CACI International Inc (CACI) 2026 Q3 法說會逐字稿

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

各位女士、先生，感謝您稍候。歡迎參加 CACI International 2026 會計年度第三季財報電話會議。今天的會議將被錄音。（接線員指示）

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.

此刻，我想將電話會議交給 CACI International 投資人關係資深副總裁 George Price。先生，請開始。

Thanks, Gene, 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. There will be statements in this call that do not address historical fact and as such constitute forward-looking statements under current law.

謝謝你，Gene，各位早安。我是 CACI International 投資人關係資深副總裁 George Price。感謝各位今天早上加入。我們提供了簡報投影片，請翻到第 2 頁。本次電話會議中將包含不涉及歷史事實的陳述，因此依現行法律構成前瞻性陳述。

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. 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.

這些陳述反映我們截至今日的觀點，並受若干重要因素影響，可能導致實際結果與預期有重大差異。相關因素列於昨晚新聞稿底部，並在公司向 SEC 提交的文件中有所說明。我們的安全港聲明包含於本展示內容中，且應納入本次電話會議任何逐字稿的一部分。我也要指出，我們的簡報將包含非 GAAP 財務衡量指標的討論。這些指標不應被孤立看待，亦不應作為依 GAAP 編製之績效衡量指標的替代。

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

請翻到第 3 頁。今天早上由 CACI International 總裁兼執行長 John Mengucci 為我們開場。John？

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our third quarter fiscal year 2026 results as well as our updated fiscal 2026 guidance. With me this morning is Jeffrey MacLauchlan, our Chief Financial Officer.

謝謝你，George，各位早安。感謝各位加入我們，一同討論 2026 會計年度第三季業績，以及我們更新後的 2026 會計年度財測指引。今天早上與我一同出席的還有我們的財務長 Jeffrey MacLauchlan。

Move to slide 4, please. Before turning to our results, I want to start by reminding everyone that CACI is a fundamentally different company than it was 10 or even 5 years ago. This evolution is a result of a clear and consistent strategy, intentional leadership and disciplined execution over many years and did not happen by accident. The key elements of our strategy are; first, we operate in seven markets where we possess decades of deep mission knowledge. Second, we understand what our customers need; second, we focus on or during priorities. We are a national security company that targets neuro deep funding streams.

請翻到第 4 頁。在談到業績之前，我想先提醒各位：CACI 與 10 年前、甚至 5 年前相比，已是一家根本不同的公司。這樣的演進源自多年來清晰且一致的策略、有意識的領導，以及紀律嚴明的執行，並非偶然發生。我們策略的關鍵要素包括：第一，我們在七個市場中營運，並在其中累積了數十年的深厚任務知識。第二，我們了解客戶需要什麼；第二，我們聚焦於我們的優先事項。我們是一家國家安全公司，鎖定具深厚資金支持的資金來源。

Third, we're a software-defined technology leader. We differentiate ourselves by using software to address critical needs with the speed, agility and efficiency our customers demand. Fourth, we invest ahead of customer need to show the art of the possible, we're not waiting for requirements.

第三，我們是軟體定義技術的領導者。我們透過運用軟體，以客戶所要求的速度、敏捷性與效率來滿足關鍵需求，從而實現差異化。第四，我們在客戶需求之前就先行投資，以展示「可能性的藝術」，我們不會等到需求文件出來才行動。

And fifth, we deploy capital in a flexible and opportunistic manner to create value for our customers and our shareholders. Executing this strategy has enabled us to expand our portfolio, increase free cash flow per share and generate additional shareholder value.

第五，我們以彈性且把握機會的方式配置資本，為客戶與股東創造價值。執行這項策略使我們得以擴大產品組合、提升每股自由現金流，並創造更多股東價值。

Slide 5, please. Turning to our third quarter results. We delivered another quarter of outstanding performance on our way to another exceptional year. Revenue for the quarter was $2.4 billion, up 8.5% year-over-year. We also generated a strong EBITDA margin of 12.3% and robust free cash flow of $221 million. In addition, we won $2.2 billion of awards, which represents a book-to-bill of 0.9 times for the quarter and 1.2 times on a trailing 12-month basis. These awards were driven by our exceptionally strong recompete performance, an important indicator of customer confidence and a key enabler of long-term growth.

請翻到第 5 頁。接著談第三季業績。我們再次交出亮眼的一季表現，朝著又一個卓越年度邁進。本季營收為 24 億美元，年增 8.5%。我們也創造了 12.3% 的強勁 EBITDA 利潤率，以及 2.21 億美元的穩健自由現金流。此外，我們贏得 22 億美元的得標金額，本季接單出貨比（book-to-bill）為 0.9 倍，過去 12 個月滾動基礎為 1.2 倍。這些得標主要由我們極為強勁的續約競標（recompete）表現所帶動，這是客戶信心的重要指標，也是長期成長的關鍵推動力。

While award activity improved in the quarter, it has not yet fully recovered from the multiple government shutdowns and acquisition organization changes. As we said before, quarterly awards can be lumpy, but we continue to have excellent visibility, a strong pipeline and see a very constructive macro environment. Our results continue to reinforce that CACI is differentiated and well positioned. With that said, we're raising our fiscal '26 revenue and EBITDA margin guidance driven by the addition of ARKA and the strength of our organic margin performance.

雖然本季得標活動有所改善，但尚未完全從多次政府停擺以及採購組織變動中恢復。如同我們先前所說，單季得標可能會有波動，但我們仍具備極佳的能見度、強勁的案源管線，並看到非常具建設性的總體環境。我們的結果持續證明 CACI 具差異化且定位良好。基於此，我們上調 2026 會計年度營收與 EBITDA 利潤率指引，主要受 ARKA 併入以及我們有機利潤率表現強勁所帶動。

Slide 6, please. [I'll then note] -- let's discuss our recent acquisition in a bit more detail. During the third quarter, we closed the acquisition of ARKA, a leading technology company focused on national security missions in the space domain. ARKA brings exclusive face-based imaging sensor technology with high technical barriers to entry, agentic AI-based ground processing software and deep customer relationships built over decades of strong performance.

請翻到第 6 頁。[我接著要指出]——讓我們更詳細地討論近期的收購案。在第三季，我們完成對 ARKA 的收購；ARKA 是一家領先的科技公司，聚焦於太空領域的國家安全任務。ARKA 帶來具高度技術進入門檻的獨家臉部影像感測器技術、以代理式 AI（agentic AI）為基礎的地面處理軟體，以及憑藉數十年卓越表現所建立的深厚客戶關係。

ARKA is a powerful addition to CACI. We now have sensors deployed across all domains. We can provide multi-source actionable intelligence and bring operational lines agentic AI capabilities to classified customers across the national security apparatus. In fact, we already have agentic AI efforts underway with our shared customer footprint, and we see significant additional cross-selling opportunities.

ARKA 對 CACI 而言是強而有力的補強。我們如今在所有領域都部署了感測器。我們能提供多來源的可行動情資，並將作戰層級的代理式 AI 能力帶給國家安全體系內的機密客戶。事實上，我們已在共同客戶版圖上推動代理式 AI 的相關工作，並看到顯著的額外交叉銷售機會。

ARKA positions us for opportunities including Golden Dome, IndoPacom support, future ground architecture and space superiority missions. To fully leverage our combined capabilities, we have integrated ARKA and CACI's existing space portfolio under leadership of ARKA's former CEO.

ARKA 使我們能把握包括 Golden Dome、對 IndoPacom 的支援、未來地面架構以及太空優勢任務等機會。為了充分發揮雙方整合後的能力，我們已將 ARKA 與 CACI 既有的太空業務組合整合，並由 ARKA 前任執行長領導。

ARKA exemplifies the type of acquisition that investors should want us to make, wide competitive moat, unique capabilities and technology exceptional execution history and strong financial performance and all in one of the most strategically important domains in national security. It's our flexible and opportunistic capital deployment strategy in action, positioning CACI to drive long-term growth in free cash flow per share and additional shareholder value.

ARKA 正是投資人希望我們進行的那類收購：具寬廣的競爭護城河、獨特能力與技術、卓越的執行歷史與強勁的財務表現，而且位於國家安全中最具策略重要性的領域之一。這正是我們彈性且把握機會的資本配置策略的具體展現，使 CACI 得以推動每股自由現金流的長期成長並創造更多股東價值。

Slide 7, please. CACI is a national security company. That focus continues to be a powerful differentiator in the marketplace. We have more than 1,400 people embedded in mission spaces across all combatant commands performing planning, intelligence analysis, cyber and operational support. We are involved in every operational headline you read as well as the many operations you will never read about.

請翻到第 7 頁。CACI 是一家國家安全公司。這項聚焦持續成為我們在市場上的強大差異化優勢。我們有超過 1,400 名員工嵌入各作戰司令部的任務場域，執行規劃、情資分析、資安（cyber）與作戰支援。我們參與你所讀到的每一則作戰相關頭條，也參與許多你永遠不會讀到的行動。

This proximity to mission gives us an advantage that is hard to replicate. We understand the mission and the threats because we see them every day. This creates a feedback loop, this sharpens our business development, strengthens our reputation for execution and informs on decision-making, allowing us to confidently invest ahead of customer need.

這種貼近任務的程度帶來難以複製的優勢。我們理解任務與威脅，因為我們每天都在第一線看到它們。這形成一個回饋循環：讓我們的業務開發更精準、強化我們的執行口碑，並為決策提供資訊，使我們能有信心在客戶需求之前提前投資。

These are meaningful discriminators to create competitive advantage and help drive our financial performance. For example, CACI recently received multiyear extensions on several contracts in critical mission focused areas as a direct result of our exceptional delivery.

這些都是能建立競爭優勢並推動我們財務表現的重要差異化因素。例如，CACI 近期在多個關鍵任務聚焦領域的合約上獲得多年期延長，這直接源於我們卓越的交付表現。

Slide 8, please. Our strategic investments, informed by the mission proximity I just described, had positioned CACI as a leader in software-defined technology and key warfighting domains that are receiving significant attention and funding from our customers. And these investments also demonstrate a repeatable strategy that will drive future growth and shareholder value.

請翻到第 8 頁。我們的策略性投資——如我剛才所述、以貼近任務為基礎——已使 CACI 成為軟體定義技術以及關鍵作戰領域的領導者，而這些領域正獲得客戶高度關注與大量資金支持。這些投資也展現出一套可重複的策略，將推動未來成長與股東價值。

A great example is our spectral program, where we are developing the next generation of shipboard signals intelligence and electronic warfare capabilities for the Navy surface combatant ships. We initially invested ahead of customer need to show them the out of the possible and to demonstrate our differentiated solution during the bid phase.

一個很好的例子是我們的 Spectral 計畫，我們正在為海軍水面作戰艦艇開發下一代艦載信號情報與電子作戰能力。我們最初在客戶需求之前就先行投資，以向客戶展示「可能的範圍」，並在投標階段展現我們具差異化的解決方案。

Now we are actively investing ahead of need during execution to accelerate delivery of capabilities to the field, a key ask of the current administration. During the quarter, the program continued to progress as we achieve Milestone C marking the start of Spectral's low-rate initial production and deployment phase. This is a defining step towards ramping up the program and delivering this critical EW technology to the fleet.

現在，在執行階段我們也正積極超前需求投資，以加速將能力交付到前線，這是現任政府的一項關鍵要求。本季該計畫持續推進，我們達成 Milestone C，標誌著 Spectral 進入低率初始量產（LRIP）與部署階段。這是推動計畫放量並將這項關鍵電子作戰（EW）技術交付艦隊的重要里程碑。

And because Spectral is built using doctor defined technology with open architectures, another key administration priority, we see significant additional opportunities across the Department of War and internationally.

此外，由於 Spectral 是以「醫師定義技術」並採用開放式架構打造——這也是政府的另一項關鍵優先事項——我們預期在國防部以及國際市場上將有顯著的額外機會。

Another example is in Counter-UAS, where we are seeing accelerating demand, increasing orders and a growing pipeline, driven by Merlin, our commercially sold Counter-UAS system. Merlin leverages nearly two decades of our Counter-UAS investments and work across the Department of War to deliver a system that sees further, detects more, provides more critical decision-making time and delivers more effective low-to-no collateral damage capabilities than any other available system.

另一個例子是在反無人機系統（Counter-UAS）領域，我們看到需求加速、訂單增加以及管線持續擴大，這主要由 Merlin（我們商業化銷售的反無人機系統）所帶動。Merlin 運用我們近二十年在反無人機系統上的投資，以及在戰爭部（Department of War）範疇內的相關工作成果，提供一套比任何其他可用系統看得更遠、偵測更多、提供更關鍵的決策時間，並能交付更有效、低至無附帶損害能力的系統。

Merlin is a software-defined system that can be rapidly updated and provides a nearly unlimited magazine of economically sustainable non-kinetic effects, including unique cellular detection and defeat capabilities. From concept to deployment in under a year, we are not only providing the Department of War with the capabilities they are asking for, we are also delivering them at the speed demanded. We are improving this in real time with the Merlin system that our customers deploying on the southern border.

Merlin 是一套軟體定義（software-defined）系統，可快速更新，並提供幾乎無限彈藥量、在經濟上可持續的非動能效果（non-kinetic effects），其中包括獨特的蜂巢式（cellular）偵測與反制能力。從概念到部署不到一年，我們不僅向戰爭部提供他們所要求的能力，也以其所要求的速度交付。我們正透過客戶在南部邊境部署的 Merlin 系統，即時（real time）持續改進這些能力。

Our final example is our strong positioning for Golden Dome. CACI has been investing in, developing and building many of the capabilities this mission requires across many critical layers. First, our Counter-UAS systems. Defending the homeland is not just about ballistic or hypersonic threats, it's also increasingly about threats from unmanned aircraft systems.

我們最後一個例子是我們在「Golden Dome」任務上的強勢布局。CACI 一直在多個關鍵層面投資、開發並建置此任務所需的多項能力。首先，是我們的反無人機系統。保衛本土不僅關乎彈道或高超音速威脅，也日益關乎來自無人航空系統的威脅。

CACI's technology is ideally suited for this mission where extended detection range provides critical time for decision-making and low-to-no collateral damage effects are critically important for mission success. Second, our exquisite left-of-launch capabilities. These include sensitive cyber activities as well as our worldwide set of embedded sensors, which could detect into feed threats before they are deployed. And third is our space-based sensing. ARKA significantly expands our capabilities in the space domain, including technologies such as hyperspectral imaging for missile detection.

CACI 的技術非常適合此任務：延伸的偵測距離可為決策提供關鍵時間，而低至無附帶損害的效果對任務成功至關重要。第二，是我們精密的「發射前」（left-of-launch）能力，包括敏感的網路活動，以及我們遍布全球的一組嵌入式感測器，可在威脅部署前進行偵測並提供情資。第三，是我們的太空基感測能力。ARKA 大幅擴展我們在太空領域的能力，包括例如用於飛彈偵測的高光譜成像（hyperspectral imaging）等技術。

Spectral, Merlin and Golden Dome are three significant proof points of how CACI creates value for our customers and our shareholders. They demonstrate where we identified an enduring need early, invested well ahead of award and have established differentiated positions through years of disciplined execution and continued innovation.

Spectral、Merlin 與 Golden Dome 是三個重要的實證，展現 CACI 如何為客戶與股東創造價值。它們說明我們如何及早識別長期存在的需求、在得標前就提前投入，並透過多年有紀律的執行與持續創新，建立差異化的競爭地位。

Slide 9, please. Turning to the macro environment. We continue to see constructive budgets and demand signals. While the government fiscal year '27 budget is still evolving, the proposed spending looks very positive in many key areas for CACI, including electronic warfare and Counter-UAS, space, specialty classified space and counter space programs, C5ISR and IT modernization, including AI and the digital backbone. We are in the right markets that are aligned to enduring well-funded priorities, and we're providing the right capabilities to address our national security customers' most pressing needs.

請看第 9 頁。接著談宏觀環境。我們持續看到具建設性的預算與需求訊號。儘管政府 2027 財政年度（'27）預算仍在演進中，提案支出在多個對 CACI 至關重要的領域看起來非常正面，包括電子戰與反無人機系統、太空、特殊機密太空與反太空計畫、C5ISR 與 IT 現代化（包括 AI 與數位骨幹）。我們身處與長期且資金充足的優先事項一致的正確市場，並提供正確能力，以滿足國安客戶最迫切的需求。

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

接下來我把電話會議交給 Jeff。

Thank you, John, and good morning, everyone. Please turn to slide 10.

謝謝你，John，各位早安。請翻到第 10 頁。

As John mentioned, we're very pleased with our third quarter performance despite some modest disruption from the ongoing DHS shutdown. Our revenue and awards reflect our strong market position in a recovering, but still sluggish award environment, while our strong margins and cash flow demonstrate the high-value, differentiated characteristics of our offerings and our operational excellence. In the third quarter, we generated revenue of $2.4 billion, representing 8.5% year-over-year growth, of which 6.8% was organic.

如 John 所提到，儘管持續中的 DHS 停擺帶來些許干擾，我們對第三季表現仍非常滿意。我們的營收與得標反映出我們在一個正在復甦、但授標環境仍偏疲弱的市場中具備強勢地位；而我們強勁的利潤率與現金流則展現出我們產品與服務的高價值、差異化特性，以及我們的營運卓越。第三季我們創造 24 億美元營收，年增 8.5%，其中 6.8% 為有機成長。

Despite the modest DHS impacts that I mentioned, we still saw the expected acceleration in organic growth moving into the second half of the year. EBITDA margin of 12.3% in the quarter represents a year-over-year increase of 60 basis points, even after absorbing $17 million of ARKA transaction costs. Adjusting for these expenses, our strong third quarter profitability was driven primarily by overall mix and strong program execution.

儘管我剛提到的 DHS 影響幅度不大，我們仍如預期在下半年看到有機成長加速。第三季 EBITDA 利潤率為 12.3%，年增 60 個基點，即使已吸收 1,700 萬美元的 ARKA 交易成本。若排除這些費用，我們第三季強勁的獲利主要由整體組合（mix）與強勁的專案執行所驅動。

Third quarter adjusted diluted earnings per share of $7.27 were 17% higher than a year ago. Greater operating income, along with a lower share count, more than offset higher interest expense, including $11 million related to ARKA, a higher income tax provision and the transaction costs I mentioned earlier.

第三季調整後稀釋每股盈餘（EPS）為 7.27 美元，較去年同期高出 17%。較高的營業利益，加上較低的流通股數，足以抵銷較高的利息費用（其中包括與 ARKA 相關的 1,100 萬美元）、較高的所得稅費用，以及我先前提到的交易成本。

Finally, we delivered healthy free cash flow of $221 million in the quarter driven by strong profitability and good working capital management. Third quarter cash flow was reduced by approximately $20 million due to transaction costs and other acquisition-related financing fees. Days sales outstanding, or DSO, were 55 days, 2 days lower than the prior quarter.

最後，我們在本季交付了 2.21 億美元的健康自由現金流，主要由強勁獲利與良好的營運資金管理所帶動。第三季現金流因交易成本及其他與收購相關的融資費用而約減少 2,000 萬美元。應收帳款週轉天數（DSO）為 55 天，較前一季降低 2 天。

Slide 11, please. Turning to our balance sheet and capital structure, our pro forma leverage at the end of Q3 was 4.2 times net debt to trailing 12-month EBITDA, slightly better than the expectation we provided when we announced the ARKA acquisition. We continue to expect leverage to return to the low 3s within 6 quarters based on the strong cash flow characteristics of our business.

請看第 11 頁。談到資產負債表與資本結構，第三季末我們的備考槓桿（pro forma leverage）為淨負債對過去 12 個月 EBITDA 的 4.2 倍，略優於我們在宣布收購 ARKA 時所提供的預期。基於我們業務強勁的現金流特性，我們仍預期在 6 個季度內將槓桿降回 3 倍出頭的水準。

I'll remind you again that we have a strong track record of successfully and quickly deleveraging after major acquisitions, which underscores our consistent financial performance, disciplined capital deployment and demonstrated access to capital.

我再次提醒各位，我們在重大收購後成功且快速去槓桿（deleveraging）方面有著強勁的歷史紀錄，這凸顯我們一貫的財務表現、嚴謹的資本配置，以及已被驗證的資本取得能力。

As we have previously indicated, ARKA is accretive to both growth and margins. The acquisition of ARKA is just the latest example of our flexible and opportunistic capital deployment strategy and the evolution of our portfolio, which positions CACI to deliver long-term growth in free cash flow per share and additional shareholder value.

如我們先前所指出，ARKA 對成長與利潤率皆具增益（accretive）。收購 ARKA 只是我們靈活且把握機會的資本配置策略，以及投資組合演進的最新例證；這些布局使 CACI 能夠在長期交付每股自由現金流成長與額外的股東價值。

Slide 12, please. We're pleased to increase our fiscal '26 revenue and EBITDA margin guidance driven by the addition of ARKA and the strength of our organic margin performance. You'll notice on the right-hand side of the chart, we've provided a breakdown of costs associated with the acquisition for transparency and your modeling purposes.

請看第 12 頁。受 ARKA 納入以及我們有機利潤率表現強勁所帶動，我們很高興上調 2026 財政年度（'26）的營收與 EBITDA 利潤率指引。你會注意到圖表右側，我們為了透明度與便於各位建模，提供了與本次收購相關成本的拆分。

We now expect revenue to be between $9.5 billion and $9.6 billion. This represents total growth of 10.1% to 11.3%, which includes about 3.5 points of growth from acquisitions, including $150 million from ARKA. We're increasing our fiscal '26 EBITDA margin to the 11.8% to 11.9% range, underscoring our strong execution and evolving portfolio as well as contribution from ARKA. Our full year margin outlook includes the impact of approximately $22 million of transaction costs related to the acquisition.

我們目前預期營收介於 95 億至 96 億美元。這代表總成長 10.1% 至 11.3%，其中約 3.5 個百分點來自收購成長，包括 ARKA 貢獻的 1.5 億美元。我們將 2026 財政年度 EBITDA 利潤率上調至 11.8% 至 11.9% 區間，凸顯我們強勁的執行力與持續演進的投資組合，以及 ARKA 的貢獻。我們的全年利潤率展望已包含約 2,200 萬美元與本次收購相關的交易成本影響。

Our updated FY26 adjusted net income guidance is between $615 million and $630 million. Adjusted net income reflects the after-tax impact of approximately $60 million of pretax transaction costs and higher interest expense, largely offset by stronger organic margin and ARKA's earnings contribution. This yields full year adjusted EPS guidance of between $27.70 and $28.38 per share, which represents growth of 5% to 7% even as we absorb these costs.

我們更新後的 FY26 調整後淨利指引介於 6.15 億至 6.30 億美元。調整後淨利反映約 6,000 萬美元稅前交易成本與較高利息費用的稅後影響，而這些影響大多被更強的有機利潤率以及 ARKA 的獲利貢獻所抵銷。由此得出全年調整後 EPS 指引為每股 27.70 至 28.38 美元；即使吸收上述成本，仍代表 5% 至 7% 的成長。

And finally, we are reaffirming our free cash flow guidance of at least $725 million even after absorbing nearly $50 million of transaction costs, interest expense and an increased investment in capital expenditures. As we consistently say, we see free cash flow per share as the ultimate value creation metric, and our FY26 guidance represents 65% growth in free cash flow per share over FY25.

最後，即使吸收近 5,000 萬美元的交易成本、利息費用以及資本支出投資增加，我們仍重申自由現金流指引至少 7.25 億美元。正如我們一貫所說，我們將每股自由現金流視為最終的價值創造衡量指標，而我們的 FY26 指引代表相較 FY25 每股自由現金流成長 65%。

Slide 13, please. Turning to forward indicators, all metrics continue to provide good long-term visibility into the strength of our business. Our third quarter book-to-bill of 0.9 times and our trailing 12-month book-to-bill of 1.2 times reflect good performance in the marketplace even with the multiple shutdowns and slow rebound in award decisions. The trailing 12-month weighted average duration of our awards in Q3 continued to be just over 6 years.

請看第 13 頁。談到前瞻指標，所有指標持續為我們業務的強度提供良好的長期能見度。第三季接單出貨比（book-to-bill）為 0.9 倍，過去 12 個月接單出貨比為 1.2 倍；即使面對多次停擺以及授標決策回升緩慢，仍反映我們在市場上的良好表現。第三季我們得標案的過去 12 個月加權平均期間（weighted average duration）仍略高於 6 年。

Our total backlog of $33.4 billion increased 6% year-over-year while our funded backlog increased 19% over the same period. Both metrics reflect healthy organic growth, even when normalizing for ARKA's contribution of $835 million to total backlog and $422 million to funded backlog. Additionally, ARKA has another $2 billion of non-competitive franchise programs from which we expect to recognize revenue over time, but they don't yet meet the regulatory criteria to be added to backlog.

我們的總在手訂單（backlog）為 334 億美元，年增 6%；而已獲資金支持的在手訂單（funded backlog）在同期間年增 19%。即使將 ARKA 對總在手訂單 8.35 億美元、對已獲資金支持在手訂單 4.22 億美元的貢獻進行常態化調整，這兩項指標仍反映健康的有機成長。此外，ARKA 另有 20 億美元的非競爭性特許經營計畫（non-competitive franchise programs），我們預期將隨時間認列營收，但目前尚未符合監管標準，因而尚不能納入在手訂單。

For fiscal year '26, we now expect 98% of our revenue to come from existing programs, with 1% each from recompetes and new business. Progress on these metrics reflects our continued strong operational performance and yields increased confidence in our outlook as we close out the year.

就'26財政年度而言，我們目前預期98%的營收將來自既有專案，重新競標（recompetes）與新業務各占1%。這些指標的進展反映我們持續強勁的營運表現，並在年末收官之際提升了我們對前景的信心。

In terms of our pipeline, we have more than $4 billion of bids under evaluation, over 80% of which are for new business to CACI. We expect to submit another $22 million in bids over the next two quarters with over 75% of those being for new business. We continue to have excellent visibility, are well positioned in a very constructive macro environment and remain very comfortable with our outlook, including our three-year targets.

就我們的投標管線而言，目前有超過40億美元的投標案正在評估中，其中超過80%為CACI的新業務。我們預期在未來兩個季度還將提交另外2,200萬美元的投標案，其中超過75%也將是新業務。我們持續具備極佳的能見度，在非常有利的總體環境中處於良好位置，並且對我們的展望（包括三年期目標）仍然非常有信心。

In summary, we delivered another quarter of strong results. Our performance continues to demonstrate our differentiated position in the marketplace, which is further enhanced by our acquisition of ARKA. Our ongoing investment ahead of customer needs enables us to win and execute high-value enduring work that drives long-term growth, increased free cash flow per share and additional shareholder value.

總結來說，我們又交出一個季度的強勁成果。我們的表現持續展現出在市場上的差異化地位，而這一點也因我們收購ARKA而進一步強化。我們持續在客戶需求之前進行投資，使我們能夠贏得並執行高價值、可長期延續的工作，推動長期成長、提高每股自由現金流，並為股東創造更多價值。

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

接下來，我把電話交回給John。

Thank you, Jeff. Let's go to slide 14, please. In closing, I want to emphasize what truly differentially CACI. While let us talk about adjusting to the changing market, are already delivering, that anticipated years ago in speed, software-defined solutions and mission proximity with defined success for the long term in national security. And we positioned the company accordingly through deliberate investments and disciplined execution of our strategy.

謝謝你，Jeff。請切到第14頁投影片。最後，我想強調真正讓CACI具備差異化的地方。當其他人還在談如何因應市場變化時，我們早已在交付——多年前就預見並投入於速度、軟體定義解決方案，以及貼近任務（mission proximity），並以明確的成功標準，長期服務國家安全。我們也透過審慎投資與嚴謹執行策略，據此完成公司的定位。

This is all about expanding the limits of national security. It isn't about chasing trends. Understanding where threats are evolving, where our customers' hardest problems will be and building the capabilities to address them before they ask. That's what's allowed us to compete and win against a broader set of competitors.

這一切都是為了拓展國家安全的邊界，而不是追逐趨勢。我們理解威脅如何演變、客戶最棘手的問題將出現在哪裡，並在客戶提出需求之前就建立相應能力。正是這一點，讓我們能夠與更廣泛的競爭對手競爭並勝出。

Our third quarter and fiscal '26 results to date demonstrate this differentiation in action, strong organic growth, expanding margins, robust cash generation and the strategic addition of ARKA to further strengthen our position in the space domain. We're executing our strategy, delivering for our customers and driving long-term shareholder value.

我們第三季以及截至目前的'26財政年度業績，展現了這種差異化的實際成果：強勁的有機成長、利潤率擴張、穩健的現金創造能力，以及策略性納入ARKA以進一步強化我們在太空領域的地位。我們正在執行策略、為客戶交付成果，並推動長期股東價值。

Before I turn the call over for questions, I want to congratulate NASA and the Artemis 2 crew on their historic achievement. I also want to recognize that both CACI to contribute to critical technology that exemplifies the caliber emission impact of our offerings. CACI's optical communications technology enabled high-definition video and data transmission throughout the entire mission, while ARKA provided the essential sensing technology on the SLS rocket to ensure a safe crew ascent. To both teams, thank you for your exceptional work on this landmark achievement for our nation space program.

在我把電話交給提問之前，我想祝賀NASA與Artemis 2機組人員達成這項歷史性成就。我也想肯定CACI與ARKA都為關鍵技術做出貢獻，充分展現我們產品與服務的水準與任務影響力。CACI的光學通訊技術使整個任務期間得以進行高畫質影像與資料傳輸；而ARKA則在SLS火箭上提供關鍵的感測技術，以確保機組人員安全升空。對兩個團隊而言，感謝你們在這項我國太空計畫里程碑成就上的卓越工作。

As is always the case, our success is driven by our now 27,000 employees who are ever vigilant and expanding the elements of national security. To everyone on the CACI team, I am proud of what you do every day for our company and for our nation. And to our shareholders, I thank you for your continued support of CACI.

一如既往，我們的成功來自目前27,000名員工的努力，他們時刻警覺並持續拓展國家安全的要素。對所有CACI團隊成員，我為你們每天為公司與國家所做的一切感到自豪。也對我們的股東，感謝你們持續支持CACI。

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

那麼，Gene，讓我們開放提問。

(Operator Instructions)

（接線員指示）

Jon Siegmann, Stifel.

Jon Siegmann，Stifel。

Good morning, John, Jeff and George. Thanks for taking my question. Congratulations on closing the transaction. Just a real quick one. Just with ARKA, maybe can you -- and now that it's all integrated under one leadership, can you scale how big your space exposure is today?

早安，John、Jeff和George。謝謝讓我提問，也恭喜交易完成。我只有一個很快的問題。關於ARKA，現在已在同一個領導架構下完成整合後，你們能否說明目前在太空領域的曝險／布局規模有多大？

Yeah, Jon. It's John, thanks. Well, it's definitely gotten larger. And it's not just in size, but frankly, in scale and just the absolute eye-watering capabilities that, that national asset brings in. Look, they -- we don't just use that national asset term loosely. They're a 62-year-old company. They've been at the forefront of technology developments since the Cold War and outstanding track record of execution.

好的，Jon。我是John，謝謝。確實變得更大了。而且不只是規模變大，坦白說，在量級與那項國家級資產所帶來的、令人驚嘆的能力上也更上一層樓。你看——我們不是隨便使用「國家級資產」這個詞。他們是一家有62年歷史的公司，自冷戰以來一直站在技術發展前沿，並且有出色的執行紀錄。

We've talked to the majority of the satellite primes that utilize what ARKA provides in the space and just outstanding feedback, a consistent partner, consistently delivering on schedule and within cost. So what drives the growth to space business further, definitely Golden Dome, some of the backlog numbers that Jeff mentioned earlier.

我們已與多數使用ARKA在太空領域所提供能力的衛星主承包商（satellite primes）交流，回饋非常好：他們是可靠的合作夥伴，能持續按期並在成本範圍內交付。因此，推動太空業務進一步成長的因素，確實包括Golden Dome，以及Jeff先前提到的一些積壓訂單（backlog）數字。

Just to have an asset that has another $2 billion of non-competitive sole-source franchise programs from which we're going to continue to expect revenue from really does drive future growth. All in all, today, looking at the space, you're looking at greater than $1 billion worth was of total business with future growth that we see coming forward when we get talking about fiscal year '27.

擁有一項資產，還包含另外約20億美元的非競爭性、單一來源（sole-source）的特許經營型專案（franchise programs），而我們也預期將持續從中取得營收，這確實會帶動未來成長。整體而言，以目前來看，太空相關業務總量已超過10億美元；而我們也看到在談到'27財政年度時，仍有進一步的成長動能。

Appreciate that. And maybe I'll just ask one for Jeff, on margins because that was pretty impressive for the quarter. Previously, you made statements quantifying the difference between tech and expertise, which was helpful for us. Now that you've added the super As, ARKA and Azure, or is there any framework that we can think about the relative margin differences between those two segments? And any lumpiness or seasonality to keep in mind? Thank you very much.

了解，謝謝。那我再問Jeff一題，關於利潤率，這一季表現相當亮眼。先前你們曾量化說明「技術」與「專業服務」之間的差異，對我們很有幫助。現在你們加入了「super As」、ARKA與Azure之後，有沒有什麼框架可以讓我們理解這兩個部門之間相對的利潤率差異？另外，有沒有需要留意的波動性或季節性？非常感謝。

Yeah. Thanks, Jon. Look, you -- I mean you hit at an item that we're probably not going to provide a lot more specificity about around, at least at this point, but clearly, the addition of these significant technology franchises is important in the evolution of the portfolio we've been talking about for some time and the attendant margin expansion that comes with that. So I mean, you put your finger on something that we're not quite ready to quantify, but the condition that you observe is clearly the case.

好的，謝謝你，Jon。你提到的這點——至少在目前——我們可能不會提供更多具體細節。不過很明顯，新增這些重要的技術特許經營資產，對我們一直在談的投資組合演進，以及隨之而來的利潤率擴張，都非常關鍵。所以你點到的是我們還沒準備好量化的部分，但你觀察到的情況確實存在。

I would add relative to the second part of your question, that, that does come with a certain amount of lumpiness in terms of margin. And you can see that a little bit when you do the algebra around the fourth quarter margin where we have particularly strong margins this year or this quarter, we're increasing our margin performance for the year, and you will quickly figure out that, that probably means some lumpiness in the fourth quarter that goes the other way, the way this quarter went the right way.

至於你問題的第二部分，我會補充說，這確實會帶來一定程度的利潤率波動。你可以從第四季利潤率的推算中略見端倪：我們今年、尤其本季利潤率特別強，因此我們上調全年利潤率表現；你很快就會推導出，這可能意味著第四季會出現一些反向的波動——也就是不像本季這樣往有利方向走。

So this is a little bit of a -- there is some variability around that, that you've noted. Overall, however, we clearly are embarked -- have embarked on this strategy with the expectation that margin continues to go up and to the right despite an occasional quarterly bounce.

所以你提到的確實存在一些變動性。不過整體而言，我們顯然已經——也確實正在——以利潤率持續向上、向右的預期來推動這項策略，即使偶爾會有季度性的起伏。

Yeah. And Jon, let me also add on the revenue side, the expected financial contribution over the next 12 months that we shared with you all in December is still accretive to revenue growth and margin. But on the revenue side, revenue is not going to be linear, folks. It's a technology business. You make deliveries, you book revenue and you book it for profit.

Jon，我也補充一下營收面。我們在12月與各位分享的、未來12個月預期財務貢獻，仍然對營收成長與利潤率具有增益（accretive）。但在營收端，營收不會是線性的，各位。這是技術型業務：你完成交付，就認列營收，也認列利潤。

So unfortunately or fortunately, program schedules are really not congruent with quarter end points. And so we can't apologize for that. It's very much like the rest of our technology business. So we'll do our best to estimate quarter-to-quarter, but this is a full year business. We said that a lot. And ARKA is a fantastic growth addition for us as we move forward.

所以不管你覺得是好是壞，專案時程通常不會剛好與季度結束點一致，我們也無法為此道歉。這跟我們其他技術業務非常類似。我們會盡力做季度間的估計，但這是一門以全年為單位的生意——我們已經說過很多次。而ARKA是我們向前推進時非常出色的成長增量。

John Godyn, Citigroup.

John Godyn，花旗集團（Citigroup）。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Thank you. Good morning. John, you talked about this a bit, but maybe kind of a two-part question on the booking environment. It seems like the submits are building really nicely, but that's not converting to the pipeline. So I guess, what are you seeing there? And then second, on kind of funding, I think if I exclude ARKA, your funded backlog was up high single digits. So is the funding environment still behaving better even if the award environment maybe isn't? Thanks.

謝謝，早安。John，你剛才有稍微提到，但我想就接單（booking）環境問一個兩段式問題。看起來提交投標（submits）增加得很不錯，但似乎沒有轉化到管線（pipeline）。所以我想問，你們看到的是什麼情況？第二，關於資金到位（funding），我想如果排除ARKA，你們的已資金支持的積壓訂單（funded backlog）是以高個位數成長。所以即使授標（award）環境可能沒有那麼好，資金環境是否仍然表現較佳？謝謝。

Yeah. Gavin, thanks. So let's unpack that. Look, we continue to see excellent visibility, a strong pipeline. We see a really constructive macro forecast as we look forward. Let me just start with we're in the right places. We're investing ahead of need in the right capabilities. We're able to deliver them faster and more efficiently. That's exactly what the administration wants. But it's safe to say, we're not a short-term (inaudible) mile business.

是的。Gavin，謝謝。所以我們來拆解一下。你看，我們持續看到極佳的能見度與強勁的案源管線。展望未來，我們也看到相當具建設性的總體經濟預測。先從一點開始：我們在對的領域。我們在正確的能力上超前需求進行投資。我們能更快、更有效率地交付。這正是政府所希望的。但可以肯定地說，我們不是一個短期（聽不清）里程的生意。

We've got a large and growing backlog, as you mentioned, nearly $34 billion, which I'll add is up 7% year-over-year. Funded backlog up 19% year-over-year and a healthy trailing 12-month book-to-bill of 1.2 times. So -- and the last thing I'd like to share is because I enjoy this statistic, our weighted average duration of backlogs on a rolling basis are greater than 6 years as we get through Q3. So funding trends, customer demand and a potential $1.5 trillion GFY '27 budget, which includes reconciliation funding, that definitely continues to support what we're looking at going forward.

如你所提到，我們有龐大且持續成長的在手訂單（backlog），接近340億美元，我補充一下，年增7%。已獲資金支持的在手訂單（funded backlog）年增19%，過去12個月的接單出貨比（book-to-bill）為健康的1.2倍。所以——我最後想分享的是，因為我很喜歡這個統計：截至第三季，我們以滾動方式計算的在手訂單加權平均期間超過6年。因此，資金趨勢、客戶需求，以及可能達到1.5兆美元的GFY '27預算（包含和解資金），確實持續支撐我們對未來的展望。

So we've talked about the fact that there's a number of short-term factors behind the slower award decision-making and then we can spend the rest of the day and probably be 50-50 on reasons why there's a lot of money in budget. That does mean there's an awful lot of planning. Reconciliation funds are multiyear money. But at the end of the day, I can sum all that up by saying the words are lumpy. I like what our plan is, I like the pipeline, I like the bids submitted.

我們已談到，造成授標決策較慢背後有一些短期因素；而我們也可以花一整天討論，並且大概各占一半地列出為什麼預算裡有很多錢的原因。這確實意味著需要大量規劃。和解資金是多年期資金。但歸根結底，我可以用一句話總結：節奏是起伏不定的（lumpy）。我喜歡我們的計畫，我喜歡管線，我喜歡已提交的投標案。

And over the next couple of quarters, I fully believe that the government will go back to the days of awarding most programs within 100 or 300 days of when they plan to, and we'll continue to move forward. But at the end of the day, we're not a hand them out business. We are growing just fine, and we will continue to grow and we'll get through this awards trough, and we'll continue to deliver. Jeff?

而在接下來幾個季度，我完全相信政府會回到過去的狀態：在原本計畫的時間點起算100天或300天內就授出大多數專案，我們也會持續向前推進。但歸根結底，我們不是那種把東西發出去就算的生意。我們成長得很好，而且會持續成長；我們會度過這段授標低谷，並持續交付。Jeff？

Gavin, I would add to that. You noted the funded backlog increase, the organic piece of that is 10%. I would also note that the sluggishness that we've seen in the acquisition and award structure, and this is underscored by the backlog statistic we just used, we have not experienced in the administrative part of the contract administration. So the government is, by and large, funding programs. They're paying bills. They're processing invoices. Payment offices are working. The sluggishness in the awards mechanism has not translated into that side of the government.

Gavin，我補充一下。你提到已獲資金支持的在手訂單增加，其中有機成長的部分是10%。我也要指出，我們在採購與授標架構上看到的遲滯——這也由我們剛剛引用的在手訂單統計所印證——並沒有出現在合約管理的行政執行面。因此，整體而言，政府仍在為專案撥款。他們在付帳。他們在處理發票。付款單位在運作。授標機制的遲滯並沒有轉化到政府的那一端。

Thanks, guys. And a long shot here, but guidance implies growth accelerates in 4Q, and you've got some pretty easy comps this year. So any early thoughts on kind of if the exit growth rate can continue into next year?

謝謝，各位。這裡問個比較不太可能的問題，但指引顯示第四季成長會加速，而且今年的比較基期也相對容易。所以對於這種期末成長率是否能延續到明年，你們有沒有一些初步想法？

Yes. We do see growth accelerating in the fourth quarter, which has always been the plan. And when I referred to the fact that we were seeing the growth acceleration we expected in the third, that was part of that. But I would also encourage you to keep John's comments in mind relative to the fact that the business is managed really to the year. And we have customers that have rhythmic buying patterns, different times of year they buy differently.

有的。我們確實看到第四季成長加速，這一直都是計畫的一部分。而我先前提到第三季出現我們預期的成長加速，也正是其中一環。不過我也建議你把John的評論放在心上：這門生意的管理方式基本上是以年度為單位。我們有些客戶的採購節奏很有規律，不同時間點的採購行為會不一樣。

And we typically have strong fourth quarter -- strong second half and particularly fourth quarter, which we see again this year. But I would encourage you to not think about that as an exit rate for the year. If you look over time at the distribution of our margin and revenue growth, you'll see that back-end weighted trend and that don't -- I'd encourage you to not extend that into '27 as we close out '26.

而我們通常第四季表現強勁——下半年強勁，尤其是第四季——今年也同樣如此。但我會建議你不要把它視為全年的「期末退出」成長率。如果你長期觀察我們的毛利與營收成長分布，你會看到偏向後段加權的趨勢；我也建議你不要在結束'26時，把這種趨勢延伸推估到'27。

What if I added a comment about '27, I would encourage you to look forward to us continuing to deliver growth, driving revenue, driving margins, driving free cash flow. And again, we wouldn't say that, but we're -- if we weren't very comfortable with our three-year targets.

如果我要對'27補充一句，我會鼓勵你期待我們持續交付成長、推動營收、推動利潤率、推動自由現金流。再說一次，我們不會這麼說——如果我們對三年目標沒有非常高的信心的話。

Yeah, the momentum in the business that you see is real.

是的，你看到的業務動能是真實的。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Good morning, guys. How are you doing. Good. Just wanted to follow up on that last question. So I remember last quarter, you kind of explained the Q4 sequential ramp that's expected JPMS and some other programs. I'm curious, though, why wouldn't those continue to be at a very high rate exiting the June quarter into the September quarter? Is there anything onetime with those specific contracts that are driving so much of the sequential growth that tapers off? And then I just wanted to get your broad perspectives on the fiscal '27 budget request and how that might benefit CACI in what part of the business?

各位早安。你們好嗎。很好。我想延續剛才那個問題。我記得上季你們解釋過，第四季預期會有JPMS和其他一些專案帶來的季度環比爬坡。不過我好奇的是，為什麼這些在6月季度結束後進入9月季度時，不會持續維持在非常高的水準？這些特定合約是否有任何一次性因素，導致環比成長很大但之後又趨緩？另外我也想聽聽你們對財政年度'27預算請求的整體看法，以及它可能在公司哪一部分業務上讓CACI受益？

So why don't I take the first part of that -- thanks, Gautam, and let John take the second part, the broader budget question. I would refer you back to the discussions that we've had about the different ramp profiles. And there are a couple of things that are happening in the fourth quarter and the sequence from third and fourth.

那我先回答第一部分——謝謝你，Gautam——第二部分較宏觀的預算問題請John來回答。我會請你回想我們之前談過的不同爬坡曲線（ramp profiles）。而在第四季，以及第三季到第四季的序列之間，確實有幾件事正在發生。

One is that we have a number of programs that ramp in sort of a -- have sort of a bimodal growth rate. And one of the patterns that I talked about is a lot of these large agile software programs have an initial phase that is planning the second phase. And so there's acceleration and then a leveling off and then a reacceleration. We're working through those phases right now on EITaaS and to a lesser extent, NCAPS, we very much are in that mode for JTMS.

第一，我們有一些專案的爬坡呈現某種——可以說是雙峰式（bimodal）的成長率。其中一種我提過的模式是，許多大型敏捷軟體專案在初期階段會先規劃第二階段。因此會先加速、接著趨於平緩、然後再度加速。我們目前在EITaaS上正處於這些階段之中；NCAPS的程度稍微小一些；而JTMS我們非常明顯就是在這種模式下。

And the other thing I would point out is that we do have -- in a number of the technology areas, we do have customer communities that are particularly heavier buyers at different times a year often with increased activity in the fourth quarter of our fiscal year.

另外我也要指出，在多個技術領域中，我們確實有一些客戶社群在一年中的不同時間點採購力道特別強，往往在我們財政年度第四季活動會增加。

And then the final variable is that we have a number of items where we're in the early stages of activities that are driving investment for future growth that is another variable in that mix. So the real answer is it's a portfolio. And while mix sometimes feels like a handy explanation, there really are three or four substantive conditions that are in play here and they come together from time to time with the outcomes that we try to suggest to you to expect.

最後一個變數是，我們有一些事項目前仍在活動的早期階段，這些活動正在推動為未來成長所需的投資，這也是組合中的另一個變數。所以真正的答案是：這是一個投資組合。雖然「組合」有時聽起來像是方便的解釋，但這裡其實有三到四個實質條件同時在作用，並且它們會不時地共同形成我們試著向你們提示、希望你們預期的結果。

And the second part of your question around the '27 budget, look, larger budgets never hurt. We would rather have larger budgets than shrinking ones. But as I've said many, many times, we're going to pay much more attention to where the funds are flowing under the surface. But what we see in the present budgetary requests looks very positive. The J books, I think, came out earlier this week.

至於你第二部分關於'27預算的問題，你看，預算更大從來不會是壞事。我們寧可預算變大，也不希望縮水。但我已經說過很多很多次，我們會更關注資金在水面下實際流向哪裡。不過就目前的預算請求來看，我們看到的情況非常正面。我想J books是在本週稍早公布的。

So we'll be able to garner much more details from those as we build our fiscal '27, '28 and '29 plants. We're a $300 billion TAM, and we're roughly a $10 billion company. So there's plenty of room for us to go grow. We firmly believe that the electronic warfare and the Counter-UAS areas, both in Department of War and in DHS show great promise. We're having all the right meetings and planning sessions and doing the right things we need to do and making the right investments internally so that we can meet those market needs.

因此，當我們制定財政年度'27、'28與'29的規劃時，就能從中取得更多細節。我們的可服務總市場（TAM）約3,000億美元，而我們公司規模約100億美元，所以我們仍有很大的成長空間。我們堅信電子戰與反無人機系統（Counter-UAS）領域——不論在國防部或在國土安全部（DHS）——都非常有前景。我們正在進行所有正確的會議與規劃討論，做我們需要做的正確事情，並在內部做出正確的投資，以便能滿足市場需求。

Space, really good on both the classified space programs. We are really -- we are very strong in those future budgets, especially those who are in the FY 2027 plan. C5ISR and then IT modernization, both bringing in AI and doing network modernization, so very supportive of where we're going ahead. As I always say, more importantly is where the money is going, and we believe it's all going in the right spots that will drive future growth for the company in '27 and beyond.

太空方面也非常好，包含機密太空專案。我們在未來預算中確實——我們在那些未來預算裡非常強，尤其是FY 2027計畫中的項目。C5ISR，以及IT現代化——包含導入AI與進行網路現代化——都非常支持我們接下來的方向。就像我一向說的，更重要的是錢流向哪裡；而我們相信資金都流向了正確的重點領域，將在'27及之後推動公司未來成長。

Thanks so much Gautam.

非常感謝你，Gautam。

Thank you.

謝謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Good morning. This is [Matt Matola] on for Scott Mikus. First of all, congrats on Milestone C on Spectral. So as that program moves into LRIP and eventually full-rate production, are there any challenges that you foresee or investments that need to be made to support the production ramp? And then how should we talk about the market benefit as it moves into production? Thank you.

早安。我是代替 Scott Mikus 出席的 [Matt Matola]。首先，恭喜 Spectral 達成 C 里程碑。隨著該專案進入 LRIP 並最終進入全速量產，你們是否預見任何挑戰，或需要投入哪些投資來支援產能爬坡？另外，當它進入量產後，我們應該如何談論其市場效益？謝謝。

Yeah. Thanks. So look, we're extremely proud about the Spectral program is. That was a long road for us to achieve victory there and done an outstanding setting job with it. So we did achieve and -- I'm sorry, we did receive Milestone C. We are just beginning the LRIP portion in the October, November time frame. We'll be looking at sort of delivery zero, which is what will begin delivering some of the systems.

是的，謝謝。你看，我們對 Spectral 專案感到非常自豪。為了在那裡取得成功，我們走了很長一段路，而且在這方面做得非常出色。所以我們確實達成了——抱歉，我是說我們確實獲得了 C 里程碑。我們才剛在 10 月、11 月的時間點開始進入 LRIP 階段。我們會著眼於所謂的第零批交付（delivery zero），也就是開始交付部分系統。

On the investment side, as my prepared remarks stated, we invested long ahead of the award of that program to make certain [that] the brains of that system, which is looking at multiple antenna feeds and looking at all of the known threats and really providing a great AI baseline for naval combatant ships. So we performed those investments. We have also continued CapEx investments in our production facility in Melbourne where we are rolling out both sea -- sorry, CAF and the Spectral program.

在投資方面，正如我事先準備的講稿所提到的，我們在該專案得標之前很久就提前投入，確保該系統的「大腦」——它會查看多個天線饋入，並檢視所有已知威脅，真正為海軍作戰艦艇提供很好的 AI 基線——已經到位。因此我們已完成那些投資。我們也持續在墨爾本的生產設施進行資本支出（CapEx）投資，在那裡我們同時在推出 CAF 與 Spectral 專案。

We've -- and we've continued to invest in this program, driving, frankly, long lead item purchases slightly ahead of Milestones C that we could take that timeline in between C and when we can deliver the first system down. It is an absolute proof point for us on our focus on execution. It's a new large type program for us with a great partnership with the Navy coupled with the right funding timing allows us to deliver to the well over 100 ships that're in the US Navy fleet today.

我們——而且我們也持續投資這個專案；坦白說，我們在 C 里程碑之前就稍微提前推動長交期料件（long lead items）的採購，這樣就能縮短從 C 到我們能交付第一套系統之間的時程。這對我們而言，是聚焦執行力的一個絕對驗證點。這對我們來說是一個新的大型專案類型；與海軍的良好夥伴關係，再加上合適的資金到位時點，使我們能夠交付給目前美國海軍艦隊中超過 100 艘的艦艇。

Great. Thank you, guys. I take the one question.

很好。謝謝各位。我只問一個問題。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通（JPMorgan）。

Good morning, guys. This is Rocco on for Seth. How should we think about ARKA impacting margins moving forward? You mentioned that quarter-to-quarter margins can be lumpy from the technology side of the business, but is the 11.6% that's implied for next quarter the right way to think about kind of the lower end of the new company margins post these deals?

早安，各位。我是代替 Seth 的 Rocco。未來我們應該如何看待 ARKA 對毛利率的影響？你們提到技術業務使得季度間毛利率可能會比較波動，但若以你們對下季所暗示的 11.6% 來看，這是否可視為完成這些交易後新公司毛利率區間的較低端？

Yeah. The ARKA contribution in the fourth quarter is pretty consistent with our expectations. John mentioned the fact that this is a delivery and mix business and very much not linear. We gave some indication of margin in the December 22 call. But I'd point out that within any particular quarter, around that average, you may see -- we may see 3 or 4-point swings in any particular quarter.

是的。ARKA 在第四季的貢獻與我們的預期相當一致。John 提到，這是一個交付與組合（mix）的業務，而且非常不是線性的。我們在 12 月 22 日的電話會議中提供了一些毛利率指引。但我要指出的是，在任何特定季度中，圍繞那個平均值，你可能會看到——我們可能會在單一季度出現 3 到 4 個百分點的波動。

So I wouldn't -- I don't know if I'm getting exactly to the question that you asked. The ARKA expectation for the fourth quarter is well aligned with our expectation when we made that announcement, the organic business mix will be a softer quarter when you do that math.

所以我不會——我不確定我是否完全回答到你問的問題。ARKA 對第四季的預期，與我們當時宣布交易時的預期非常一致；如果你用那樣去計算，有機業務的組合在該季度會相對偏弱。

Right. That makes sense. And then what type of directed energy capability does Arco bring to CACI? And have they been field at this point?

了解。這樣就說得通。那麼 Arco 為 CACI 帶來的是哪一類定向能（directed energy）能力？而且他們目前是否已經部署（fielded）？

They bring a portion of directed energy, things we can't talk about on the line. I guess it's a new capability for us. We're not in the directed energy business prior. And I think we'll be able to talk more on that in the quarters to come. I do want to touch back on your earlier question.

他們帶來的是定向能的一部分能力，有些內容我們無法在電話上談。我想這對我們而言是一項新能力；我們之前並不在定向能業務中。我認為在接下來幾個季度，我們會更能談這部分。我也想回到你先前的問題。

Look, ARKA is a long-term play for us. It's probably one of the strongest acquisitions that we've done in terms of both doubling down on capabilities and customer relationships. And frankly, us only been growing a price-based business in a market that's going to see valuations of those with such a strong space portfolio grow in the years to come. We've been able to do that all inside of a company that covered down on our transition and our interest cost is still delivering $725 million of free cash flow.

你看，ARKA 對我們而言是一個長期布局。就能力加碼與客戶關係深化而言，這可能是我們做過最強的收購之一。坦白說，我們一直是在一個未來幾年、擁有如此強大太空投資組合的公司估值將會上升的市場中，去擴張一個以價格為基礎的業務。我們能在一家已涵蓋我們轉型、且利息成本仍能支撐並交付 7.25 億美元自由現金流的公司內完成這一切。

So we're in the very early innings. We just got to integration on April 1. I think we're still in the month of April. So in the first 20 or so days, we've gotten a lot don. And Andreas, who is running the combination of ARKA's business and our space business is already making a major impact as to how we can continue to grow in the space.

所以我們還在非常早期的階段。我們在 4 月 1 日才完成整合。我想現在仍在 4 月。因此在前 20 天左右，我們已經完成了很多事情。而負責整合 ARKA 業務與我們太空業務的 Andreas，已經在我們如何持續推動太空領域成長方面產生了重大影響。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

Thank you. If I think about the business from a really high-level mission tech expertise, et cetera. Is it fair to think of mission tech and a mix shift of 2 to 3 points per year because of faster growth as well as generally speaking, applying more capital on acquisitions in that direction?

謝謝。如果我從非常高層次、以任務技術（mission tech）專業等角度來看這項業務。是否可以這樣理解：由於成長更快，以及整體而言在該方向投入更多資本進行併購，任務技術的組合占比每年大約會有 2 到 3 個百分點的移轉？

Yeah. I think, Tobey, that's broadly right. It's a hard thing to generalize, but the condition you observe is certainly true, and it's -- you're on the right vector to be sure.

是的，Tobey，我認為大致上是對的。這很難一概而論，但你觀察到的情況確實存在，而且——可以確定的是，你的方向是對的。

And with respect to Counter-UAS, I was wondering if you could characterize what the experience in the war so far has meant to the opportunities that you see in front of you and maybe how that has impacted customer conversations in decision-making?

另外，關於反無人機系統（Counter-UAS），我想請你們描述一下：到目前為止戰爭中的經驗，對你們眼前所看到的機會意味著什麼？以及這可能如何影響你們與客戶的對話與決策制定？

Yeah, Tobey, thanks. So look, let's start off with where we are in the Counter-UAS market. We're already in the government inventory. We've been doing this for a couple of decades. Merlin is our family of Counter-UAS systems. It is part of our broader $2 billion EW portfolio, and we do continue to expect growth from Counter-UAS.

是的，Tobey，謝謝。你看，先從我們在反無人機（Counter-UAS）市場的位置談起。我們已經在政府庫存中；我們做這件事已經有幾十年了。Merlin 是我們的反無人機系統家族。它是我們更廣泛的 20 億美元電子戰（EW）產品組合的一部分，而且我們確實仍預期反無人機會帶來成長。

And the foundational part of this is that we've actually -- we are able to sell it under two different vectors under FAR Part 12, FAR Part 15. So we can meet the administration's priorities. We're in place for world events and the like. We are currently providing Counter-UAS to all four of the armed services. We're in active discussions and negotiations with 16 other agencies and organizations across the federal government. And we already have, as I talked about in my prepared remarks, a system that's already been fully deployed on the Southern border.

而這件事的基礎在於，我們其實——我們能透過兩種不同路徑來銷售：FAR 第 12 部分、FAR 第 15 部分。因此我們可以符合政府施政優先事項。我們已就位以因應全球事件等需求。我們目前向四個軍種全部提供反無人機能力。我們也正與聯邦政府內另外 16 個機構與組織進行積極討論與談判。而且如同我在事先準備的講稿中提到的，我們已經有一套系統完整部署在南部邊境。

So as you all know, it's our practice or anything competitive. We're not going to provide any details but we will absolutely be more than willing to share those details on the next quarterly call and in incremental press releases as we go forward.

所以各位都知道，對於任何具競爭性的事項，這是我們一貫的做法：我們不會提供任何細節；但我們絕對願意在下一次季度電話會議，以及未來逐步發布的新聞稿中，分享那些細節。

On the international front, as an update, since our last call, we are now very active working sales in theater through the US Army, [Task Force 59] (inaudible) and CENTCOM for mobile Counter-UAS units. We're getting [kits] prepared to support testing against one-way attack drones and those are all the ones that better than news over the recent quarter. We have built established relationships with resellers to give us access into the Saudi, the Kuwait and the Qatari markets through their Ministries of Defense. They're all in various stages of the process. But you should expect those folks to be on board within 45 days and we have to work through the exportability issues.

在國際方面，作為最新進展，自上次電話會議以來，我們現在非常積極地透過美國陸軍、[Task Force 59]（聽不清）以及美國中央司令部（CENTCOM），在戰區推動機動式反無人機單位的銷售。我們正在準備 [套件]，以支援針對單向攻擊無人機的測試；這些都是過去一季以來更好的消息。我們已與經銷商建立關係，使我們能透過各國國防部進入沙烏地、科威特與卡達市場。它們都處於流程的不同階段。但你們應該預期這些夥伴會在 45 天內到位，而我們必須處理出口適用性（exportability）問題。

So we are very strong in this market. We've talked about this for quite a long time. Current events are driving stronger demand and as well as the 17 countries, we've already delivered EW2. So strong market, well-funded in the US through both reconciliation bills, adding billions to our TAM, which is what moved us to the $300 billion level, and really strong interest, both domestically as you look at Counter-UAS for Golden Dome as well as other initiatives like the Eastern Flying Drone Wall.

所以我們在這個市場非常強。我們談這件事已經談了很久。當前事件正在推動更強勁的需求；此外，我們已經向 17 個國家交付 EW2。因此市場強勁；在美國端，透過和解法案（reconciliation bills）資金充足，為我們的 TAM 增加了數十億美元，這也是把我們推升到 3,000 億美元水準的原因；而且無論在國內（例如將反無人機用於 Golden Dome）或其他倡議（如 Eastern Flying Drone Wall），都展現出非常強烈的興趣。

So a lot of positive work here, putting the right dollars of investments, and you saw the CapEx is up slightly, half of that was to ARKA, half of that goes through our EW portfolio, and we are full speed ahead in how we want to grow this market.

所以這裡做了很多正向的工作，把投資的資金投到正確的地方；你也看到資本支出（CapEx）略有上升，其中一半投入 ARKA，另一半透過我們的 EW 產品組合投入；而且我們正全速推進，按照我們希望的方式來擴大這個市場。

Thank you very much.

非常感謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Hi, good morning, guys. Just one question for me. Great stuff on the funded backlog growing, John, despite the environment. Maybe just honing in on your civil business, still solid growth there, up 7%. What are you seeing? And how do we think about major program drivers within Civil into fiscal '27?

嗨，早安，各位。我這邊只有一個問題。John，在這樣的環境下，已獲資金支持的在手訂單（funded backlog）仍能成長，做得很棒。想請你聚焦一下你們的民用（Civil）業務，那邊仍然有穩健成長、成長 7%。你們看到了什麼？以及我們該如何看待民用業務中，推動到 2027 財年的主要大型計畫驅動因素？

Yeah. There are a couple of things going on in Civil, Sheila. You can see the modest DHS headwinds, but you can also see the NASA NCAP's ramp, I mean, those would be the principal drivers of the change that you see.

是的。Sheila，民用這邊有幾件事同時在發生。你可以看到 DHS 的些許逆風，但你也可以看到 NASA NCAP 的爬坡成長；我的意思是，這些會是你所看到變化的主要驅動因素。

Okay, great. Thank you.

好的，很棒。謝謝。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

Hi, good morning. This is Josh Korn on for David. One to follow up on the broader defense budget question. So I saw note in the slides that the reconciliation funding is starting to flow through. So I was wondering if there's any way you could quantify, I guess, to what extent your programs benefit from the base budget versus the reconciliation benefit from last year? And then any thoughts on what that might look like for 2027? Thanks.

嗨，早安。我是代 David 的 Josh Korn。想追問一下更廣泛的國防預算問題。我在投影片裡看到提到，和解法案（reconciliation）的資金開始流入。所以我想問，有沒有辦法量化一下：你們的計畫在多大程度上受惠於基本預算（base budget），相較於去年和解資金帶來的增益？另外，對 2027 年可能會是什麼樣子，有什麼看法？謝謝。

Yeah. So the majority of what we do and what we have been able to grow through is in the base budget. It will continue to be in the base budget because we have selectively decided in our several markets to go after areas that are traditionally funded within the base. On the reconciliation funding, we have seen those start to flow. They're really going to be very prevalent in Golden Dome as well as border security.

是的。我們做的大多數事情、以及我們能夠持續成長的部分，主要都在基本預算裡。未來也會繼續以基本預算為主，因為我們在幾個市場中有選擇性地鎖定那些傳統上由基本預算資助的領域。至於和解資金，我們已經看到開始流入；它們將會在 Golden Dome 以及邊境安全方面非常普遍。

We've seen some additional funding show up there. We're doing a lot of AI-based (inaudible) tracking tech as well as additional spend in our Counter-UAS area. We are currently modernizing the Space Force critical infrastructure through reconciliation funding. Again, you can directly tie that to things in the Golden Dome area. In the intelligence world, we continue to enhance what we do in the left of launch area around situational awareness.

我們也看到那裡出現了一些額外資金。我們正在做很多以 AI 為基礎的（聽不清）追蹤技術，同時也在我們的反無人機系統（Counter-UAS）領域增加支出。我們目前正透過和解資金，現代化太空軍（Space Force）的關鍵基礎設施。同樣地，你可以把這些直接連結到 Golden Dome 領域的相關事項。在情報領域，我們持續強化我們在「發射前」（left of launch）情境感知周邊所做的工作。

And then in IT modernization, we have a lot of large enterprise systems that we're looking to try to make common across the Department of War. So if the Army has a picture-perfect enterprise system (inaudible), which we are pushing to have that same solution be used through the rest of the Department of War.

然後在 IT 現代化方面，我們有很多大型企業級系統，正嘗試在戰爭部（Department of War）內部推動共通化。所以如果陸軍有一套堪稱典範的企業系統（聽不清），我們正在推動讓同一套解決方案也能在戰爭部的其他單位使用。

So I mean, a lot of nice funding. And whether it's already T&E or in procurement versus O&M, it doesn't quite matter to us. We're always doing modernization through sustainment, which is a large use of O&M funding, and clearly as our business continues to evolve, we'll see increasing amounts of R&D or T&E funding.

所以我的意思是，資金相當不錯。無論它目前是 T&E（測試與評估）或是採購（procurement）相較於 O&M（運作與維護），對我們而言差別不大。我們一直都是透過維持（sustainment）來做現代化，而這會大量使用 O&M 資金；而且很明顯地，隨著我們的業務持續演進，我們會看到研發（R&D）或 T&E 資金的占比增加。

So really well funded to close out 2026 and just as nicely funded as we go forward in fiscal year '27.

因此，2026 財年結束前資金非常充足；而展望 2027 財年，資金狀況同樣良好。

Great. THank you.

很好。謝謝。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，Bank of America。

Hey, guys. This is Alex Preston on for Mariana Perez Mora. How are you? I just wanted to go back to NASA and the Civil side real quick. Given the sort of budget fluctuations there in FY27, right? Obviously, request calls for, again, pretty significant cuts year-over-year. but there's also this shift towards exploration away from pure science. So there's a bit of a dynamic there. I'm just curious if you had any sort of broad puts and takes on that budget request, and where you see CACI and ARKA playing within that context? Thanks.

嘿，各位好。我是代 Mariana Perez Mora 的 Alex Preston。你們好嗎？我想很快回到 NASA 和民用（Civil）這一塊。考量到 2027 財年那邊的預算波動，對吧？很明顯地，預算請求案再次提出相當顯著的年減削減；但同時也有從純科學轉向探索的移動，所以裡面有一些動態。我很好奇你們對這份預算請求案有沒有一些整體的利弊取捨看法，以及你們認為 CACI 和 ARKA 在這個脈絡下會扮演什麼角色？謝謝。

Yeah. So I guess we're full size of that, right, Alex. Let's start with NASA NCAPs first. We continue to successfully ramp that program. We're receiving very high price for our customer. So what we're deploying there is the commercial, agile and scale delivery model to really standardize and centralize software development across NASA.

是的。我想我們完全理解這點，對吧，Alex。先從 NASA NCAP 開始。我們持續成功地讓這個計畫加速爬坡。我們為客戶帶來非常高的價值。因此我們在那裡部署的是商業化、敏捷且可擴展的交付模式，來真正把 NASA 的軟體開發標準化並集中化。

So very similar to what we have done with customs and border patrol on BEAGLE. So the way to think about that work in terms of budgets and administration priorities, we're reducing software development times, we're increasing efficiency, we're bringing administrative systems across NASA into compliance with the plethora of [February] reporting requirements. And we've got all key metrics, and we're supporting, I think, 800 to 900 different applications in the platforms. So there's no work for you.

這非常類似我們在海關與邊境巡邏（customs and border patrol）的 BEAGLE 上所做的事。所以從預算與政府施政優先順序的角度來看這項工作：我們正在縮短軟體開發時間、提升效率、讓 NASA 的行政系統符合大量的［二月］申報要求。我們也有所有關鍵指標，而且我們在平台上支援大約 800 到 900 個不同的應用程式。所以這裡沒有（聽不清）。

First, there's no impact to the work that we are doing. But you should see that by driving commonality and moving NASA and their software development frameworks forward closer to the way that commercial companies do their software development practice as well as the AI, that's going to generate cost savings across the organization. And I think for us, it supports the theme of NASA wanted to reduce their reliance on outside headcount and push those dollars more into mission, which is fantastic for us as we look at our space business.

首先，我們正在做的工作不受影響。但你應該會看到，透過推動共通化，並讓 NASA 的軟體開發框架更接近商業公司在軟體開發實務以及 AI 的做法，這將在整個組織中產生成本節省。而我認為，對我們而言，這也呼應了 NASA 想降低對外部人力的依賴、把資金更多投入任務本身的主題；這對我們在太空業務的布局來說非常有利。

So it is the organization that really is taking full advantage of what we're doing on one part of our business, driving agile software development practices and putting (inaudible) in place, that's been saving the organization money and the even sweeter news is we're on the receiving end of that looked at what we do in space. So very much aligned, not a funding threat to where we're going on NCAPs and how that will continue to ramp to support '27 growth rates.

所以，這個組織確實正在充分利用我們在業務某一部分所做的事情：推動敏捷軟體開發實務並建立（聽不清），這一直在幫組織省錢；而更好的消息是，我們也因此在太空領域的工作上受益。所以整體非常一致，對我們在 NCAP 的發展方向沒有資金威脅，而且 NCAP 將持續爬坡，以支撐 2027 年的成長率。

Thank you. I really appreciate the color.

謝謝。我非常感謝你提供的細節。

\John Godyn, Citigroup.

\John Godyn，Citigroup。

Hi. This is Jeremy Jason on for John Godyn. Thank you for squeezing me in. So I just wanted to ask, as we think about these complex sort of technical solutions transitioning from development, production like petrol. I kind of wanted your take on what your outlook is for the scalability of these technologies across different customers and upcoming budget cycles. And could that, in theory, be sort of affected by a potential blue wave? Thanks.

嗨。我是代 John Godyn 的 Jeremy Jason。謝謝你讓我插個問題。我想問的是，當我們思考這些複雜的技術解決方案從研發轉向量產（例如 petrol）時，我想聽聽你對這些技術在不同客戶與接下來的預算週期中可擴展性的展望。而且理論上，這是否可能受到潛在「藍潮」（blue wave）的影響？謝謝。

Yeah. The nice [stale] -- I'll take your last comment first. The beautiful thing of being an investor in CACI is a number of years back when we set this company on its next course, we spent a lot of time looking strategically at the kind of markets we wanted to support and the parts of the federal government we are going to be very focused on. Mark my words is it's not an accident that we're focused on national security, which is DoD, the intelligence community and DHS, all -- which are fully have Bipartisan support. Blue rays, ways, red ways, purple ways, doesn't much matter to where we're doing things. We're in very critical areas that the government tomorrow morning will not decide to just turn off. So first and foremost, that's where we're at.

是的。這個很棒的（聽不清）——我先回應你最後那個評論。作為 CACI 的投資人，美妙之處在於：幾年前當我們為公司設定下一段航程時，我們花了很多時間從策略面檢視我們想支持的市場類型，以及我們將高度聚焦的聯邦政府部門。請記住我的話：我們聚焦在國家安全並非偶然，也就是國防部（DoD）、情報界以及 DHS——這些都擁有跨黨派支持。藍的方式、紅的方式、紫的方式，對我們正在做的事情影響不大。我們所在的是政府明天早上不可能說關就關的關鍵領域。所以首先，這就是我們的位置。

So if we talk about systems that we're out there doing Counter-UAS, Spectral, work we're doing in Agentic AI, those are all things that scale wonderfully as we move forward. Our optical communication terminals, beyond the 2- and 4-watt perforated LEO systems to very exquisite systems

所以如果我們談到我們正在做的系統：反無人機系統（Counter-UAS）、Spectral、我們在代理式 AI（Agentic AI）上的工作，這些在未來都能非常好地擴展。我們的光學通訊終端，從 2 瓦與 4 瓦的穿孔式 LEO 系統，延伸到非常精密的系統。

So Spectral, its scalability is to deliver the baseline we've agreed upon to over -- well over 100 combatant ships and then move into the FMS side of where Spectral goes. On top of the FMS work is all the topside and antenna that we and the Army believe should be the next phase of Spectral, so we can secure even more signals from those top sites antennas and able to drive processing improvements that will protect ships, not only for missiles, but also from drones.

所以就 Spectral 而言，它的可擴展性在於：把我們已同意的基線能力交付到超過——遠超過 100 艘作戰艦艇，然後再進入 Spectral 的對外軍售（FMS）面向。在 FMS 工作之上，還有所有上層設備（topside）與天線，這些是我們與陸軍認為應該成為 Spectral 下一階段的部分，如此我們就能從那些上層站點天線取得更多訊號，並推動處理能力的提升，以保護艦艇不僅免於飛彈，也免於無人機的威脅。

In the Counter-UAS area, we have been scaling up production capabilities in Sterling and in Melbourne to be able to deliver Merlin. It's a tough supply chain. Right now, there's a lot of people buying flat, flat-down radars. But what differentiates us there, frankly, and how we enhance it going forward is the software capability of that system. So it's not so much of are we [setting an] update hardware and whether this is fly-by-wire drones, one-way attack drones, cellular drones, you name it, we've already seen them all over the planet.

在反無人機系統（Counter-UAS）領域，我們一直在擴大位於 Sterling 與 Melbourne 的產能，以便能交付 Merlin。供應鏈相當艱難。現在有很多人都在購買平面、可平放（flat-down）的雷達。但坦白說，我們在那裡的差異化，以及我們未來如何持續強化的關鍵，在於該系統的軟體能力。因此，重點不在於我們是否在更新硬體；無論是線傳飛控（fly-by-wire）無人機、單向攻擊無人機、蜂巢式（cellular）無人機等等，我們在全球各地都已經見過。

So we are more than able to scale forward from that position as well. And we can talk a lot about optical communication terminals and everything else we've done in the tech area, but they all follow that common theme, right? You need to understand mission so that you can deliver. We hear a lot about AI, and how that's going to move different parts of our business forward.

因此，我們也完全有能力在此基礎上進一步擴大規模。我們可以談很多關於光學通訊終端以及我們在技術領域所做的其他一切，但它們都遵循同一個共同主題，對吧？你必須理解任務，才能交付成果。我們聽到很多關於 AI，以及它將如何推動我們業務不同部分向前發展。

But frankly, AI without mission is like a car without gas. It's great to look at, but you really can't do much with it. So we've been able to scale AI use throughout a lot of what we do, and we're looking forward to driving the growth further in fiscal year '27.

但坦白說，沒有任務的 AI 就像沒有汽油的車。看起來很棒，但你其實做不了太多。因此，我們已能在我們所做的許多工作中擴大 AI 的應用，我們也期待在 2027 財年進一步推動成長。

Jan Engelbrecht, Baird.

Jan Engelbrecht，Baird。

Good morning, John, Jeff and George. Congrats on another good quarter. Just I want to talk about the ARKA and legacy CACI space portfolio. And I was just wondering sort of is there an ability to sort of -- I wouldn't say sort of cross-sell, but like how do you combine those capabilities into a sort of a solution for the customer?

早安，John、Jeff 和 George。恭喜你們又交出一個不錯的季度。我想談談 ARKA 以及 CACI 既有的太空產品組合。我在想，是否有能力——我不會說是交叉銷售（cross-sell），但像是你們如何把這些能力整合成一套提供給客戶的解決方案？

Yeah. Thanks, Jan-Frans. Probably the most prolific revenue synergy we have is going to be on the ground processing side where ARKA already has authorizations to operate agentic AI solutions in a number of different -- a number of different mission models that allow them to process and find different things in the geo-end stream. We are just as adept on the SIGINT side, but we have not moved to Agentic AI on that on that side. We're just beginning to have customer meetings given that we just got everything integrated.

是的。謝謝你，Jan-Frans。我們最顯著的營收協同效應，可能會出現在地面處理（ground processing）端；ARKA 已經取得在多種不同——多種不同任務模型中——運行代理式 AI（agentic AI）解決方案的作業授權，使他們能在地理端到端資料流（geo-end stream）中進行處理並找出不同的目標。我們在 SIGINT 端同樣很擅長，但在那一端我們尚未導入代理式 AI。我們才剛開始與客戶開會，因為我們剛把所有東西整合完成。

So there are revenue synergies there that haven't even begun that will allow us to move the intelligence community further down the path that we know that they want to move towards, which is getting to higher level multi-end solutions.

因此，那裡存在尚未真正開始釋放的營收協同效應，將使我們能把情報界（intelligence community）沿著我們知道他們想走的方向再往前推進，也就是邁向更高層級的多端（multi-end）解決方案。

The other area that we're already connecting is, hey, how do we go about building larger scale optical communication terminals, larger ones or ones of the same size they need to push a terabit of data through versus 2 to 4 mg. ARKA is a 60-plus year space company. We are a 6-plus year space company in the world of optics. So there's a lot of synergies already taking place there. We're looking at different ways that we can get through production.

我們已經在串接的另一個領域是：我們要如何打造更大規模的光學通訊終端——更大的，或是同尺寸但需要推送每秒 1 太比特（terabit）資料量的終端，而不是 2 到 4 mg。ARKA 是一家擁有 60 多年歷史的太空公司；而我們在光學領域是一家 6 年多的太空公司。因此，那裡已經有很多協同效應在發生。我們正在研究不同的方法，以提升產能、推進量產。

We're looking at different ways we can do in engineering. So there's just so much more we can be doing for the folks who build satellites and the customers who absolutely need information from those missions. So really excited about what the future brings for us.

我們也在研究工程端可以採取的不同做法。因此，對於打造衛星的人，以及那些絕對需要從這些任務取得資訊的客戶，我們還能做得更多。對我們未來的發展感到非常興奮。

Thanks, John. Very helpful. And then a quick follow-up, if I may. Just if we look at FY27, and you've obviously got great visibility in the business is close to four years of annual revenue in the backlog. But any sort of large multiyear contracts that you bid on sort of multibillion dollar contracts that you expect to be adjudicated in FY27 or any sort of notable recompetes that we should look out for in the next 12 months?

謝謝你，John。非常有幫助。然後如果可以的話，我再追問一個。若看 2027 財年，你們顯然對業務有很高的能見度，積壓訂單（backlog）接近四年的年營收規模。但在未來 12 個月內，有沒有你們正在投標、預期會在 2027 財年裁決（adjudicated）的重大多年期合約——例如數十億美元等級的合約——或是任何值得關注的重要再競標（recompetes）？

Yeah. I think on the new business front, excuse me, we're always -- we always have a number of multibillion-dollar things that are running around at different stages. Do we have some jobs that are over $1 billion that are going to be awarded in fiscal year '27? Absolutely so. And frankly, we were looking at some of those to be awarded towards the end of 2026. But clearly, we're not there, but we'll be able to report on how '26 wrapped up how they go forward within 2027.

是的。我想在新業務方面，抱歉，我們一直——我們一直都有若干數十億美元等級的案子，在不同階段推進。我們是否有一些超過 10 億美元的案子會在 2027 財年授標？絕對有。而且坦白說，我們原本預期其中一些會在 2026 年底左右授標。但顯然我們還沒到那一步；不過我們將能在 2027 年內回報 2026 年收尾情況，以及它們在 2027 年的進展。

On their recompete front, this was -- this year, 2026 has been a really large year for us. As I think Jeff mentioned during his prepared remarks, we're already greater than 90% on the re-compete front. And what's just as exciting is the fact that future recompetes that were to come up in the first quarter, so '27 have already been extended by 18 to 20, 24 months. which is really a great way to win a re-compete, right, just to never have to bid on them. You only get there when customers recognize the areas that we're in, the important national security of the areas that we're in and the level of performance we've had.

在再競標方面，今年——2026 年對我們來說是非常大的一年。正如我想 Jeff 在事先準備的發言中提到的，我們在再競標方面已經超過 90%。同樣令人振奮的是，原本會在第一季、也就是 2027 年出現的未來再競標，已經被延長了 18 到 20、24 個月。這其實是一種很棒的贏得再競標方式，對吧——就是根本不必去投標。只有當客戶認可我們所處領域的重要性、這些領域對國家安全的重要性，以及我們的績效水準時，你才會走到這一步。

So thanks for the follow-up.

所以謝謝你的追問。

That concludes our Q&A session. I will now turn the conference back over to John Mengucci for closing remarks.

我們的問答環節到此結束。接下來我將把會議交回給 John Mengucci 作結語。

Thanks, Gene, and thank you for your help on today today's call. We really want 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 and Jeffrey MacLauchlan and George Price and Jim Sullivan, are available after today's call. So please stay healthy. All my best to you and your families.

謝謝你，Gene，也謝謝你在今天——今天這通電話會議中的協助。我們非常感謝所有撥入或收聽網路直播的朋友參與。我們知道你們當中許多人會有後續問題，Jeffrey MacLauchlan、George Price 和 Jim Sullivan 在今天會後都可以提供協助。請大家保持健康。向你和你的家人致上最誠摯的祝福。

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

本次電話會議到此結束。謝謝大家，祝你有美好的一天。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。