看到了一些適度的影響，但沒有什麼重大影響。我們討論了一些需要更長時間才能做出的獎項決定。傑夫提到，原本應該花 1 到 2 天時間的事情，由於發票支付和處理速度較慢，所以需要花 3 到 4 天的時間，但也要記住——獎勵是不固定的。

And in any environment, we're not a business that I like to say, we don't live hand to mouth. We don't have to book an award by a certain day to batch flip 200 people to meet next quarter's revenue numbers. We know how to operate in this environment, and we've seen it in the past. But what -- as I mentioned earlier, I think as the procurement bandwidth gets a little tighter, we believe that could result in a few other outcomes.

在任何環境下，我們都不是那種我喜歡說的勉強糊口的企業。我們不必在某一天之前預定獎項來批量轉移 200 人以滿足下個季度的收入數字。我們知道如何在這種環境下運作，我們過去也見過這種情況。但是，正如我之前提到的，我認為隨著採購頻寬變得越來越緊張，我們相信這可能會產生一些其他結果。

One being that the current work we have gets extended. So there's folks out there with an $80 billion pipeline that are looking for our work to come up on our e compete soon. I think the odds of that are more in us holding on to that work longer.

一是我們現在的工作得到了擴展。因此，一些擁有 800 億美元管道的人們正在等待我們的工作盡快在電子競爭中實現。我認為我們堅持這項工作更長時間的可能性更大。

And then second, what we -- what I talked about in my prepared remarks around systems consolidation, you can look at that as also being code for contract consolidation as well, right? If we're able to take 40 systems offline in the United States Army. One, at the enterprise level, that's going to save them hundreds of millions of dollars. So it brings additional work in scope here, which would mean less contracts to keep those 40 or so systems up.

其次，我們——我在準備好的演講中談到了系統整合，您可以將其視為合約整合的程式碼，對嗎？如果我們能夠讓美國陸軍的 40 個系統下線。首先，從企業層面來說，這將為他們節省數億美元。因此，它帶來了額外的工作範圍，這意味著需要更少的合約來維持這 40 個左右的系統正常運作。

So all in all, we're very much prepared for fiscal year '26. And should those -- that workforce continue to shrink, I believe that we have that cover within our current guidance.

總而言之，我們已經為 26 財年做好了充分的準備。如果這些勞動力持續減少，我相信我們在目前的指導範圍內能夠滿足這項需求。

I appreciate the color. And obviously, you pointed out that it's lumpy, but given you had 2 quarters now of a record pipeline. Any thoughts on what you could do for a book-to-bill for the year.

我很欣賞這個顏色。顯然，您指出這是不穩定的，但考慮到您現在已經有兩個季度創下了紀錄。對於今年的訂單出貨比，您有什麼想法嗎？

Well, we always strive to finish the year at something greater than one. I like what history tells us. And I'll actually sort of tag back to one of the earlier questions. We are very judicious before we talk to a customer 1 or two or three years before they're looking to get a system online as to whether we're going to bid that job or not, do we have a differentiated solution. And then do we have the right business model which is going to involve period point investments and then the types of margins that we would expect for doing that type of work.

好吧，我們總是努力在一年中取得比一年更好的成績。我喜歡歷史告訴我們的事。我實際上會回顧之前的一個問題。在客戶尋求上線系統之前的一到兩年甚至三年，我們都會非常謹慎地與客戶溝通，考慮我們是否要競標這項工作，以及我們是否有差異化的解決方案。然後，我們是否有正確的商業模式，該模式將涉及週期點投資，然後是我們對從事此類工作所期望的利潤類型。

So I honestly believe that we're in the right place, and we put so much time left of the RFP coming out, and we have a pretty good idea as to how this work will unfold. So I hate to be predictive, but my expectation of our entire team here is that we continue to grow backlog. And especially, as Jeff Cummins mentioned, 11% growth of funded backlog is really, really crucial for us to achieve in our '26 plan.

因此我真誠地相信我們處在正確的位置，我們在 RFP 發布之前投入了大量時間，並且我們對這項工作將如何展開有很好的想法。所以我不想做預測，但我對我們整個團隊的期望是，我們將繼續增加積壓訂單。尤其是，正如傑夫康明斯所提到的，11% 的資金積壓成長對於我們實現 26 年計畫來說真的非常重要。

Peter Arment with Baird

彼得·阿門特與貝爾德

Yeah, thanks. Good morning, John, you've always talked to us about investing in ahead of needs. Can you maybe give us a little update on what's going on in space, optical terminals. I think there's just been so much talk around Golden Dome and other areas with FDA, and you guys have been investing there a lot. Maybe if you could just give us an update there. Thanks.

是的，謝謝。早安，約翰，你總是跟我們談論提前投資。您能否向我們介紹太空光學終端的最新情況？我認為 FDA 已經就金頂和其他領域進行了很多討論，而且你們在那裡進行了大量投資。也許您可以向我們提供最新消息。謝謝。

Yes. Thanks. Look, we're having great success with its technology. As you mentioned, there's a lot of strong demand from across government. Our technology is the most mature. We are through the design and the producibility items. We have worked through a supply chain and manufacturing issues that led to slower production that we would have anticipated. But it's not an underlying technology issue. We know we have best-in-class terminals. We know we are US designed developed and manufactured. We have a full U.S. bill of material. So there's a lot of positive things there.

是的。謝謝。瞧，我們利用其技術取得了巨大的成功。正如您所說，政府各部門都有強烈的需求。我們的技術是最成熟的。我們已完成設計和生產項目。我們已經解決了供應鏈和製造問題，這些問題導致生產速度比我們預期的要慢。但這不是一個根本的技術問題。我們知道我們擁有一流的終端。我們知道我們是美國設計、開發和製造的。我們有完整的美國物料清單。所以那裡有很多積極的事情。

We've also announced that we're on Tranche 1 and 2. We have a lot of terminals in on Tranche 3. But part of our overall Photonics model is to really grow beyond that as well. You may have read that we were selected as one of the few vendors to move on to Phase 2 for the enterprise space terminal. This is an addressable market for up to three vendors, where the customer is looking to spend about $200 million, $300 million per year, which also, to your reference, does not include any of the projected increase to United States space-based force and the constellations that they'll have to launch due to the Golden Dome initiative.

我們也宣布我們正處於第一階段和第二階段。我們在第三批專案中有很多終端。但我們整體光子學模型的一部分也確實要超越這一點。您可能已經讀到，我們被選為進入企業空間終端第二階段的少數供應商之一。這是一個最多可容納三家供應商的目標市場，客戶每年的支出約為 2 億至 3 億美元，而且，供您參考，這還不包括美國太空部隊預計增加的開支以及由於“金頂”計劃而必鬚髮射的星座。

So I like what we're doing, doing there. I like what we're doing at the [leo] player. And then we've got a lot of programs, we are looking at beyond [leo] as we work -- as we continue to work with the Space Force. So I think where we are today, I would clearly wish that we are producing more terminals in volume, but we are moving up that curve well and the investments that we're making in that part of our business on track. We are now investing less, and we are delivering more.

所以我喜歡我們在那裡所做的事情。我喜歡我們在[leo]播放器上所做的事情。然後，我們有很多項目，我們正在著眼於低地球軌道以外的領域——我們將繼續與太空部隊合作。因此，我認為就我們目前的情況而言，我顯然希望我們能夠大量生產更多的終端，但我們正在順利地提升這一曲線，並且我們在該業務部分的投資也在按計劃進行。我們現在投入更少，但產出更多。

I appreciate that color. And then just as a quick follow-on. We've seen some changes with some of the government-wide IT acquisition contracts transitioning to individual agencies from to the GSA. Just any impact the way to you guys? I know that you're certainly more in the higher end of things in IT and maybe that doesn't impact you. But just any color there would be helpful.

我很欣賞那個顏色。然後只是快速跟進。我們看到一些變化，一些政府範圍的 IT 採購合約從 GSA 轉移到各個機構。對你們有影響嗎？我知道您在 IT 領域肯定處於更高端的水平，也許這不會對您造成影響。但任何顏色都會有幫助。

Yes. Peter, if you look at our large IT programs, things that are bringing network modernization and better efficiencies. What would transfer to GSA are more on the catalog pricing on IT services, but major defense department and intelligence community IT programs are going to stay exactly where those are. We're already delivering great efficiencies there. So there's a lot of language, and there's a lot of nuance reports. At the end of the day, our large enterprise IT programs are here to stay. And we spent a lot of time looking at different variations of that across the DoD and our internal community and we are delivering at a very high op tempo. We are delivering savings to customers in United States Army, in the United States Air Force and other areas. So I don't see any impact small to no impact to some of that press around IT going to GSA.

是的。彼得，如果你看看我們的大型 IT 項目，你會發現它們正在帶來網路現代化和更高的效率。轉移到 GSA 的更多是 IT 服務的目錄定價，但主要的國防部門和情報界的 IT 項目將保持原樣。我們已經在那裡實現了極高的效率。因此，存在著許多語言，也存在著許多細微差別的報道。最終，我們的大型企業 IT 專案將會繼續存在。我們花了很多時間研究國防部和內部社區的不同變化，我們正在以非常快的節奏實施。我們為美國陸軍、美國空軍和其他地區的客戶提供節省開支的服務。因此，我認為對於 IT 轉向 GSA 的一些媒體來說，影響不大甚至沒有。

Thanks, Peter.

謝謝，彼得。

Seth Seifman with JPMorgan.

摩根大通的 Seth Seifman。

Okay, thanks very much and, good morning. First, wanted to ask just about the cadence of revenue and growth through the year. It looks like the organic growth will start out kind of low and then move to above the midpoint in the second half of the year? Or are there particular items that you're looking at that will accelerate the organic growth in the second half?

好的，非常感謝，早安。首先，想詢問一下全年收入和成長的節奏。看起來有機成長率一開始會比較低，然後在下半年升至中點以上？或者您正在考慮哪些特定項目可以加速下半年的自然成長？

No. I think you're connecting the dots, Seth, the right way. We continue to have accelerating growth on the major programs that we've been talking about both technology and expertise. But focus fox, BEAGLE, EITaaS are all continuing to ramp. And you'll see that as in the condition that you identify. And as Azure and Applied Insight anniversary here in the first half of the year also.

不。塞斯，我認為你把這些點連接起來的方式是正確的。我們一直在談論的技術和專業知識的主要項目都在繼續加速成長。但 Focus Fox、BEAGLE、EITaaS 均持續成長。您將會看到它處於您所識別的狀態。今年上半年也正值 Azure 和 Applied Insight 週年紀念日。

Okay. Okay. Excellent. And then maybe, John, you talked a little bit earlier about work with the Army and the MGC 2 initiative that's underway. Do you see that as providing any specific opportunities for the companies or any risks?

好的。好的。出色的。約翰，也許您之前談到了與陸軍的合作以及正在進行的 MGC 2 計劃。您認為這為公司帶來了什麼具體的機會還是風險？

Yes. So if you're talking about the next-generation C2 program, we have a number of programs across the States Army. We work on commenting and control. We're still looking through what type of strategy we want there. It's going to be highly competitive. So I'm probably not going to share too much as to what our plans are there, but we expect it just like given the else across the Army, are looking to do things faster, better, cheaper and drive reuse. We are fully supportive of what the army is doing there and I'm sure we'll have more to share as we move forward. Thanks for the question.

是的。因此，如果您談論的是下一代 C2 計劃，我們在美國陸軍中有許多計劃。我們致力於評論和控制。我們仍在研究我們想要採取什麼樣的策略。競爭將會非常激烈。因此，我可能不會透露太多我們的計劃，但我們希望它就像陸軍其他部門一樣，能夠更快、更好、更便宜地完成任務並推動重複使用。我們全力支持軍隊在那裡所做的事情，我相信隨著我們不斷前進，我們會有更多事情可以分享。謝謝你的提問。

David Strauss with Barclays.

巴克萊銀行的戴維‧史特勞斯。

Thanks John, the 20% or so of your business that Fed , can you just remind us your exposure there and what you're seeing in terms of the budget outlook.

謝謝約翰，你的業務中約有 20% 是聯準會，你能否提醒我們你在那裡的曝光率以及你在預算前景方面所看到的情況。

Yes. Thanks. So how we look at our business is we look at it from DoD, intel and DHS, and that's about 90%. So the residual in the French civilian area is 6% with a full 1% coming from our Nathan CAP program, and you all heard during my prepared remarks, team is doing an outstanding job or off to a very strong start. That leaves about 5% of our overall revenue within the federal civilian space, and that is very specific and very tight to the flag total work. There are background investigations. There's work we do with the Department of Justice and the like. So it really doesn't leave us a lot to have to watch in the entire federal civilian space.

是的。謝謝。因此，我們如何看待我們的業務，我們從國防部、情報部門和國土安全部的角度來看待它，這約佔 90%。因此，法國民用領域的剩餘份額為 6%，其中 1% 來自我們的 Nathan CAP 計劃，在我的準備好的發言中，你們都聽到了，團隊做得非常出色，或者說開局非常強勁。這使得我們總收入的 5% 左右流向了聯邦民事領域，而且這非常具體，與國旗總工作緊密相關。有背景調查。我們與司法部等部門有合作。因此，在整個聯邦民事領域，我們確實沒有太多需要關注的事情。

That was an intentional strategic change that we embarked on in 2019 and to really get our portfolio more driven towards defense and intel and slightly away from federal civilian. It's not the along with the federal civilian work. But when we sat down and looked over the last 30 to 40 years of budgets, the defense department and folks who are engaged in national security, their budgets are unblemished bipartisan support.

這是我們在 2019 年開始的一項有意為之的戰略變革，旨在讓我們的投資組合更加側重於國防和情報，而稍微遠離聯邦民事。這不是與聯邦民事工作相關的。但當我們坐下來回顧過去 30 到 40 年的預算時，國防部和從事國家安全的人員的預算都得到了兩黨毫無瑕疵的支持。

And I can't say the same in the federal subsiding area. I think you've seen a lot of the cost efficiency, those GSA actions really hitting the federal civilian area hard. But as the CEO of a bubbly traded company who moved away from that market a number of years back, really doesn't have any impact. So it doesn't really keep us up at night, the kind of changes that are happening in that part of our business.

但在聯邦補貼領域，我不能這麼說。我想你已經看到了很多成本效率，那些 GSA 行動確實嚴重打擊了聯邦民事領域。但作為一家泡沫交易公司的首席執行官，幾年前就退出了該市場，這確實沒有任何影響。因此，我們業務中發生的這種變化並不會讓我們夜不能寐。

Okay. That's great color. And in terms of the cash flow outlook, when does the tax benefit that you're calling out, the $40 million, when do you expect that to hit in the year? And then Section 174 benefit, does that stay with you beyond fiscal '26.

好的。顏色真棒。就現金流前景而言，您所說的 4000 萬美元稅收優惠預計會在什麼時候實現？那麼第 174 條福利在 26 財年之後還會繼續有效嗎？

It does. Let me start first with the $40 million tax benefit refund. You ought to think about that in the second half of the year. I think probably our third quarter but it could be the fourth, but certainly the second half. Administratively, at this point, all the issues are resolved. This is just now sort of working its way through the bureaucracy. But that takes a little bit of time, and there are a couple of wickets for a refund of that size, as you would imagine.

確實如此。我先從 4000 萬美元的稅收優惠退款說起。你應該在下半年考慮這個問題。我認為可能是我們的第三季度，但也可能是第四季度，但肯定是下半場。從行政角度來說，至此所有問題都已解決。目前，這項工作正透過官僚機構逐步推進。但這需要一點時間，而且正如您所想像的，要獲得這麼大的退款需要花費一些時間。

For the second part of your question, related to Section 174, there is a continuing benefit. We identified $50 million this year. It's a similar amount next year. and then it starts to drop off a little bit. It's about $200 million, a little over $200 million in total. Many of you will be aware of the fact that there are a couple of options on ways to treat this.

對於問題的第二部分，與第 174 條有關，存在持續的利益。我們今年確定了5000萬美元。明年的數量也差不多，然後開始稍微下降。大概是2億美元，總計2億多一點。你們中的許多人都會意識到，有幾種方法可以治療這種疾病。

For us, relative to the effect it has on the deductibility of other expenses, in particular, interest this was the more advantageous way for us to treat it. But it's very much an artifact of each company's sort of personal tax situation. So others might very reasonably reach a conclusion that it makes sense to take it all at once.

對我們來說，相對於它對其他費用扣除的影響，特別是利息，這是我們處理它的更有利的方式。但它很大程度上取決於每個公司的個人稅務狀況。因此其他人可能會非常合理地得出這樣的結論：一次性完成所有任務是有意義的。

For us, looking across the whole tax strategy, it made sense to do it the way we're doing it. But you ought to think about $50 million this year, which we put in the guide, and it's essentially the same amount next year. and then it starts to step down a little bit over the next ensuing 3 or so years.

對我們來說，從整個稅務策略來看，採取現在的做法是合理的。但你應該考慮今年的 5000 萬美元，這是我們在指南中提到的金額，明年的金額基本上相同。然後在接下來的 3 年左右的時間裡，這個數字會開始略有下降。

Jonathan Siegman with Stifle.

喬納森·西格曼 (Jonathan Siegman) 與 Stifle 合作。

So it's been a few months since the DoD is directed on software acquisition, which you highlighted really as a positive development during our last call. And now the Army consolidation demonstrates a specific action at on military branch, which you're clear today on is an opportunity for the company.

國防部接到軟體採購指示已經幾個月了，您在我們上次通話中強調了這一點確實是一個積極的進展。現在陸軍的合併顯示了軍事部門的一項具體行動，今天您很清楚這對公司來說是一個機會。

So just wondering, just -- is this potentially benefiting this year because the question we get a lot is just how meaningful is these changes that are occurring at the government and the timing of these things. And do you anticipate similar types of consolidation in other military branches?

所以我只是想知道——這是否有可能對今年有益，因為我們經常被問到的問題是政府正在發生的這些變化有多大意義以及這些變化發生的時間。您是否預期其他軍種也會出現類似的整合？

Thank you.

謝謝。

Yes, John, thanks. Look, every time I hear the word software puts a smile I've faced, frankly. Look, threats are changing continuously. And there's a lot of things that platform hardware can absolutely do. But we've been focused for a number of years, almost a decade now on what software can do. And whether it's enterprise systems, or its mission systems, software has been very, very crucial to the growth model of this company. So I'm very much supportive of anything that the Army and other services do around software, software modernization and the like.

是的，約翰，謝謝。瞧，坦白說，每次我聽到軟體這個詞，我都會微笑。你看，威脅不斷在改變。平台硬體絕對可以做很多事情。但多年來，我們一直專注於軟體的功能，至今已有近十年了。無論是企業系統還是任務系統，軟體對於該公司的成長模式都至關重要。因此，我非常支持陸軍和其他部門在軟體、軟體現代化等方面所做的一切工作。

Even our network business is all software defined. How do you bring devices on and off of networks, how do you collapse networks so they can handle on class classified and secret and top hyper data. That's all going to be driven by software. We don't put new fiber in the ground. We actually find more creative ways push to protected bits and bites over those transfer over space. So I think the drive will be to consolidate software in a more rapid manner.

甚至我們的網路業務也都是軟體定義的。如何將設備接入和斷開網絡，如何折疊網絡以便它們能夠處理分類、秘密和頂級超級數據。這一切都將由軟體驅動。我們不會將新光纖埋入地下。我們實際上找到了更有創意的方法來推動受保護的比特和比特在空間上的傳輸。因此我認為推動力將會是以更快的方式整合軟體。

But I'd also tell you, the other side because there have been some announcements out there around consolidating in contract to be able to get enterprise-level agreements and the like, I think there was some of that ink out in the press earlier this week. The purpose of those type of agreements are really to consolidate contracts to get volume discounts, so licensed products.

但我還要告訴你，另一方面，因為已經有一些關於合併合約以便能夠獲得企業級協議等的公告，我認為本週早些時候媒體上已經報道了一些這方面的消息。這些類型的協議的目的實際上是合併合約以獲得批量折扣，從而獲得許可產品。

We're not so much on the license side, John. We actually believe that we should be developing software to support the mission, not have the mission conform to the software that I'm actually trying to deliver. So anywhere where the government is looking to do more with less on the enterprise side, on the mission side, I think the government should continue to look for more software solutions. They are faster, they are better, they are cheaper and they're also able to be modified and changed much more quickly and lethally as the threats change.

約翰，我們不太關注許可證方面的問題。我們確實認為我們應該開發軟體來支援任務，而不是讓任務符合我實際嘗試交付的軟體。因此，當政府希望在企業方面、在任務方面以更少的資源做更多的事情時，我認為政府應該繼續尋找更多的軟體解決方案。它們速度更快、性能更好、價格更便宜，而且隨著威脅的變化，它們能夠更快、更致命地進行修改和更改。

Thank you. Good luck for the for the new year.

謝謝。祝新的一年好運。

Thank you.

謝謝。

Tobey Sommer with Truist

托比·索默與 Truist

I wanted to get your perspective on our pipeline and backlog from through a prism in which maybe you could characterize how much of it is new work to the market as opposed to new work to CACI only? And also the extent to which your initiative to kind of move towards outcome-based pricing where you're sort of spearheading something is represented within both of those buckets?

我想從棱鏡中了解您對我們的管道和積壓工作的看法，也許您可以描述其中有多少是針對市場的新工作，而不是僅僅針對 CACI 的新工作？而且，您所倡導的基於結果的定價方式在多大程度上體現在這兩個方面？

Thank you.

謝謝。

Yes. Tobey, thanks. I'll try to provide some color at a macro level, and I hate to guess on an open line call, but I'll least give you some level of guidance. Look, new work or somebody else's work, right? That's come up a couple of times here. If CACI is bidding it, it is work that maybe someone else has that we believe we can do faster, better and cheaper. And we've worked with that customer ahead of time, while somebody else is supporting that customer to make sure that we're setting the table in a much more cost-effective manner and we're delivering more better solutions to that customer that may be being delivered to them today.

是的。托比，謝謝。我會嘗試在宏觀層面上提供一些信息，而且我不喜歡在公開電話中猜測，但我至少會給你一些指導。看，這是新作品還是別人的作品，對嗎？這個問題在這裡已經出現過幾次了。如果 CACI 正在競標，那麼這項工作可能已經由其他人完成，而我們相信我們可以更快、更好、更便宜地完成。我們已經提前與該客戶進行了合作，同時其他人也在支持該客戶，以確保我們以更具成本效益的方式做好準備，並為該客戶提供可能今天就交付給他們的更好的解決方案。

Look, as we look at things as Counter-UAS building out, we look at Golden Dome, we look at other things. That percentage of new, new work is going to continue to climb. Do we track that internally? No. because to us, we're either bringing new solutions to a customer over bringing new to our new solutions to our customer that's better than what they're currently struggling through today.

瞧，當我們看著反無人機系統的建設時，我們看著金色穹頂，我們看著其他的東西。新工作的比例將會持續攀升。我們在內部進行追蹤嗎？不，因為對我們來說，我們要么為客戶帶來新的解決方案，要么為客戶帶來比他們目前正在努力解決的問題更好的新解決方案。

So there's plenty of examples in the Agile software development area, whereas customers take work they're doing with others and they want to modernize that and they want to move to an Agile software development model. Yes, that's going to be work taken from others, but it's a brand-new experience for our customer. And those are both getting equal people funding.

因此，敏捷軟體開發領域有許多例子，而客戶將他們與他人合作完成的工作進行現代化改造，並希望轉向敏捷軟體開發模型。是的，這將是從其他人那裡獲取的工作，但對於我們的客戶來說，這是一種全新的體驗。這兩個組織都獲得了同等的人力資助。

So we're all about taking software and actually moving our customers forward, whether it's contractually brand-new work that the customer thought of or it's concepts that we've worked them through by investing had a customer need because every time we see a customer who's buying "old field way, we get to walk in there still in the art of the possible. So the fact that comes out is new work to us, it's the same.

因此，我們致力於透過軟體真正推動客戶前進，無論是客戶在合約中想到的全新工作，還是我們透過投資為他們實現的概念，都滿足了客戶的需求，因為每次我們看到一個客戶以「老方法」購買軟體時，我們都會走進去，仍然在探索可能的藝術。所以事實上，這對我們來說是新的工作，也是一樣的。

Having said that, today, it's probably totally 60-40, 70-30 around new, new work and then the 40% -- 30%, 40% is on the "old style takeaway work". But I think those terms, the fact that we're not a traditional government services company, we don't talk about direct labor and takeaways from others. This market has completely changed. And if the market isn't we service how have because we're out there looking at ways that we're closer to the mission side.

話雖如此，但今天，新工作可能佔比完全是 60%-40%、70%-30%，而剩下的 40% 則屬於「老式外送工作」。但我認為，事實上我們不是傳統的政府服務公司，我們不談論直接勞動力和從他人那裡獲取利益。這個市場已經徹底改變了。如果市場不是我們服務的對象，那我們又該如何服務呢？因為我們正在尋找更貼近使命的方式。

And that actually dovetails nicely into the second part of your question about outcome-based because generally, in the opportunities that John is referring to, we have an opportunity to work with a customer to design a successor program that fills a particular need in a different way, which lets us work through increasing the amount of outcome-based content and focusing less on their traditional contracts, as John described them. So those things actually kind of go together pretty nicely, in our view.

這實際上與您關於基於結果的問題的第二部分完美契合，因為通常，在約翰提到的機會中，我們有機會與客戶合作設計一個以不同方式滿足特定需求的後續計劃，這讓我們能夠通過增加基於結果的內容的數量來開展工作，而較少關注他們的傳統合同，正如約翰所描述的那樣。所以，在我們看來，這些事情其實是很好地結合在一起的。

Louie DiPalma with William Blair.

路易·迪帕爾馬 (Louie DiPalma) 和威廉·布萊爾 (William Blair)。

John, you discussed how the Army plans to deploy a mounted variant of TLS Manpack as opposed to the current dismounted version that's being deal to the brigades. Is it the mounted development and rollout included in the recent $400 million contract modification that you announced? And should we be on the lookout for another upsizing beyond the current $500 million contract? And related to this, how many vehicles is Manpack applicable for?

約翰，你討論了陸軍計劃如何部署 TLS Manpack 的安裝版本，而不是目前提供給各旅的拆卸版本。這是您最近宣布的 4 億美元合約修改中包含的車載開發和推出嗎？我們是否應該關注目前 5 億美元合約之外的另一次升級？與此相關，Manpack 適用於多少種車輛？

Okay. Let me unpack that. Easy answer first, it is not part of the $500 million GLS manpack program today. Just as the Canadians took delivery of a handheld solution last year, as it pertains to Counter-UAS and now they're looking at a mobile variant. The arm is doing that same as you look across the EW [sigund] space. So this is based on a lot of the CACI commercial companies that we have and that we've purchased over the past number of years. It's software-defined capabilities that needed to be there to grow as the U.S. military requirements evolve.

好的。讓我來解釋一下。首先回答一個簡單的問題，它不是目前價值 5 億美元的 GLS 背負式計劃的一部分。正如加拿大人去年收到一種與反無人機系統相關的手持式解決方案一樣，現在他們正在研究一種行動版本。當你看向 EW [sigund] 空間時，手臂也會做同樣的事情。這是基於我們擁有的以及過去幾年收購的許多 CACI 商業公司。隨著美國軍事需求的不斷發展，軟體定義的能力也需要不斷增強。

So it's a $500 million program, but actually started from a $1 million OTA, and I'll relate back to Tobey's question. If you really want to talk about quick reaction, performance-based that OTA was $1 million OTA with inside of a year. We put the prototype in place, took it out to the field worked with the users made all the software modifications and then begin delivering that.

所以這是一個價值 5 億美元的項目，但實際上是從 100 萬美元的 OTA 開始的，我會回答 Tobey 的問題。如果您真的想談論快速反應，那麼基於績效的 OTA 將在一年內達到 100 萬美元。我們將原型安裝到位，帶到現場與用戶合作，對所有軟體進行修改，然後開始交付。

So -- it is -- the TLS Manpack program is a stand-alone program. It is there purely to deliver liver Manpack solutions. Now the fact that we talk about that our software bases is a perfect real-life example of why solutions that are software-based can be moved to other areas. There are current providers today looking at how do they provide and EW at the platform level. So think tanks, take Apaches, think every other mobile asset that any customer has.

所以——TLS Manpack 程式是一個獨立程式。它純粹是為了提供肝臟 Manpack 解決方案。現在，我們談論的軟體基礎就是一個完美的現實例子，說明了為什麼基於軟體的解決方案可以轉移到其他領域。目前，一些供應商正在研究如何在平台層面提供 EW。因此，智囊團應該以阿帕契直升機為例，思考任何客戶擁有的所有其他移動資產。

We've been doing right along invest ahead of customer need, to show if I can put this software on a smaller form factor, I could probably put it in a rack mountain version or a single chassis version and have that sit inside of an Apache, sit inside of tanks inside of any other movie vehicle there. And I have to tell you the minute that so our early deliveries make it out to the field. Everybody gets to the dismounted position by writing on something which is mounted, okay?

我們一直在根據客戶需求進行投資，以表明我是否可以將這個軟體放在更小的尺寸上，我可能會把它放在機架山地版本或單底盤版本中，並將其放在阿帕奇直升機內，放在任何其他電影車輛內的坦克內。我必須立即告訴你們，這樣我們的早期交付才能順利到達現場。每個人都透過在騎乘的東西上寫字來達到下馬的狀態，好嗎？

So it's a pretty simple step and repeat to where we're going. That would be a brand-new work. So yes, we're all be on the lookout for something that may come along in '26, maybe it's in the next budget cycle, but that is definitely a drive to the United States Army today. And I would be remiss if I didn't say that it's the other services will look at the same type of stuff in repeat.

這是一個非常簡單的步驟，重複即可到達我們要去的地方。那將是一項全新的工作。所以是的，我們都在關注 26 年可能出現的一些事情，也許是在下一個預算週期，但這絕對是當今美國陸軍的動力。如果我不說其他服務也會重複查看相同類型的東西，那我就太失職了。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再回答一個問題。

The operator. I think we have time for one more question.

操作員。我想我們還有時間再回答一個問題。

Mariana Perez-Mora with Bank of America.

美國銀行的 Mariana Perez-Mora。

Good morning. So my question is going to be about -- and I know it's probably too early, but your fiscal '27 outlook that you gave like nine months ago. If I look at EBITDA margin, you are at the percent a year earlier. You do have some tax benefits, both from like Section 174, but also from this like new ongoing benefit that you're going to have from like the taxes and the revenue growth is quite in line or even like exceeding your expectations.

早安.所以我的問題是關於——我知道現在可能還為時過早，但您在九個月前就給出了 27 年財年的展望。如果我看一下 EBITDA 利潤率，就會發現你的百分比與去年同期持平。您確實有一些稅收優惠，既來自第 174 條，也來自您將從稅收中獲得的新的持續利益，而且收入增長相當符合甚至超出您的預期。

If I do that math, free cash flow should be like the cumulative free cash flow for the 3 years should be more like $1.8 million versus the $1.6 billion brake level that you gave us not so long ago. How are you thinking about that?

如果我這樣計算的話，自由現金流應該像 3 年的累計自由現金流那樣，應該更像是 180 萬美元，而不是不久前您給我們的 16 億美元煞車水平。您對此有何看法？

Yes. I'll start, and John may want to put a finishing flourish on this. But first of all, I'd point out that we gave 3-year targets. We didn't give FY '27, specifically, as a three-year number. And you correctly note that there are several positive developments that we weren't aware of when we developed the 3-year targets. We are specifically not undertaking to update them -- we're happy to talk about it.

是的。我先開始，約翰可能會想最後做個收尾工作。但首先，我想指出我們給了三年目標。我們沒有給出 27 財年的具體三年數字。您正確地指出，我們在製定三年目標時並沒有意識到一些積極的發展。我們特別不承諾更新它們——我們很樂意談論它。

But you mentioned several points that are positive developments since we developed them, and you would reasonably expect them to improve for things like the Section 174. So we said that we're increasingly confident in our ability to deliver on the three-year targets, and you're seeing some of that performance now. And I would not -- I would encourage you to not infer from that, that there's some slowing in we feel increasingly good about the targets and expect to deliver them.

但是您提到的幾點是我們制定以來的積極進展，並且您可以合理地預期它們會在第 174 條等方面得到改善。因此，我們說，我們對實現三年目標的能力越來越有信心，現在您也看到了一些成效。我不會——我鼓勵你們不要由此推斷，我們對目標的感覺越來越好，並期望實現這些目標，但速度有所放緩。

Look, I'll also add, I think it's absolutely refreshing that on this call, in 2025, we're talking about generating over a three-year period, $1.6 billion of free cash flow, if not greater, with high single-digit top line growth and driving our margins to where they are today, if not higher. That has been the absolute focus of the leadership team in this company for a number of years is to make sure we get involved in markets that matter not only to our nation, but to our shareholders.

我還要補充一點，我認為在這次電話會議上，我們談論的是 2025 年在三年內創造 16 億美元甚至更多的自由現金流，實現高個位數的營收增長，並將我們的利潤率推高至今天的水平，甚至更高，這絕對令人耳目一新。多年來，這一直是本公司領導團隊的絕對關注點，即確保我們涉足不僅對我們的國家而且對我們的股東都重要的市場。

And I could not be happier that we're sort of talking this 1.6% or 1.8% or is it tours at 2.2. I put those three-year targets out there as a marker to make athletes certain that as we continue to explain the fact that the government services company, the CACI was for the first 50 years, is not the kind of services company we are over the next [five years].

我非常高興我們討論的是1.6%、1.8%，或2.2%的巡迴賽。我提出這三年目標是為了給運動員們一個明確的標誌，讓我們明白，在我們繼續解釋CACI在前50年裡是一家政府服務公司，而在接下來的50年裡，我們不會再像CACI一樣成為一家服務公司。[五年]。

In fact, we talk about us, we can use mission Tech. We can talk about defense tech wherever you want to go with that, but all of that drives funder solutions for this nation.

事實上，我們談論我們，我們可以使用任務技術。我們可以談論國防技術，無論你想談論什麼，但所有這些都是為了推動這個國家的資助解決方案。

And at the same time, because we invest ahead of customer need and the contracting vehicles are changing. OTAs, CSOs, FMP that we believe, and we are well positioned to do much more bottom line generating work that gives us just outstanding free cash flow and the optionality that comes with delivering more free cash flow as we return capital to our shareholders, and we also return it to our customers in ways to invest in and a customer need. So I really appreciate that question.

同時，由於我們的投資領先於客戶的需求，承包方式也正在改變。我們相信，OTA、CSO、FMP，我們有能力做更多創造底線的工作，這將為我們提供出色的自由現金流和可選性，從而在我們將資本返還給股東時提供更多的自由現金流，並且我們還以投資和客戶需求的方式將其返還給客戶。所以我真的很感謝你提出這個問題。

Sheila with Jefferies.

希拉和傑富瑞在一起。

We for with federal business. We are 1 of the top 3 all kinds of cyber providers.

我們處理聯邦事務。我們是全球三大各類網路服務供應商之一。

Yes. Operator, I think we're ready to -- I don't hear anyone, I think we are ready to end the call.

是的。接線員，我想我們準備好了——我沒有聽到任何人說話，我想我們準備好結束通話了。

Yes, that's the final question. So yes, I would like to turn the call back over to Mr. Mengucci. Please go ahead.

是的，這是最後一個問題。是的，我想把電話轉回給孟古奇先生。請繼續。

Thanks, Amy, and thank you for your help on today's call. We'd like to thank everyone who dialed in or listen to the webcast for their participation. We know that many of you will have follow-up questions. Jeff McGlaughlin, Tours Price and Jim Sullivan are available after today's call. Stay healthy, and I'm my best to you and your families. This concludes our call. Thank you, and have a great day.

謝謝，艾米，謝謝你在今天的電話中提供的幫助。我們要感謝所有撥入電話或收聽網路直播的人的參與。我們知道你們中的許多人都會有後續問題。今天的電話會議結束後，Jeff McGlaughlin、Tours Price 和 Jim Sullivan 都可以聯繫。保持健康，我會向您和您的家人致以最美好的祝愿。我們的通話到此結束。謝謝您，祝您有愉快的一天。

Thank you. That does conclude today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。