CACI International Inc (CACI) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International first quarter fiscal year 2026 earnings conference call. Today's call is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加 CACI International 2026 財年第一季業績電話會議。今天的通話將會被錄音。（操作說明）

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.

此時，我謹將電話會議交給 CACI International 投資者關係資深副總裁喬治‧普萊斯。請繼續，先生。

Thanks, Tina. 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.

謝謝你，蒂娜。大家早安。我是喬治普萊斯，CACI International 投資者關係資深副總裁。感謝您今天早上收看我們的節目。我們正在提供演示文稿，現在讓我們來看看第二張幻燈片。

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

本次電話會議中將包含一些不涉及歷史事實的陳述，因此，根據現行法律，這些陳述構成前瞻性陳述。這些聲明反映了我們截至目前為止的觀點，但受到許多重要因素的影響，這些因素可能導致我們的實際結果與預期結果有重大差異。這些因素列於昨晚新聞稿的末尾，並在公司提交給美國證券交易委員會的文件中有所描述。本附件中包含我們的“安全港聲明”，該聲明應作為本次通話記錄的一部分。

I would also like to point out that our presentation will include discussion of non-GAAP financial measures. These should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

我還想指出，我們的報告將包括對非GAAP財務指標的討論。這些指標不應被孤立地看待，也不應被用作按照公認會計原則編制的績效指標的替代品。

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?

請翻到第三張幻燈片。今天上午，首先由 CACI International 的總裁兼執行長 John Mengucci 為我們開啟討論。約翰？

Thanks, George. And good morning, everyone. Thank you for joining us to discuss our first quarter fiscal year '26 results. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

謝謝你，喬治。大家早安。感謝各位蒞臨本次研討會，共同探討我們2026財年第一季的業績。今天早上和我在一起的是我們的財務長傑夫·麥克勞克蘭。

Slide 4, please. CACI's strong first quarter results are a great start to our fiscal year 2026. We delivered free cash flow of $143 million, driven by revenue growth of 11% and an EBITDA margin of 11.7%. We also won $5 billion of contract awards, which represents a book-to-bill of 2.2 times for the quarter and 1.3 times on a trailing 12-month basis.

請看第四張投影片。CACI 強勁的第一季業績為我們 2026 財年開了個好頭。我們實現了 1.43 億美元的自由現金流，這得益於 11% 的收入成長和 11.7% 的 EBITDA 利潤率。我們還贏得了價值 50 億美元的合同，本季訂單出貨比為 2.2 倍，過去 12 個月的訂單出貨比為 1.3 倍。

Over half of our awards were for new business to CACI, and we also continued our excellent track record of winning recompetes and securing sole-source extensions. Our first quarter performance gives us increased confidence in achieving both our full year guidance, which we are reaffirming and our three-year financial targets. Jeff will provide additional details shortly.

超過一半的獎項都是為 CACI 贏得的新業務，我們也繼續保持在重新競標和獲得獨家採購延期方面的出色記錄。第一季的業績讓我們更有信心實現全年業績預期（我們重申該預期）和三年財務目標。傑夫稍後會提供更多細節。

Slide 5, please. Turning to the macro environment. The federal government continues limited operations under a shutdown. However, our business remains resilient given our national security focus for most of our work funded and deemed essential. Looking beyond the shutdown, we continue to see enduring needs, good demand signals from our customers, and prospects for a healthy funding environment for national security priorities.

請看第五張投影片。轉向宏觀環境。聯邦政府在停擺期間繼續有限運作。然而，鑑於我們的大部分工作都以國家安全為重點，並獲得了國家資助和認可，我們的業務仍然保持韌性。展望停擺之後，我們仍然看到持續的需求、來自客戶的良好需求訊號，以及國家安全優先事項健康融資環境的前景。

In addition, we are starting to see early indications of how reconciliation funds available to DOD and DHS may be used. For DHS, the focus is likely to include modernization of border security, which we expect will benefit programs like BEAGLE and drive demand for our current OAS technology. For DoD, in addition to areas we have previously discussed, we also expect reconciliation funds, including those for Golden Dome, will benefit some of our intelligence programs as we focus on left-of-launch situational awareness.

此外，我們開始看到一些早期跡象，表明國防部和國土安全部可用的和解資金可能會被如何使用。對於國土安全部而言，重點可能包括邊境安全現代化，我們預計這將使 BEAGLE 等項目受益，並推動對我們目前 OAS 技術的需求。對於國防部而言，除了我們之前討論過的領域外，我們還希望和解資金（包括金穹頂的資金）能夠惠及我們的一些情報項目，因為我們將重點放在發射前的態勢感知上。

Our ability to reaffirm our guidance and deliver on our commitments even in the face of a government shutdown, demonstrates the resilience of our business and as a result of deliberate choices and investments we have made over many years. Our actions have positioned CACI for success in any environment, including this one.

即使面對政府停擺，我們仍然能夠重申我們的指導方針並履行我們的承諾，這體現了我們業務的韌性，也是我們多年來深思熟慮的選擇和投資的結果。我們的行動使 CACI 能夠在任何環境下取得成功，包括當前環境。

Slide 6, please. Let me discuss some examples of awards, program performance and investments that highlight our competitive differentiation in several areas. First, in Counter-UAS escalating drone threats and increasing incursions globally are driving strong demand for our capabilities, including from our international partners. In fact, during the first quarter, we received a follow-on order from the Canadian government for additional Manpack software-defined Counter-UAS systems.

請看第六張投影片。讓我舉一些例子來說明我們在多個領域獲得的獎項、專案績效和投資情況，這些例子突顯了我們的競爭優勢。首先，在反無人機系統領域，日益升級的無人機威脅和全球範圍內不斷增加的入侵事件，推動了對我們能力的強勁需求，包括來自我們國際合作夥伴的需求。事實上，在第一季度，我們收到了加拿大政府的後續訂單，並訂購了更多便攜式軟體定義反無人機系統。

This follows the initial order we received in fiscal '24 as well as in order for vehicle-mounted Counter-UAS systems were received from Canada last quarter. But the threat is no longer just abroad. It is here at home as well, and the administration has made it clear that the defense of the Homeland is the top national security priority. That's why CACI has been investing ahead of need to develop Merlin, our latest Counter-UAS detector feed system.

繼我們在 2024 財年收到的首批訂單以及上個季度從加拿大收到的車載反無人機系統訂單之後，我們又獲得了這批訂單。但威脅不再只是來自國外。國內也是如此，政府已明確表示，保衛國土是國家安全的首要任務。正因如此，CACI 一直在未雨綢繆，投資開發了 Merlin，我們最新的反無人機系統探測器饋送系統。

Merlin's Counter-UAS capabilities are extremely differentiated and particularly well suited for defending the homeland for many reasons. It is based on technology that has been operationally proven across the globe for years, focused on real missions, real threats and delivering real kills with non-kinetic capabilities that include low to no collateral damage [defeat] modes with a detection range of up to 75 kilometers and providing industry-leading wireless capabilities that address Counter-UAS threats utilized the cellular networks.

Merlin 的反無人機系統能力非常獨特，而且由於許多原因，特別適合用於保衛國土。它基於多年來在全球範圍內經過實戰驗證的技術，專注於實際任務、實際威脅，並通過非動能能力實現實際擊殺，包括低附帶損害或無附帶損害的[擊敗]模式，探測範圍可達 75 公里，並提供業界領先的無線能力，以應對利用蜂窩網絡的反無人機系統威脅。

Our Merlin system has outperformed competitors in several government-sponsored demonstrations against a wide range of UAS systems utilizing our software-defined technology, particularly in queuing a third-party kinetic system to defeat a drone and also integrating with [Angel's] Labs platform, which was recently selected as the Army's Counter UAS fire control system. These results are what is driving strong customer interest, both in the US and abroad.

我們的 Merlin 系統在幾項政府資助的演示中，針對各種採用我們軟體定義技術的無人機系統，表現優於競爭對手，尤其是在引導第三方動能係統擊敗無人機方面，以及與 [Angel's] Labs 平台集成方面，該平台最近被選為陸軍的反無人機火控系統。正是這些成果激發了美國和海外消費者的濃厚興趣。

A second area is counter space. Modernizing our nation's capabilities is crucial to address peer threats in the increasingly contested space domain. We are seeing increasing customer interest and demand for CACI's capabilities. This includes a $40 million award in the first quarter to sustain and modernize the Tactical Integrated Ground Suite or TIGS counter space program for the Army.

第二個區域是操作台空間。在競爭日益激烈的太空領域，提升我國的能力對於應對勢均力敵的威脅至關重要。我們看到客戶對CACI的能力越來越感興趣，需求也越來越大。其中包括第一季獲得的 4000 萬美元撥款，用於維持和現代化陸軍的戰術整合地面套件 (TIGS) 反太空計畫。

Additionally, a few days after quarter end, we received an initial production order from the US base force for a Remote Modular Terminal or RMT. RMT is a broadband counter satellite electronic warfare system that leverages our existing Counter UAS software to provide our customers with enhanced counter space capabilities. Both TIGS and RMT are great examples of how we can leverage our differentiated software-defined technology and our strong past performance to help board finders execute critical missions across the entire electromagnetic spectrum.

此外，季度末幾天后，我們收到了美國基地部隊的遠端模組化終端（RMT）的初始生產訂單。RMT 是一款寬頻反衛星電子戰系統，它利用我們現有的反無人機系統軟體，為我們的客戶提供增強的反太空作戰能力。TIGS 和 RMT 都是很好的例子，說明我們如何利用我們差異化的軟體定義技術和我們過去強大的業績，幫助電路板查找器在整個電磁頻譜範圍內執行關鍵任務。

Slide 7, please. Third is network modernization, a foundational dependency for many critical national security priorities. Without modernized networks, DoD priorities like NGC 2 and [Gen C2] either won't be as effective or just won't be possible. Given this reality and the administration's focus on modernization across the government, we continue to see good demand and a strong pipeline of network modernization opportunities.

請看第7張投影片。第三是網路現代化，這是許多關鍵國家安全優先事項的基礎性依賴因素。如果沒有現代化的網絡，國防部的優先事項，如 NGC 2 和 [Gen C2]，要么不會有效，要么根本無法實現。有鑑於此，以及政府對全政府現代化的重視，我們繼續看到良好的需求和強勁的網路現代化機會儲備。

For example, Air Force recently awarded CACI task orders over two and number three, on the base infrastructure modernization program, previously known as [ITAS Wave 2]. CACI will modernize networks for the US Indo-Pacific Command in the US base force, ensuring more efficient and more secure network operations. Together, these task orders represent approximately $400 million of awards this quarter.

例如，空軍最近向 CACI 授予了基地基礎設施現代化計劃（以前稱為）的第二和第三項任務訂單。[ITAS Wave 2] CACI 將為美國印太司令部在美國基地部隊中實現網路現代化，確保更有效率、更安全的網路運作。本季這些任務訂單的總金額約為 4 億美元。

Additionally, we continue to execute on our existing network modernization programs. On our SIPRMOD program, we received NSA authorization for use of our software-defined CSFC technology, allowing for the processing to classify data through our framework. This accelerates our ability to test and field devices on the network and positions us to make the network operational in 2026.

此外，我們將繼續執行現有的網路現代化計劃。在我們的 SIPRMOD 專案中，我們獲得了 NSA 的授權，可以使用我們軟體定義的 CSFC 技術，從而可以透過我們的框架對資料進行分類處理。這將加快我們在網路上測試和部署設備的能力，並使我們能夠在 2026 年使網路投入運作。

The final area is digital application modernization. Our customers were seeking greater efficiency, effectiveness, and speed of delivery as they modernize software applications. CACI continues to lead the industry with our use of commercial agile software development processes and DevSecOps. For example, our BEAGEL program for Customs and Border Protection, is one of the largest agile software development programs in the federal government. Our exceptional performance on this program recently yielded us our second one-year contract expansion, a strong indication of the value we deliver to CBP and a further indication of how well positioned CACI is with our customer base.

最後一個領域是數位應用現代化。我們的客戶在對軟體應用程式進行現代化改造時，尋求更高的效率、效果和交付速度。CACI 持續引領業界，採用商業敏捷軟體開發流程和 DevSecOps 技術。例如，我們為海關和邊境保護局開發的 BEAGEL 專案是聯邦政府中規模最大的敏捷軟體開發專案之一。我們最近在該專案上的出色表現為我們贏得了第二個為期一年的合約延期，這有力地表明了我們為 CBP 帶來的價值，也進一步表明了 CACI 在客戶群中的地位有多麼穩固。

The combination of our leading agile development capabilities and strong past performance has enabled us to win the $1.6 billion JTMS award this quarter. The joint transportation management system is [TransCom's] enterprise modernization initiative to unify end-to-end transportation and financial processes across the DoD on a commercial software platform. CACI will leverage our agile software development and AI capabilities, combined with SAP's S/4HANA off-the-shelf commercial platform to significantly improve visibility, collaboration and our ability for the command.

憑藉我們領先的敏捷開發能力和以往的出色業績，我們在本季度贏得了價值 16 億美元的 JTMS 合約。聯合運輸管理系統是 [TransCom] 的企業現代化計劃，旨在將國防部的端到端運輸和財務流程統一到一個商業軟體平台上。CACI 將利用我們敏捷的軟體開發和人工智慧能力，結合 SAP 的 S/4HANA 現成商業平台，顯著提高可見度、協作能力和指揮能力。

It's yet another example of the federal government selecting CACI to modernize at scale to enable mission success, while generating long-term value for the government and taxpayers. It is also important to note that as we continue to win in the marketplace, we also continue to invest ahead of customer need and our industry-leading agile capabilities to ensure that CACI remains well positioned to win and execute these critical modernization initiatives.

這再次表明，聯邦政府選擇 CACI 進行大規模現代化改造，以確保任務成功，同時為政府和納稅人創造長期價值。值得注意的是，隨著我們在市場上不斷取得成功，我們也將繼續投資於滿足客戶需求之前的需求，並憑藉我們行業領先的敏捷能力，確保 CACI 始終處於有利地位，能夠贏得併執行這些關鍵的現代化計劃。

We are now expanding our use of AI tools to increase the speed, efficiency and scalability of our agile software development processes and continuing to innovate to stay at the forefront of utilizing commercial software development tools and processes to address critical national security priorities faster and more efficiently.

我們現在正在擴大人工智慧工具的使用範圍，以提高敏捷軟體開發流程的速度、效率和可擴展性，並不斷創新，以保持在利用商業軟體開發工具和流程方面的領先地位，從而更快、更有效地解決關鍵的國家安全優先事項。

These are just a few examples of the many successes we are seeing at CACI, thanks to our focus on critical national security priorities, software-defined technology, commitment to investing ahead of customer need, and unwavering focus on superior execution.

以上僅是 CACI 取得的眾多成功的幾個例子，這得益於我們對關鍵國家安全優先事項的關注、軟體定義技術、在客戶需求之前進行投資的承諾以及對卓越執行的堅定不移的關注。

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

接下來，我會把電話交給傑夫。

Thank you, John. Good morning, everyone. Please turn to slide 8. As John mentioned, we're very pleased with our first quarter performance. The continued strong performance once again underscores the deliberate positioning of the portfolio and the differentiation of our business. In the first quarter, we generated revenue of nearly $2.3 billion, representing 11.2% year-over-year growth, of which 5.5% was organic.

謝謝你，約翰。各位早安。請翻到第8張幻燈片。正如約翰所說，我們對第一季的業績非常滿意。持續強勁的業績再次凸顯了我們精心佈局的產品組合和業務差異化優勢。第一季度，我們創造了近 23 億美元的收入，年增 11.2%，其中 5.5% 為內生成長。

I'd also like to call your attention to the revenue by customer disclosure in our earnings release, where we are now breaking out revenue from intelligence community customers. This additional transparency aligns our revenue disclosure with the national security focus that is a foundational element of our strategy.

我還想提請大家注意我們在盈利報告中按客戶披露的收入情況，我們現在將來自情報界客戶的收入單獨列出。這種額外的透明度使我們的收入揭露與國家安全重點保持一致，而國家安全是我們策略的基礎要素。

EBITDA margin of 11.7% in the quarter represents a year-over-year increase of 120 basis points, driven primarily by strong program execution, timing of some higher-margin software-defined technology deliveries, and overall mix.

本季 EBITDA 利潤率為 11.7%，年成長 120 個基點，主要得益於強勁的專案執行、一些高利潤率軟體定義技術交付的時機以及整體產品組合。

First quarter adjusted diluted earnings per share of $6.85 were 16% higher than a year ago, greater operating income along with a lower share count more than offset higher interest expense and a higher income tax provision.

第一季調整後稀釋每股收益為 6.85 美元，比去年同期增加 16%，營業收入增加以及流通股數量減少，足以抵消更高的利息支出和更高的所得稅準備金。

Finally, free cash flow was $143 million for the quarter, driven by our strong profitability and increasing cash generation from working capital management. Days sales outstanding, or DSO, were 56 days.

最後，本季自由現金流為 1.43 億美元，這得益於我們強勁的獲利能力和營運資本管理帶來的現金流不斷增加。應收帳款週轉天數（DSO）為 56 天。

Slide 9, please. A healthy long-term cash flow characteristics of our business are modest leverage of 2.6 times net debt to trailing 12-month EBITDA, and our demonstrated access to capital continued to provide us with significant optionality. 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.

請看第9張投影片。我們業務健康的長期現金流特徵是：淨債務與過去 12 個月 EBITDA 的比率適中，僅為 2.6 倍；而且，我們已證明的資本獲取管道繼續為我們提供了很大的選擇。我們仍處於有利地位，能夠以靈活和把握機會的方式繼續部署資本，以推動每股自由現金流和股東價值的長期成長。

Slide 10, please. We're reaffirming our fiscal 2026 guidance. We continue to expect revenue between $9.2 billion and $9.4 billion, EBITDA margin in the mid-11% range, adjusted net income between $605 million and $625 million, and finally, free cash flow of at least $710 million.

請看第10張投影片。我們重申2026財年的業績預期。我們繼續預期營收在 92 億美元至 94 億美元之間，EBITDA 利潤率在 11% 左右，調整後淨利潤在 6.05 億美元至 6.25 億美元之間，最終自由現金流至少為 7.1 億美元。

One item I'll note is that our strong Q1 performance has helped us derisk the EBITDA margin step-up from the first half to the second half that we discussed last quarter. To help with modeling, we expect EBITDA margin in the second quarter to be about 11%.

需要指出的是，我們第一季的強勁業績幫助我們降低了上個季度討論的 EBITDA 利潤率從上半年到下半年提升的風險。為了方便建模，我們預計第二季 EBITDA 利潤率約為 11%。

Slide 11, please. Turning to forward indicators, all metrics provide good long-term visibility into the strength of our business. Our first quarter book-to-bill of 2.2 times, and our trailing 12 months book-to-bill of 1.3 times and reflects strong performance in the marketplace. The weighted average duration of our awards in Q1 was over six years.

請看第11張投影片。從前瞻性指標來看，所有指標都能很好地反映我們業務的長期實力。我們第一季的訂單出貨比為 2.2 倍，過去 12 個月的訂單出貨比為 1.3 倍，反映了我們在市場上的強勁表現。第一季我們獎項的加權平均持續時間超過六年。

Our record backlog of $34 billion increased 4% from a year ago and represents nearly four years of annual revenue. And finally, our funded backlog grew nearly 26% year-over-year, some of which was likely driven by our customers preparing essential programs for the government shutdown.

我們創紀錄的 340 億美元積壓訂單比去年增加了 4%，相當於近四年的年收入。最後，我們的已獲資助的積壓訂單年增近 26%，其中一部分可能是由於我們的客戶為應對政府停擺而準備了必要的項目。

For fiscal year '26, we now expect more than 92% of our revenue to come from existing programs with less than 4% coming from recompetes and 4% from new business. Progress on these metrics, specifically on repeat revenue, which was 11% just last quarter, reflects our successful business development and operational performance and yields increased confidence in our expectations for the year. In fact, I'd like to point out that in the past 10 years, this is the second highest amount of revenue from existing programs that we've had at this point in the year.

2026 財年，我們預計超過 92% 的收入將來自現有項目，不到 4% 來自重新競標，4% 來自新業務。這些指標的進展，特別是重複收入的進展（上季達到 11%），反映了我們成功的業務發展和營運業績，並增強了我們對全年預期的信心。事實上，我想指出的是，在過去的 10 年裡，這是我們在一年中的這個時候從現有專案中獲得的第二高收入。

In terms of our pipeline, we have $6 billion of bids under evaluation, around 80% of which are for new business to CACI. We expect to submit another $13 billion in bids over the next two quarters with about 75% of that being for new business.

就我們的專案儲備而言，我們有價值 60 億美元的投標正在評估中，其中約 80% 是 CACI 的新業務。我們預計在接下來的兩個季度中將提交價值 130 億美元的投標書，其中約 75% 為新業務投標。

In summary, we delivered outstanding first quarter results, derisked fiscal year '26, and continued to demonstrate our differentiated position in the marketplace. We are winning and executing high-value enduring work that supports long-term growth, increased free cash flow per share, and additional shareholder value.

總而言之，我們取得了出色的第一季業績，降低了 2026 財年的風險，並繼續展現了我們在市場上的差異化地位。我們正在贏得並執行高價值的持久性工作，以支持長期成長、增加每股自由現金流和提升股東價值。

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

這樣，我就把電話轉回約翰了。

Thank you, Jeff. Let's go to slide 12, please. CACI delivers distinctive and differentiated expertise and technology to address our nation's critical national security priorities. We help customers address their biggest challenges and their most important priorities. We help them succeed in their missions. And because of that, our customers increasingly rely on us.

謝謝你，傑夫。請翻到第12張投影片。CACI 提供獨特且差異化的專業知識和技術，以應對我們國家的關鍵國家安全優先事項。我們幫助客戶應對他們面臨的最大挑戰和最重要的優先事項。我們幫助他們成功完成任務。也因為如此，我們的客戶越來越依賴我們。

We are the company that consistently gets things -- get the hardest things done when our customers need it most. Because of this, our business continues to perform well, and we continue to meet our financial commitments even in this dynamic and somewhat uncertain near-term environment. The strength of our strategy, our differentiation, and our execution is borne out by our consistent performance.

我們是一家總是能把事情做好的公司──在客戶最需要的時候，總是能把最困難的事情做好。正因如此，即使在當前瞬息萬變且充滿不確定性的短期環境下，我們的業務依然表現良好，我們也能繼續履行我們的財務承諾。我們策略的優勢、差異化優勢和執行力都體現在我們持續穩定的業績上。

Our outstanding first quarter results represent a great start to fiscal year '26. We are successfully executing our strategy, winning, and ramping significantly new work, capturing our recompetes, and driving additional on-contract growth from our large contract portfolio. As a result, we are pleased to reaffirm our fiscal '26 guidance and we remain confident in achieving our three-year financial targets. We are well positioned in the right markets with the right capabilities, and we are confident in our ability to drive long-term growth and free cash flow per share and shareholder value.

我們出色的第一季業績為 2026 財年開了個好頭。我們正在成功執行我們的策略，贏得並大幅增加新工作，拿下重新競標的機會，並從我們的大型合約組合中推動額外的合約成長。因此，我們很高興重申我們對 2026 財年的業績預期，並且我們仍然有信心實現我們三年的財務目標。我們在合適的市場擁有合適的實力，並已做好充分準備，我們有信心推動長期成長，提高每股自由現金流和股東價值。

As is always the case, our success is driven by our 25,000 employees who are ever vigilant and expanding the limits of national security. To everyone on the CACI team, I am proud of what you do each and every day for our company and our nation. And to our shareholders, I want to thank you for your continued support of CACI.

一如既往，我們的成功離不開我們25,000名員工的辛勤付出，他們時刻保持警惕，不斷拓展國家安全的邊界。CACI團隊的每一位成員，我為你們每天為公司和國家所做的一切感到驕傲。我還要感謝各位股東一直以來對CACI的支持。

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

那麼，蒂娜，現在開始接受提問。

(Operator Instructions) Colin Canfield, Cantor Fitzgerald.

（操作說明）Colin Canfield，Cantor Fitzgerald。

Perhaps we could shed some light on early expectations for the FY27 request. I think we have kind of two camps forming up in terms of buy-side sentiment, one being that the step down from kind of reconciliation plus base implies -- it implies a step down year-on-year.

或許我們可以就 2027 財政年度申請的早期預期做一些說明。我認為買方情緒大致形成了兩個陣營，其中一個陣營認為，從調整加上基準水平來看，下降意味著同比下降。

And then another camp is that it's pretty insane to think that Congress would kind of imply a cut on defense budgets into a rising national security environment. So if you can shed some light on kind of where you expect kind of high-level budgets to go.

而另一派則認為，在國家安全情勢日益嚴峻的情況下，國會竟然會暗示要削減國防預算，這簡直太瘋狂了。所以，如果您能就您預期高層預算的去向提供一些見解就太好了。

Yes, Colin, thanks. That's a meaty first question. Look, we're very, very focused strategically on critical national security priorities and we've always talked about those priorities have deep and enduring funding streams, and we have great bipartisan support. That bipartisan support is why we vectored this portfolio over the last decade to be 90% focused on national security.

是的，科林，謝謝。這是一個很有深度的問題。你看，我們在戰略上非常非常注重關鍵的國家安全優先事項，我們一直強調這些優先事項需要有深厚且持久的資金來源，而且我們得到了兩黨的大力支持。正是因為獲得了兩黨的支持，我們在過去十年中才將這項投資組合的90%都集中在國家安全領域。

But we've also said before that we're really focused on the top line budget, budget growing. But at the end of the day, we're a $9.3 billion company in a $280 billion total addressable market. So we look at that tone as we have plenty of room to grow.

但我們之前也說過，我們真正關注的是預算總額，預算成長。但歸根究底，我們是一家市值 93 億美元的公司，而我們的潛在市場總額為 2800 億美元。所以我們認為，我們還有很大的發展空間。

And then where is the money going? So if you look across the areas like electromagnetic spectrum, software-defined tech space, Counter-UAS, border security, that's where current budget dollars and reconciliation dollars go. So I think we're in the right spot. We continue to have a great book-to-bill greater than 1 and our software-defined tech continues to deliver growth for us. So there's a lot of what-ifs as we get into '26 and into '27.

那麼這些錢都流向哪裡了呢？因此，如果你縱觀電磁頻譜、軟體定義技術領域、反無人機系統、邊境安全等領域，你會發現目前的預算資金和協調資金都流向了這些領域。所以我覺得我們現在的位置很適合。我們的訂單出貨比一直保持在 1 以上，而且我們的軟體定義技術繼續為我們帶來成長。所以，到了 2026 年和 2027 年，有很多假設性的問題。

But the fact is we're winning a lot of long-term business that really draws across a number of year budgets. So with the level of backlog we have with the duration of contracts, we just put into backlog right around six years. It does allow our company to endure and allows us to continue to grow regardless of what some of those top line numbers are.

但事實是，我們正在贏得許多長期業務，這些業務實際上跨越了數年的預算。鑑於我們目前的積壓訂單量以及合約期限，我們目前的積壓訂單量大約需要六年才能完成。它使我們公司得以生存並繼續發展，而無需考慮某些營收數據如何變化。

Got it. And then in terms of like Counter-UAS cyber electronic warfare contracts, I think investors have traditionally been conditioned to kind of large multiyear vehicles, but it seems like contracting officers are taking a more agile approach. So maybe if you can kind of talk about how you expect those contracts to be awarded as well as kind of the level of agility that is rewarding within folks like yourselves, [Epirus], AeroVironment, folks that kind of have commercially developed solutions in that domain.

知道了。至於反無人機系統網路電子戰合同，我認為投資者歷來習慣於簽訂多年期的大型合同，但合約官員似乎正在採取更靈活的方式。所以，或許您可以談談您期望如何授予這些合同，以及像您自己、[Epirus]、AeroVironment 等在該領域擁有商業開發解決方案的公司，其敏捷性水平如何才能獲得回報。

Yes, thanks. So look, I think it's safe to say that the US government has been buying capabilities in very different ways as of late. It was about three years back, we started to hear about OTAs. It's within the last year, we heard about how advantageous is to be a commercial company.

好的，謝謝。所以，我認為可以肯定地說，美國政府近來一直在以非常不同的方式購買能力。大約三年前，我們開始聽說OTA（線上旅行社）。就在過去一年裡，我們聽說了成為商業公司有多有利。

And look, we've double the amount of OTA work that we've done in the last two years from the last five. We're a company that is both CAS compliant, which means we have a rate-based business-like traditional government vendors, but we also have a portion of our business that's truly commercial as commercial accounting and commercial practices. So that sort of lays that groundwork that should tell everybody.

你看，過去兩年我們在OTA（線上電視）所做的工作量是過去五年的兩倍。我們是一家符合 CAS 標準的公司，這意味著我們的業務是基於費率的，就像傳統的政府供應商一樣，但我們也有一部分業務是真正意義上的商業業務，例如商業會計和商業實踐。這樣就為所有人奠定了基礎。

CACI is a unique company within our space and that we're very well positioned to address how the government buys. Most of our software-defined technology work has actually been purchased over the last few years in a very different manner. So it is true that some of our technology is funded by large multiyear programs, but it's also more the norm that we receive our awards on purchase orders in a very commercial-like manner.

CACI 是我們這個領域內一家獨特的公司，我們非常有能力解決政府採購的問題。過去幾年，我們的大部分軟體定義技術工作實際上是以非常不同的方式購買的。因此，我們的一些技術的確是由大型多年期計畫資助的，但更常見的情況是，我們以非常商業化的方式透過採購訂單獲得資助。

You can now buy from CACI just about anything across the electromagnetic spectrum whether it's SIGINT or it's EW, and it allows us to provide an item number, a part number and a price. And so we're very used to supporting those types of ordering vehicles. At the end of the day, it's also what moves our financials around, right? I mean if we're sitting here getting purchase orders that come in, in quarter, quarter one, and we turned that around in the first quarter, that's going to move our financials around.

現在，您幾乎可以從 CACI 購買電磁頻譜中的任何產品，無論是訊號情報還是電子戰，而且我們還可以為您提供產品編號、零件編號和價格。因此，我們非常習慣支持這類訂購車輛。歸根究底，這也正是我們財務狀況的運作方式，對吧？我的意思是，如果我們第一季收到採購訂單，而我們在第一季扭轉了局面，那將會改變我們的財務狀況。

So true that the government is buying different. I love the fact that the government is buying different. I love the fact that we saw that coming seven, eight years back, we positioned this company very well. And then I'll sort of end, Colin, with TLS Manpack is a perfect example. That went from an OTA to a program of record where that customer continues to buy 250, 300, 500 units. So better for us to put a program in place and that allow our customers to buy in a manner that supports their budgets.

政府的採購方式確實不同。我很高興政府採取了不同的採購方式。我很高興我們早在七、八年前就預見了這一點，我們為公司做了非常充分的準備。最後，科林，TLS Manpack 就是一個完美的例子。從 OTA 計劃轉變為正式的銷售計劃，該客戶持續購買 250、300、500 台設備。因此，我們最好制定一項計劃，讓我們的客戶以符合他們預算的方式進行購買。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Very nice result. John, CACI was ahead of the game when it came to investing in Counter-UAS solutions, but we've seen in Ukraine, both sides are now using fiberoptic cables to prevent their drones from being jammed. So how are you thinking about that challenge when it comes to developing more Counter-UAS offerings? Is it an opportunity for you? Just wanted to get your thoughts on that.

結果非常好。約翰，CACI 在投資反無人機系統解決方案方面走在了前列，但我們在烏克蘭看到，雙方現在都在使用光纖電纜來防止無人機受到干擾。那麼，在開發更多反無人機系統產品時，您是如何看待這項挑戰的呢？這對你來說是一個機會嗎？想聽聽你的看法。

Yes. Thanks a lot, Scott. Look, I'm going to sort of step back on this whole Counter-UAS story. I guess, first of all, we've been doing it for a really long time, a couple of decades. And I've covered a lot of the basis in some of my prepared remarks with the creation of Merlin that frankly allows us to quickly bring different phenomenology in, so we can better find drones.

是的。非常感謝，斯科特。聽著，我打算暫時擱置一下整個關於反無人機系統（Counter UAS）的話題。首先，我想說的是，我們已經做了很久了，有二十多年了。在我的一些準備好的演講稿中，我已經涵蓋了許多基礎知識，例如 Merlin 的創建，坦白說，它使我們能夠快速引入不同的現象學，以便我們更好地找到無人機。

The drone threat is really unique in some ways but very much the same in other ways. Time is going to be the differentiator for this threat. Most other solutions that are out there, look at simple drones within 1- to 3-kilometer range, Merlin and other of our systems detect up to 75 kilometers away. And what that does is it gives the operator time. So in some instances, up to 15 minutes of time versus about eight seconds of time by those who were looking at Group 1 or maybe Group 2 drones within a 1 to 3 kilometers space.

無人機威脅在某些方面確實獨一無二，但在其他方面又非常相似。時間將是應對這項威脅的關鍵因素。市面上大多數其他解決方案都著眼於 1 至 3 公里範圍內的簡單無人機，而 Merlin 和我們的其他系統可以探測到 75 公里以外的目標。這樣做可以給操作員爭取時間。因此，在某些情況下，無人機飛行時間可能長達 15 分鐘，而那些在 1 到 3 公里範圍內觀察第一組或第二組無人機的人，飛行時間可能只有大約 8 秒。

We're already in the US government inventory. We're already pushing at the scale, already battle hardened with hundreds of confirmed kills. So it's true that there are drones that are trailing fiber. There are drones that are operating in the cellular infrastructure.

我們已經列入美國政府的庫存清單。我們已經在大規模作戰中不斷推進，身經百戰，已確認擊殺數百人。所以確實有無人機在拖曳光纖。有一些無人機正在蜂窩網路基礎設施中運行。

So if you look at what the homeland fight is going to be, we may have drones from people who are not our friends, flying their drones on our networks. So at the end of the day, I think we have an outstanding solution. I know we have an outstanding solution. But I'm also going to end with to most companies, Counter-UAS is like the new AI, right? Everybody does it now that it's popular and the difference between the AI stock-pop hype and the Counter-UAS stock-pop hype is if you have a Counter-UAS solution, you say it does and it does so much and it doesn't, at the end of the day, somebody dies.

所以，如果你看看國土安全戰將會如何發展，我們可能會遇到來自非盟友的無人機，他們利用我們的網路操控無人機。所以總而言之，我認為我們找到了一個非常出色的解決方案。我知道我們有一個絕佳的解決方案。最後我想說的是，對大多數公司而言，反無人機系統就像是新的人工智慧，對吧？現在人工智慧產品很流行，大家都這麼做。人工智慧產品炒作和反無人機系統炒作的區別在於，如果你有一個反無人機系統解決方案，你會說它能做到很多事情，但實際上卻做不到，最終還是會有人喪命。

If you've only deployed your kit at demos around the AUSA floor, it's very telling. We've been on this market for a couple of decades with a great installed base, hundreds of systems, thousands of sensors. I would expect this threat to continually change and that's why our solutions are software-based. That's why our Merlin system brings different phenomenology in. So we're able to more than adequately not only defend this nation, but other nations out there.

如果你只在 AUSA 展廳周圍的演示中部署過你的設備，那就很能說明問題了。我們在這個市場已經耕耘了二十多年，擁有龐大的客戶群，數百套系統，數千個感測器。我預計這種威脅會不斷變化，這就是為什麼我們的解決方案是基於軟體的。這就是為什麼我們的 Merlin 系統引入了不同的現象學。因此，我們不僅能夠充分保衛本國，還能保衛其他國家。

Okay. And then I have one for Jeff. I mean, Jeff, what really surprised me was your Fed civilian agency sales were up 17% year-over-year. So I was just wondering if you could maybe parse that out between organic versus inorganic? And then perhaps what was DHS up versus non-DHS?

好的。然後我還有一個給傑夫的。傑夫，真正讓我感到驚訝的是，你們的聯邦民事機構銷售額年增了 17%。所以我想問您能否幫忙區分一下有機物和無機物？那麼，國土安全部 (DHS) 部門與非國土安全部部門之間究竟有何不同？

Yes. So about 10 points of that percentage basis of content is DHS. So the growth there, Scott, is in DHS and it's in the ramping on NASA NCAP, which is ramping up nicely and moving with our plan. It's really all organic. I don't think there's no inorganic in there. As I think about Azure and Applied Insight, none of those are going to be [offensive].

是的。因此，DHS 佔內容百分比的約 10%。史考特，所以，成長點在於國土安全部，在於美國國家航空暨太空總署新車安全評鑑協會（NASA NCAP）的快速發展，這項評鑑正在穩步推進，並符合我們的計劃。這一切都是純天然的。我認為裡面不含無機物。當我想到 Azure 和 Applied Insight 時，我覺得它們都不會是…[進攻]。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

John, I know you always remind us, bookings are super lumpy, but obviously, a pretty strong booking quarter here. So I guess a two-part question. The submitted pipeline is down, but obviously (inaudible) those strong bookings. So as part of the question, does the simple math imply a very strong win rate on that conversion?

約翰，我知道你總是提醒我們，預訂量波動很大，但顯然，本季的預訂量相當強勁。所以我想這個問題應該要包含兩個部分。提交的管道已關閉，但顯然（聽不清楚）那些強勁的預訂。所以，作為問題的一部分，簡單的數學計算是否顯示這種轉換具有非常高的勝率？

And then second question, should we expect bookings to maybe take a breather over the next few quarters given the submitted pipeline is down a bit?

第二個問題是，鑑於提交的項目數量有所下降，我們是否應該預期未來幾季的預訂量會有所放緩？

Yes, and potentially. Look, we -- I'm actually quite happy that the transparent information that we share is exactly what should lead to questions like this. Look, we really pride ourselves in giving you all the information we have as we run this company. We do our best to talk about bids that are going to be awarded at some time. We look at what our pipeline of submittals are and we talk about what we end up winning.

是的，有可能。你看，我們——我其實很高興我們分享的透明資訊正是引發這類問題的原因。你看，我們公司一直以盡可能向你提供我們掌握的所有資訊而感到自豪。我們會盡力討論那些最終會被授予的投標項目。我們會查看我們的投稿流程，並討論我們最終贏得了哪些項目。

So yes, there's going to be different movement of numbers out there. Very proud of our first quarter win rate. Of course, I look at where we are at the end of the year, but winning $5 billion in the first quarter, which is half of the total we won last year, it really does position us well.

所以，是的，市場上的數字走勢肯定會有所不同。對我們第一季的勝率感到非常自豪。當然，我會關注年底的最終成績，但第一季就贏得了 50 億美元，相當於去年全年總獎金的一半，這確實讓我們處於非常有利的地位。

I think you also have to look, Gavin, at the whole data set because we obviously had a really good awards quarter you would expect that to probably result in a dip in the awaiting decisions number, but you also have to look at the expected to submit piece, which is up. So this -- the adequacy of the pipeline is really a little bit like a balloon. I mean any one time one piece of it may dip down and another piece dips up. I mean that's inherent in the lumpiness, right?

加文，我認為你還得看看整個數據集，因為我們顯然有一個非常好的頒獎季度，你可能會預期這會導致待決決定數量下降，但你也得看看預計提交的數量，這個數字是上升的。所以，這條管道的充足性其實有點像是氣球。我的意思是，任何時候都可能有一部分向下沉，另一部分向上沉。我的意思是，這是凹凸不平的固有特性，對吧？

And I think your second question was around with everything going on, how could it potentially impact the second quarter. Look, I think it's unrealistic to believe that the pace of awards given we're in a shutdown mode is going to continue to the level that we have.

我認為你的第二個問題是關於目前發生的一切可能會對第二季產生怎樣的影響。我認為，鑑於我們目前處於停擺狀態，指望頒獎速度能繼續保持目前的水平是不切實際的。

What that number ends up being is whatever that number ends up being, I'm sure we'll talk about what the book-to-bill was at the end of the second quarter. I'm more excited about what the book-to-bill is at the end of the year and even more excited by having a trailing 12-month book-to-bill of 1.3 times. So we put a lot of awards in our $34 billion backlog, funded backlog is up 26%. I think it really bodes well regardless of what gets thrown at us.

最終的數字是多少，就讓它是多少吧。我相信我們會在第二季末討論訂單出貨比是多少。我更期待年底的訂單出貨比，而過去 12 個月的訂單出貨比達到 1.3 倍更是讓我興奮不已。因此，我們在340億美元的積壓訂單中投入了大量資金，已獲資助的積壓訂單增加了26%。我認為無論未來會遇到什麼困難，這都是一個好兆頭。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

The government shutdown. It appears some awards, especially funded were accelerated ahead of the shutdown. So should that mitigate some of the near-term impact? And is there some sort of length of the shutdown that presents a risk to guidance?

政府停擺。一些獎項，特別是那些獲得資助的獎項，似乎在政府停擺前就已提前發放。那麼，這是否能減輕一些短期影響？停工持續時間是否會對業績指引構成風險？

Yes. Certainly, it leaves us better positioned. I think it's important in the sense that it leaves us better positioned in terms of programs being funded, obviously, but I think it also is sort of an expression of confidence and support by customers to position us to have minimal disruption from this. So certainly, that's true.

是的。當然，這讓我們處於更有利的地位。我認為這一點很重要，因為它顯然能讓我們在專案獲得資助方面處於更有利的地位，但我認為這也是客戶對我們表示信任和支持的一種體現，使我們能夠將此次事件造成的干擾降到最低。所以，這當然是真的。

One of the reasons that we affirmed our guidance despite the fact that you can kind of see some growing momentum in the business is our approach to the guidance, which we've talked about with you before, and this left goal post, right goal post approach, really encompasses sort of a range of outcomes. And we really, at this point, don't see reasonable outcome that isn't encompassed in the guidance range we've given you. Not only is there minimal disruption, the nature of much of the work is that we would expect to make it up within the year. And we really don't see it as being a disruptive factor. I don't know if John adds here.

儘管您可以看到業務發展勢頭有所增強，但我們仍然堅持先前的指導方針，其中一個原因是我們之前與您討論過的指導方針方法，這種左目標、右目標的方法實際上涵蓋了一系列結果。目前來看，我們確實沒有看到任何超出我們給出的指導範圍的合理結果。不僅幹擾極小，而且由於大部分工作的性質，我們預計可以在一年內彌補損失。我們真的不認為這是一個破壞性因素。我不知道約翰是否在這裡補充過內容。

Yes. Seth, I'd also just add to Jeff's comments. Given our significant intentional exposure to national security work and as Jeff said, the level of technology work and a large level of funding backlog. And the fact that a lot of our work is essential and that -- which is not there, says that we're able to make that work up.

是的。塞思，我也想補充傑夫的評論。鑑於我們有意大量參與國家安全工作，正如傑夫所說，技術工作量龐大，而且資金積壓嚴重。很多工作都是至關重要的，而這一點——這一點卻不存在——說明我們有能力彌補這些工作。

You may not see that null any Q2 impact in quarter two, but you'll definitely see that null any short-term impact over the full year because we have the full year to make that -- those times up. So I think we're in a really good position. Clearly, if it continues to linger for months and months, I think Jeff already covered that. It's well covered within our guidance that we have out there today.

你可能不會在第二季度看到任何影響被抵消，但你肯定會看到任何短期影響在全年被抵消，因為我們有一整年的時間來彌補——時間到了。所以我覺得我們處境非常有利。顯然，如果這種情況持續數月之久，我想傑夫已經考慮到了這一點。這方面的內容在我們目前發布的指南中已有詳細說明。

Great. And then how does the hiring environment look over the last few months? And do shutdowns tend to impact the pool of applicants, whether there's more people coming from, say, like a federal agency that are applying or people are kind of scared off from the industry?

偉大的。那麼，過去幾個月的招募環境如何呢？政府停擺是否會影響求職者群體，例如，是否會有更多來自聯邦機構等部門的人員申請，或者人們是否會因此對該行業望而卻步？

Yes, [Rocco]. Look, we're actually seeing applicant value -- or volume, sorry, at an all-time high. Believe it or not, we had 0.5 million applicants in fiscal year 2025, and we have quite a large number of folks applying for jobs to date. It does help that we're more a technology company if we were purely a pure play government services company, when you see shutdowns that go on for 15, 20, 25, 30 days, that gives folks pause if they want to go do national security work on the expertise side. But we've got -- we're still running -- 40% of our hires are coming from referrals.

是的，[羅科]你看，我們實際上看到申請人數（或申請人數，抱歉）達到了歷史最高水準。信不信由你，我們在 2025 財政年度收到了 50 萬份申請，到目前為止，申請工作的人數也相當多。我們是一家科技公司，這對我們很有幫助。如果我們是一家純粹的政府服務公司，當政府停擺持續 15、20、25、30 天時，人們如果想從事國家安全方面的專業工作，就會猶豫不決。但我們目前仍有 40% 的員工是透過內部推薦招募的。

We've got about -- we have well over 300-person intern program that will be kicking off here shortly. So we haven't seen any slowdown in number of applicants, and we certainly haven't stopped hiring given the level of wins we had in the first quarter.

我們大約有——我們有一個超過 300 人的實習生項目，即將在這裡啟動。因此，我們沒有看到申請人數出現任何放緩，而且鑑於我們在第一季的成功，我們當然也沒有停止招聘。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

It's Henry on for Tobey here. Maybe just to start, I thought I go back to Counter-UAS for a second, but I'm just curious if you could roughly quantify the full opportunity set for that space over the next 12 months, let's say? And then how much of that could be related to Golden Dome on the non-kinetic C-UAS side?

現在輪到亨利替補托比上場了。或許可以先從反無人機系統入手，我想再談談反無人機系統，但我只是好奇，您能否大致量化一下未來 12 個月內該領域的全部機會？那麼，其中有多少可能與非動能反無人機系統方面的金色穹頂有關呢？

Yes, Henry, thanks. Look, I think that the government, given the different funding buckets is still sorting through that. I'm not going to give you a direct answer on amount of Counter-UAS sales we expect in the next 12 months. But I will share that our portfolio of EW technologies, it includes Counter-UAS, and it includes a number of systems. Because if you remember, the hardware form factor is different for us, but the software baseline is the same, okay?

是的，亨利，謝謝。我認為，鑑於資金來源各不相同，政府仍在對此進行梳理。我不會直接回答你未來 12 個月內我們預期的反無人機系統銷售額。但我可以透露的是，我們的電子戰技術組合包括反無人機系統，其中包括多個系統。因為如果你還記得的話，我們的硬體外形尺寸不同，但軟體基礎是相同的，好嗎？

So as we build systems, whether they're manpack, whether they're handheld, whether they're mobile, whether they're fixed, the beauty, not by accident of our solution is that software-based allows us to continually modify these with a common software baseline. Our portfolio of EW technology generates about $2 billion of revenue, each and everywhere, and we expect with newer requirements on Counter-UAS, it will experience continued growth.

因此，當我們建構系統時，無論是單兵背負式、手持式、移動式或固定式系統，我們解決方案的妙處（並非偶然）在於，基於軟體的方案允許我們使用通用的軟體基線不斷修改這些系統。我們的電子戰技術產品組合每年可產生約 20 億美元的收入，遍佈世界各地。我們預計，隨著反無人機系統需求的不斷增長，該產品組合將持續成長。

Some of that growth you all see on a quarterly basis when we talk about where our technology portfolio is growing in relationship to our expertise one. But administration priorities are very much focused on defense of the homeland, board security, world events, use of drones in modern warfare. European and allies are all up and we're going to have additional funding through reconciliation.

你們每季都能看到一些成長，例如我們談到我們的技術組合相對於我們的專業知識的成長。但本屆政府的優先事項主要集中在保衛國土、國家安全、世界大事以及在現代戰爭中使用無人機等。歐洲及其盟友的資金都已到位，我們將透過和解獲得額外資金。

Some of that growth is planned in our current FY26 plan, and we gave you a low and a high end to our guidance range. We are very well positioned for other upcoming Counter-UAS opportunities, which do include Golden Dome.

部分成長已納入我們目前的 2026 財年計劃，我們已給出了指導範圍的下限和上限。我們已做好充分準備，迎接其他即將到來的反無人機系統機遇，其中包括金色穹頂計畫。

I appreciate the color there. And maybe just to follow up. The contract awarded in this past quarter. How much if any of those were due to reconciliation bill funding at this point? And a broader question, looking ahead, is [reconciliation] bill funding kind of one of the key difference makers that you're seeing in terms of funding priorities as the shutdown moves along, that differentiates you all from competitors?

我喜歡那裡的顏色。或許只是想跟進一下。本季度授予的合約。目前來看，其中有多少（如果有的話）是由於和解法案撥款造成的？展望未來，一個更廣泛的問題是，隨著政府停擺的推進，[預算協調]法案的資金是否是你們在資金優先事項方面看到的關鍵區別因素之一，從而使你們與競爭對手區分開來？

Yes, I'll try to take the last comment first, and I'm sure Jeff will have some comments here as well. The Golden Dome funding and the reconciliation funding, we haven't seen that begin to be spent. So that's sort of gives us a backstop to what we're going through and we're experiencing now perhaps.

是的，我會先回覆最後一則評論，我相信傑夫也會有一些評論。我們還沒有看到「金頂」撥款和和解撥款開始被使用。所以，這在某種程度上為我們目前所經歷的事情提供了一個保障。

Yes, that's right. It's -- we're seeing it in a planning sense. We're starting to see opportunities, meetings about developing alternatives, things like that. So we're starting to be able to see a little bit of where it's going to land, we believe.

是的，沒錯。——我們是從規劃的角度來看這個問題的。我們開始看到一些機會，例如關於開發替代方案的會議等等。所以，我們相信，我們已經開始能夠稍微看出它最終會落在哪裡了。

And of course, the heavy DHS content, along with the portions of the DoD reconciliation funding that are focused on the areas that are in our sweet spot give us some confidence about that. But none of the performance in the first quarter or the funded backlog that we talked about, we'd identified directly to reconciliation funding.

當然，國土安全部投入的大量資金，以及國防部協調資金中那些重點用於我們擅長領域的資金，都讓我們對此充滿信心。但是，我們討論的第一季業績或已獲資助的積壓訂單，都沒有直接歸因於資金協調。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

The margins were really impressive, especially in the context of your earlier outlook of lower margins to start the year. The incremental sales year-over-year were all technology, which implies the incremental margin year-over-year was over 20%. Can you comment a bit about the mix or any onetime benefits this quarter? It suggests the margins and technology maybe are trending higher than at least we were modeling.

利潤率確實令人印象深刻，尤其是年初你曾預測利潤率會較低的情況下。年比成長的銷售額全部來自技術產品，這意味著同比增長的利潤率超過 20%。您能否就本季的產品組合或任何一次性收益做一些評論？這表明利潤率和技術的發展趨勢可能比我們之前預測的要高。

Yes. Thank you, Jon. Yes, I mean, I'm not going to quibble with your math. The technology margins were strong in the quarter. I would remind you that the segment is not monolithic. There are pieces of the technology portfolio that have margins north of what you mentioned, and there obviously are some that are obviously less.

是的。謝謝你，喬恩。是的，我的意思是，我不會在數學上糾結。本季技術業務利潤率表現強勁。我想提醒各位，這個群體並非鐵板一塊。技術組合中有些部分的利潤率高於你提到的水平，而有些部分的利潤率顯然低於你提到的水平。

So when we talk about mix, it's both mix of technology and expertise but it's also a mix within the technology sector. So I would also note that it did not change our view of the year. So I would encourage you to think about that as sort of de-risking what you see -- what you've seen historically is our customary first half, second half margin step-up. We now see that increase in the second half as being a little smaller than it has been in some recent years. But you've done the math the right way.

所以當我們談到融合時，它既指技術和專業知識的融合，也指技術領域內部的融合。因此，我也想指出，這並沒有改變我們對這一年的看法。所以我鼓勵你們把這看作是降低你們所看到的風險——你們過去看到的是我們慣常的上半年和下半年利潤率的提升。我們現在看到，下半年的成長幅度比近年來略小。但你的計算方法是正確的。

That's great. And maybe just a follow-up on what John said about loving the fact the government is buying differently. Is it more the impact of these changes the more customers are embracing some of these more progressive ways to buy software, an agile software? Or is it the same customers just buying more?

那太棒了。也許可以就約翰之前說的關於政府採購方式發生變化而表示讚賞的話做個補充。隨著越來越多的客戶接受這些更先進的軟體購買方式（例如敏捷軟體），這些變化的影響是否更大？還是同樣的顧客，只是購買量增加了？

It's a little bit of both. John will want to add to this. But if -- certainly, there's been a tremendous increase in OTAs, both in their use by people that have been using them, but also customers that haven't used them before.

兩者兼而有之。約翰會想補充一些內容。但是，OTA 的使用量確實大幅成長，無論是曾經使用過 OTA 的用戶，或是從未使用過 OTA 的用戶，都增加了 OTA 的使用量。

I think also I would go back and underscore the answer to one of the first or second questions where John talked about the fact that we really are positioned deliberately by design to be able to sell commercially, to be able to sell in a traditional FAR cost disclosed environment. I mean we -- literally, there is no way that customers buy that we don't sell. So I think that can't be overemphasized.

我還想回顧約翰在第一個或第二個問題中的回答，他談到，我們實際上是經過精心設計的，旨在進行商業銷售，能夠在傳統的 FAR 成本披露環境下進行銷售。我的意思是，我們——真的，顧客不可能購買我們不賣的東西。所以我認為這一點怎麼強調都不為過。

Yes, Jon, I'll also add. Look, what customers want is a Far Part 12, Far Part 15. They want to be able to use those when they believe that one of those supports their needs over the other. The days of large development programs where you write your requirements in 2025 and you get your first case of the system in 2035 are not going to support how fast the threats are moving. So as Jeff mentioned, about a decade ago, we positioned this company to be very agile in both, right?

是的，喬恩，我還要補充一點。你看，客戶想要的是遠方第 12 部分、遠方第 15 部分。他們希望能夠在認為其中一種方式比另一種方式更能滿足自身需求時，能夠使用這些方式。過去那種大型開發專案模式，在 2025 年編寫需求，然後在 2035 年獲得系統的第一個案例，已經無法應對威脅快速變化的局面了。正如傑夫所提到的那樣，大約十年前，我們把這家公司定位為在這兩方面都非常靈活，對吧？

So -- and it's why when we invest ahead of customer need, what the government is asking everybody to do is, hey, how about invest ahead of need more on your dollar than on ours, okay? Explain to us how that fits into part of our solve and then allow us to buy that as I answered earlier, from a commercial price sheet that says if you want a mobile Counter-UAS system or a handheld EW gadget then give me the part number and let me start buying that. Our software wrapper around these things is that when you buy that, you're going to find different uses for it. So there should be a quick upgrade path either from a licensing yearly fee that gets that customer additional upgrades and updates to it.

所以——這就是為什麼當我們投資於客戶需求之前，政府要求每個人做的是，嘿，與其用我們的錢，不如用你們的錢更多地投資於需求之前，好嗎？請解釋一下這如何融入我們的解決方案，然後允許我們像我之前回答的那樣，從商業價格表中購買它。價格表上會寫明，如果您想要移動式反無人機系統或手持式電子戰設備，請給我零件編號，讓我開始購買。我們為這些產品提供的軟體包裝，讓您在購買後發現它的不同用途。因此，應該提供一種快速升級途徑，例如透過支付年度授權費，讓客戶獲得額外的升級和更新。

Again, at the end of the day, I've been saying this for a decade. This is not the old way, where if you want a new capability, buy the new device. So you're continuously throwing devices away. So they're looking for agility, and what they're saying is they want to be able to buy in the way commercial companies buy and not be locked to long-term development contracts. And as Jeff said, we can support either and both in any other ways.

說到底，我十年來一直在說這句話。這和過去的方式不一樣了，以前想要新功能就得買新設備。所以你們一直在丟設備。所以他們追求的是靈活性，他們的意思是，他們希望能夠像商業公司一樣進行採購，而不是被長期開發合約束縛。正如傑夫所說，我們可以用其他任何方式支持他們倆。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Great results, guys. Wanted to ask two questions to follow up on some earlier ones. First, has there been any impact to the business from the shutdown with respect to either revenue, cash or unusually soft awards in the first of the quarter? And then I have a follow-up.

成績很棒，夥伴們。我想問兩個問題，作為對之前幾個問題的補充。首先，停工是否對公司業務造成了任何影響，例如收入、現金流量或第一季異常疲軟的獎金發放？然後我還有一個後續問題。

Yes, I can start with some of that. John will want to add to this, I'm certain. But there's been a slight amount of cash collections disruption that's primarily related to staff that's available for invoice approval and things like that. So we're feeling a little bit of administrative sluggishness, I'll call it, related to that. It's not tremendous. It's -- collections may be 10% or 15% off, it's small but noticeable.

是的，我可以先從這方面著手。我確信約翰會想補充一些內容。但現金收款方面出現了一些小問題，主要與負責發票核准等工作的員工人數有關。所以，我姑且稱之為行政效率略有下降吧，這與此有關。並不算特別出色。部分商品可能有 10% 或 15% 的折扣，雖然幅度不大，但還是能注意到。

And similarly, I would say in terms of revenue, we have pockets of places where we have attenuated levels of activity. It's really de minimis. I'm going to say it's kind of single-digit millions revenue, it's activities that we expect to recover during the year. So it doesn't really affect our view of the year. But yes, it's detectable, but small and manageable.

同樣地，就收入而言，我認為我們在某些​​地區的業務活動有所減弱。這真的微不足道。我估計收入大概在幾千萬美元左右，這些業務活動我們預計會在年內恢復。所以它並不會真正影響我們對這一年的看法。是的，雖然可以檢測到，但很小，可以控制。

Okay. And just wanted to ask, given the environment maybe tougher for some of the peers in the space relative to CACI, have you seen any intensifying price competition. Maybe talk about the bids that you didn't prevail on, is that typically a price shootout? Or anything you've changed -- you've seen in terms of competitor behavior, if any?

好的。我想問一下，考慮到與 CACI 相比，該領域的某些同行可能面臨更嚴峻的競爭環境，您是否看到價格競爭加劇的情況？或許可以談談那些你沒能成功競標的項目，這些項目通常是價格戰嗎？或者，您在競爭對手的行為上做了哪些改變？

Yes. Gautam, it's John. I can answer for everybody else out there. I can tell you that if we've ever lost on price, it's not because we're in a price shootout because we gave up that part of the ecosystem about seven to eight years back. But I would imagine people are going to do whatever they need to do to continue to win business. I mean, we've seen a little uptick in the number of protests, which are out there. That, to me, being in this marketplace for a few decades, is usually that early sign is if you win, you win. If you don't, you protest.

是的。高塔姆，我是約翰。我可以代表其他人回答這個問題。我可以告訴你，如果我們曾經在價格上輸過，那絕不是因為我們陷入了價格戰，因為我們在大約七、八年前就放棄了生態系統的這一部分。但我認為，為了繼續贏得業務，人們會不擇手段。我的意思是，我們已經看到抗議活動的數量略有增加。對我這個在這個市場摸起來摸了幾十年的人來說，通常的早期跡象就是：如果你贏了，那就是贏了。如果你不這樣做，你就抗議。

So I think we'll continue to watch the level of protests which are out there. But for us, I haven't seen pricing be an issue. We believe that we are fairly priced and where we invest ahead of customer need where we've gone out on risk to spend the company's money to help defend this nation in a better, better manner. We would expect to see higher margins. And thus far, that plan and that mode of running this business has served us very, very well.

所以我認為我們會繼續關注目前的抗議活動。但就我們而言，我還沒看到價格是個問題。我們相信我們的定價是合理的，並且我們投資於客戶需求之前就已做好充分準備，我們承擔風險，用公司的資金以更好的方式幫助保衛這個國家。我們預計利潤率會更高。到目前為止，這個計畫和這種經營模式都為我們帶來了非常好的效果。

Conor Walters, Jefferies.

康納沃特斯，傑富瑞集團。

Congrats on a great start to the year. Maybe just to start, it seems like the unchanged top line growth of 7% to 9% embeds stronger organic and perhaps around $40 million in lower acquired revenue. So curious, first, if I'm reading that correctly, but also if you could provide an update on the acquisition integration process.

恭喜你今年開局順利。或許首先，7% 至 9% 的營收成長保持不變，這其中既包含了更強勁的內生成長，也可能包含了約 4,000 萬美元的收購收入。首先，我很好奇我的理解是否正確，其次，您能否提供一下收購整合過程的最新進展？

Yes. The acquisitions of Azure and AI are largely complete. And in fact, we're finding what we've always found, which is when it's done well, it's increasingly difficult to tell them apart. There is some Azure timing. John may want to comment some more on this related to some of the activities between the Azure legacy programs and Spectral.

是的。Azure 和 AI 的收購已基本完成。事實上，我們發現的情況和我們一直以來發現的一樣，那就是，當做得好的時候，越來越難將它們區分開來。Azure 的回應時間比較長。John 可能想就 Azure 傳統專案和 Spectral 之間的一些活動發表更多評論。

But they're very definitely meeting expectations and we remain convinced of their strategic and financial value where they're terrific fits, both of them.

但他們的表現絕對符合預期，我們仍然堅信他們的策略和財務價值，他們兩人都非常契合我們的策略和財務需求。

I don't have anything else to add.

我沒有什麼好補充的了。

That's helpful. And then maybe just one follow-up. You guys discussed the upside you're seeing from reconciliation funding for Golden Dome. You mentioned the EW potential there. Curious if any other areas you would call out as considerable opportunities in your portfolio tied to that?

那很有幫助。然後或許只需要一次後續跟進。你們討論了從和解金中看到的對金頂城的正面影響。你提到了那裡的電子戰潛力。我想知道，在您的投資組合中，還有哪些領域與此相關，您認為有一個值得關注的巨大機會？

And then how you're thinking about the bid process and time line now that you're starting to see that money actually being spent?

那麼，既然您已經開始看到資金實際投入使用，您對投標流程和時間表有何看法？

Yes. Talk a little bit about Golden Dome. Out in the public domain, you're going to hear a lot about sensors and effectors in command and control. But it's not just a ballistic threat, it's also threat from unmanned systems as well. So we're making it very clear that the Golden Dome concept is going to be completely reliant on early indications and warnings, meaning, as I mentioned earlier, knowing far in advance, when a threat is imminent and then giving folks who have to defend against those minutes and hours of time.

是的。簡單談談金頂城。在公共領域，你會經常聽到關於指揮控制中的感測器和執行器之類的東西。但這不僅是彈道威脅，也包括無人系統的威脅。因此，我們非常明確地表示，「金穹頂」概念將完全依賴早期跡象和警告，這意味著，正如我之前提到的，要提前很久就知道威脅何時迫在眉睫，然後給那些必須進行防禦的人們爭取幾分鐘或幾小時的時間。

We've actually coined that as left-of-launch. It's sort of our contribution to the entire Golden Dome effort. There has not been money spent on this yet. General Guetlein is taking our RFI responses. We've submitted our credentials on a few related proposals, but we're really looking at taking all of our sensitive activities work and all of our worldwide set of embedded sensors, which are in the thousands to give a common operating picture.

我們實際上稱它為“發射前夕”。這算是我們對整個金穹頂工程的貢獻吧。目前還沒有在這方面投入資金。蓋特萊因將軍正在接收我們的訊息請求回覆。我們已經提交了一些相關提案的資格證明，但我們真正想做的是將我們所有的敏感活動工作和我們遍布全球的數千個嵌入式感測器整合起來，以提供一個通用的運行圖景。

And from there, let's go work on that non-kinetic low collateral defeat of those threats. Because clearly, taking a hypersonic missile on and using that to knock down the drone or other missiles over the Continental US has a high collateral issue. So we're looking at non-kinetic low ones.

接下來，讓我們著手研究如何以非動能、低附帶傷害的方式來擊敗這些威脅。因為很明顯，用高超音速飛彈擊落美國本土上空的無人機或其他飛彈會帶來嚴重的附帶問題。所以我們現在關注的是非動能低密度顆粒物。

So we would expect funding to begin to ramp up. I think we'll know better as we get to the end of the second quarter, early third, and we're very excited to be looking at that $150 billion potential spend purely focused on defending this country.

因此，我們預計資金投入將開始增加。我認為到了第二季末、第三季初，我們會更清楚情況，我們非常高興能夠看到這1500億美元的潛在支出完全用於保衛這個國家。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Following the positive TLS Manpack developments, is CACI also well positioned for the US Army's modular mission payload plan for small drones with your Spectral Sieve and Kickflip? And related to this, how does the modular mission payload differ from how the Army is currently using Spectral Sieve on Puma or C100 drones?

繼 TLS Manpack 取得積極進展之後，CACI 的 Spectral Sieve 和 Kickflip 是否也為美國陸軍小型無人機的模組化任務有效載荷計劃做好了充分準備？與此相關的是，模組化任務負荷與陸軍目前在 Puma 或 C100 無人機上使用 Spectral Sieve 的方式有何不同？

Yes. Louie, thanks. So look, our entire -- I shouldn't say our entire, a large portion of our EW portfolio really is modular mission payloads, right? And for the rest of the audience. That's really taking common software capabilities and putting that on different form factors.

是的。路易，謝謝。所以你看，我們整個——我不應該說我們整個——我們電子戰產品組合的很大一部分實際上是模組化任務載荷，對吧？以及其他觀眾。這實際上是將通用軟體功能應用到不同的外形尺寸上。

It can be looking for wireless signals. It could be looking for a land-based signal, it could be looking at missile signals. There's a plethora of RF out there around the globe.

它可能正在搜尋無線訊號。它可能在搜尋陸基訊號，也可能在搜尋飛彈訊號。全球範圍內存在大量的射頻設備。

The program that Louie mentioned is we already deliver a number of modular mission payloads to (inaudible), folks who build drones and they're looking for an overall package. They have a drone that's size X that can carry weight Y. What kind of features do we have, what type of devices can we put into those unmanned systems. So we have delivered those. We have delivered to the Puma and a number of other ones, either directly to United States Army and other DoD agencies will be gone directly to a drone builder.

Louie提到的那個項目，我們已經向（聽不清楚）無人機製造商交付了許多模組化任務負荷，他們正在尋找整體解決方案。他們有一架尺寸為 X、可承載重量為 Y 的無人機。我們有哪些功能？我們可以為這些無人系統安裝哪些類型的設備？我們已經交付了這些貨物。我們已經向 Puma 和其他一些機構交付了無人機，其中一些直接交付給了美國陸軍和其他國防部機構，而另一些則直接交付給了無人機製造商。

So I believe that market will only continue to grow. It's the reason why we got into this market a number of years back. It's the reason why we positioned this company to be able to deliver either under a Far Part 12 or Far Part 15 and allows not only the US government but OEMs of drones and the like to easily be able to buy our systems and have them ready and also allow us to modify those as the threat changes. So that's what we've been up to.

所以我相信這個市場只會繼續成長。這就是我們幾年前進入這個市場的原因。正因如此，我們才將公司定位為能夠根據 FAR Part 12 或 FAR Part 15 進行交付，這不僅使美國政府，而且使無人機等設備的原始設備製造商能夠輕鬆購買我們的系統並做好準備，並且還允許我們根據威脅的變化對其進行修改。這就是我們一直在做的事情。

Makes sense. How has the Navy Spectral program been progressing?

有道理。海軍光譜計劃進展如何？

Navy Spectral program is going very well. Jeff talked about Azure. Azure has the precursor program. We worked very closely with the Navy to make certain that we could time some of the Azure deliveries in a manner that then support the Spectral delivery. So on the Azure front, there were some deliveries that have been pushed out, so that can be more closely integrated with the Spectral ones.

海軍光譜計劃進展非常順利。Jeff談到了Azure。Azure 有先導計畫。我們與海軍密切合作，確保 Azure 的一些交付能夠以支援 Spectral 交付的方式進行。因此，在 Azure 方面，一些交付已經推遲，以便與 Spectral 的產品更緊密地整合。

The next phase for spectral is a January, February time frame where that program will get through its Milestone C and that will freeze the design. We'll be able to begin deliveries as we've always mentioned during calendar year 2026.

光譜學的下一階段是在一月、二月期間，屆時該專案將完成其里程碑 C，並最終確定設計方案。我們將能夠像我們一直提到的那樣，在 2026 年開始交付貨物。

Jan Engelbrecht, Baird.

Jan Engelbrecht，Baird。

Congrats on the strong set of results. I wanted to talk a little bit about just the international opportunity. I think it's not something that you maybe highlight a lot. But just given where NATO budgets are going, now about the 3.5% of GDP and then there's the additional 1.5% bonus on top of that.

祝賀你們取得如此優異的成績。我想稍微談談國際發展機會。我覺得你可能不會常常強調這一點。但就北約預算的去向而言，現在約佔GDP的3.5%，再加上額外的1.5%的獎金。

Just sort of -- there's clearly capability gaps in the EU and in Europe and NATO as a whole. And is there anything you can highlight where maybe areas you guys are targeting in the next couple of years?

顯然，歐盟、歐洲甚至整個北約都存在著能力差距。那麼，您能否重點介紹一下未來幾年你們的目標發展領域呢？

Yes, Jan, thanks. Look, I've said many times that the world is a dangerous, dangerous place, and I think that the Ukraine was a real wake-up call. It definitely raised the urgency level around defense and national security globally. And I would say mostly in the electronic warfare area, a war in the end market not by accident, but by a very, very, very solid planning. So as you mentioned, there's many allies they're going to be expanding their defense budgets.

是的，簡，謝謝。我曾多次說過，這個世界非常危險，我認為烏克蘭事件是一個真正的警鐘。這無疑提高了全球對國防和國家安全的迫切性。而且我認為，主要在電子戰領域，終端市場上的戰爭並非偶然，而是經過非常、非常、非常周密的計畫才造成的。正如你所提到的，他們將增加與許多盟友的國防預算。

We deliver technology to a number of [five NATO] countries today. And I've been on this slow reveal of what we're doing in the international front solely because we want to be very cautious and very, very careful because you can spend a lot of money on the international front very, very quickly.

我們目前向多個（五個北約）國家提供技術。我之所以一直緩慢地向外界透露我們在國際領域的舉措，完全是因為我們想非常謹慎小心，因為在國際領域，你可能很快就會花掉很多錢。

Since we last talked, we've expanded our sales to 15 NATO countries, and we continue to assess demand signal in seven other countries. Eastern Europe, allies are increasingly interested in our SIGINT, in our EW, in our Counter-UAS tech. I will tell you that our initial focus was on technologies with existing US government and DoD sales following the FMS path. The number of countries that we have added have now gone to direct commercial sales.

自上次談話以來，我們的銷售範圍已擴大到 15 個北約國家，我們正在繼續評估其他 7 個國家的需求訊號。東歐盟友對我們的訊號情報、電子戰和反無人機系統技術越來越感興趣。我可以告訴你們，我們最初的重點是那些已經透過對外軍售（FMS）途徑向美國政府和國防部銷售的技術。我們新增的這些國家現在都開始直接商業銷售。

And I'm only tempering that -- I should say, I'm tempering that only by the fact that it's true, a lot of European nations are going to be spending far more money, but those same European nations are going to look to spend that money within their borders. So our next step is to understand what relationships do we need. So we either license or we coproduce some of our tech here and then add the applicable software baseline to those products. So still a long way to go there, but it's a market that over the last 90 days since we've last spoken, it has truly opened up to us.

我之所以緩和這種說法──應該說，我之所以緩和這種說法，只是因為，雖然很多歐洲國家確實會花更多的錢，但這些歐洲國家會盡量把這些錢花在自己的國界之內。因此，我們的下一步是了解我們需要哪些關係。所以，我們要么獲得許可，要么與我們合作開發一些技術，然後將適用的軟體基準添加到這些產品中。所以還有很長的路要走，但自從我們上次交談以來的90天裡，這個市場確實向我們敞開了大門。

And just a quick follow-up. If you could just comment on the slide deck talks about the M&A pipeline expanding. Just any areas that you think that would sort of be a niche capability that you could fill. Just any comments on M&A just in the environment.

還有一個後續問題。如果您能就幻燈片中關於併購專案拓展的論述發表一些評論就太好了。任何你認為可以發揮自身獨特優勢的領域都可以。關於併購方面的話題，大家有什麼看法？

Jan-Frans, as you know, we've talked many times before, and there's no departure from this. Our process and approach is very much GAAP-driven. The opportunities that we see in the pipeline are generally a little bit more technology than they are expertise. A little bit more focused on sensors as well as, not surprisingly, software applications that go around those sensors and things that kind of fit nicely into our sweet spot. So we are seeing a little bit of life in the pipeline, and we look forward to developing a few of these ideas, very early stage at this point, but we'll -- it's an active area of interest for us.

揚-弗朗斯，正如你所知，我們之前已經多次討論過這個問題，這一點不會改變。我們的流程和方法很大程度上以公認會計準則為導向。我們看到的在研專案機會通常更著重於技術而非專業知識。我們更加關注感測器，以及（不出所料）圍繞這些感測器開發的軟體應用程序，以及那些非常適合我們業務範圍的東西。所以我們看到一些專案正在醞釀中，我們期待著開發其中的一些想法，雖然目前還處於非常早期的階段，但這確實是我們積極關注的領域。

Operator, we have time for one more question.

操作員，我們還有時間再問一個問題。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

John, you spoke about -- or you alluded to kind of everyone at AUSA having counter UAS and it was like if you did 15 meetings, 12 had it and 10 led with it, which is pretty unusual. Is the funding coming down the pipeline that significant and can it move the needle for companies much larger than yours? And I know that you didn't want to quantify the forward on that, but can you give us the baseline of how much of the current revenue base is counter drone?

約翰，你提到過——或者說你暗示過，美國陸軍協會的幾乎每個人都有反無人機系統，就像你參加了 15 次會議，其中 12 次會議都有，10 次會議以反無人機系統為主導，這很不尋常。即將到來的資金規模真的那麼大嗎？它能對比你公司規模大得多的公司產生多大影響嗎？我知道你不想量化這方面的投入，但你能告訴我們目前的收入基礎中有多少是反無人機投入嗎？

Yes. I'm going to stick with about $2 billion of our entire portfolio is in the EW place, which does include counter drone. And we deliver to both DoD and the intelligence community. And as I shared, a large number of NATO countries.

是的。我堅持認為，我們整個投資組合中約有 20 億美元用於電子戰領域，其中確實包括反無人機。我們同時為美國國防部和情報部門提供服務。正如我之前提到的，還有許多北約國家。

Back to the first part, yes, I think it's a burgeoning market. I think you have to look at two different streams of funding, Noah, right? One is the $150 billion on Golden Dome, some portion of that. And I would tell you, it's multiples of billions that will be spent on a layered defense that's going to have to defend against unmanned systems. And frankly, uncrewed systems are a very different beast.

回到第一部分，是的，我認為這是一個蓬勃發展的市場。諾亞，我覺得你需要考慮兩種不同的資金來源，對吧？其中之一是金頂大廈的1500億美元，只是其中的一部分。我可以告訴你，我們將花費數十億美元來建立多層防禦體系，以防禦無人系統。坦白說，無人系統則完全是另一回事。

Traditional radar is not going to find that. It's going to look like a bird, okay? So it takes new technology. And then on top of that, we're not in a war time in somebody else's zone where the US is assisting. We'll be defending this nation, right?

傳統雷達無法偵測到它。它看起來會像一隻鳥，好嗎？所以需要新技術。而且，我們現在並非處於其他國家的戰區，美國也沒有參與其中。我們會保衛這個國家，對嗎？

We're also going to have events like the World Cup. We're going to have the Olympics. We're going to have so many more things. And that threat vector, Noah, is up materially. And you can look at common new sources that the threat vector for other countries, potentially drug cartels and others using drones.

我們也會舉辦像世界盃這樣的賽事。我們將舉辦奧運。我們將擁有更多東西。而諾亞這個威脅因素，其嚴重程度已經顯著增加。你可以查看一些常見的新聞來源，了解其他國家的威脅載體，例如可能使用無人機的毒品卡特爾和其他組織。

So I think there's a market growth that we're all watching. It will be billions of dollars worth of Golden Dome funding. And then if you look at the DHS additional funding, that's going to work on the border security side. And today, there's 1-kilometer systems that find Group 1 drones. Tomorrow's threats are going to be we need 75 or 100 kilometers to give us minutes of time to go defeat against that. That's going to be Class 1 through Class 5 drones.

所以我認為，我們都在關注著市場的成長。這將涉及價值數十億美元的「金穹頂」項目資金。此外，如果你看看國土安全部追加的資金，那將對邊境安全方面起到作用。如今，已有1公里範圍的系統可以定位1類無人機。明天的威脅是，我們需要75到100公里的距離才能爭取到幾分鐘的時間來克服它。那將包括1級至5級無人機。

So yes, I think that the rest of the industry is waking up to this market. My only earlier comment around this hype is we went through 1.5 years period of AI hype and I feel as though we're going to go through another 1.5 years of Counter-UAS hype. So at the end of the day, the government is going to go with systems that have been deployed, where combatant commanders swear by the fact that they want one of what we have. And it's just really allowing funding to catch up to that. And then, of course, you do well know, Noah, government shutdown is going to sort of slow that down as well.

所以，是的，我認為業內其他公司也開始意識到這個市場的存在。我之前對這股熱潮的唯一評論是，我們經歷了 1.5 年的人工智慧熱潮，我覺得我們還會經歷 1.5 年的反無人機系統熱潮。所以歸根究底，政府會選擇已經部署過的系統，而作戰指揮官們也對我們已經擁有的系統讚不絕口。而這其實只是讓資金跟上需求而已。當然，諾亞，你也很清楚，政府停擺也會在某種程度上減緩這一進程。

So I think it's an emerging market. We've been in it for a couple of decades. I think we understand it very, very well. We have the right partnerships. And we're always looking for additional capabilities that we can add to our system.

所以我認為這是一個新興市場。我們已經從事這個行業二十多年了。我認為我們對此理解得非常透徹。我們擁有合適的合作夥伴。我們一直在尋找可以添加到我們系統中的其他功能。

I'll end with, and we build our latest system on our own nickel, right? So we're not dependent on US government IRAD dollars to advance what we have because I do think that the threat is that real and the government is asking us to look at this as harder. So very large --

最後我想說的是，我們最新的系統是完全靠自己掏腰包建造的，對吧？因此，我們並不依賴美國政府的 IRAD 資金來推進我們的工作，因為我確實認為威脅是真實存在的，政府也要求我們更認真地看待這個問題。非常大--

I Appreciate the detail there. If I could just ask one more question. Just hoping to better understand a little bit shutdown impact and shape of the year. Can you shed a little more light on how the government goes through deeming what is essential. The comments you made there at the beginning of the call are interesting.

我很欣賞你提供的細節。我還能再問一個問題嗎？只是希望能更了解疫情封鎖的影響以及今年的整體狀況。您能否再詳細解釋一下政府是如何認定哪些是必需品的？你在通話開始時發表的評論很有意思。

I thought it would have been more missed work in your 2Q that's just made up before the end of the year, but it sounds like that's not the case. And I think historically, you've had a 2Q that's pretty often flat sequentially versus 1Q, and then a back half that's up mid- to high single versus the first half. Is that still the shape of your '26?

我以為你第二季會有一些工作沒做完，然後在年底前補上，但聽起來並非如此。而且我認為從歷史數據來看，第二節的得分通常與第一節持平，而下半場的得分則會比上半場高出一截。你的26款車還是這個形狀嗎？

Yes, broadly -- this is Jeff. No, broadly, it is with the caveat that I mentioned earlier about that step-up will be between first half and second half. We expect to be less pronounced this year than it has been in prior years given the strong first quarter, which largely was comprised of items that did not change our view of the year. So that's kind of a qualitative way to say quantitatively, the first half, second half step-up will not be as pronounced as it has been in the past.

是的，大致來說——這就是傑夫。不，總的來說是這樣，但需要注意的是，正如我之前提到的，進步將在上半場和下半場之間。鑑於第一季表現強勁，我們預計今年的情況不會像往年那麼明顯，因為第一季主要由一些不會改變我們對全年看法的項目組成。所以，從定性角度來說，從定量角度來看，前半程和後半程的提升幅度不會像過去那麼明顯。

Noah, I'll also throw in there. If you look at the last shutdown, right, it was '18, '19. If I remember right, some of that was December to January, right? So you had a lower level of folks because you were around with Christmas time. What's different from our company between the '18-'19 shutdown and where we are now is, and we've got far more long-term tech programs that are being developed.

諾亞，我也要補充一點。如果你看一下上一次停擺，對吧，那是在 2018 年、2019 年。如果我沒記錯的話，其中一些時間是從十二月到一月，對吧？所以，因為聖誕節期間你們的人比較少。從 2018-2019 年的停擺到現在，我們公司與以往最大的不同之處在於，我們正在開發更多長期的技術項目。

We have far more programs that we're investing ahead of customer need and putting enhancements into that software baseline. We're selling them on a purchase order. So that has a very different buying schedule to it. It doesn't take folks to sit around and do a down and select, they can buy these things off of a GSA-approved price list. So there are a lot of differences at least to this sort of de minimis impact.

我們投入資金開發更多項目，以滿足客戶需求，並在現有軟體基礎上進行改進。我們是按採購訂單出售的。所以它的採購計劃非常不同。人們無需坐下來仔細挑選，即可根據 GSA 批准的價格清單購買這些東西。所以至少在這種微不足道的影響方面，存在著許多差異。

And then you also closed up with -- we can make a lot of these hours up. If we're at a help desk and nobody needs help now, they're not going to be more help later. So clearly, that doesn't get made up. That's your traditional government services work. But the vast amount of this are work that will have to be done.

最後你還補充道——我們可以把這些時間補回來。如果我們在服務台，而現在沒有人需要幫助，那麼以後也不會有人需要幫助了。所以很明顯，這件事不是編造的。那是傳統的政府服務工作。但其中絕大部分工作仍需完成。

And every agency -- back to your initial comment, every agency is going through their own process. I wish I had that rubric that told us what was mission essential and not. But frankly, I'm sitting on the government side, that sort of changes too, right, whether we defense of the homeland different than other things that are out there going.

回到你最初的評論，每個機構都有自己的流程。我希望當時能有這樣一個準則，告訴我們哪些是任務必要的，哪些不是。但坦白說，我身處政府一方，情況也會有所改變，對吧，無論我們保衛國土與其他正在發生的事情有何不同。

But all in all, a really good book of business right now as Jeff and I look at the impacts how we can get those covered and we believe we're right at quarter one point to having an outstanding year.

但總的來說，目前我們的業務狀況非常好，傑夫和我正在研究如何應對這些影響，我們相信我們距離卓越的一年只有一步之遙。

And at this time, I will turn the call back over to John Mengucci for closing remarks.

現在，我將把電話轉回給約翰·門古奇，請他作總結發言。

Well, thanks, Tina, and thank you for your help on today's call. I'd 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, and Jim Sullivan are available after today's call. Please stay healthy and my best to you and your families.

謝謝你，蒂娜，也謝謝你今天在電話會議中提供的幫助。我要感謝所有撥入電話或收聽網路直播的朋友們的參與。我們知道你們很多人還會有後續問題。所以，傑夫·麥克勞克蘭、喬治·普萊斯和吉姆·沙利文在今天的電話會議結束後都可以接受採訪。請保重身體，祝福您和您的家人一切順利。

This concludes our call. Thank you, and have a great day.

通話到此結束。謝謝，祝您今天過得愉快。