CACI International Inc (CACI) 2026 Q4 法說會逐字稿

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

各位女士、先生，感謝您耐心等候。歡迎參加 CACI International 2026 會計年度第四季暨全年財報電話會議。本次會議將進行錄音。(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, Audra. And good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning.

謝謝你，Audra。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。

We are providing presentation slides, so let's move to slide 2, please. There will be statements in this call that do not address historical fact and as such constitute forward-looking statements under current law. These statements reflect our views as of today and are subject to important factors that could cause our actual results to differ materially from anticipated.

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，因此依現行法律屬於前瞻性陳述。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。

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.

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」聲明包含於本附件中，並應納入本次電話會議任何逐字稿的一部分。我也要指出，我們的簡報將包含對非 GAAP 財務衡量指標的討論。這些指標不應單獨考量，也不應作為依 GAAP 編製之績效衡量指標的替代。

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

請翻到第 3 頁。接下來由 CACI International 總裁兼執行長 John Mengucci 為我們開場。John？

Thanks, George. And good morning, everyone.

謝謝你，George。各位早安。

Thank you for joining us to discuss our fourth quarter and fiscal year 2026 results as well as our fiscal 2027 guidance. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

感謝各位加入我們，一同討論 2026 會計年度第四季與全年業績，以及我們對 2027 會計年度的財測指引。今天早上與我一同出席的還有我們的財務長 Jeff MacLauchlan。

Slide 4, please. Before giving to our results, I want to start by reminding everyone of the technology-first national security company, CACI has become and the key elements of the strategy that produced these results.

請翻到第 4 頁。在進入業績之前，我想先提醒各位：CACI 已成為一家以科技為先的國家安全公司，以及促成這些成果的策略關鍵要素。

First, we utilize our deep mission knowledge in the markets we serve to truly understand what our customers need. We focus on enduring national security priorities with narrow deep funding streams, deliver software-defined technology to address critical needs with the speed, agility and efficiency of our customers' demand, invest ahead of customer need, we deploy capital in a flexible and opportunistic manner to create value for our customers and our shareholders. Our financial results in fiscal '26 are the latest evidence that our strategy is working.

首先，我們運用在所服務市場中的深厚任務知識，真正理解客戶需求。我們聚焦於具持久性的國家安全優先事項與明確且深度的資金來源；以軟體定義技術回應關鍵需求，並以客戶所要求的速度、敏捷性與效率交付；在客戶需求之前提前投資；以彈性且機會導向的方式配置資本，為客戶與股東創造價值。我們在 2026 會計年度的財務成果，是我們策略奏效的最新證明。

Slide 5, please. Our strong fourth quarter performance kept another exceptional year, which we exceeded all of our expectations. For full year fiscal '26, we delivered revenue growth of 11%, EBITDA margin of 12.3% and free cash flow of $735 million. We also won more than $10 billion in contract awards, representing a book-to-bill of 1.1 times.

請翻到第 5 頁。我們強勁的第四季表現，為又一個卓越年度畫下句點，且我們超越了所有預期。就 2026 會計年度全年而言，我們實現營收成長 11%、EBITDA 利潤率 12.3%，以及自由現金流 7.35 億美元。我們也贏得超過 100 億美元的合約授標，訂單出貨比（book-to-bill）為 1.1 倍。

These results demonstrate the earnings power, cash generation potential and durability of the company we have built. Our focus on national security priorities, differentiated capabilities and long-duration work enables us to grow and execute even in slower war environments.

這些成果展現了我們所打造之公司的獲利能力、現金創造潛力與韌性。我們聚焦國家安全優先事項、差異化能力與長期專案，使我們即使在較慢的作戰環境中也能成長並有效執行。

Slide 6, please. Let me highlight several fiscal '26 accomplishments, it demonstrates the successful execution of our strategy, many of which are drivers of growth in fiscal '27. First, our Electronic Warfare business is helping customers dominate electromagnetic spectrum a critical enabler of modern warfare. Our spectral program achieved Milestone-C is moving into low-rate digital production we deployed to begin in the second half of fiscal '27. This milestone also positions us for additional opportunities across the Department of War and internationally.

請翻到第 6 頁。我想強調幾項 2026 會計年度的成就，這些成就展現我們策略的成功落地，其中許多也是 2027 會計年度成長的驅動因素。首先，我們的電子戰業務正協助客戶在電磁頻譜上取得主導地位，而電磁頻譜是現代戰爭的關鍵賦能要素。我們的 Spectral 專案已達成 Milestone-C，正邁入低速率初期生產，並預計於 2027 會計年度下半年開始部署。此一里程碑也讓我們在國防部及國際市場上具備更多機會。

Our SkyValor country OES system was selected by the Department of War to help strengthen homeland defense on the southern border. And just last week, we received a separate $500 million award for the Domestic Shield program. We invested ahead of meat and SkyMall moving from concept to deployment in 12 months, and we are seeing strong demand and expanding backlog for this and other counter US offerings. And we expanded our tactical EW footprint with initial orders from the Air Force, which provides for future Department of War growth.

我們的 SkyValor 反無人機 OES 系統獲國防部選用，以協助強化南部邊境的國土防衛。就在上週，我們另獲一項 5 億美元的 Domestic Shield 計畫授標。我們在需求出現之前即提前投資，使 SkyValor 從概念到部署僅用 12 個月；我們也看到此項及其他反無人機（counter-UAS）產品需求強勁、在手訂單持續擴大。此外，我們也透過空軍的初始訂單擴大了戰術電子戰版圖，為未來國防部的成長奠定基礎。

These fiscal '26 EW accomplishments are also great examples of the repeatable growth engine we've built. Mission knowledge informs investment, investment produces differentiated technology and disciplined delivery generates customer value and contributes to increasing financial returns.

這些 2026 會計年度在電子戰方面的成果，也充分展現我們已建立的可複製成長引擎。任務知識引導投資；投資產生差異化技術；而有紀律的交付創造客戶價值，並帶動財務報酬提升。

Next, our Space business is benefiting from surging customer demand and is critical and increasingly contested domain. We completed the integration of ARKA, combining its sensing and AI-enabled analytics, with CACI's existing technology and customer presence to create a leader in delivering actionable multi-source intelligence. We were recently notified of an award to help the US Space force defend against adversarial threats, our first award leveraging the combined strengths of CACI and ARKA.

接著，我們的太空業務正受惠於客戶需求激增，而太空是關鍵且競爭日益激烈的領域。我們已完成 ARKA 的整合，將其感測與 AI 驅動分析能力，與 CACI 既有技術與客戶布局結合，打造在提供可行動的多來源情報方面的領導者。我們近期收到通知，獲得一項協助美國太空軍防禦對手威脅的授標；這是我們首個運用 CACI 與 ARKA 綜合優勢的案子。

We won a significant classified counter space program that combines adaptable software with our purpose-built mission hardware. Like Spectral was in EW, this is a statement win for CACI and counter space, winning against traditional large defense primes. Together with our Space Force RMT program, this new win positions us as a leader in next-generation counterspace technology, which is a significant opportunity for future growth.

我們贏得一項重要的機密反太空（counter space）計畫，結合可調適軟體與我們為任務量身打造的硬體。如同 Spectral 之於電子戰，這是 CACI 在反太空領域的指標性勝利，且是在與傳統大型國防主承包商競爭下勝出。結合我們的太空軍 RMT 計畫，這項新案使我們成為下一代反太空技術的領導者，並為未來成長帶來重大機會。

We also advanced to Phase 3 of the Space Force's enterprise-based terminal program, reinforcing our leadership in delivering resilient mission writing communications across all orbits. EST is the optical communications terminal expected to be proliferated across multiple orbits as part of the Space Force's face data network. We provide a critical technology that supported NASA's historic Artemis II mission, positioning CACI for additional growth opportunities supporting both manned and unmanned spaceflight.

我們也推進至太空軍企業式終端（enterprise-based terminal）計畫的第 3 階段，進一步鞏固我們在跨所有軌道提供具韌性的任務關鍵通訊方面的領導地位。EST 是光學通訊終端，預期將在多個軌道廣泛部署，作為太空軍「面向資料網路」的一部分。我們提供一項關鍵技術，支援 NASA 歷史性的 Artemis II 任務，使 CACI 在支援載人與無人太空飛行方面具備更多成長機會。

In our digital network technology business, we are delivering enterprise scale technology and network deployments to secure the digital backbone for national security. We are ramping up the joint transportation management system modernization program, or US Transcom, replacing fragmented logistics and financial systems with an integrated solution and partnership with SAP and AWS. We are partnering with Oracle to deliver an integrated HR shared service solution to the Office of Personnel Management that will support 2 million users across 96 federal agencies.

在我們的數位網路技術業務方面，我們正交付企業級技術與網路部署，以確保國家安全的數位骨幹。我們正加速推進聯合運輸管理系統現代化計畫（US Transcom），以與 SAP 與 AWS 的整合解決方案與合作，取代分散的後勤與財務系統。我們也與 Oracle 合作，為人事管理局（Office of Personnel Management）交付整合式人力資源共享服務解決方案，將支援 96 個聯邦機構、共 200 萬名使用者。

We are modernizing critical national security networks to improve cyber resiliency, efficiency and mission performance through our base infrastructure modernization awards with the Air Force and ongoing programs for the Army and DIA. Our mission-aligned operational support business is also central to our technology-first model. More than 1,400 CACI employees are bedded across commands globally, providing intelligence analysis, mission planning and operations support every day.

我們正透過空軍的基地基礎設施現代化授標，以及陸軍與 DIA 的持續計畫，現代化關鍵國家安全網路，以提升資安韌性、效率與任務績效。我們以任務為導向的營運支援業務，也是我們「科技為先」模式的核心。超過 1,400 名 CACI 員工在全球各指揮體系中駐點，每天提供情報分析、任務規劃與作戰支援。

Here evolved in every operational headline you read as well as the many operations you will never read about. Their proximity to the mission gives us differentiated insight into customer needs in forms where we invest and helps us deliver relevant technology faster.

這一點體現在你所讀到的每一則營運重點標題中，也體現在許多你永遠不會讀到的作業之中。他們與任務的緊密連結，讓我們能以差異化的視角洞察客戶需求（尤其是在我們投資的領域），並協助我們更快交付相關技術。

Finally, across our entire business, we continue to advance the use of AI to deliver better outcomes to our customers faster. We are leveraging AI tools across our full software development life cycle to reduce development time, improve quality, increase the amount of capability we deliver and strengthen program profitability. And importantly, where we deliver savings to our customers, we are consistently seeing them deploy these savings back to CACI to address additional mission priorities.

最後，在我們整體業務範圍內，我們持續推進AI的運用，以更快為客戶帶來更好的成果。我們正於完整軟體開發生命週期中導入AI工具，以縮短開發時間、提升品質、增加可交付的能力並強化專案獲利能力。更重要的是，當我們為客戶帶來節省時，我們持續看到他們將這些節省再投入回CACI，以因應更多任務優先事項。

We are also extending ARKA developed agentic AI solutions to additional national security missions with the speed of processing and analyzing massive amounts of sensitive data is critical. This approach using AI to enhance both how we work and the outcomes we deliver to our customers creates measurable view and competitive differentiation. These results prove that AI as a multiplier aligned with our strategy and is actively scaling our technology portfolio and growing our business.

我們也正將ARKA所開發的代理式（agentic）AI解決方案延伸至更多國家安全任務，在這些任務中，快速處理與分析大量敏感資料至關重要。這種以AI同時強化我們的工作方式與為客戶交付成果的方法，創造了可衡量的價值與競爭差異化。這些成果證明，AI作為與我們策略一致的倍增器，正積極擴大我們的技術產品組合並推動業務成長。

Slide 7, please. As we scale this technology first business, we are also strengthening our leadership team in several areas that are central to our next phase of growth. During the past few months, we have added significant executive leadership in key areas of our business.

請看第7頁投影片。在擴大這個以技術為先的業務之際，我們也在多個對下一階段成長至關重要的領域強化領導團隊。在過去幾個月中，我們在業務的關鍵領域新增了重要的高階主管領導。

First, Dr. Dave Young, who's joined CACI as our Chief Operating Officer. Dave has recently led a $7 billion national security Space business at Lockheed Martin and will lead cross-business initiatives to drive engineering excellence program performance and growth.

首先，Dave Young博士加入CACI，擔任我們的營運長（COO）。Dave近期在洛克希德馬丁（Lockheed Martin）領導一項規模達70億美元的國家安全太空業務，並將帶領跨事業的倡議，以推動工程卓越、專案績效與成長。

Next, Tom Kirkand rejoined CACI to meet our Electronic Warfare business. Tom most recently served as President of Targeting and Sensor Systems at L3Harris and is also a combat veteran of the United States Army. Tom will be responsible for the growth and delivery of technology and support across all EW customers and programs.

接著，Tom Kirkand重返CACI，領導我們的電子戰（EW）業務。Tom最近擔任L3Harris的瞄準與感測系統總裁，並且也是美國陸軍的作戰退伍軍人。Tom將負責推動在所有電子戰客戶與專案中的技術成長與交付，以及相關支援。

Next, Chris Monoski, joined CACI as our EVP of Manufacturing, a critical function as we scale the production and delivery of technology across the company. Chris brings nearly three decades of experience in manufacturing and supply chain management, most recently as VP of operations for L3Harris.

接著，Chris Monoski加入CACI，擔任製造業務執行副總裁（EVP），在我們於全公司擴大技術生產與交付之際，這是一項關鍵職能。Chris在製造與供應鏈管理方面擁有近30年的經驗，最近任職於L3Harris擔任營運副總裁。

We also combined our existing space capabilities with those of ARKA under Andreas Nonnenmacher. Andreas is the former CEO of ARKA and a proven leader of technology businesses in the national security space team. These executives add the operational experience that will enable CACI to convert growing customer demand into even stronger revenue growth, profitability and free cash flow.

我們也在Andreas Nonnenmacher的領導下，將既有的太空能力與ARKA的能力整合。Andreas曾任ARKA執行長，是國家安全太空領域技術業務的成熟領導者。這些高階主管帶來的營運經驗，將使CACI能把不斷成長的客戶需求轉化為更強勁的營收成長、獲利能力與自由現金流。

Slide 8, please. We continue to see strong customer budgets and demand signals across our markets. Our total addressable market exceeds $300 billion, and our portfolio is concentrated on enduring well-funded national security priorities to give us significant room to grow without depending on top line budget expansion.

請看第8頁投影片。我們持續在各個市場看到強勁的客戶預算與需求訊號。我們的可服務總市場（TAM）超過3,000億美元，而我們的產品組合聚焦於長期且資金充足的國家安全優先事項，使我們在不依賴整體預算上限擴張的情況下，仍有顯著的成長空間。

Customers are also moving to acquire our technology faster through nontraditional procurement methods, including CSOs, OTAs and far Part 12 commercial acquisitions. This shift plays directly to CACI's model of investing ahead of need and delivering adaptable mission-focused technology quickly. We anticipated this change and have been executing our commercial delivery strategy for years, demonstrated by the fact that our OTA award value in fiscal '26 was more than double the values of fiscal '24 and fiscal '25 combined.

客戶也正透過非傳統採購方式更快取得我們的技術，包括CSO、OTA以及FAR第12部分的商業採購。這一轉變正好契合CACI「超前需求投資、快速交付可調適且以任務為導向的技術」的模式。我們已預見此一變化，並多年來持續執行商業化交付策略；其證據是，我們在2026會計年度的OTA得標金額，超過2024與2025會計年度合計金額的兩倍以上。

Our differentiated capabilities and strong past performance position us to win new business, expand existing programs and successfully defend recompetes. Ward activity is beginning to improve, which is evident in our pipeline metrics and our consistent growth in funded backlog illustrates the importance of the mission outcomes we are delivering.

我們具差異化的能力與強勁的過往履約表現，使我們能贏得新業務、擴大既有專案，並成功守住續約競標（recompete）。得標活動正開始改善，這在我們的管線指標中可見一斑；而我們已撥款積壓訂單（funded backlog）的持續成長，也說明我們所交付的任務成果之重要性。

Slide 9, please. Looking ahead, we are setting up to deliver another outstanding year in fiscal '27 based on our accomplishments in fiscal '26. We've developed a technology, won the programs and strengthen the leadership team needed to scale our business in several key areas.

請看第9頁投影片。展望未來，基於我們在2026會計年度的成果，我們正為在2027會計年度再交出一個卓越年度做好準備。我們已開發技術、贏得專案，並強化了在多個關鍵領域擴大業務所需的領導團隊。

With this in mind, in fiscal '27, we expect to deliver revenue growth of 12.4% at the midpoint, EBITDA margin in the high 12% range, and free cash flow per share growth of approximately 22%. This outlook also puts us on track to meet or exceed the three-year targets we established at our Investor Day in November 2024. Jeff will provide more detail on our guidance and our progress against our three-year commitments.

基於此，在2027會計年度，我們預期營收成長率在中位數為12.4%，EBITDA利潤率落在12%後段區間，且每股自由現金流成長約22%。此一展望也使我們有望達成或超越我們在2024年11月投資人日所設定的三年目標。Jeff將就我們的財測指引以及三年承諾的進展提供更多細節。

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. Good morning, everyone.

謝謝你，John。各位早安。

Please turn to slide 10. We are extremely pleased with our fourth quarter and fiscal '26 performance in which we delivered record levels of revenue, EBITDA margin and free cash flow. This exceptional performance underscores our portfolio evolution and the financial results of our strategy.

請翻到第10頁投影片。我們對第四季與2026會計年度的表現感到非常滿意；我們創下營收、EBITDA利潤率與自由現金流的歷史新高。這項卓越表現凸顯了我們產品組合的演進，以及我們策略所帶來的財務成果。

In the fourth quarter, we delivered the double-digit year-over-year and sequential growth as we committed with revenue of $2.7 billion representing 17.6% year-over-year growth, of which 11.6% was organic. EBITDA margin in the quarter was 13%, 150 basis points higher than last year, driven by strong program performance, a greater mix of higher-margin technology and a gain on a minor divestiture in our UK business unit, which added approximately 30 basis points.

在第四季，我們如承諾般實現年增與季增的雙位數成長，營收達27億美元，年增17.6%，其中11.6%為有機成長。本季EBITDA利潤率為13%，較去年提高150個基點，主要受惠於強勁的專案績效、更高毛利的技術組合占比提升，以及我們英國事業單位一項小型處分所帶來的收益，該收益約貢獻30個基點。

Fourth quarter adjusted diluted earnings per share of $8.91 were 6.1% higher than a year ago. driven by excellent operating performance more than offsetting a much lower tax provision last year. Finally, free cash flow of $233 million for the quarter was driven by strong profitability and solid working capital management.

第四季調整後稀釋每股盈餘為8.91美元，較去年同期成長6.1%，主要由優異的營運表現所帶動，並且足以抵銷去年因所得稅費用提列大幅較低所造成的比較基期影響。最後，本季自由現金流為2.33億美元，主要來自強勁的獲利能力與穩健的營運資金管理。

Slide 11, please. For the year, we generated $9.6 million of revenue representing 10.9% growth, of which 7.2% was organic. EBITDA margin of 12.3% for the year, which includes 10 basis points from the UK divestiture gain, represents a 110-basis-point increase over the prior year.

請看第11頁投影片。就全年而言，我們創造96億美元營收，年增10.9%，其中7.2%為有機成長。全年EBITDA利潤率為12.3%，其中包含英國處分收益貢獻的10個基點，較前一年提高110個基點。

Notably, CACI is now delivering nearly $1.2 billion of EBITDA annually. Adjusted diluted earnings per share increased 12.7% to $29.83 and despite $120 million in additional interest and tax expense, demonstrating our robust operational execution and the continued strength of the business.

值得注意的是，CACI目前每年交付的EBITDA接近12億美元。調整後稀釋每股盈餘成長12.7%至29.83美元；儘管利息與稅負費用增加1.2億美元，仍展現我們強勁的營運執行力與業務的持續韌性。

Fiscal '26 free cash flow of $735 million reflects our strong profitability and working capital management and represents a 68% increase in free cash flow per share. We exceeded our initial guidance even after considering additional CapEx investment, ARKA related costs and the delay in the $40 million tax refund into FY '27. These results show that our strategy is producing stronger growth, higher margins and increasing free cash flow per share.

2026會計年度自由現金流為7.35億美元，反映我們強勁的獲利能力與營運資金管理，並使每股自由現金流成長68%。即使考量額外的資本支出（CapEx）投資、ARKA相關成本，以及4,000萬美元退稅延後至2027會計年度入帳，我們仍超越了最初的財測指引。這些結果顯示，我們的策略正在帶來更強的成長、更高的利潤率，以及持續提升的每股自由現金流。

Slide 12, please. Turning our attention to the balance sheet and capital structure. We've also made rapid progress reducing leverage following the ARKA acquisition. Pro forma leverage ended the quarter at 3.7 times and representing a half-turn reduction in just one quarter. This is consistent with our track record of successfully deleveraging after major acquisitions. We now expect to return to leverage in the low 3s by June of 2027, a quarter sooner than we had originally communicated.

請看第12頁投影片。接著我們把焦點轉向資產負債表與資本結構。在完成 ARKA 併購後，我們也在降低槓桿方面取得快速進展。按備考口徑計算，槓桿倍數於本季末為 3.7 倍，僅一個季度就下降了半個 turn。這與我們過去在重大併購後成功去槓桿的紀錄一致。我們現在預期將於 2027 年 6 月把槓桿降回 3 倍出頭，較我們原先溝通的時間提前一個季度。

Slide 13, please. For fiscal '27, we anticipate another year of strong financial performance. We expect revenue between $10.65 billion and $10.85 billion, representing growth of 11.3% to 13.4% and including approximately $500 million of acquired revenue.

請看第13頁投影片。對於 2027 財年，我們預期將是財務表現強勁的又一年。我們預期營收介於 106.5 億至 108.5 億美元，代表成長 11.3% 至 13.4%，其中包含約 5 億美元的併購營收。

We expect EBITDA margins in the high 12% range an increase of 50 basis points at the midpoint and about 250 basis points over the last five years. We expect adjusted net income to be between $735 million and $755 million, which translates into adjusted diluted earnings per share between $32.96 and $33.86.

我們預期 EBITDA 利潤率將落在 12% 的高檔區間，中點較前期提升 50 個基點，且較過去五年約提升 250 個基點。我們預期調整後淨利介於 7.35 億至 7.55 億美元，換算為調整後稀釋每股盈餘介於 32.96 至 33.86 美元。

And finally, we expect fiscal '27 free cash flow of at least $900 million, representing free cash flow per share growth of approximately 22% and the second straight year where adjusted net income conversion would be at least 100%. Fiscal '27 free cash flow includes the delayed $40 million tax refund as well as $115 million of cash benefit from the Section 174 R&D tax credit changes. The Section 174 benefit is larger than previously discussed as it has become more advantageous with the ARKA acquisition to utilize the accelerated tax deduction. We've provided a table in the appendix outlining these details.

最後，我們預期 2027 財年自由現金流至少 9 億美元，代表每股自由現金流約成長 22%，並且連續第二年調整後淨利轉換率至少達到 100%。2027 財年自由現金流包含延後的 4,000 萬美元退稅，以及因第 174 條研發稅額抵減變更帶來的 1.15 億美元現金效益。第 174 條的效益較先前討論更大，因為在 ARKA 併購後，採用加速稅務扣除變得更有利。我們在附錄提供了一張表格說明這些細節。

As always, while we are focused on full year results rather than any particular quarter, we provided additional details on the slide to assist with modeling, including information regarding timing trends we expect in fiscal '27. In addition to our expectation of stronger organic growth in the second half versus the first half, we expect first quarter organic growth to be in the low single digits.

一如既往，雖然我們著重於全年結果而非任何特定季度，但我們在投影片上提供了額外細節以協助建模，包括我們對 2027 財年預期的時點趨勢資訊。除了我們預期下半年有機成長將強於上半年之外，我們也預期第一季有機成長將落在低個位數。

Slide 14, please. Our fiscal '25 and '26 results and the fiscal '27 outlook put us on track to substantially beat our three-year free cash flow target of $1.6 billion by 31% generating free cash flow of at least $2.1 billion for the three-year period. This performance is driven by exceeding our three-year EBITDA margin target of mid 11%, now expected to be 11.9% to 12% and meeting or exceeding the high end of our three-year revenue target of high single-digit annual growth rate.

請看第14頁投影片。我們 2025 與 2026 財年的成果，以及 2027 財年的展望，使我們有望大幅超越三年期 16 億美元自由現金流目標 31%，在三年期間產生至少 21 億美元自由現金流。此表現主要來自我們超越三年期 EBITDA 利潤率目標（11% 中段），目前預期為 11.9% 至 12%，並達成或超越三年期營收目標的高端（年複合成長率為高個位數）。

These three-year performance estimates exclude the benefit from ARKA, which was the basis on which we provided the targets. Accordingly, when including the benefit of ARKA, our three-year results on a reported basis will be even stronger. These financial results are particularly notable given the dynamic environment of the past few years. Our consistently strong performance is a testament to our strategy, differentiation and the evolution of our business as well as the superior execution of the entire CACI team.

這些三年期績效估計不包含 ARKA 的效益，因為我們提供目標時是以不含 ARKA 為基礎。因此，若納入 ARKA 的效益，我們按報表口徑的三年期結果將更為強勁。鑑於過去幾年的動態環境，這些財務成果尤其值得注意。我們一貫強勁的表現，證明了我們的策略、差異化與業務演進，以及整個 CACI 團隊卓越的執行力。

Slide 15, please. Turning to our forward indicators. As we enter fiscal '27, we expect approximately 83% of revenue to come from existing programs, 9% from recompetes and 8% from new business. Fiscal '26 awards were $10 billion, representing a healthy mix of new work and strong recompete performance. The weighted average duration of these awards was nearly six years, providing us with strong visibility into the long-term strength and cash generation capacity of our business.

請看第15頁投影片。接著談我們的前瞻性指標。進入 2027 財年時，我們預期約 83% 的營收將來自既有專案，9% 來自續約競標（recompetes），8% 來自新業務。2026 財年的得標金額為 100 億美元，包含健康的新工作組合以及強勁的續約競標表現。這些得標案的加權平均期間接近六年，讓我們對業務長期強度與現金創造能力具有高度能見度。

I'd also like to expand on John's comments about seeing an increase in customers using nontraditional acquisition methods. While these methods continue to be very beneficial to CACI, metrics like book-to-bill, contract duration and pipeline may need to be considered differently as these methods become more prevalent.

我也想延伸 John 對於看到更多客戶採用非傳統採購方式的評論。雖然這些方式持續對 CACI 非常有利，但隨著其愈加普及，像是接單出貨比（book-to-bill）、合約期間與商機管線等指標，可能需要以不同方式來解讀。

Total backlog of more than $32 million grew 2% year-over-year, while funded backlog increased by 29%. This represents the sixth time in the last seven quarters, and we have delivered double-digit year-over-year growth in funded backlog underscoring the critical national security priorities we address and the superior execution we deliver.

總積壓訂單超過 3,200 萬美元，年增 2%，而已獲資金支持的積壓訂單（funded backlog）增加 29%。這是過去七個季度中的第六次，我們在已獲資金支持的積壓訂單上實現兩位數年增，凸顯我們所支援的關鍵國家安全優先事項，以及我們所展現的卓越執行力。

We continue to see a healthy pipeline of new opportunities with nearly $11 billion of bids under evaluation. About 75% of these being for new business. We also expect to submit another $22 billion in bids over the next two quarters with about 80% of these being for new business. The significant increase in bids under evaluation, while sustaining the level of expected submissions is another indicator that the acquisition process is returning to a more normalized cadence and demonstrates that CACI is positioned in the right markets, focused on enduring priorities with narrow deep funding streams.

我們持續看到健康的新機會管線，近 110 億美元的投標案正在評估中。其中約 75% 為新業務。我們也預期在未來兩個季度再提交 220 億美元的投標案，其中約 80% 為新業務。正在評估中的投標案大幅增加，同時維持預期提交量的水準，是另一項指標，顯示採購流程正回到較正常的節奏；也證明 CACI 佈局於正確的市場，聚焦於長期優先事項，並擁有狹窄但深厚的資金來源。

In summary, fiscal '26 was an outstanding year. We exceeded our commitments in a challenging environment, demonstrating the strength of our business and the effectiveness of our strategy. Our fiscal '27 outlook, substantial backlog and strong market position give us confidence in continued growth, increasing free cash flow per share and delivering additional shareholder value.

總結而言，2026 財年是非常出色的一年。我們在具挑戰的環境中超越承諾，展現了我們業務的韌性與策略的有效性。我們對 2027 財年的展望、可觀的積壓訂單以及強勁的市場地位，使我們對持續成長、提升每股自由現金流並為股東創造更多價值充滿信心。

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.

謝謝你，Jeff。

Let's go to slide 16, please. Before we open the call for questions, I want to take you back to November 8, 2024, and we held our Investor Day at the New York Stock Exchange and provided our three-year financial targets. It was three days after the presidential election and four days before the incoming administration announced Dose and an ambitious effort to reduce federal spending, regulations and bureaucracy.

請看第16頁投影片。在我們開放提問之前，我想帶各位回到 2024 年 11 月 8 日；我們在紐約證券交易所舉辦投資人日，並提出我們的三年期財務目標。那是在總統大選後三天、而在新政府宣布 Dose 以及一項雄心勃勃、旨在削減聯邦支出、法規與官僚體系的努力之前四天。

What followed was a period of significant change and uncertainty across the government market. Since then, we've seen multiple lengthy government shutdowns, a multitude of executive orders and changes to the government acquisition process and extended slower award environment and numerous other dynamics.

隨後，政府市場進入一段重大變動與不確定性的時期。自那以來，我們看到多次長時間的政府停擺、大量行政命令、政府採購流程的變更、得標環境延長且更為緩慢，以及許多其他動態。

Against that backdrop, we remain focused on delivering the three-year financial targets we presented at Investor Day. We did not build our commitments around the expectation of an easy operating environment. We've built them based on our long-term strategy around serving enduring national security priorities, delivering differentiated technology, executing a disciplined and invest ahead of lead model, consistently executing and all the while taking our customer where we knew they needed to go.

在這樣的背景下，我們仍專注於達成我們在投資人日所提出的三年期財務目標。我們的承諾並非建立在預期營運環境會很輕鬆之上。我們是基於長期策略而建立：服務長期存在的國家安全優先事項、提供差異化技術、執行嚴謹且「超前投資、領先布局」的模式、持續落實執行，同時帶領客戶走向我們知道他們需要前往的方向。

Now over two years into our three-year targets, our results speak for themselves. We have delivered on our commitments and our fiscal '27 guidance puts us on track to outperform the three-year plan we established. This is the key takeaway from today's call. Strategy has always been a place where we come from. Core principles of that strategy are resilient today. We've proven again and again that regardless of the larger macro environment changes we face. Our strategy is working. Our business is stronger, our resolve, unwavering.

如今在三年期目標進程已超過兩年，我們的成果不言自明。我們已兌現承諾，而我們對 2027 財年的指引讓我們有望超越既定的三年計畫。這就是今天電話會議的關鍵重點。策略一直是我們的出發點。該策略的核心原則至今仍具韌性。我們一次又一次證明，無論面對更宏觀環境的任何變化。我們的策略正在奏效。我們的業務更強大，我們的決心，堅定不移。

We are well positioned to continue delivering value for our customers and our shareholders. As is always the case, our success is driven by our 27,000 employees who are ever vigilant in expanding our limits of national security. To everyone on our CACI team, I'm extremely proud of what you do every day for our company and our nation. And to our shareholders, I thank you for your continued support of CACI.

我們已做好充分準備，將持續為客戶與股東創造價值。一如既往，我們的成功來自於我們27,000名員工，他們時刻警覺，持續拓展我們在國家安全方面的能力邊界。對CACI團隊的每一位成員，我為你們每天為公司與國家所做的一切感到無比自豪。也向各位股東致謝，感謝你們持續支持CACI。

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

接下來，Andrea，我們開放提問。

(Operator Instructions) Gavin Parsons, UBS.

(接線員指示) Gavin Parsons，瑞銀（UBS）。

John, I mean, at risk of asking you just sound a bit like a broken record. But if I go back 10 years, CACI organic growth is kind of more or less been in line with the industry average. But in 2024, it kind of really started to pick up steam. I mean, you grew even faster in '25. And I mean in '26, you grew just that much faster than the industry. I mean, is there anything you can point to in the last few years that's allowed that really to accelerate or diverge?

John，我的意思是，冒著聽起來像在重複老調的風險。但如果我回顧過去10年，CACI的有機成長大致上與產業平均差不多。但在2024年，成長似乎真的開始加速。我的意思是，你們在'25成長得更快。而在'26，你們又比產業快了更多。我的意思是，過去幾年是否有任何因素讓成長能夠如此加速或拉開差距？

Yes. And Kevin, look, thanks much for that question. Look, I'll start with a clear strategic plan, right? We put a very new road ahead in 2019. We spent a lot of time talking about the expertise in tech in the interplay between those two. We did a complete business development reset.

是的。Kevin，謝謝你的提問。我先從清晰的策略計畫談起，對吧？我們在2019年規劃出一條全新的道路。我們花了很多時間討論專業能力與科技之間的互動關係。我們也徹底重整了業務開發。

You all heard me talk about a bit less and win more and bid longer and larger programs. We've really doubled down and focusing on our customers' needs, really gaining unique mission understands. We've talked about the 1,400 people we have embedded. That didn't happen by accident. That was a well-orchestrated strategy for us to build those teams out. We invested ahead of neat and work to set that mattered.

你們都聽過我談到「少談一些、贏更多」，以及投標更長期、更大型的專案。我們確實加倍聚焦在客戶需求上，真正取得對任務的獨特理解。我們也談過我們有1,400人深度嵌入客戶端。那不是偶然發生的。那是我們精心策劃的策略，用來建立這些團隊。我們提前投入資源，在需要與工作尚未到位之前就先做準備，確保能做出有影響力的成果。

And then most importantly, Gavin, if you look at the '19 through '23 time frame, we spent a lot of time and treasure creating a differentiated software-based tech portfolio. It was really aimed at the real needs of the DoD and the intelligence community. We were able to take all the knowledge that we learned from our embedded workforce at all the coms around the world and really build some world-class commercial priced and commercially deliverable products.

然後最重要的是，Gavin，如果你看'19到'23這段期間，我們投入大量時間與資源，打造具差異化、以軟體為核心的科技產品組合。這些投入真正對準國防部（DoD）與情報社群的實際需求。我們能把從遍布全球各司令部（combatant commands）之嵌入式人力所學到的所有知識整合起來，並打造出世界級、具商業定價且可商業化交付的產品。

So if you think about it, if I look back, I didn't realize it was a good 10 years. In '19 through '23, I think we're a little bit ahead of our time, and we were sort of priming the pump. In '24, everything really came together, we're talking about the programs we put in backlog. We're six years of duration versus three. We had a strong tech portfolio that was commercially available. We reshaped our workforce. We obtained a lot of talent. And frankly, '27 is going to be the next year of exceptional growth.

所以如果你這樣想，回頭看，我沒意識到已經是整整10年了。在'19到'23，我認為我們有點走在時代前面，某種程度上是在「預熱」與打底。到了'24，一切真的水到渠成，我們談到那些納入積壓訂單（backlog）的專案。合約期是6年，而不是3年。我們有一個可商用的強大科技產品組合。我們重塑了我們的員工結構。我們也吸納了大量人才。坦白說，'27將會是下一個非凡成長之年。

It's all around differentiating. It's all around, unfortunately, continually being compared against companies who have very little in common with. I've always said that when I hear somebody say, hey, we're going to move to technology from where we are today. I'd probably say you just had your best day because there's a long number of years and a large moat for you to go build what it means to deliver technology to this -- to this new age battles.

這一切都圍繞在差異化。也圍繞在一個不幸的現實：我們持續被拿來與一些其實與我們幾乎沒有共同點的公司比較。我一直說，當我聽到有人說「我們要從現在的狀態轉向科技」，我大概會說：你剛剛度過了你最美好的一天，因為要打造出能在這個新時代戰場交付科技的能力，還需要很多年，而且護城河很深、很寬。

Again, pace of change in battle needs to equal pace of change in the tech. And I think where we've come and where we've been and connecting where customers are buying today, I think it's why you can focus on '25 -- '24, '25 and '26. And you're all going to see exactly the same kind of performance in '27.

再次強調，戰場需求的變化速度必須等同於科技變化的速度。我認為我們一路走來的累積，以及把握住客戶今天的採購方向，正是你能聚焦在'24、'25與'26的原因。而你們在'27也會看到完全同樣類型的表現。

I think that's the real takeaway. You don't just say this and do it. I mean, once you identify this path, it takes a couple of years of concerted, focused energy for it to start to bear fruit.

我想這才是真正的重點。你不能只是說說而已就能做到。我的意思是，一旦你辨識出這條路徑，就需要幾年持續、專注且一致的投入，才會開始開花結果。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Jeff, very nice results. John, since you've been at CACI you really transformed the portfolio made it much more of a defense tech hardware business. You talked about the executives that you recently brought on board. And I noticed a lot of them have backgrounds in hardware and also Space. So should we take that as the company is going to increase its acceleration to becoming even more of a software-defined hardware company? And could that possibly lead towards deemphasizing the expertise side of the business?

Jeff，成果非常亮眼。John，自從你加入CACI以來，你確實改造了產品組合，讓它更像是一家國防科技硬體公司。你提到最近延攬加入的高階主管。我注意到其中很多人有硬體與太空領域的背景。所以我們是否可以解讀為，公司將加速轉型，成為更偏向「軟體定義硬體」（software-defined hardware）的公司？而這是否可能導致公司淡化「專業能力」這一端的業務？

Yes. Look, I mean, let me talk a little bit about the talent that we brought on board. Yes. I mean, look, Dave has a lot of Space background. He has a lot of networks background. He's been in both held companies as well as publicly trading companies. Chris, definitely -- you've heard me talk about what we've done on the manufacturing side. I mean, Chris is going to move us from good to awesome just by passing grade. Tom is back into CACI running our EW business. So there's no doubt that we brought us talent in.

是的。我先談談我們延攬進來的人才。是的。我的意思是，Dave有很深的太空背景。他也有很深的網路背景。他既在私人持有公司待過，也在公開上市公司任職過。至於Chris，毫無疑問——你們也聽我談過我們在製造端所做的事。我的意思是，Chris會把我們從「不錯」推進到「卓越」，而且是立竿見影。Tom也回到CACI，負責我們的電子戰（EW）業務。所以毫無疑問，我們確實引進了人才。

Look, we all set those terms, expertise and technology out there really as markers to really say, look, we're going to transform this company. And for those fortunate investors who, to this point, have been by our side who are buying our stock in 2015, '16, all the way through '19 to '23 when we were average growth and where we are now, they've seen -- they've been able to bear the fruits. So where do we go next? We're always going to have expertise in this company, okay?

你看，我們把「專業能力」與「科技」這些用語放在那裡，其實是作為標記，來表達：我們要改造這家公司。而對那些一路相伴、到目前為止都站在我們這邊的幸運投資人而言——從2015、'16一路買到'19到'23（當時我們成長普通）再到現在——他們已經看到並享受到成果。那接下來要往哪裡走？我們永遠都會在這家公司保有專業能力，好嗎？

We like to call it operational support. We like to call it deeply embedded with the mission because at the end of the day, folks you want us to have the knowledge of where the mission is going long ahead of where everybody else does. And that's what it takes and that's what we get when we have 1,400 people forwardly deployed all around this globe. We know the issues that are out there. We understand uniquely how the mission has changed and how the battlefield tactics have changed.

我們喜歡把它稱為營運支援。我們喜歡把它稱為深度嵌入任務之中，因為歸根結底，各位希望我們能在任務走向上，比其他任何人更早、更深入地掌握。而這正是所需的條件；當我們有1,400人前沿部署在全球各地時，我們就能做到並獲得這些洞見。我們知道外部正在發生的問題。我們也能以獨特的方式理解任務如何改變，以及戰場戰術如何改變。

And that's why it makes investing in our software-based tech they are much more safe, safe, meaning that a lot of our investments and our bets do come in and we're able to continue to grow. So I think obviously a day that we don't have expertise within our business. What I think you're seeing is that whether it's digital and network tech or whether it's EW or cyber or Space, where that company that customers are now beginning to really come to have us build the software-based technology as long as well as the support that they need to fight an ever-changing battlefield. So thanks for the question.

這也是為什麼投資於我們以軟體為核心的技術會更安全——所謂更安全，指的是我們許多投資與押注都能落地，我們也因此能夠持續成長。所以我認為很明顯，有些領域在我們的業務中我們並不具備專業能力。我認為你看到的是，無論是數位與網路技術，或是電子戰（EW）、網路（cyber）或太空（Space），客戶現在都開始真正找我們來打造以軟體為基礎的技術，以及他們在面對不斷變化的戰場時所需要的支援。所以謝謝你的提問。

Colin Canfield, Cantor Fitzgerald.

Colin Canfield，Cantor Fitzgerald。

Total book-to-bill is not the right metric. Maybe if you could talk about your funded booking expectations contemplated in the guide? And then if you're able to talk about funded bookings to date.

總體的 book-to-bill 不是正確的衡量指標。也許你可以談談在指引中所考量的「已獲資金支持的訂單（funded bookings）」預期？另外，如果可以的話，也請談談截至目前的 funded bookings。

Yes, thanks for the question, Colin. I think there are a couple of related statistics that you have to think about to get a holistic view of this, of the nature to pour of your question. The first one is the increase in funded backlog.

好的，謝謝你的提問，Colin。我認為要全面理解你這個問題的本質，需要看幾個彼此相關的統計數據。第一個是已獲資金支持的在手訂單（funded backlog）的增加。

And I commented in my prepared remarks, about this being the sixth of the last seven quarters, so we've had double-digit increases. That, combined with the size of the overall backlog tells you that customers are laser-focused on what we do and the criticality of the positions, and they're doing what they need to do for us to grow and prosecute that part of the strategy.

我在事先準備的發言中提到，這是過去七個季度中的第六個季度，我們出現了兩位數的增長。這一點再加上整體在手訂單的規模，說明客戶非常聚焦於我們所做的事情及其關鍵性，他們也在採取必要行動，讓我們能夠成長並推進那部分策略。

The second factor that I was referring to is the size of the bids under evaluation. So that's grown in a quarter from $4 billion to nearly $11 billion, 2.5 times larger, while at the same time, the $22 billion pipeline of proposals we expect to submit over the next six months is relatively stable. So I think you get a sense of two things from those two statistics. One is the customer priority on the positions that we're holding and executing on.

我提到的第二個因素是正在評估中的投標規模。這個數字在一個季度內從 40 億美元增至接近 110 億美元，成長 2.5 倍；同時，我們預期在未來六個月內提交的 220 億美元提案管線相對穩定。因此，我認為從這兩個統計數據你可以感受到兩件事。第一是客戶對我們所承擔並執行之任務/位置的優先順序。

And the second is the continued opportunity-rich environment that we see for the things that we do. And I think the awards per se in any particular quarter have a lot of administrative month-to-month kind of changes. But the durable statistics that I just referenced, I think, are at least as important to thinking about where we stand in that matter.

第二是我們所從事領域持續充滿機會的環境。而我認為，任何特定季度的得標本身，會受到許多行政層面、按月變動的因素影響。但我剛剛提到的那些更具持久性的統計數據，我認為至少同樣重要，有助於思考我們在這件事上的位置。

Colin, you had one other piece of information as well. During my prepared remarks, I was talking about CSOs and OTAs. Look, strong TA content will beginning now and in the future, that's going to influence award values like the actual dollars of awards that we booked.

Colin，你還問到另一個資訊點。在我事先準備的發言中，我談到了 CSO 和 OTA。你看，強勁的 TA 內容從現在開始以及未來，將會影響得標金額——也就是我們入帳的實際得標美元數。

So in the near term, these year-over-year comparisons, they're not going to work forever because the ground under is all is starting to move forward. It's moving at a pretty rapid pace. $500 million of OTA work last year alone, which is more than double what we did the prior two years, that has a near-term impact on all of us watching numbers, but has an awesome maximum impact on company value as you go forward because those lower dollar OTAs turn into larger dollar production programs much, much faster.

因此在短期內，這些年對年的比較不可能永遠適用，因為底層環境正在往前移動。而且移動速度相當快。光是去年就有 5 億美元的 OTA 工作量，超過我們前兩年合計的兩倍；這在短期內會影響我們所有人所關注的數字，但從長期來看，對公司價值有非常大的正面影響，因為那些較小金額的 OTA 會更快轉化為更大金額的量產計畫。

So we all have to watch that. We're watching that internally as well to make certain that we've got the right book of business to continue to grow the company. And frankly, this management team wouldn't put the guidance we have in '27 if we were sitting here nervous -- dollars business awarded to 26.

所以我們都必須關注這點。我們內部也在關注，以確保我們擁有正確的業務組合來持續推動公司成長。坦白說，如果我們對 2026 年的得標金額感到緊張，這個管理團隊就不會提出我們在 2027 年的指引。

Got it. Got it. And then maybe if we can talk about remaining gaps in the CACI portfolio, specifically within electrode superiority space and cyber. How does the team think about kind of, I guess, like expanding the manufacturing kind of acquiring more manufacturing work over time versus the profitability that you get from kind of -- will say approaching or developing, investing a new phenomenology for intelligence? Like notably, like it's electrooptical inventory now, RF, which has already been a significant franchise but assume just like other things that you want to chase over time that are part of the portfolio

了解。了解。那接下來也許我們可以談談 CACI 投資組合中仍然存在的缺口，特別是在電磁優勢（electrode superiority）領域以及網路（cyber）。團隊如何看待——我想是——隨時間擴大製造能力、取得更多製造型工作，與你們從——可以說是——切入或開發、投資新的情報「現象學」（phenomenology）所帶來的獲利能力之間的取捨？例如，現在是電光（electrooptical）庫存、RF（射頻）——這已經是一個重要的業務特許經營——但假設還有其他你們想隨時間追逐、屬於投資組合的一部分的方向。

Yes. Colin, thanks. So let me take a part of that and may hand hard hat off to Jeff as well. Look, our M&A program has been quite discriminating within the sector, and I would say, within the broader industry it large. We're always looking for good gaps. And admittedly, the number of gaps clearly over the last 15 or so years have gotten smaller, and I think our investors have been extremely well rewarded with the organic growth that we've built building on those acquisitions.

是的。Colin，謝謝。我先回答其中一部分，之後也可能把安全帽交給 Jeff 來補充。你看，我們在這個領域的併購（M&A）計畫一直相當審慎；我會說，在更廣泛的整體產業中也是如此。我們一直在尋找好的缺口。而且必須承認，過去大約 15 年左右，缺口的數量確實變少了；我認為投資人也因為我們在這些收購基礎上建立起來的有機成長而獲得了非常好的回報。

But we're sort of doing both, right? First of all, we do have an technology portfolio. We're always looking to see how do we advance it? How do we add capabilities to it? And then how do we take AI and everything that AI gives us, right? And how do we push our software-based tech to do more so we can process more information and provide much more battlefield effects. Every time we do that, where we don't change the base unit but we add new software to those units, we increased capabilities out there, and that makes us even more sticky.

但我們其實是兩者並行，對吧？首先，我們確實有一個技術組合。我們一直在看如何推進它？如何為它增加能力？以及如何運用 AI 以及 AI 帶給我們的一切，對吧？並且如何推動我們以軟體為基礎的技術做得更多，讓我們能處理更多資訊並提供更強的戰場效果。每當我們做到這點——在不改變基礎硬體單元的情況下，為這些單元加入新的軟體——我們就能提升外部部署的能力，這也讓我們的黏著度更高。

But if we look at the gaps, yes, we do have gaps and we're always we have a live M&A pipeline always. But I think at the heart of your question is, now it's not about trying to fill gaps, it's about enhancing everything that we have. And frankly, Chris Monoski on the manufacturing side. We build software-based tech and unique integrated solutions that 10 to 12 different places around the US, and we are deeply studying how do we build production centers of excellence, whether it's defense electronics, space-based solutions, integrated solutions, where does the best workforce live for that kind of work, then how do we bring solutions to our workwear fiber sooner.

但如果我們看缺口，是的，我們確實有缺口，而且我們一直都有一條持續運作的 M&A 管線。不過我認為你問題的核心是：現在已不只是填補缺口，而是強化我們既有的一切。坦白說，在製造端由 Chris Monoski 負責。我們在美國約 10 到 12 個不同地點打造以軟體為基礎的技術與獨特的整合式解決方案；我們正在深入研究如何建立量產的卓越中心（centers of excellence），不論是國防電子、太空解決方案、整合式解決方案——哪裡有最適合這類工作的勞動力——接著我們如何更快把解決方案帶到我們的工作服纖維（workwear fiber）上。

Yes. And Harlan, let me remind you that before we get to acquire, we run through the possibilities around investing and partnering first. So we don't have -- obviously, we're serial acquirers and M&A is an important part of our strategy, but that's not always the first place that we look when we identify a cap.

是的。Harlan，我也提醒你，在走到收購之前，我們會先評估投資與合作的各種可能性。所以我們並沒有——當然，我們是連續收購者，M&A 是我們策略的重要部分——但當我們識別到一個缺口時，M&A 並不一定是我們首先看的選項。

So having said that, obviously, John's characterization of what we're doing is consistent with what we've said and aligned with the pipeline that we continue to manage and look for. As we grow the nature of some of the gaps is changing, and it becomes less sometimes about specific little pockets of technology and sort of is morphing into being a little more maybe capability and market access. But nevertheless, still a GAAP-driven strategy. And we're not going to talk about that for obvious reasons with any real specificity. But we do -- we are always on the prowl.

話雖如此，John 對我們正在做的事情的描述，與我們所說的一致，也與我們持續管理並尋找的管線相一致。隨著我們成長，某些缺口的性質正在改變；有時候它不再是某個特定的小型技術口袋，而是逐漸轉變為更偏向能力與市場進入（market access）。但無論如何，仍然是一個由 GAAP 驅動的策略。出於顯而易見的原因，我們不會就此做任何具體說明。但我們確實——一直都在伺機而動。

Peter Arment, Baird.

Peter Arment，Baird。

Jeff, nice results. John, so fixed price revenue surge, and I'm sure some of that's tied to ARKA, but up to almost 35% of your mix. Just wondering if you expect that to kind of continue to climb going forward?

Jeff，成果不錯。John，所以固定價格收入大幅成長，我確定其中一部分與 ARKA 有關，但已接近你們組合的 35%。想請教你是否預期未來這個比例還會持續上升？

And then as a follow-up, Jeff, could you just talk a little bit about fiscal '27 kind of cadence how you're expecting EBITDA? I know you guys have always been kind of a little second half weighted. Just if you could walk us through a little bit of that.

接著追問一下，Jeff，你能否談談 2027 財年的節奏，你們預期 EBITDA 會如何走？我知道你們一向比較偏向下半年較重。如果可以的話，請帶我們稍微走一遍。

Yes. Thanks, Peter. So fixed price, right? Hey, more sooner is better. look, we've -- we're really comfortable with fixed price work and we regularly advocate for it with our customers across the portfolio. It aligns really well with our Invest head of customer need, right? It aligns with our agile software development work. We are, frankly, customers procure software now in a fixed unit price manner based on the size of development and that deployment effort.

是的。謝謝你，Peter。所以固定價格，對吧？嘿，越早越多越好。你看，我們——我們對固定價格的工作非常有信心，也經常在整個產品組合中向客戶倡議採用這種方式。這與我們的 Invest（以客戶需求為核心）的理念非常一致，對吧？也與我們的敏捷軟體開發工作相契合。坦白說，客戶現在採購軟體，會依據開發規模與部署投入，以固定單位價格的方式進行。

So on the other side, we're really mindful of terms and when fixed price is used -- and there's -- there's a lot of scope that has to be defined or it's uncertain, there's probably areas where cost plus is more appropriate. I mean clearly, now we're a larger Space business. If we need to bend the loss of physics, that probably isn't good work for the customer or us to want to do fixed price. But look, we've built out a far part 12 commercial part of our business, we're already developing and selling commercially, which is code for firm fixed price.

另一方面，我們也非常留意條款，以及固定價格何時適用——而且——而且必須把很多範疇（scope）定義清楚，否則不確定性很高；在那種情況下，可能有些領域採用成本加成（cost plus）更合適。我的意思是，很明顯，現在我們是一個更大型的太空業務。如果我們需要去扭轉物理定律的損失，那對客戶或我們來說，可能都不是適合做固定價格的工作。但你看，我們已經建立起 FAR Part 12 的商業化業務部分，我們已經在進行商業開發與銷售，而這其實就是「確定固定價格」（firm fixed price）的代稱。

You can see the results and how quickly that moves EBITDA margins year-over-year growth. I think we're at if you look at the high 12s now versus where we were just last year, which was another remarkable move in margin. I honestly believe that firm fixed price works fantastically for a customer and it works just as equally fantastic for us. So if you look at OTAs, that is going to continue to drive that work. So I don't think quarter four is an anomaly. I think we're just hitting our stride.

你可以看到結果，以及它如何快速推動 EBITDA 利潤率的年對年成長。我想如果你看現在大約在 12% 高段，相較於去年我們所在的位置，這又是一次顯著的利潤率提升。我真心相信，確定固定價格對客戶非常好，對我們同樣也非常好。所以如果你看 OTAs，這將會持續推動這類工作。因此我不認為第四季是異常。我認為我們只是進入了順風期。

I think back to Gavin's comments earlier. We're hitting our stride and then may be the firm fixed price in the '27, '28, '29 window is going to be driving either even greater margins, better revenue growth, which to me is all about free cash flow growth. Jeff?

我回想 Gavin 先前的評論。我們正在進入順風期，而在 2027、2028、2029 這個時間窗內，確定固定價格可能會推動更高的利潤率、更好的營收成長；對我而言，這一切都關乎自由現金流的成長。Jeff？

Yes. Related to the first half, second half part of your question, Peter, you obviously -- the answer to your question is in your question. We obviously have a pretty clear established cadence of having a heavier back half depending on whether you look at revenue or cash flow or margin progression, the patterns are slightly different. The ranges are slightly different, but the pattern is the same. And you ought to think about kind of 45, 55 first half, second half revenue distribution.

是的。關於你問題中提到的上半年、下半年的部分，Peter，你其實——答案就在你的問題裡。我們顯然有一個相當清楚、已建立的節奏：下半年較重；不論你看的是營收、現金流或利潤率推進，型態會略有不同。區間會略有不同，但型態是一樣的。你可以把它想成大概 45/55 的上半年/下半年營收分布。

In terms of cash flow, that's kind of a third in the first half, two-thirds in the back half. which, again, is if you look at the last several years, you'll see ample evidence of that pattern. And probably the more pronounced progression though among those key metrics that we talked to you about regularly is margin. And the margin variability is an artifact of the portfolio. It's an artifact -- in the sense that it's -- that it represents mix of different programs and contracts and customers and different buying patterns.

就現金流而言，大概是上半年三分之一、下半年三分之二。再說一次，如果你看過去幾年，你會看到大量證據支持這個型態。而在我們定期與你們溝通的那些關鍵指標中，可能最明顯的推進其實是利潤率。利潤率的波動是產品組合的結果。這種結果——也就是說——它反映了不同專案、合約、客戶，以及不同採購模式的組合。

And you'll see, over time, it's not unusual for us to have 150 bps, 200 bps of margin variability in the course of the year. And this year is not going to be any different we expect from the most recent couple of years. So we said mid-11s on our way to high 12s. And I think if you look at some of the recent patterns, you'll see those interior quarters kind of shape up separately. But I don't know if that answers all of your questions, but a clearly the first half, second half pattern you note is an artifact of the portfolio and where we are.

而你會看到，隨著時間推移，我們在一年之中出現 150 個基點、200 個基點的利潤率波動並不罕見。而今年我們預期也不會與最近幾年有任何不同。所以我們說從 11% 中段走向 12% 高段。我想如果你看一些近期的型態，你會看到那些中間季度會各自呈現不同的走勢。但我不確定這是否回答了你所有問題；不過你提到的上半年、下半年的型態，確實是產品組合以及我們所處位置的結果。

I was wondering if you could talk about your expectations for contract awards given you had a big uptick in bids awaiting decision and kept the to be submitted flat, which is pretty impressive. So I'm just curious what are your expectations into the September quarter? And if we have an extended CR in the December quarter just based on your idiosyncratic submissions in pipeline.

我想請你談談對合約得標（contract awards）的預期：因為你們「投標待決」（bids awaiting decision）大幅上升，同時把「待提交」（to be submitted）維持持平，這相當令人印象深刻。所以我很好奇，你們對 9 月季度有什麼預期？另外，如果 12 月季度出現延長的持續決議案（CR），就你們管線中較具特殊性的提交情況來看，會怎麼影響？

Well, yes, that's in question. Look, let's start off with where the budget is, right? And whether we're in a CR or not. I think the most helpful way to answer that is as follows. We've extended the duration of contracts we've put in our backlog from three to six years over the last 8 to 10 years. We're clearly in the earlier question, talk through the fact that we're very comfortable with the guidance that we've put out there based on the current awards environment.

嗯，是的，這是個問題。你看，我們先從預算目前的狀況談起，對吧？以及我們是否處於 CR。我認為最有幫助的回答方式如下：在過去 8 到 10 年裡，我們把納入積壓訂單（backlog）的合約期限，從 3 年延長到 6 年。很明顯，回到前面那個問題，我們也談到：基於目前的得標環境，我們對已提出的指引非常有信心。

Jeff shared some metrics of things improving. We talked about the impact of OTAs, which is a positive impact for us, should be seen as a negative one. And then beyond that, we see the reconciliation funding starting to flow in areas like budget or security, our intelligence programs. Space absolutely, as you think through Golden Dome modernization of a lot of different logistics systems out there. And then the entire counter market.

Jeff 分享了一些改善中的指標。我們談到 OTAs 的影響，這對我們是正面影響，不應被視為負面。此外，我們也看到和解（reconciliation）資金開始在一些領域流入，例如預算或安全、我們的情報專案。太空領域當然也是如此，當你思考 Golden Dome 的現代化，以及許多不同的後勤系統現代化。以及整個反制市場（counter market）。

So the other thing that I would share is if you look at the new business content, increasingly, the new business content that we share in our metrics, a lot of that is by new software-based product sales and those sort of turn and burn in the same year and some even in the same quarter. So again, even those metrics are starting to be SKUs as we're becoming more of a technology company and less of the traditional government services side where a lot of that 8% or 9% of new business is going to be filled in with a uberly rich pipeline of high-margin software-based tech programs.

另外我想分享的是，如果你看我們揭露的新業務內容，越來越多我們在指標中分享的新業務，是由新的軟體型產品銷售所構成，而這類通常在同一年就能「快速周轉」（turn and burn），有些甚至在同一季度內完成。所以再說一次，隨著我們越來越像一家科技公司、而越來越不像傳統政府服務公司，那些指標也開始以 SKU 的形式呈現；過去新業務的 8% 或 9% 很大一部分，將由一個極其豐富、以高毛利軟體技術專案為主的管線來補足。

So the dynamics are changing. You should hear from Jeff and I is that we don't see any issues in achieving '27 guidance and future growth in '28 and the years out because we're in a small period of time where things are taking a little bit longer to award.

所以動態正在改變。你應該從我和 Jeff 這裡聽到的是：我們不認為在達成 2027 年指引、以及 2028 年與往後年度的成長方面會有任何問題；即便目前只是有一小段時間，授標（award）所需時間稍微拉長。

And you won't be surprised, Gautam, to know that kind of in line with our practice, our development of the guidance range can accommodate some amount of variability around assumptions there. And we have opportunities for home contract growth and other things that factor into the range as well in addition to just the new business. So it's not all new business.

Gautam，你不會意外地知道，這與我們一貫的做法一致，我們在制定指引區間時，能夠容納在相關假設周邊一定程度的變動性。此外，除了新業務之外，我們也有住宅合約成長以及其他因素會納入區間考量。所以不全然都是新業務。

John mentioned a couple of things that could contribute to growth here that aren't necessarily ever visible in the awards number. I'd also point to our continued success in growth in the funded part of the backlog. So there's a lot of moving parts here that we're processing to come up with kind of a high confidence range to tell you where we're going to end up. There's a lot of lot of knobs and levers here to manage.

John 提到幾件可能帶動這裡成長、但不一定會在得標金額中顯現的事情。我也想指出，我們在積壓訂單中已獲資金（funded）部分的成長上持續取得成功。因此這裡有很多變動因素，我們正在消化處理，以形成一個我們相當有信心的區間，告訴你我們最終會落在哪裡。這裡有非常多的調整旋鈕與槓桿可以管理。

And if I could follow up, I'm just curious if you're seeing customers move to procure things that licenses and other pass-throughs directly and if that's factored into the guidance as well.

如果我可以追問一下，我只是好奇你們是否看到客戶改為直接採購授權（licenses）以及其他轉付項（pass-throughs），以及這是否也已納入指引之中。

Yes. I guess the most talked about part of that. So I guess, quickly, yes, it is factored into our guidance. If you look at some of the enterprise software platform providers, yes, we're seeing US government customers go directly to those folks or known as OEMs, we overuse that term, but I'll stick with that one for now. Look, we're absolutely fine with that model. While that might mean revenue is reduced by the value of the licenses that at one time passed to our books. That revenue came with little to no margin.

是的。我想這是其中最常被談到的部分。所以我快速回答：是的，這已納入我們的指引。如果你看一些企業軟體平台供應商，是的，我們看到美國政府客戶直接向那些廠商採購，或稱為 OEM——我們有點過度使用這個詞，但我先沿用這個說法。你看，我們完全能接受這種模式。雖然這可能意味著營收會因為過去曾經經由我們帳上流轉的授權價值而下降。但那部分營收幾乎沒有毛利、甚至沒有毛利。

So actually, used to see this as margin accretive to us. So that's -- those are a couple of thumbs up, small revenue impact, more positive, positive margins. And on top of that, customers traditionally repurpose those savings right back to CACI that gives us an ability to deliver additional capabilities. We've had a couple of press announcements out there, whether it's with SAP or AWS or Oracle and others.

所以其實我們過去把這視為對我們毛利率具有增益（margin accretive）。所以這算是幾個正面訊號：營收影響小，但毛利更正面、更有利。此外，客戶傳統上會把這些節省下來的費用再回投到 CACI，讓我們有能力交付更多能力。我們也發布過幾則新聞稿，不論是與 SAP、AWS、Oracle 等等。

What the OEMs don't want and generally aren't able to due to deliver is the full implementation. So the fact that the government is going to them for the licensing first and then we are partnering with those folks. They're phenomenal companies. We've built tremendous relationships. We've been in partnership with them over the last 8 to 10 years for a lot of those large enterprise tech jobs that we've put out there.

OEM 不想做、而且通常也無法交付的是完整的導入實施。因此，政府先向他們採購授權，接著我們再與這些夥伴合作。他們都是非常出色的公司。我們建立了非常深厚的關係。在過去 8 到 10 年間，針對我們承接的許多大型企業級技術專案，我們一直與他們合作。

So look, over time, maybe that pendulum swings back, maybe it doesn't. We're able to win user way. We've got a really strong track record of execution and fast performance. And we frankly do this work very differently than others in the space. We're faster. We're more efficient. We're a software defined, we're bringing in AI, and that's why we win and that's why our customers come back to us and recommend us to others. So a minor factor of who buys a license and who gets to be the prime, pretty much irrelevant to where we're going on again. I'll say we've only a factor in '27 guidance.

所以你看，隨著時間推移，這個鐘擺也許會擺回來，也許不會。我們有能力以我們的方式取勝。我們在執行力與快速交付方面有非常強的實績。坦白說，我們做這類工作的方法與同業很不一樣。我們更快。我們更有效率。我們是軟體定義（software-defined）的，也導入 AI，這就是我們能贏、客戶會回來並推薦我們給其他人的原因。所以，誰來買授權、誰來當主承包商（prime），這種小因素基本上與我們要走的方向幾乎無關。我會說，這只是在我們 '27 指引中的一個因素。

John Siegmann, Stifel.

John Siegmann，Stifel。

I was excited to hear about that statement when counterspace program that you guys won. I understand you're not going to be able to say much, but we'll ask about it anyway. What does it leverage? Is it legacy ARKA? Is it -- or is it CACI coming together? Just any more details you can talk about that and how many more opportunities are there in that domain that could be relevant to you?

聽到你們拿下那個反太空（counterspace）計畫的聲明，我很振奮。我知道你們可能不方便多談，但我們還是想問一下。它運用了哪些能力？是既有的 ARKA 嗎？還是——或是 CACI 的整合能力？就你們能談的範圍，能否提供更多細節？以及在那個領域還有多少可能與你們相關的機會？

Yes, Jon, thanks. So yes, we -- you're definitely right in your question. We probably can't talk a lot about it, but not. Yes, we were recently notified an award to assist Space force in preparing to respond to adversary threats to our national space capabilities. It is the first pursuit that leverage the combined capabilities of our legacy Space business and ARKA.

是的，Jon，謝謝。所以是的——你問得完全正確。我們大概不能談太多，但也不是完全不能談。是的，我們最近收到通知，獲得一項得標，協助太空軍（Space Force）準備回應對我們國家太空能力的對手威脅。這是第一個運用我們既有太空業務與 ARKA 合併能力的追案（pursuit）。

So if you remember, when we did the ARKA deal, Jeff mentioned that all of our financials and fiscal outlooks were not -- we didn't have any cost synergies or revenue or Gs in our model. You can check the box that we're beginning the days of moving forward.

所以如果你還記得，我們做 ARKA 交易時，Jeff 提到我們所有的財務與財年展望——我們的模型裡沒有納入任何成本綜效或營收綜效或一般與行政費用（G&A）的綜效。你可以把這視為：我們正開始邁入往前推進的階段。

There is a program out there that -- we are able to use the hardware and software solutions that we deliver across the Space portfolio. ARKA brought prior calls for Space Systems, which means vehicles and payload development and integration. CACI brought the calls for a ground system software development and integration of on-orbit spacecraft and missions. If you put those two things together and get one, two punch to winning this NightStar program.

外面有一個計畫——我們能夠運用我們在太空產品組合（Space portfolio）中交付的硬體與軟體解決方案。ARKA 先前帶來的是太空系統的能力，也就是載具與酬載（payload）的研發與整合。CACI 帶來的是地面系統軟體的開發，以及在軌太空載具與任務的整合。把這兩者結合起來，就形成一記組合拳，讓我們贏下這個 NightStar 計畫。

I'll also tell you a on this question. ARKA has also seen an uptick in activity and strong customer demand signals, which is going to be supported by increased classified Space funding. So you can imagine as that relates to gold and doing all. So we've checked the box on of winning a really nice program that allows both companies to work together. And then we've also done a lot more in the classified counterspace world, which is another win that really builds on our RMT programs.

我也想就這個問題補充一點。ARKA 也看到活動量上升以及強勁的客戶需求訊號，而這將會受到機密太空（classified Space）資金增加的支持。所以你可以想像這與 gold 和 doing all. 的關聯。因此，我們已經勾選完成：贏下一個很不錯、能讓兩家公司共同合作的計畫。另外，我們在機密反太空領域也做了更多事情，這也是另一個勝利，並且確實建立在我們的 RMT 計畫之上。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

This is Rocco on for Seth. There've been a bunch of awards recently in the C-UAS business. Should we be thinking about it as being a primary driver of the strong growth that we saw last year and the strong growth that we expect to see again next year?

我是代 Seth 發言的 Rocco。最近在 C-UAS 業務上有一連串得標。我們是否應該把它視為去年我們看到的強勁成長、以及我們預期明年仍將看到強勁成長的主要驅動因素？

Rocco, you should see it as all of the above. We've been talking about counter-UAS for quite a long time, and doing it for a couple of decades. Look, we've now got five program awards, some with six systems, some with four, some with 10, some with 12. We're getting to build this backlog out.

Rocco，你應該把它視為以上皆是。我們談反無人機（counter-UAS）已經很久了，而且做了幾十年。你看，我們現在已經拿到五個計畫得標，有些是六套系統、有些是四套、有些是 10 套、有些是 12 套。我們正在把這個積壓訂單（backlog）建立起來。

The most recent win was the $500 million Domestic Shield win. 50 competitors came out with a first task order for around six systems. More than just SkyValor, those IDIQ vehicles, which are single award, by the way, will include some of our mobile systems like Beam and other ground-based products that we build. Yes, you should definitely see where we're going in the counter-UAS area is just the very tip of a multiyear, decade-long franchise build-out of software-based mission tech.

最近一次的勝利是 5 億美元的 Domestic Shield 得標。共有 50 家競爭者參與，第一個任務單（task order）約為六套系統。不只是 SkyValor，那些 IDIQ 載具（vehicles）——順帶一提是單一得標（single award）——還會包含我們的一些機動系統，例如 Beam，以及我們打造的其他地面型產品。是的，你絕對應該把我們在反無人機領域的走向視為：這只是多年、甚至長達十年的、以軟體為基礎的任務技術（mission tech）版圖擴張的冰山一角。

A couple of things that I want to make use this call to push out to our investors, what differentiates us? And why have I been saying for the last five to seven years that this is about to explode. Our systems do we deliver. It's a family, trailer, truck and tower fixed versions. Exactly what the mission asked us for. Full range of threats, Group 1 through 5 drones, not just 1 and 2s, exactly what the customers are asking for. Longest detection range versus the other systems that are out there. We provide 18 minutes of response time. Those 1- or 3-kilometer systems provide six seconds of response time.

我想利用這通電話向投資人傳達幾點：我們的差異化是什麼？以及為什麼我在過去五到七年一直說這件事即將爆發。我們的系統確實能交付。我們有家族式產品線，包含拖車式、卡車式與塔台固定式版本。完全符合任務對我們的要求。可應對全範圍威脅，涵蓋第1至第5類無人機，不只是第1與第2類，完全符合客戶的需求。相較市面上其他系統，我們的偵測距離最長。我們提供18分鐘的反應時間。那些1或3公里的系統只提供6秒的反應時間。

You tell me the system, you want to be guarded by we're going to see that over the next three to four quarters, the nation is going to decide that they're going to want to be covered by the longer range, more efficient system that can either non-kinetically defeat. So as you're all hearing about reconciliation and protection of the home land. I don't care if it's infrastructure protection, base, defense, border surveillance, border protection a system that sees all the threats all the time in a non-kinetic manner.

你告訴我你想要由哪一種系統來守護你——我們會在接下來三到四個季度看到，國家將會決定他們希望由更長距離、更高效率、且能以非動能方式加以擊敗的系統來覆蓋。因此，當各位都在聽到關於和解與國土防護的討論時，不論是關鍵基礎設施防護、基地防禦、邊境監視、邊境防護——都需要一套能以非動能方式，隨時看見所有威脅的系統。

And every time we learn something new in the RS spectrum, we push updates just like your iPhone gets for every single thing that is different to every single deployed system that that are out there. So we sort of mass connect all these systems together to make sure they all have the latest detection software and latest set of non-kinetic defeat. So yes, I think this is just the beginning, Again, it takes some time to prime the pump, but very happy what the team has done, and there is nobody better in this nation than CACI when it comes to protecting nation against drone threats.

而且每當我們在RS頻譜中學到新東西，我們就會推送更新，就像你的iPhone一樣；針對每一項差異，推送到所有已部署、在外運行的每一套系統。因此我們把這些系統大規模互聯，確保它們都具備最新的偵測軟體與最新的非動能反制能力。所以是的，我認為這只是開始。再次強調，讓市場啟動需要一些時間，但我對團隊所做的工作非常滿意；而在這個國家，談到防護國家免受無人機威脅，沒有任何公司比CACI更強。

Right. Then as a quick follow-up. Have you received export approval for the majority or all of the systems?

好的。那我快速追問一下。你們是否已取得多數或全部系統的出口核准？

We have extra approval for the majority and all of our systems. We've already delivered different variations to 17 different countries. I shared with you all last quarter, we were looking at getting into the Middle East and putting war agreements in place and expanding our sales, sales teams reach into areas like Kuwait, and Cotter and other areas, we have -- you can check all those boxes. We've done all of that.

我們的多數以及全部系統都已取得出口核准。我們已向17個不同國家交付不同的變體版本。我在上個季度也跟各位分享過，我們正著眼於進入中東、建立戰爭協議並擴大銷售，將銷售團隊的觸角延伸到科威特、卡達以及其他地區；我們——你可以把這些項目都打勾。我們都已經完成了。

We're having really good discussions there. And as part of which I had 401 has put in, also with that $500 million win comes the opportunity to get -- to be a part of the Secretary of the Army's sort of expedited to export for us to be able to sell the system globally. So we're part of that fast pass -- fast path program as well. So yes, yes, and yes, and we're looking for that to grow 2027 over the next decade.

我們在那邊的討論進展非常順利。此外，作為401所納入的一部分，這筆5億美元的得標也帶來機會，讓我們能夠——成為陸軍部長所推動、加速出口流程的一部分，使我們能在全球銷售該系統。因此我們也納入那個快速通關——快速通道計畫。所以答案是：是、是、也是；而我們預期在未來十年內，這將在2027年持續成長。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

For the quarterly update. I wanted to ask a multiyear question. As we look at your EW and Space businesses collectively, and you can add any others you think are sort of in that high margin rapid growth bucket. Is it fair to assume a mix shift that direction as they grow more quickly organically, such that they'll represent low to mid-single digits more of revenue and profit annually over the next handful of years?

關於季度更新。我想問一個多年期的問題。當我們把你們的電子戰（EW）與太空業務合併來看，並且你也可以加入你認為屬於高毛利、快速成長那一籃子的其他業務。是否可以合理假設：隨著它們在有機成長上更快，營收與獲利的組合將朝那個方向移動，使其在未來幾年每年在營收與利潤占比上增加低到中個位數的百分點？

Yes. Tobey, I'm not sure we're ready to quantify that. but the condition you identify is true. I mean the things that we're talking about that are growing more quickly are generally strong demand areas and generally better margin positions. So that makes us -- that gives us some confidence in continued modest margin expansion.

是的。Tobey，我不確定我們是否已準備好量化，但你指出的情況是成立的。我的意思是，我們談到那些成長更快的項目，通常都屬於需求強勁的領域，也通常具有較佳的毛利結構。因此這讓我們——也讓我們對於毛利率持續溫和擴張更有信心。

I would encourage you to think about modulating that expectation relative to investment to kind of grow more quickly. And I would remind you that we run the enterprise here looking at free cash flow. So if we can modulate investment with growth and solve for cash, that's the decision-making framework that we use.

我會建議你把這個預期，與為了更快成長所需的投資相對應地做一些調整。也提醒你，我們在這裡經營企業是以自由現金流為核心來看。因此，如果我們能在投資與成長之間做調節並以現金為解題目標，這就是我們採用的決策框架。

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

以上為我們的問答環節。接下來我將把會議交回給John Mengucci作結語。

Thanks, Andrea, and thank you for your help on today's call.

謝謝你，Andrea，也謝謝你在今天電話會議中的協助。

We'd like to thank everyone who dialed in or listened to the webcast for their participation. We know that many of you have follow-up questions, so Jeff MacLauchlan, George Price, Jim Sullivan, and we've added Lisa Parkinson to that team as well, are available after today's call. Stay healthy. My best to you when your families, operator, concludes our call. Everyone, thank you and have an outstanding day.

我們要感謝所有撥入或收聽網路直播的朋友參與。我們知道許多人還有後續問題，因此Jeff MacLauchlan、George Price、Jim Sullivan，以及我們也把Lisa Parkinson加入該團隊，會在今天電話會議後提供協助。請保持健康。也向你與你的家人致上我最誠摯的祝福；接線員，請結束我們的電話會議。各位，謝謝，祝大家有美好的一天。

And again, this does conclude today's conference call. Thank you for your participation. You may now disconnect.

再次提醒，今天的電話會議到此結束。感謝各位的參與。你現在可以掛線。