CACI International Inc (CACI) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International second quarter fiscal year 2026, earnings conference call. (Operator Instructions) 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，感謝你們的耐心等待。歡迎參加 CACI International 2026 財年第二季財報電話會議。（操作員指示）我謹將電話會議轉交給 CACI International 投資者關係資深副總裁 George Price。請您繼續，先生。

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

謝謝羅布，大家早安。我是喬治，CACI International 的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。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。

These statements reflect our views as of today and are subject to important factors that could cause or 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.

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，實際結果可能與預期結果有重大差異。這些因素列於昨晚新聞稿的底部，並在公司提交給美國證券交易委員會的文件中有所描述。

Our Safe Harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call. I would also like to point that our presentation will include a discussion of non-GAAP financial measures.

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。我還想指出，我們的報告將包括對非GAAP財務指標的討論。

These should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

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

讓我們翻到第三張投影片，開始我們今天早上的討論。下面請出 CACI International 的總裁兼執行長 John Mengucci。約翰。

Thanks, George. Good morning. Thank you for joining us to discuss our second quarter fiscal year 2026 results as well as our updated fiscal 2026 guidance. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

謝謝你，喬治。早安.感謝您參加本次會議，與我們共同探討2026財年第二季業績以及我們更新後的2026財年業績指引。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 I'd like to start the call by reiterating our strategy Why CCI is a company that no longer traditional industry labels, and how we are expanding the limits of national security?

請看第 4 張投影片，我想先重申我們的策略：為什麼 CCI 是一家不再貼上傳統產業標籤的公司，以及我們如何拓展國家安全的邊界？

You've heard us say many times the strategy is a place we come from our strategy defines where we are going what we are building and how we are ex executing the discipline and consistency.

你們已經聽我們說過很多次了，戰略是我們前進的方向，我們的戰略定義了我們要去哪裡，我們要建立什麼，以及我們如何執行——紀律和一致性。

We sure seven markets where we possess decades of mission knowledge, so we truly understand what our customers need within these markets we focus on enduring national security priorities with narrow, deep funding streams.

我們在七個市場擁有數十年的任務知識，因此我們真正了解客戶在這些市場中的需求，我們專注於持久的國家安全優先事項，並擁有狹窄而深入的資金來源。

Differentiate ourselves by delivering cyberking technology to address critical needs with the speed, agility, and efficiency customers' demand. We invest ahead of customer need to show them the hours are possible, exactly what the current administration is asking for.

我們透過提供網路王者技術來滿足客戶的關鍵需求，從而在競爭中脫穎而出，並以客戶要求的速度、敏捷性和效率滿足這些需求。我們事先進行投資，以滿足客戶的需求，向他們展示工作時間是可行的，而這正是現任政府所要求的。

We have been doing this for years the market is coming to where we already are through deliberate actions, informed investments, and flexible and opportunistic capital deployment.

多年來，我們一直這樣做，市場正透過深思熟慮的行動、明智的投資以及靈活且善於把握機會的資本部署，逐漸發展到我們現在所處的階段。

We have expanded our technology portfolio to nearly 60% of total revenue. Over the long-term, we expect technology to continue to increase as a percentage of revenue and support margin expansion.

我們的技術產品組合已擴展至總收入的近 60%。從長遠來看，我們預計科技在收入中所佔的比例將繼續成長，並支持利潤率的擴張。

I will share some additional information about two areas of our technology portfolio later in my remarks. Our results and accomplishments clearly demonstrate that CACI is not the company we work 10 years or even five years ago.

稍後我將在發言中分享有關我們技術組合中兩個領域的更多資訊。我們的成果和成就清楚地表明，CACI 已經不是我們 10 年前甚至 5 年前工作的公司了。

We are continuing to involve that's why you see us competing and winning against a wider range of competitors, including defence crimes and defence tech companies. It's why we are delivering consistent financial performance despite a dynamic and sometimes environment and it's why we are confident we will continue to drive long-term shareholder value.

我們一直在積極參與，所以你會看到我們與包括國防犯罪和國防科技公司在內的更廣泛的競爭對手競爭並取得勝利。正因如此，儘管環境瞬息萬變，我們仍能取得穩定的財務表現；也正因如此，我們有信心繼續為股東創造長期價值。

Slide 5, please.

請看第五張投影片。

Speaking of performance, our strong second quarter results are another example of the success of our strategy and execution. We delivered free cash flow of $138 million which was driven by revenue growth of 6%, and he bits on margin of 11.8%.

說到業績，我們強勁的第二季業績再次證明了我們策略和執行的成功。我們實現了 1.38 億美元的自由現金流，這得益於 6% 的收入成長和 11.8% 的利潤率。

He won $1.4 billion of awards, represented a book to bill of 0.65 times for the court, 1.4 times for the first half, and 1.3 times on a trailing 12 months. As a result of our strong first half performance, increased visibility, and a continued momentum of the business we are raising our 2026 guidance.

他贏得了 14 億美元的賠償金，法庭案件數量與帳單金額之比為 0.65，上半年為 1.4，過去 12 個月為 1.3。由於上半年業績強勁、知名度提高以及業務持續成長，我們上調了 2026 年業績預期。

Slide 6, please.

請看第六張投影片。

Within technology, we have built a leading position in electronic warfare which alone represents about $2 billion in revenue. We have also established CACI as an industry leader, and a software development and software modernization, part of our enterprise portfolio.

在科技領域，我們在電子戰領域建立了領先地位，光是這一項就帶來了約 20 億美元的收入。我們也把 CACI 打造成了行業領導者，並將軟體開發和軟體現代化納入了我們的企業產品組合。

And we recently announced the fantastic acquisition, ACA, which represents the latest step in our technology-driven portfolio evolution, and the execution of our space strategy.

我們最近宣布了對 ACA 的重大收購，這標誌著我們以技術為驅動的投資組合發展邁出了最新一步，也是我們太空策略的實施。

These are all areas of significant and enduring investment by our customers which support long-term growth for CACI. I will spend some time talking about EW and enterprise technology.

這些都是我們的客戶進行重大且持續投資的領域，這些投資支持了 CACI 的長期發展。我將花一些時間談談電子戰和企業技術。

Our software defined capabilities, electronic warfare, illustrate how our strategy and technology-driven evolution are driving our performance. It's a critical war fighting domain in an area where we position CE leader by investing ahead of need and delivering differentiated software defined technology.

我們的軟體定義能力和電子戰能力，體現了我們的策略和技術驅動發展如何推動我們的績效。這是一個至關重要的作戰領域，我們透過在需求出現之前進行投資並提供差異化的軟體定義技術，將CE定位為該領域的領導者。

We have known for years that virtually everything with a power button emits a signal. And today we are seeing the significance of this and conflicts around the globe and how it's impacting our customers' priorities and their budgets.

我們早就知道，幾乎所有有電源按鈕的東西都會發出訊號。如今，我們看到了全球衝突的重要性，以及這些衝突如何影響我們客戶的優先事項和預算。

We have developed and deployed proven technology that allows war fighters to sense, identify, locate, and defeat these signals whether through targeted non-kinetic effects or by tipping and queuing other systems for kinetic ones.

我們已經開發並部署了成熟的技術，使作戰人員能夠感知、識別、定位和擊敗這些訊號，無論是透過有針對性的非動能效應，還是透過幹擾和引導其他系統以進行動能攻擊。

Our software-defined approach provides increased speed, flexibility, lethality, and the ability to adapt as threats evolve. Exactly what's needed on the battlefields abroad and in defense of the homeland.

我們的軟體定義方法提高了速度、靈活性、殺傷力，並能夠隨著威脅的演變而進行調整。這正是海外戰場和保衛祖國所需要的。

We want a number of programs of record with the Army and the Navy, rapidly developing, delivering, and fielding our EW technology and based on that success, we see growing demand for their services, including the Air Force.

我們希望與陸軍和海軍開展多項正式項目，快速開發、交付和部署我們的電子戰技術，並基於這些成功，我們看到對他們服務的需求不斷增長，包括空軍的需求。

An important benefit so-defined approach to EW is our ability to quickly adapt to new mission requirements, accelerate delivery of new capabilities and sell commercially to alternative acquisition models such as OTAs.

如此定義的電子戰方法的一個重要優勢是，我們能夠快速適應新的任務需求，加快交付新的能力，並以商業方式向其他採購模式（如OTA）銷售。

We have previously highlighted Merlin and RMT, our latest coinS and counterpace systems as two examples of this concept and customers are running positively to these proactive investments.

我們之前曾重點介紹 Merlin 和 RMT，我們最新的 coinS 和 counterpace 系統，作為這一概念的兩個例子，客戶對這些積極主動的投資給予了積極的回饋。

Deploying a Merlin demo unit to the southern border and placed in the first production order for R&T. We have been saying for years that software would be the enabler of greater agility, efficiency, and lethality and we are proving it by rapidly addressing and expanding set of missions.

向南部邊境部署了一個梅林演示單元，並將其列入研發部門的首批生產訂單中。多年來我們一直認為軟體能夠提高敏捷性、效率和殺傷力，而我們正在透過快速應對和擴展一系列任務來證明這一點。

This is a repeatable process, these successes are a clear validation of our strategy and differentiation and they position us well for additional opportunities and growth in the coming years.

這是一個可重複的過程，這些成功清楚地驗證了我們的策略和差異化優勢，並為我們在未來幾年獲得更多機會和發展奠定了良好的基礎。

Slide 7, please

請看幻燈片7

Enterprise Tech technology is another area where CCI is strategically positioned well ahead of market demand. The current administration has made modernization a clear priority to drive efficiency, transparency, and operational improvement

企業技術領域是CCI策略佈局領先市場需求的另一個領域。本屆政府已將現代化列為優先事項，旨在提高效率、透明度和營運改善。

As well as enhanced security we have been focused on this for many years, investing in commercial agile software development methodologies and building differentiated capabilities that are driving measurable results and significant value for our customers.

除了增強安全性之外，我們多年來一直專注於此，投資於商業敏捷軟體開發方法，並建立差異化能力，從而為我們的客戶帶來可衡量的結果和顯著價值。

That's why we have won the three largest agile software development programs in the federal government a great example is our work with customs and Border Protection.

正因如此，我們贏得了聯​​邦政府三大敏捷軟體開發項目，與海關和邊境保護局的合作就是一個很好的例子。

We're not just modernizing software we are delivering transformational efficiency. Nearly 200% increase in soccer releases over the last five years like for like cost reduction and exceptional software quality.

我們不僅僅是在對軟體進行現代化改造，我們是在實現變革性的效率提升。過去五年，足球遊戲發行量增加了近 200%，同時成本降低了，軟體品質也十分出色。

We are also bringing new AI software capabilities to CBP to help secure our borders, including AI-based object tracking technology that we initially developed for the intelligence community. This cross-pollination of innovation is a direct result of our strategic focus and investment approach.

我們也將新的 AI 軟體功能引入 CBP，以幫助確保邊境安全，其中包括我們最初為情報界開發的基於 AI 的物體追蹤技術。這種創新領域的交叉整合是我們策略重點和投資方式的直接結果。

Slide 8, please

請看第8張投影片。

We continue to see constructive macro-environment and good demand signals from our customers, while post shutdown activity is still a bit uneven in the near term. Our strategy has persisted CACI exceptionally well to outperform in this environment.

我們持續看到宏觀環境向好，客戶的需求也表現良好，但停工後的經濟活動在短期內仍略顯不均衡。我們的策略使 CACI 在這種環境下表現出色，取得了優異的成績。

As 90% of our revenue comes from security customers, and we are seeing reconciliation funds starting to flow to several areas of our business. As a result of our strong performance and continued business momentum.

由於我們 90% 的收入來自安全客戶，我們看到結算資金開始流入我們業務的多個領域。由於我們強勁的業績和持續的業務成長勢頭。

We are raising our fiscal year 2026 guidance. We now expect free cash flow of at least $725 million Revenue growth of nearly 8% to 10% and EBITDA margin in the 11.7% to 11.8% rate.

我們將上調2026財年的業績預期。我們現在預計自由現金流至少為 7.25 億美元，營收成長近 8% 至 10%，EBITDA 利潤率在 11.7% 至 11.8% 之間。

Finally, looking at our three year financial targets, we expect to exceed the $1.6 billion free cash flow target even after normal benefit from the changes to R&D capitalization from the one big, beautiful bill. As for our revenue in EBITDA dot margin target.

最後，展望我們三年的財務目標，即使扣除研發資本變更帶來的正常收益（來自一項重大法案），我們預計仍將超過 16 億美元的自由現金流目標。至於我們的 EBITDA 點利潤率目標。

We are highly confident in our ability to hit the high end, if not exceed them. And I should note that none of our projections include any benefit from our planned acquisition of ARKA. But then I will turn the call over to Jeff.

我們非常有信心達到甚至超越預期目標。我應該指出，我們的所有預測均未包含我們計劃收購 ARKA 所帶來的任何收益。之後我會把電話轉給傑夫。

Thank you, John and good morning, everyone.

謝謝你，約翰，大家早安。

Please turn to slide 9.

請翻到第9頁投影片。

As John mentioned, we're pleased with our second quarter performance, despite the lengthy government shutdown. Our revenue and award generally reflect the modest shutdown disruption we expected, while our strong margin in cash flow highlight the enduring differentiated elements of our business enabled by our strategy and the directions that we have taken.

正如約翰所提到的，儘管政府長期停擺，但我們對第二季的表現感到滿意。我們的收入和獎勵總體上反映了我們預期的輕微停工影響，而我們強勁的現金流利潤率則突顯了我們業務的持久差異化優勢，這得益於我們的策略和我們所採取的方向。

In the second quarter, we generated revenue of $2.2 billion representing 5.7% year over year growth, of which 4.5% was organic. Well, we saw some lingering impacts from the shutdown that impacted program timing and delayed some government material purchases in Q2.

第二季度，我們實現了 22 億美元的收入，年增 5.7%，其中 4.5% 為內生成長。我們看到政府停擺的一些持續影響影響了專案進度，並導致第二季一些政府物資採購延遲。

Our confidence in raising our fiscal '26 guidance reinforces the broader strength that we're seeing. EBITDA margin of 11.8% in the quarter represents a year over year increase of 70 basis points. This performance was driven primarily by strong program execution, timing of some higher margin software defined technology deliveries an overall mix.

我們上調 2026 財年業績預期，進一步印證了我們所看到的整體強勁勢頭。本季 EBITDA 利潤率為 11.8%，較上年同期成長 70 個基點。這項業績主要得益於強勁的專案執行、一些高利潤軟體定義技術交付的時機以及整體組合的良好表現。

Second quarter adjusted diluted earnings per share of $6.81, 14% 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.

第二季調整後稀釋每股收益為 6.81 美元，比去年同期成長 14%。營業收入增加，加上流通股數量減少，足以抵銷更高的利息支出和更高的所得稅準備。

Finally, free cash flow was $138 million for the quarter, driven by our strong profitability and increased generation from working capital management day sales outstanding or DSO were 57 days.

最後，本季自由現金流為 1.38 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收益增加，應收帳款週轉天數 (DSO) 為 57 天。

Slide 10, please.

請看第10張投影片。

Our leverage at the end of Q2 is 2.4 times net debt to trailing 12-month EBITDA. We intentionally allowed leverage to drift slightly below our target range in anticipation of the acquisition of ARKA. As we announced in the call a month ago, we expect leverage to increase to 4.3 times once the acquisition closes.

第二季末，我們的槓桿率為淨負債與過去 12 個月 EBITDA 比率為 2.4 倍。為了收購 ARKA，我們刻意讓槓桿率略低於我們的目標範圍。正如我們一個月前在電話會議上宣布的那樣，我們預計收購完成後槓桿率將增加到 4.3 倍。

I will remind you though, as I did on that call, that we have a strong track record of successfully and quickly delivering after major acquisitions, which is illustrated by our historical leverage, we provide the appendix. This underscores our consistent financial performance, disciplined approach to capital deployment in our demonstrated access to capital.

不過，我要提醒各位，就像我在那次電話會議上所做的那樣，我們在重大收購後能夠成功且迅速地交付成果，這可以從我們歷史的槓桿作用中看出，我們在附錄中提供了相關數據。這凸顯了我們持續的財務表現、嚴謹的資本部署方法以及我們獲得資本的可靠管道。

In fact, we expect leverage to return to the low three within six quarters of closing ARKA based on the strong cash flow characteristics of the combined business.

事實上，我們預計，根據合併後業務強勁的現金流特徵，ARKA 完成收購後的六個季度內，槓桿率將回落至 3 的低點。

The acquisition of ARKA is just the latest example of our flexible and opportunistic capital deployment strategy and the evolution of our technology portfolio, which positions CACI to deliver long-term growth and free cash flow per share and additional shareholder value.

收購 ARKA 只是我們靈活且善於把握機會的資本部署策略以及我們技術組合演進的最新例證，這使得 CACI 能夠實現長期成長和每股自由現金流，並為股東創造更多價值。

Slide 11, please

請看第11張投影片。

We're pleased to be increasing our fiscal '26 guidance across all metrics. We now expect revenue to be between $9.3 billion and $9.5 billion. This represents total growth of 7.8% to 10.1% which includes slightly less than 2 points of growth from acquisitions.

我們很高興能夠提高 2026 財年所有指標的業績預期。我們現在預計營收將在93億美元至95億美元之間。這意味著總成長率為 7.8% 至 10.1%，其中包括收購帶來的略低於 2 個百分點的成長。

We're increasing our fiscal '26 EBITDA margin to be in the 11.7% to 11.8% range underscoring our strong execution and continued evolving portfolio.

我們將 2026 財年的 EBITDA 利潤率提高到 11.7% 至 11.8% 的範圍內，這凸顯了我們強大的執行力和不斷發展的產品組合。

As a result of our higher revenue and even outlook, we are also increasing our FY26 adjusted net income guidance to be between $630 million and $645 million. This yields an attendant increase in adjusted EPS to between $28.25, and $28.92 per share.

由於營收增加且前景樂觀，我們也提高了 2026 財年調整後淨利預期，預計在 6.3 億美元至 6.45 億美元之間。這將使調整後的每股收益增加至 28.25 美元至 28.92 美元之間。

Representing growth of 7% to 9% despite last year's unusually low tax rate and finally, we are increasing our free cash flow guidance to at least $725 million.

儘管去年的稅率異常低，但該公司仍實現了 7% 至 9% 的成長。最後，我們將自由現金流預期提高到至少 7.25 億美元。

Consistently saying we see free cash flow per share as the ultimate value creation metric in our FY26 guidance now implies a 65% growth in free cash flow per share.

我們一直強調，2026 財年業績指引中，每股自由現金流是最終的價值創造指標，這意味著每股自由現金流將成長 65%。

To assist you with your modelling, I will note that for Q3 revenue we're comfortable with the current consensus estimate, and we expect second half EBITDA margin to be consistent with what we saw in the first half.

為了幫助您進行建模，我在此說明，對於第三季度的收入，我們對目前的普遍預期感到滿意，並且我們預計下半年的 EBITDA 利潤率將與上半年保持一致。

As John mentioned, our guidance does not include any assumptions for ARKA. The increase is solely due to the continued strength and momentum of our current portfolio.

正如約翰所提到的，我們的指導意見中沒有包含對 ARKA 的任何假設。這一成長完全歸功於我們現有投資組合的持續強勁勢頭。

Slide 12 please

請看第12張投影片

Turning to forward indicators, all metrics provide good long-term visibility into the strength of our business.

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。

Our second quarter book to bill of 5 times and are trailing 12 month book to bill of 1.3 times reflect good performance in the marketplace, even with the protracted government shutdown and slow rebound in award decisions.

我們第二季的訂單出貨比為 5 倍，過去 12 個月的訂單出貨比為 1.3 倍，這反映了我們在市場上的良好表現，即使政府長期停擺，授標決定也緩慢復甦。

The weighted average duration of our awards in Q2 was over six years. Our back $33 billion increased 3% from a year ago and our funded backlog increased 7% for the same period.

第二季我們獎項的加權平均持續時間超過六年。我們的積壓訂單總額為 330 億美元，比上年同期增加了 3%；同期已獲資金支持的積壓訂單增加了 7%。

For fiscal year '26, we now expect 5% of our revenue to come from existing programs with 3% coming from recompete and 2% from new business. Progress on these metrics reflects our successful business development and operational performance and yields confidence in our higher expectations for the year.

對於 2026 財年，我們預計 5% 的營收將來自現有項目，3% 來自重新競標，2% 來自新業務。這些指標的進展反映了我們成功的業務發展和營運業績，也讓我們對今年的預期更加樂觀。

In terms of pipeline, we have $6 billion of bids under evaluation. Over 70% of which are for new business to CACI. We expect to submit another $20 billion in bids over the next two quarters with over 70% of those being for new business.

就項目儲備而言，我們有價值 60 億美元的投標正在評估中。其中超過 70% 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 200 億美元的投標書，其中超過 70% 是新業務投標。

In summary, we delivered strong results in the second quarter and continue 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, and additional shareholder value.

總而言之，我們在第二季取得了強勁的業績，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、增加自由現金流和提升股東價值。

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

那麼，我就把電話轉回給約翰了。

Thank you, Jeff. Let's go to slide 13, please.

謝謝你，傑夫。請翻到第13張投影片。

In closing, I want to emphasize that our continued strong results are not by accident, or rather the direct results of our deliberate strategy and execution we built CACI to be resilient and differentiated.

最後，我想強調，我們持續取得強勁的業績並非偶然，而是我們精心製定的策略和執行的直接結果。我們打造 CACI 的初衷就是為了使其具有韌性和差異化優勢。

Delivering strong performance despite the sometimes challenging macrodynamic that's what happens when it's on expanding the limits of national security.

儘管宏觀環境有時充滿挑戰，但依然取得了強勁的成績——這就是拓展國家安全邊界所帶來的結果。

For us, this isn't just a phrase it describes our relentless focus on anticipating Charles's challenges in developing solutions to stay ahead of our customers' needs not just meet that we are truly differentiate CECI is our ability to shape the future rather than simply respond to it.

對我們來說，這不僅僅是一句口號，它描述了我們孜孜不倦地專注於預見查爾斯面臨的挑戰，開發解決方案以保持領先於客戶的需求，而不僅僅是滿足這些需求。 CECI 的真正獨特之處在於我們有能力塑造未來，而不僅僅是應對未來。

We don't wait for our fees, we proactively show our customers what's possible to strategic and innovation. This approach allows us to be disciplined in our shot selection, shaping opportunities where we know we can win.

我們不等客戶支付費用，而是主動向客戶展示策略和創新帶來的可能性。這種方法使我們能夠在投籃選擇上更加嚴謹，創造我們知道自己能夠獲勝的機會。

As we look ahead, we remain confident in our ability to execute our strategy and deliver on our financial commitments. The momentum of our business, our healthy pipeline, and our strong first half performance enable us to raise our fiscal 2026 guidance across all metrics.

展望未來，我們依然對執行策略和履行財務承諾的能力充滿信心。我們業務的良好發展勢頭、健康的項目儲備以及上半年強勁的業績，使我們能夠提高 2026 財年所有指標的預期。

And with a pending edition of ARKA, we're further enhancing our position, critical space domain, which will drive additional growth in shareholder value.

隨著 ARKA 的即將發布，我們將進一步鞏固我們在關鍵太空領域的地位，這將推動股東價值的進一步成長。

As there's always, our success is driven by our 26,000 employees who are ever vigilant in expanding the limits of national security to everyone on the CACI team.

一如既往，我們的成功源自於我們 26,000 名員工，他們隨時保持警惕，不斷拓展國家安全的邊界，讓 CACI 團隊的每一位成員都能參與其中。

I'm extremely proud of what you do every day for our company and our nation and to shareholders, I thank you for your continued support of CACI. For that, Rob, let's open the call for questions.

我為你們每天為公司、為國家所做的一切感到無比自豪；同時，我也感謝股東們對 CACI 的持續支持。羅布，那麼現在我們開始接受提問吧。

(Operator Instructions) Gavin Parsons, UBS.

（操作說明）Gavin Parsons，瑞銀集團。

Good morning, guys.

各位早安。

Good morning.

早安.

You have maximum one more. Yeah, so in light of recent developments around the world, I wanted to ask higher level what higher US military op tempo means for CACI specifically and you know how that changes the op opportunity set in front of you.

你最多還能再用一次。是的，鑑於最近世界各地的事態發展，我想向高層請教一下，美國軍事行動節奏加快對 CACI 具體意味著什麼，以及這會如何改變擺在你們面前的行動機會。

Yeah, thanks terrific opening question. Look, today's op tempo is extremely good for CACI, because it requires much of what traditional companies, frankly, don't traditionally do our customers are demanding mission technology at the speed of mission.

是的，謝謝，這是一個很好的開場白。你看，如今的營運節奏對 CACI 來說非常有利，因為它要求我們做很多傳統公司通常不會做的事情——坦白說，我們的客戶要求我們以任務所需的速度提供任務技術。

So we can talk about exquisite EW differentiating rogue drones from friendly ones and mitigating risk. I like to say welcome to enemy changes their tactics and their technological footprint welcome to EW. Get 20 kg in and out of a country without any issue, welcome to EW.

因此我們可以討論如何透過精細的電子戰來區分敵我無人機，從而降低風險。我喜歡說，歡迎來到敵人改變戰術和技術佈局的時代，歡迎來到電子戰時代。輕鬆攜帶 20 公斤物品進出境，沒有任何問題，歡迎來到 EW。

We, frankly, do EW better and more strategically and more surgically than anyone. So, what does Zap tempo demand a few things. One would be resilient resiliency, I look at our solutions, their software defined they share a common baseline with a multitude of other sensors.

坦白說，我們在電子戰方面比任何人都做得更好、更有策略、更精準。那麼，Zap 節奏就需要滿足一些條件。其一是強大的韌性，我審視我們的解決方案，它們的軟體定義與眾多其他感測器共享一個共同的基準。

What that really means is when one sensor anywhere detects a new single all of its, features and how to mitigate that sent across a broad network of already deployed sensors the optrapo demands speed.

這實際上意味著，當任何地方的一個感測器檢測到一個新的、具有所有特徵以及如何緩解該特徵的資訊時，Optrapo 需要速度。此資訊會透過已部署的感測器組成的廣泛網路傳送給 Optrapo。

We have been really clear that we build enhancements and mitigations almost instantaneously, it demands optionality, so whether you are looking at hand handhelds, backpack, mobile fixed, short-range, long-range solutions.

我們已經非常明確地表示，我們幾乎可以立即建立增強功能和緩解措施，這就需要選擇權，所以無論您是在考慮手持設備、背包、移動固定設備、短程設備還是遠端設備。

They all come with a common software baseline and what the what the cost absolutely demands is it has to have some type of optionality, that allows them to acquire a commercially under par 12. So, to us think you op tempo, quick response, build in delivery provide your costs your best tech, provides investors with increased shareholder value.

它們都配備了通用的軟體基礎，而成本絕對要求的是它必須具有某種可選性，使它們能夠獲得商業上低於 12 的產品。所以，我們認為，您以最快的速度、快速的回應、內建的交付能力來降低成本，運用您最好的技術，可以為投資者帶來更高的股東價值。

Commercial terms, commercial investment model, commercial margins, at the end of the day, we're doing a lot of our commercial companies do, and we deliver eBay data as well.

商業條款、商業投資模式、商業利潤率，歸根究底，我們做的很多事情，很多商業公司都在做，我們也提供 eBay 數據。

Great, thank you very much. And then, it looks like the pipeline has submitted dead remains a little low, exiting the quoridor, but that, the expected bid number filled up pretty nicely in the quarter. Can you talk a little bit about how you're expecting things to, flow through that and you know what the cadence of conversion might look like as we move through the rest of the year.

太好了，非常感謝。然後，看起來該管道的死胡同數量略低，退出了競標，但該季度的預期投標數量相當不錯。您能否談談您對事情發展的預期，以及您認為在今年餘下的時間裡，轉換率的節奏可能會是什麼樣子？

Yeah, you're connecting those dots, the same way we do, Gavin. The one of the implications of the protracted shutdown that is a little less obvious, you could see the awards, obviously, but what you can't see is sort of the slower level of activity, it ramping back up, and I think the length of the shutdown with the ending of it leading into the holidays, put some amount of acquisition processes sort of behind the curve we do see that filling back up.

是的，你和我們一樣，把這些點連起來了，加文。長期停工帶來的影響之一不太明顯，你當然可以看到授予的合同，但你看不到的是經濟活動的放緩，以及它正在逐步恢復。我認為，停工的時間越長，結束的時間越接近假期，這導致一些採購流程有所滯後，但我們現在看到這些流程正在逐步恢復。

We feel that, getting back on pace, and we, and that's visible, I think in the pipeline when you see what we plan to submit over the next 180 days.

我們感覺，我們正在重回正軌，而且這一點從我們未來 180 天的計劃中就能看出。

We obviously competitive reasons aren't going to comment on any particular opportunities or make any predictions about win rate or anything like that, but you can look at our historical performance on those metrics that we provide regularly on a consistent basis over a number of years, and you can, draw your own conclusions from that.

出於競爭原因，我們顯然不會對任何具體的機會發表評論，也不會對勝率或其他類似的事情做出任何預測，但您可以查看我們多年來定期提供的這些指標的歷史表現，並從中得出您自己的結論。

Great, thank you all.

太好了，謝謝大家。

Thanks, you bet.

謝謝，當然。

Peter Arment, Baird.

Peter Arment，Baird。

Yeah, good morning, John and Jeff nice results. Hey, John, could you maybe give it, can you give us an update you recently, had a protest that you won, I think it was last Friday. It was a big, award that you won in August. Maybe how should we think about kind of the timing of that and just maybe any color you want to give on the protest. Thanks.

是的，早安，約翰和傑夫，成績不錯。嘿，約翰，你能給我們更新一下你最近贏得的那場抗議活動的情況嗎？我想應該是上週五。那是你在八月贏得的一個重要獎項。或許我們應該考慮一下時機，以及你想對這場抗議活動表達的任何看法。謝謝。

Yeah, sure, so as you mentioned, the, JTMS protest was officially denied last week, so we are in the process of starting to ramp up on the on that program we have already had meetings with our cost during the protest period, you would imagine.

是的，當然，正如您所提到的，JTMS 的抗議上週已被正式駁回，因此我們正在開始加大力度推進該項目，您可以想像，在抗議期間，我們已經與相關成本方舉行了會議。

We were ready for to go as soon as this was announced, in [termch] technology program, so that's going to wrap up, over extended period of time. So I think it'd be more of a benefit to growth in '27, '28, but you're clearly given the timing of the of the protest decision, that's going to help us drive our fourth quarter of revenue number, which I know you'll all be, watching.

這項技術計畫一宣布，我們就做好了立即行動的準備，所以這項計畫將在較長一段時間內逐步完成。所以我認為這對 2027 年、2028 年的成長更有利，但很明顯，考慮到抗議決定的時機，這將有助於我們推動第四季度的收入成長，我知道你們都會關注的。

It's a 10-year $1.6 billion job, it's going to be to [escorba] and that's which is very standard and look, we're extremely pleased, we're going to take, the off the shelf software platform. We're going to use SAP, which is a strong OE am we're going to take fast-paced, solutions.

這是一個為期 10 年、耗資 16 億美元的項目，將採用 [escorba]，這是非常標準的，而且我們非常高興，我們將採用現成的軟體平台。我們將使用 SAP，這是一個強大的 OE，我們將採用快節奏的解決方案。

We're going to use our agile software or our aid solution factory, our agile software development processes and I would expect Peter, the JATMS to consolidate a large number of disparate legacy system systems which fall directly in line with some of the Eos that we've read, and we have a couple other, protests out there still.

我們將使用我們的敏捷軟體或我們的援助解決方案工廠，我們的敏捷軟體開發流程，我希望 Peter，JATMS 能夠整合大量不同的遺留系統，這些系統與我們讀過的一些 Eos 直接相關，而且我們還有一些其他的抗議活動正在進行中。

We're looking for them to resolve by the end of this month and we'll be sure to advise all of our investors when that happens.

我們希望這些問題能在本月底前解決，屆時我們一定會通知所有投資者。

That's a great call. Thanks, John. And just as a quick follow-up, you talked about reconciliation funding starting to flow could you just maybe, and then there's been a lot of activity behind the scenes on Golden Dome. How do you see that kind of impacting as you think about, the second half of this year, but also the set up for '27,

這是個明智的決定。謝謝你，約翰。還有一個後續問題，您提到和解資金開始到位，您能否透露一下，另外，金頂大廈幕後也進行了許多活動。您認為這會對今年下半年以及2027年的規劃產生怎樣的影響？

yeah, thanks Peter. Look, we're, we have our eyes on rock rockets, so I mean, and I know there was a lot of talk, is that going to be early in '26, late in '26, is a total of '27.

謝謝你，彼得。聽著，我們，我們正著眼於火箭，所以我的意思是，我知道有很多傳言，那就是在 2026 年初、2026 年末，或總共 2027 年。

I think at the end of the day, the answer is yes to all three. For us, we're seeing border security programs being possibly impacted by seeing reconciliation funds starting. I did share something in my prepared remarks about taking some intel, AI-based tech technology that was, quote unquote plus of using accurate reconciliation funds.

我認為歸根究底，這三個問題的答案都是肯定的。對我們來說，我們看到邊境安全計畫可能會受到和解資金啟動的影響。我在事先準備好的發言稿中分享了一些關於採用一些情報、人工智慧技術以及使用準確的對帳資金的內容。

You're going to see a lot of that hit in the count country area where obviously we see, already seen indications of that space programs, we've been called on to look at Modern modernizing a lot of the critical space force infrastructure, so we're working on that,

你會看到很多這樣的衝擊發生在那些我們已經看到太空計畫跡象的國家，我們已被要求對許多關鍵的太空部隊基礎設施進行現代化改造，所以我們正在努力做到這一點。

I think it go out around, modern modernization of Department of War Financial System ties directly to that EO. We are seeing a reconciliation funds show up there and then as a sort of relates to golden dome, we are seeing the number of integrams receive additional funding around left of launch, because that provides the ultimate situational awareness when you're looking to protect this nation in a in a golden dome scenario.

我認為它會四處傳播，戰爭部財務系統的現代化與該行政命令直接相關。我們看到和解資金出現在那裡，然後，作為與“金色穹頂”相關的某種東西，我們看到集成導彈的數量在發射前獲得了額外的資金，因為這在“金穹頂”場景中保護國家時提供了最終的態勢感知。

So we have included a range of outcomes in our updated guidance, your left goal post, clearly, a smaller amount of funding, the right goal post more funding, but look, at the end of the day, anytime somebody wants to add $150 billion to a market that this company is, doing extremely well in it's a constructive macro vial overall and really just doubles down on the strong demand signals that a company like us, can make great use of. So, thank you for those questions.

因此，我們在更新後的指導意見中納入了一系列結果，左邊的目標顯然是較少的資金，右邊的目標顯然是更多的資金，但歸根結底，任何時候有人想向這家公司表現非常出色的市場增加 1500 億美元，這都是一個建設性的宏觀利好，並且真正加倍押注於強勁的需求信號，而像我們這樣的公司可以很好地利用這些信號。謝謝大家的提問。

Appreciate the call. Thanks, bye.

感謝您的來電。謝謝，再見。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱。

Hey, thank you for the questions maybe starting out with the federal acquisition regulation, you mentioned it before, John, just talk us through kind of where we at in terms of the reform of the far and how we should expect both the magnitude and timing in terms of impact on any kind of called TACA exposure.

嘿，謝謝你的提問。或許我們可以先從聯邦採購條例開始，你之前提到過，約翰，請你給我們講解一下聯邦採購條例改革的進展情況，以及我們應該如何預期改革對任何所謂的TACA風險敞口的影響程度和時間安排。

Yeah, I mean, I mean we're pretty much in line with the acquisitionary form. There, there's a large number of eels out there and there's a large amount of prints around, driving from costs to fixed price and just probably going to, are we going to completely move from far apart [15 to far apart 12], or we're going to talk elements of [12 into 15].

是的，我的意思是，我們基本上符合收購模式。那裡有很多鰻魚，也有很多印刷品，這促使我們從成本轉向固定價格，而且很可能會變成，我們是否要完全從相距很遠（15）改為相距很遠（12），或者我們將討論一些要素[12 變成 15]。

We're just going to go [12]. I mean, there's a whole bunch of different avenues what I like about what has come out and what's great for this company is that there's a new re recognition in exactly what far part [12] is, right?

我們這就走[12]我的意思是，有很多不同的途徑，我喜歡已經出現的東西，對這家公司來說很棒的是，人們對[12]遠方部分究竟是什麼有了新的認識，對吧？

I mean, I think you're seeing that tied to OTAs, look, at the end of the day, I think in, items that are not highly specific. But could be borne by our own corporate investments and take to the government in an 80% solution manner and then do some development work, codevelop with the with government funds and our funds that offer that into a long run of production.

我的意思是，我認為你看到的這與線上旅行社有關，你看，歸根結底，我認為，這都與那些不太具體的商品有關。但我們可以依靠自己的企業投資來承擔這筆費用，並以 80% 的解決方案提交給政府，然後進行一些開發工作，與政府資金和我們自己的資金共同開發，從而實現長期生產。

I mean, I think that's the ultimate best way we're seeing other long-term cost plus programs, right? Colin those are trying to be moved into some different investment models, which is great.

我的意思是，我認為這是目前我們看到的其他長期成本加成計劃的最佳方式，對吧？科林，他們正在嘗試將資金轉移到一些不同的投資模式中，這很好。

We don't possess any of those, so we're still doing some cost plus work but make no mistake, this company was intentionally built to have a far-part 12 commercial part of our business in a far apart 15, we're able to provide customers either and or both and it's really driven the $2 billion of electronic warfare that that we have been talking about, so we are, very well poised to support where the government's going.

我們沒有這些設備，所以我們仍然在做一些成本加成的工作，但毫無疑問，這家公司是特意建立起來的，其業務一部分是商業的，另一部分是電子戰的，兩者相距甚遠。我們能夠為客戶提供其中一項或兩項服務，這確實推動了我們一直在談論的20億美元的電子戰項目，因此，我們完全有能力支持政府的發展方向。

TSA Pack outstanding example, even RMT, even though it wasn't a specific OTA they had a lot of investment on our part, that then led to a, larger production order. So I think we're probably the 3rd or 4th inning of acquisition reform, but for this company, I believe that our results have shown that we're, well aligned, and we're going to drive even greater growth this week.

TSA Pack 就是一個傑出的例子，即使是 RMT，儘管它不是特定的 OTA，但我們投入了許多資金，這最終促成了更大的生產訂單。所以我認為我們可能正處於收購改革的第三或第四階段，但就這家公司而言，我相信我們的業績表明我們方向正確，而且我們將在本週實現更大的成長。

Colin and I'd add to John's point, we really are funding our rhythm here on OTAs. We have seen 2.5 times the level of OTA contracting in the last two years that we saw in the previous five years, so, it, it's really a mechanism that we're we and our customers are well aware of and taking advantage of.

我和柯林想補充約翰的觀點，我們確實是在透過OTA來維持我們的節奏。過去兩年，OTA 合約量是過去五年的 2.5 倍，因此，這確實是我們和我們的客戶都非常了解並正在利用的機制。

Got it. I appreciate that color and then moving over to ARKA, maybe talk through kind of how you think about the scalability of the intelligent like the related intelligence services that you might gain or kind of grow over time thanks to the in bury optics business essentially like beyond just manufacturing work I think back to when you first bought SA Photonics and essentially utilizing the space-based hardware to inform the intelligence business, maybe just talk through kind of how you think about that earnings algorithm and then the scalability of it and where there's any kind of roadblocks that we should think about in terms of like the conflicts and the like.

知道了。我很欣賞這種色彩，接下來我們來談談 ARKA，或許可以聊聊您如何看待智慧技術的可擴展性，例如您可能獲得或隨著時間推移而發展起來的相關情報服務，這主要得益於埋地光學業務，而不僅僅是製造工作。回想一下您最初收購 SA Photonics 並利用天基硬體為情報業務提供支援的時候，或許可以聊聊您如何看待這種盈利模式，以及它的可擴展性，還有我們應該考慮的任何障礙，例如衝突等等。

I'm going to unpack that one colin. Look, let me, I will, let me just start off by saying that I'll share what we can share we are going to hold a lot of discussions around financials and backlog and the like, until we get that across the finish line and we close.

我要好好研究那件東西，柯林。聽著，讓我先說一下，我們可以分享的訊息是，我們將圍繞財務狀況、積壓訂單等等進行很多討論，直到我們最終完成交易。

But it suffices to say that it's great for us to be able to share what we see in this in this company and in the business, they are a leading developer and supplier of sense and sense making cap capabilities, make no mistake, they were involved in critical national security mission.

但總而言之，我們很高興能夠分享我們在這家公司和這個行業中所看到的情況。他們是感知和感知能力的領先開發商和供應商，毫無疑問，他們參與了重要的國家安全任務。

What I liked about it similar to this company, they're at the forefront of technology developments, and they've been there since the Cold War. So these capabilities are not new, how they have to deliver, is not new.

我喜歡這家公司的一點是，他們和這家公司一樣，都處於技術發展的前沿，而且從冷戰時期就一直處於這個前沿。所以這些能力並不新鮮，它們如何發揮作用也不新鮮。

The architectures, the archit delivers into, literally have acquisition plans that go out as far as planning goes to around 2040. They are right in the term growth funding streams for both DOD and classified row space budgets, they're focused on the fastest growing parts of the market. The laser warning systems, our equipment's of record on every platform to which they deliver.

建築師交付的架構，實際上都有採購計劃，其規劃一直延伸到 2040 年左右。他們的說法沒錯，無論是國防部還是機密空間預算，成長資金流都集中在市場成長最快的部分。雷射預警系統，是我們所有交付平台上的記錄設備。

They and they're talking about the Danbury business to your other set of questions, extremely high technical barrier entry. It's an environment of constant capability of upgrades their contract portfolio, combined with their outstanding record of execution, even in fixed price environment vivi's does distinguish them with their costs.

他們正在談論丹伯里業務，而你提出的另一組問題是，該業務的技術准入門檻極高。即使在固定價格環境下，vivi 也憑藉其不斷升級合約組合的能力，以及出色的執行記錄，在成本方面脫穎而出。

When I looked at this business and we, we've been studying it for quite a long time. The folks at Black Rock continued to invest in this business. Astone, sorry, continued to invest in this business. They continue to understand that the national security world needed an asset like AKRA.

當我審視這個行業時，我們發現我們已經研究它很長一段時間了。黑石集團繼續投資這家企業。抱歉，Astone 繼續投資這項業務。他們始終認為，國家安全領域需要像 AKRA 這樣的資產。

So they didn't hold it for five years, they grew it and they invested in it. What I like about them is they invest ahead of need they innovate in the exe execute with agility. They deliver predictability, given cost and, schedule focus, so they are well set up to the earlier question around acquisition reform.

所以他們沒有持有五年，而是發展壯大並進行了投資。我喜歡他們的一點是，他們會在需要之前進行投資，在執行過程中不斷創新，並且敏捷地執行。它們注重成本和進度，能夠提供可預測性，因此它們完全能夠應對先前提出的採購改革問題。

They are well understanding of costs versus fir firm fixed price, they do have a tremendous backlog that we'll be able to talk about when we get, hopefully as we get to the end of our third quarter, and we shouldn't ignore the sense-making part of their business.

他們非常了解成本與固定價格之間的關係，他們確實有大量的積壓訂單，我們有機會的時候可以討論一下，希望到第三季末就能討論到，我們也不應該忽視他們業務中的意義所在。

That's a lot of work that they do similar to us, in an agile software development manner, they work on parts of the intelligence data we work on other parts, they do some things that we don't do, we do some similar things.

他們做了很多和我們類似的工作，採用敏捷軟體開發的方式，他們處理部分情報數據，我們處理其他部分，他們做一些我們不做的事情，我們也做一些類似的事情。

But you know they have differentiated capabilities they have long duration contracts; they're involved, they're very critical national security programs. Another nothing speaks larger than this company doubling down again in the space market, and this acquisition.

但你知道，它們擁有差異化的能力，它們簽訂了長期合約；它們參與的是非常關鍵的國家安全計畫。沒有什麼比這家公司再次加倍投資太空市場並進行此次收購更能說明問題的了。

I know it dries out, leverage, up to [43] and such, we have the right buy down mechanism. But at the end of the day, you make bold investments to drive bold growth, and that's what this acquisition is about, and this is why we're very, we're very involved in the space market and driving future growth there. Appreciate the questions.

我知道它會乾涸，槓桿作用，高達 [43] 等等，我們有正確的買入機制。但歸根結底，大膽的投資是為了推動大膽的成長，而這正是此次收購的意義所在，這也是為什麼我們非常、非常積極地參與太空市場並推動該領域未來成長的原因。感謝提問。

Thank you.

謝謝。

Seth Seifman, JPMorgan Chase.

Seth Seifman，摩根大通。

Good morning. This is [Rocco on Prace].

早安.這是[羅科談普雷斯]

Morning, Rocco.

早上好，羅科。

Morning

早晨

Day and More on Peter's question. How are you thinking about khaki's addressable market from the reconciliation bill, both for COS in general and Merlin more specific, and how are you thinking about that market growth in the coming years?

關於彼得提出的問題，還有更多內容。您如何看待和解法案對卡其色服飾潛在市場的影響，包括 COS 整體市場和 Merlin 品牌，以及您如何看待未來幾年該市場的成長？

Yeah, I knew as soon as I shared that we had a $2 billion slice of revenue in EW will be all looking for growth, news flash are probably not going to share what we see, but it's the reconciliation funding will do a lot in the EW area because as you all know we consider count UASP part of the par EW market.

是的，我一透露我們在電子戰領域獲得了 20 億美元的收入，我就知道大家都會尋求成長。最新消息是，我們可能不會透露我們看到的情況，但和解資金將在電子戰領域發揮重要作用，因為大家都知道，我們認為 UASP 是電子戰市場的一部分。

It's probably worth spending just, twenty seconds on why we answer questions like dislike that, okay if we provide a cyber effect to be a dangerous drone is that cyber or is that counter UAS?

或許值得花二十秒鐘來解釋一下，為什麼我們要回答諸如「不喜歡這樣」之類的問題：如果我們提供一種網路效應，使無人機成為危險的無人機，那這算是網路攻擊還是反無人機系統？

The answer is it's all EW, so that's why we lump this, in one area because we share software baselines we share, talent we share, tech technology solutions, so, the reconciliation dollars, is a tens of billions of dollars to our addressal market, we continually assess that as menu on is called --

答案是，這一切都屬於EW（企業網路），所以我們將其歸為一類，因為我們共享軟體基線、人才和技術解決方案，因此，協調資金高達數百億美元，用於我們的目標市場，我們會持續評估這一點，就像菜單一樣。--

No, we're looking at about $300 billion TAM or a nine, roughly $9.4 billion company, so, plenty more room to go grow, and even though that reconciliation funding is driving that. The world of counter UAS is going to completely explode beyond what the re reconciliation funding needs.

不，我們看到的是一個市值約 3000 億美元的 TAM，或者說是一家市值約 94 億美元的公司，所以還有很大的成長空間，儘管和解資金正在推動這一增長。反無人機系統領域的發展速度將遠遠超出和解資金的需求。

We're involved in the in our national market, marketplace. You mentioned Merlin, we've done some outstanding work there, but it suffices to say in the conner UAS area, there's less than about [25]

我們參與了國內市場。您提到了梅林，我們在那裡確實做了一些出色的工作，但可以說，在康納無人機系統領域，相關工作還不到…[25]

Organizations that have stood up and actually brought some of my notes there's [8] and within DOD [6] within [DHS]. You've got DOT, the FAA Department of Justice Department of Energy, Department of State, and Department of Elemental be, so there's a lot of folks out there.

已經站出來並採納了我部分筆記的組織有[8]，國防部內部也有[6]。[國土安全部]。有交通部、聯邦航空管理局、司法部、能源部、國務院和元素部，所以有很多機構都在那裡。

The acquisition infrastructure is just getting set, we're actively engaging to expand our, presence, specifically with Jatta 401, DHS and then Golden Dome. So, there's a great fan looking to be done here and we are extremely well positioned.

收購基礎設施剛剛完成，我們正在積極拓展業務，特別是與 Jatta 401、DHS 和 Golden Dome 的合作。所以，這裡有一個很棒的風扇即將完成，我們處於非常有利的位置。

Great, thanks. And then are there any specific items to call out in the civil business. News over the last year plus has been pretty negative about the demand environment and yet khaki's growing in the mid-teens on average over the period?

太好了，謝謝。那麼，在民用領域是否有一些需要特別指出的項目呢？過去一年多來，有關需求環境的新聞一直相當負面，然而卡其色服裝的銷量在此期間平均仍增長了十幾個百分點？

Yeah, those, that's really dominated by our CBP DHS work and the ramp up on NASA NC caps. So it's a little different flavour of that you may see there's really driven by DHS and NASA.

是的，那些工作主要集中在我們與美國海關與邊境保護局 (CBP) 和國土安全部 (DHS) 的合作以及美國宇航局 (NASA) 北卡羅來納州 (NC) 項目的推進上。所以，這跟你看到的有點不一樣，它其實是由國土安全部和美國太空總署推動的。

Great, thank you.

太好了，謝謝。

Yeah, thanks, [Roco].

嗯，謝謝。[Roco]

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning, John and Jeff. A quick question with all the acquisitions you've made over the past 14 years, and the announced deal of ARKA tend to find that you're shifting more away from services in your here is more becoming defense electronic suppliers in particular L3 Harris.

早安，約翰和傑夫。鑑於您在過去 14 年裡進行的所有收購，以及宣布的 ARKA 交易，我有一個問題：您是否正在逐漸減少服務業務，而更多地轉向國防電子供應商，特別是 L3 Harris？

But just given that the government is actually taking an ownership stake in all three's missile solutions business, you think that puts Kathy and all these other competitors at a disadvantage when competing for work with the Pentagon, given that the government owns will own a stake in all three hats.

但考慮到政府實際上持有這三家飛彈解決方案公司的股份，你認為這會讓凱西和所有其他競爭對手在與五角大廈競爭時處於劣勢嗎？因為政府將持有這三家公司的股份。

Yeah, so, awesome, look, we see what's going on, and we've read about all of those various engagements, but at the end of the day we're seeing outstanding demand for our technology that we deliver.

是的，太棒了，我們看到了正在發生的事情，也了解了所有這些不同的合作項目，但最終我們看到的是，我們提供的技術有著巨大的市場需求。

We're able to meet that demand, we continue to execute our business well. We continue to invest ahead of need and have access to capital so we need to enhance our delivery capabilities, see what makes us different is that we got in the market at a time where we expected that because of one of the earlier questions, because of the op tempo, and because of the need to not only protect other countries, other nations, and our interests abroad, but also defend our nation that it was to require.

我們能夠滿足這項需求，我們將繼續出色地執行我們的業務。我們持續進行超前投資，並擁有充足的資金，因此我們需要提升交付能力。我們與眾不同之處在於，我們進入市場時正值我們預期會面臨這種情況，這源於先前提出的一個問題，源於當時的市場節奏，也源於我們不僅需要保護其他國家、其他國家以及我們在海外的利益，還需要捍衛我們自己的國家。

The fact that we would ourselves begin to invest ahead of customer need, so we are one of those companies. We have a, nakes, gigs, whatever code you want to call it that makes us governance services company, but it's been a number of years since you've all asked me what my bench strength is.

我們之所以成為這樣的公司之一，是因為我們自己會在客戶需要之前就開始投資。我們有，不管你怎麼稱呼它，它都讓我們成為一家治理服務公司，但是你們已經好幾年沒問過我我的後備力量是什麼了。

It's been a number of years since you asked me what my direct labour numbers were, because we're not that company. So, I enjoy being compared against others who are trying to make changes to adjust okay, those are changes you make because change has been presented.

你已經好幾年沒問過我直接人工成本是多少了，因為我們不是那種公司。所以，我樂於與那些努力做出改變以適應環境的人進行比較，好吧，這些改變是因為環境的變化而做出的。

We built this company purpose-built in this last instantiation of CACI to be in seven markets with strong funding streams that drive shareholder value in year over year growth, regardless of the government shutdown or not, regardless of reconciliation budgets slightly behind plans.

我們在 CACI 的最後一個版本中專門創建了這家公司，目標是在七個市場擁有強大的資金來源，從而推動股東價值逐年增長，無論政府是否停擺，也無論預算協調是否略微落後於計劃。

Okay, we're not a quarter to quarter company we're year to year and we're going to be a decade to decade company and we are exactly driving this business and measuring ourselves to make sure we are providing eye-watering tech technology to Department of War and the Intelligence Community.

好的，我們不是一家按季度業績的公司，我們是一家按年業績的公司，我們將成為一家按十年業績的公司，我們正在積極推動這項業務，並衡量自身，以確保我們為戰爭部和情報界提供令人驚嘆的技術。

That's what makes acquisitions like SA Photonics so important and LGS and mastodon and AA and others that it's driving, okay, where this company goes. So, really appreciate that question.

正因如此，像 SA Photonics、LGS、Mastodon、AA 等公司的收購才如此重要，它們正在推動這家公司的發展方向。非常感謝你的提問。

There's a lot of other things that are going on within this market marketplace. We focus on what we can control, and we like to think that we've got an outstandings strategy that moves along with the times.

這個市場裡還有很多其他事情正在發生。我們專注於我們能夠控制的事情，並且我們認為我們擁有與時俱進的出色策略。

And I think if you've been a shareholder in this company in the last 10 to 12 years, you have been quite excited, by the way we have a different funding forces and moving this company from delivering people to delivering enter enterprise and mission tech. So thanks for that question.

而且我認為，如果你在過去 10 到 12 年裡一直是這家公司的股東，你肯定會非常興奮，因為我們有了不同的資金來源，並將這家公司從為人們提供服務轉變為為企業和任務提供技術。謝謝你的提問。

Okay, and then just a quick question I wanted to follow-up on Merlin. I don't know if I missed this earlier in the call any restrictions or obstacles that would prevent you from selling that internationally?

好的，然後我想就梅林的問題再問一個後續問題。我不知道我之前在通話中是否遺漏了什麼，是否存在任何限製或障礙會阻止您在國際上銷售該產品？

No, the actual system at itself, no, there's a software load which has different ways to mitigate specific threats, and as you would imagine, like any weapons system, there are software that allows all of us in the defense technology space to be able to, so there are, there will be some software provisos with that, but when it comes to defending this homeland, which is what Merlin was specifically built for, there are no issues of what we can do in the US between finding and providing exquisite non-kinetic effects to remove this entire drone layer threat to the --

不，就係統本身而言，並非如此。它包含一套軟體，其中包含多種應對特定威脅的方法。正如您所想，就像任何武器系統一樣，它擁有相應的軟體，使我們國防技術領域的所有人都能夠做到這一點。因此，這其中會存在一些軟體方面的限制。但就保衛國土而言——這正是梅林系統專門為此而設計的——在美國，我們完全有能力找到並提供精妙的非動能手段來消除無人機對國土安全的威脅。--

Okay, got it. Thanks for taking the questions.

好的，明白了。謝謝您回答問題。

Yeah, thanks so much.

是啊，非常感謝。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

Thank you. I'm wondering if you anticipate another strong year of defence spending growth in '27, the President, articulated a relatively large, indication and, wondering what your thoughts are on the matter.

謝謝。我想知道您是否預期 2027 年國防開支將再次強勁增長，總統曾明確表示會有較大幅度的增長，我想知道您對此有何看法。

Yeah, Toby, thanks. Look, I did read the government fiscal year '27 tweet of a $1.5 trillion, A little extra color, I believe it's supported by Saks and Haass, but I'm not clear whether I had support of the operators. I think we've got a little bit of time to see this one play out.

是啊，托比，謝謝。你看，我確實讀過政府關於 2027 財年預算為 1.5 兆美元的推文。補充一點信息，我相信 Saks 和 Haass 都支持這個預算，但我不太清楚運營商是否也支持。我認為我們還有些時間觀察事情的最終結果。

And I also think that's pretty, it's, still early, so we'll have to wait and see what comes from the government fiscal year '27, President's budget request, from what I understand, it will be a little bit later this year because you usually tags along when the state of state of the union announcement is so we may see at a few weeks off.

而且我認為現在下結論還為時過早，所以我們還得等等看政府 2027 財年的情況，總統的預算申請，據我了解，今年會晚一些公佈，因為通常情況下，預算申請會在國情咨文公佈時同時發布，所以我們可能會在幾週後看到結果。

But look, I've often said this company where I don't focus on the budget offline. Either way our $300 billion TAM for a $9.4 billion company then we have plenty of room to grow.

但你看，我常說這家公司我不會把重點放在線下預算。無論如何，對於一家市值 94 億美元的公司來說，我們擁有 3,000 億美元的潛在市場，這意味著我們還有很大的發展空間。

We have, we've shown that when budgets have decreased and when they've increased, I think we're in the right markets, the right cop capabilities and the right customer sets, and at the end of the day in the national security realm at the threats present themselves. I've never seen this nation not invest to protect us either abroad or at home.

我們已經證明，無論預算減少或增加，我認為我們都處於正確的市場，擁有正確的警務能力和正確的客戶群體，最終在國家安全領域應對各種威脅。我從未見過這個國家不投資保護我們，無論是在國外還是在國內。

Thanks, John. My follow-up would be of the large contract wins that the company has won over the last maybe few or a handful of years how much incremental program Ramp remains in front of the company to help support future growth.

謝謝你，約翰。我的後續問題是，在公司過去幾年或幾年內贏得的眾多大合約中，還有多少增量專案 Ramp 可以幫助公司支持未來的成長。

Yeah, that's no small amount. I mean, we, some of the recent contract programs that we have won, we have talked about the fact that the changing profile is such early phases of the program are really focused on designing and developing the balance of the program.

是的，那可不是一筆小數目。我的意思是，在我們最近贏得的一些合約專案中，我們已經討論過這樣一個事實：專案早期階段的重點是設計和開發專案的平衡，而專案結構也在不斷變化。

And so that has led to slower ramp ups and in fact, we're still seeing growth in ITAS earlier in this call we talked about the fact we pointed out the growing NASA N caps. Activity, even though those wins were, still a couple of years ago.

因此，這導致了產能爬坡速度放緩，事實上，我們仍然看到ITAS正在成長。在本次電話會議的早些時候，我們談到了NASA N上限不斷增長的事實。儘管那些勝利已經是幾年前的事了，但那仍然是一種活動。

So if you think back to the ramp profiles that I talked about in our investor day, I guess over a year ago now there were three or four sort of standard profiles of our longer-term winds have been the profile where we don't really sort of reach our max until we are, a good three or four years into the into the program. So we still, we have wins from the last several years that are still ramping up.

所以，如果你回想一下我在投資者日上談到的加速曲線，我想一年多以前，我們有三四種標準的長期風能曲線，而我們真正達到最大值的曲線，要等到計畫實施三四年之後才會出現。所以，我們過去幾年取得的勝利仍在持續成長。

Yeah, Toby, I, I'd also add a perfect example of that would be spectral, right? We've, in our third year, I believe, on Spectral, we have just recently done all the paperwork and testing that that we needed to submit, that would lead to a milestone sea decision, so and that is one that once we receive that allows us to get into a low rate initial production, which then starts to ramp spectral. So just one of many examples.

是的，托比，我還要補充一點，光譜就是一個完美的例子，對吧？我相信，在 Spectral 計畫上，我們已經進入了第三年。最近，我們完成了所有需要提交的文件和測試，這將促成一個里程碑式的海上決策。一旦我們收到該決策，我們就可以進入低速初始生產階段，然後開始逐步提高 Spectral 的產量。這只是眾多例子中的一個。

Exactly right.

完全正確。

Thank you very much, bye.

非常感謝，再見。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Good morning, John, Jeff, and George. Thanks for taking my question.

約翰、傑夫、喬治，早安。謝謝您回答我的問題。

Yeah, good morning.

早安.

Sure, John.

當然可以，約翰。

Hey, so I thought, margins definitely a good news, for the quarter and, the second time that it's really beating your expectations maybe for you Jeff, can you talk a little bit about what the drivers are. We noticed they're indirect costs are three quarter in a row less than 20 revenues, just any one-time thing to consider or how to think about the upside here. Thank you.

嘿，所以我想，利潤率絕對是個好消息，對於本季來說，而且這是第二次超出你的預期了。傑夫，你能談談背後的驅動因素嗎？我們注意到他們的間接成本連續三個季度低於 20% 的收入，這只是需要考慮的一次性因素，或如何看待這裡的成長潛力。謝謝。

Yeah, thanks John. There's a couple of things going on in here we talked a little bit about mix, we continue to see, favourable acceleration in the technology partner which has which clearly has positive margin implications you also notice the indirect cost number.

謝謝你，約翰。這裡發生了一些事情，我們稍微談到了組合，我們繼續看到技術合作夥伴的有利加速發展，這顯然對利潤率有正面的影響，你也會注意到間接成本數字。

We're in our, fourth year now of doing something that's pretty hard to do, which is reducing indirect cost as a of running the business, while we're in a strong growth mode organizations have a natural impulse, to grow in direct cost, in times of, accelerating business activity and we have been really hyper-focused on making sure that, we don't do that.

我們已經連續四年做一件非常困難的事情，那就是在業務高速成長時期降低間接成本。當企業在業務活動加速發展時，自然會傾向於增加直接成本，而我們一直非常注重確保不會這樣做。

So, an absolute dollar, while there is some occasional increase that's in in in spots that's consistent with what we talk about often. John has a lot to say about investing at a need, and we're certainly not giving any of those things' short shrift.

所以，絕對美元匯率雖然偶爾會有一些上漲，但這與我們經常談論的情況一致。約翰對按需投資有很多見解，我們當然不會忽視他的任何觀點。

We're investing where we need to invest, but at the same time resisting the impulse to just sort of let the infrastructure grow as the topline grows, so, both the tech technology revenue component acceleration and the management of the cost structure are both strong drivers of the margin performance that you see.

我們正在需要投資的地方進行投資，但同時也抵制住讓基礎設施隨著營收成長的衝動，因此，技術收入的加速成長和成本結構的管理都是你所看到的利潤率表現的有力驅動因素。

Thank you. And then maybe if I could flip one more for John, we, recently we've seen some unexpected, displeasure with dividends and buybacks by the government among the contractors, so the majority of the industry prioritizes that and but CACI has only done opportunistic buybacks and prioritized M&A.

謝謝。然後，如果我能再幫約翰說一句，我們最近看到承包商對政府的分紅和回購政策出現了一些意想不到的不滿，因此，業內大多數企業都優先考慮這一點，但 CACI 只進行機會主義的回購，並將併購放在首位。

So the question is, the Pentagon really is not supportive of large scale consolidation, but how does the Pentagon react to the acquisition that Dale, that's CACI does. Thank you.

所以問題是，五角大廈其實並不支持大規模的合併，但對於像戴爾收購CACI這樣的公司，五角大廈會如何反應呢？謝謝。

Yeah, I mean, I haven't heard, a lot about, Any blocking us to continue to do smart acquisitions that support the national security infrastructure which at the same time then as a product of doing that drive shareholder value.

是的，我的意思是，我沒怎麼聽說有人阻止我們繼續進行明智的收購，這些收購支持國家安全基礎設施，同時也能提升股東價值。

Look, we've read the EO and we are supporting it. We believe we're in line with it. We have strong execution. We deliver where we're asked to deliver. We continue to invest ahead of need for probably seven years is where we've been on that, on that model, as there's been a lot of talked about to some of the larger players, divest, do we unwind the, current drib we have, today.

我們已經閱讀了行政命令，我們支持它。我們認為我們符合這項原則。我們執行力很強。我們按要求送貨。我們一直堅持超前投資，大概七年來一直如此，一直遵循這種模式。正如一些大公司經常談到的那樣，是否應該剝離資產，是否應該放棄我們目前擁有的投資。

I don't see that reaching the unwind piece, should that happen, we're a, we're a buyer of capability and customer relationships that continue to drive us forward in these seven markets and if that were to happen, it were to become much more specific, is that an opportunity for us to look at, pieces of other businesses that may have a better fit here that allows them to form the parts of their business that are strongly far apart 15 and get into more of --, agile commercial model so we can address the better then it, then that would be that would be additional and opportunities for us, but you know I don't see anything that we're doing today that inflict with that EO and we'll continue to watch where that one goes.

我不認為會發展到解散階段。如果真的發生這種情況，我們是能力和客戶關係的買家，這些能力和關係將繼續推動我們在這七個市場的發展。如果真的發生這種情況，而且變得更加具體，這是否意味著我們可以考慮收購其他業務中可能更適合我們的部分，讓他們整合各自業務中那些分散的部分，並採用更敏捷的商業模式，以便我們更好地應對？如果是這樣，那將為我們帶來額外的機會。但是，你知道，我認為我們目前所做的任何事情都不會與該行政命令產生衝突，我們將繼續關注事態發展。

Thanks, John.

謝謝你，約翰。

Thank you.

謝謝。

Thank you.

謝謝。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

Thank you so much. Good morning, gentlemen.

太感謝了。早安，先生們。

Good morning,

早安,

So my first question is going to be around the Department of war wanted to hire more technical talent. They have, they telegraphed that in the past, but then through this Avana transformation, memo they put out a couple of weeks ago, also mentioned that they want to hire more technical talents. What that CACI like, do you see any pressure to any like FD type of roles or how you think about that?

所以我的第一個問題是關於戰爭部想要招募更多技術人才的。他們過去就曾暗示過這一點，但透過這次 Avana 轉型，他們在幾週前發布的備忘錄中也提到，他們想要招募更多技術人才。CACI 的情況如何？你認為這會給財務總監之類的職位帶來壓力嗎？你對此有何看法？

Yeah, thanks, Mariana. Yeah, I think it's January 12th was on that one came out, when we look at the Evanna Par program.

謝謝你，瑪麗安娜。是的，我想應該是 1 月 12 日那集節目播出，我們來看看 Evanna Par 的節目。

I think it's in three different teams and just like award data platform team, the applications for the war data and then financial management team, we look at that as a great opportunity on the financial management team, it is, if I read the language correctly, it has a lot to do with financial, and acquisition, right

我認為它分屬三個不同的團隊，就像獎勵資料平台團隊、戰爭資料應用團隊、財務管理團隊一樣。我們認為財務管理團隊是一個很好的機會，如果我理解沒錯的話，它與財務和採購密切相關，對吧？

Ness systems and it's been this drive to drive a clean FY27 defence working capital Fund and clean FY29, pan agency audit we're really big on, financial modernization. We've got great examples with both the Air Force and the US Marine Corps, and then we're all already testing a major audit, so for us, on that pillar, that one reads well on the more data platform team in the apps we already do that

Ness 系統一直致力於推動 2027 財年國防營運資金的清潔運作，以及 2029 財年的全面審計，我們非常重視財務現代化。我們與美國空軍和海軍陸戰隊都有很好的合作案例，而且我們都在進行一項重要的審計測試，所以對我們來說，就這一方面而言，它很好地契合了我們現有應用程式中更多的數據平台團隊的需求。

Across the federal government today on the hiring piece, it's not a risk to us we actually deliver technology in those areas.

今天聯邦政府的招募工作對我們來說並沒有什麼風險，因為我們實際上在這些領域提供了技術。

We don't provide FTEs, the government services companies that do, but we're not one of them, we're out there delivering outcomes to customers in those in those spaces, and which is why we don't track just pure FTE to deployment.

我們不提供全職員工，政府服務公司提供全職員工，但我們不是其中之一，我們致力於為這些領域的客戶提供成果，這就是為什麼我們不只追蹤純粹的全職員工部署情況。

So this isn't the first time the government's looked to quote unquote, in, insource or bring the that kind of work in house but you know that, that's a good question for them to answer, but it just doesn't fazzo, we don't see any, threat, from the EO.

所以這並非政府第一次試圖將這類工作“收回”或“納入內部”，但你知道，這的確是個值得他們回答的好問題，但這並不令人擔憂，我們沒有從該行政命令中看到任何威脅。

Thank you so much. And one more time to assess potential risks and it, I think you have done through the prepared remarks and the question, a really good job explaining why you're well positioned to commercial terms, fixed price, OTA, but on the other side, do you see any risk for any of your existing early stage programs to get cancelled or stop work order or anything kind of like a stop and realign, redesign in order to have that contract or that program be more commercial in terms of like 80% type of capability, but also being able to be like higher volumes ramp up faster or even cheaper, like, do you see that risk in any early stage programs.

太感謝了。再次評估潛在風險，我認為您透過準備好的發言和提問，很好地解釋了為什麼您在商業條款、固定價格和OTA（線上交易協議）方面處於有利地位。但另一方面，您是否認為您現有的早期專案有任何被取消、停止工作訂單或類似暫停和重新調整、重新設計的風險，以使合約或專案更具商業性，例如達到80%的能力水平，同時能夠更快、更便宜地提高產量？您是否認為任何早期專案都有這種風險？

Yeah, no, I mean, I don't see any risk. In fact, I like the opportunity, of what the government has taken a look at --we, one example, yes, two examples. One would be customs and Border Patrol, our legal program, and one might Bets man pack.

是啊，不，我的意思是，我看不出有什麼風險。事實上，我很喜歡政府已經考察過的機會——我們，一個例子，是的，兩個例子。一個可能是海關和邊境巡邏隊，我們的法律項目，另一個可能是 Bets 的人員包。

If you look at Beagle, we approached the cost and asked them why you're buying 400 FTEs when you should be paying a fixed rate for every new upgrade to every app that you have so we were ahead of government thinking

以 Beagle 為例，我們當時就成本問題與他們進行了溝通，並詢問他們為什麼要購買 400 個全職員工，而不是為每個應用程式的每次升級支付固定費用。因此，我們的想法比政府的思路更勝一籌。

On that and we're tremendously creative, acquisition folks at DHS within customs and border to actually put that program in place and that's driven to other customers, NASA and caps, TranscomJ TMS.

在這方面，我們非常有創造力，國土安全部海關和邊境部門的採購人員真正落實了該計劃，並將其推廣到其他客戶，例如 NASA、Caps 和 TranscomJ TMS。

They're not buying people, they're actually putting task orders in place to actually deliver our outcomes on the TLS may unpack one, but that was a job that was owned by a major defence contractor, and we went and we approached the army with a concept of, let's put an OTA in place.

他們不是在買人，而是在製定任務訂單，以實際交付我們在TLS上的成果。 TLS可能會展開討論，但那是一項由一家大型國防承包商負責的工作，我們帶著一個概念去接觸了陸軍，那就是，讓我們制定一個OTA（其他交易協議）。

Let's do some development work, and then let's take our 80% solution and see where you where you can go with that, so, those are both examples of not the government coming to us and asking us to change what we're currently doing.

讓我們先做一些開發工作，然後讓我們用我們 80% 的解決方案看看你能走多遠，所以，這兩個例子都表明，政府並沒有來找我們，要求我們改變我們目前正在做的事情。

We actually approached them or we were in concert with them on TLS am ama. So the OTA model does work. You have to be willing to invest in, invest upfront. You have to have mission knowledge, and you have to have something that the government absolutely needs and wants, and that different

實際上，我們主動聯繫了他們，或者說我們與他們就 TLS am ama 進行了合作。所以OTA模式確實可行。你必須願意投資，前期投入資金。你必須了解任務，你必須掌握政府絕對需要和想要的東西，而這一點至關重要。

He just, every day, including Sundays, the one thing we need to understand about OTAs that we're going to see as the government moves more towards that you're going to see smaller initial awards for the development work.

他只是每天，包括星期天，我們需要了解的關於OTA的一點是，隨著政府越來越傾向於OTA，我們將會看到用於開發工作的初始撥款規模較小。

But it's going to lead to a faster, larger production value of awards. So when I think about, and I wouldn't call it risk Mariano\a, but when I think about how we look at businesses like cars, we're used to, nailing down multibillion dollar awards in the pure technology areas.

但這將帶來更快、更高價值的獎項評選。所以當我思考的時候，我不會稱之為風險，Mariano\a，但當我思考我們如何看待像汽車這樣的企業時，我們已經習慣了在純技術領域獲得數十億美元的獎勵。

Where costs going to do for part 12, the initial awards are going to be $10 million to $5 million or $7 million. Much sooner than that, we'll see that actual source production award come out that's what you saw with TLSAack, a $1 million, initial $500 million production contract.

就第 12 部分的成本而言，初步賠償金額將在 1000 萬美元到 500 萬美元或 700 萬美元之間。比那早得多，我們就會看到實際的製作合約授予結果，就像你們在 TLSAack 中看到的那樣，一份價值 100 萬美元、初始價值 5 億美元的製作合約。

Yeah, the size will not correlate with the strategic significance. Thanks, Mariana.

是的，規模與策略意義並不成正比。謝謝你，瑪麗安娜。

Thank you so much for the call.

非常感謝您的來電。

Yeah, you bet

是的，你肯定

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

Morning, John.

早安，約翰。

Thanks for fitting me in here, I wanted to ask, about margin, the margin performance has been very strong, of course there's been some mix in there you know this isn't about sort of new multiyear guidance, and obviously ARKA kind of will change the margin outcome, but it's bigger picture wanted to dialogue about where margins could go.

感謝您抽空讓我參與討論，我想問一下關於利潤率的問題。利潤率表現一直非常強勁，當然其中也存在一些波動。您知道，這並不是要發布新的多年期業績指引，而且很明顯，ARKA 的加入將會改變利潤率的最終結果，但我想從更宏觀的角度來看待利潤率的未來走向。

If we look at recent incremental margins, they would suggest it could go a lot higher. What are some of the puts and takes as we think about margins from here you've done a tremendous job the last few years getting margins higher. I'm just curious of that trend can continue.

如果我們看一下最近的增量利潤率，就會發現利潤率還有很大的提升空間。從目前的情況來看，在利潤率方面有哪些值得關注和考慮的因素？過去幾年，你們在提高利潤率方面做得非常出色。我只是好奇這種趨勢能否持續下去。

Yeah, John, I think you've heard us, may have heard us talk about this before, but this is really for us, maybe somewhat not intuitively a free cash flow question.

是的，約翰，我想你可能以前聽過我們說過，但這對我們來說確實是一個自由現金流問題，雖然這可能不是直覺上的問題。

The decisions that we make, our North Star is free cash flow. So if we have an opportunity to invest in a way that accelerates the top-line and maintains margin will generally select that over expanding the margin because we're generating free cash flow.

我們所做的決定，都以自由現金流為指引。因此，如果我們有機會進行投資，既能加快營收成長又能維持利潤率，我們通常會選擇這種方式而不是擴大利潤率，因為這樣可以產生自由現金流。

So really about dollars in free cash flow generation and we're in the happy position of seeing a pretty opportunity rich environment, in plenty of opportunities to invest, and I think as we're starting to see the fruits of the accelerating technology con along with the management of the cost structure that I talked about a few questions ago.

所以，關鍵在於自由現金流的產生，我們很幸運地看到一個充滿機會的環境，有很多投資機會，而且我認為，隨著我們開始看到加速的技術變革以及我之前提到的成本結構管理帶來的成果。

I think we actually have plenty of opportunities to invest and maintain or modestly expand the margin, but more importantly, and then more excitingly, have opportunities to further accelerate our free cash flow generation.

我認為我們實際上有很多機會進行投資，以維持或適度擴大利潤率，但更重要的是，更令人興奮的是，我們有機會進一步加快自由現金流的產生。

Perfect, that gives me a great sense, appreciate it.

太好了，這讓我感覺很棒，非常感謝。

You bet thanks John.

不用謝，約翰。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning guys, and great quarter and expand upon John's last question. As we think about margins, stuff you just gave a bunch of, long-term thoughts, that's super helpful, maybe a little bit more on the long-term, like, do you think?

各位早安，這季過得很棒，請繼續探討約翰的最後一個問題。當我們考慮利潤率時，你剛才提到的很多東西，以及一些長期的想法，都非常有幫助。也許可以再多談談長期方面，比如，你覺得呢？

This margin range for CACI and how much further can it go and then maybe short-term you mentioned some disruption to material purchases due to the shutdown, how do we think about that mix factoring into the second half margin.

CACI 的利潤率範圍是多少？還能提升多少？您提到短期內由於停工導致材料採購受到一些幹擾，我們該如何看待這種因素對下半年利潤率的影響？

The material purchases are not, I mean they're a fact obviously there, we saw them and it was a not as big an issue as the mix in terms of waiting, you will see some growth. We do expect to see some growth in the material content year over half over half, but it won't significantly impact. It's considered in our guidance. It won't significantly impact the margin expectations that we've communicated to you. It happens to your question.

材料採購並非問題所在，我的意思是，它們顯然是存在的，我們已經看到了，而且就等待而言，它不像組合那樣是個大問題，你會看到一些增長。我們預計今年上半年材料含量​​會有所成長，但不會產生重大影響。在我們的指導原則中已考慮了這一點。這不會對我們先前向您傳達的利潤預期產生重大影響。你的問題正好解決了這個問題。

Yeah, perfect, thank you so much.

好的，太好了，非常感謝。

You bet.

當然。

And that concludes our question-and-answer session. I will now turn the call back over to John Mengucci for some final closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給約翰·門古奇，請他作最後的總結發言。

All right, well, thanks, Rob, and thank you for your help on today's call. We want to thank everyone who dialled in or listened to the webcast for their participation. We know that many of you will have follow-up questions.

好的，謝謝你，羅布，也謝謝你今天在電話會議上的幫助。我們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。

Jeff and George Price and Jim Sullivan are available after today's call. Please stay healthy and all my best to you and your families. This concludes our call.

傑夫·普萊斯、喬治·普萊斯和吉姆·沙利文在今天的電話會議結束後有空。請保重身體，祝福您和您的家人一切順利。通話到此結束。

Thank you and have a great day. This concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝，祝您今天過得愉快。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。