CACI International Inc (CACI) 2027 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International first-quarter fiscal year 2027 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 2027 會計年度第一季財報電話會議。今天的電話會議將進行錄音。（接線員指示）

At this time, I would like to turn the conference over to George Price, Senior Vice President of Investor Relations for CACI International. Please go ahead, sir.

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

Thanks, Morgan, and good morning, everyone. I'm George Price, Senior Vice President of Investor Relations for CACI International. Thank you for joining us this morning. We are providing presentation slides, so let's move to slide 2.

謝謝，Morgan，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。我們提供了簡報投影片，請翻到第 2 頁。

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

本次電話會議中將包含一些非歷史事實的陳述，因此依現行法律構成前瞻性陳述。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。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。

Our Safe Harbor statement is included on this exhibit and should be incorporated as part of transcript of this call. I would also like to point out that our presentation will include discussion of non-GAAP financial measures. These should not be considered in isolation or as a substitute for performance measures prepared in accordance with GAAP.

我們的「安全港」聲明已包含於本展示頁中，並應納入本次電話會議逐字稿的一部分。我也要指出，我們的簡報將討論非 GAAP 財務衡量指標。這些指標不應被單獨看待，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。今天早上首先發言的是 CACI International 總裁兼執行長 John Mengucci。John？

Thanks, George, and good morning, everyone. Thank you for joining us to discuss our first-quarter fiscal year '27 results. With me this morning is Jeff MacLauchlan, our Chief Financial Officer.

謝謝，George，各位早安。感謝各位加入我們，一同討論 2027 會計年度第一季的業績。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 turning to our results, I want to remind you that CACI is a technology-first national security company, executing a clear and consistent strategy.

請看第 4 頁。在談到我們的業績之前，我想提醒各位，CACI 是一家以科技為先的國家安全公司，正執行一套清晰且一致的策略。

The key elements of that strategy are: first, focused on enduring national security priorities with narrow deep funding streams; second, utilize our deep mission knowledge in the markets we serve to truly understand what our customers need; third, invest ahead of customer need informed by that deep mission knowledge; fourth, deliver software-defined technology to address critical needs for the speed, agility and efficiency our customers demand; and finally, deploy capital in a flexible and opportunistic manner to create value for our customers and our shareholders. This strategy is to drive new force behind our strong and consistent results.

該策略的關鍵要素包括：第一，聚焦於具持久性的國家安全優先事項，並鎖定狹窄但深厚的資金來源；第二，運用我們在所服務市場中的深厚任務知識，真正理解客戶需求；第三，基於這些深厚任務知識，在客戶需求之前提前投資；第四，提供軟體定義技術，以滿足客戶對速度、敏捷性與效率的關鍵需求；最後，以靈活且把握機會的方式配置資本，為客戶與股東創造價值。此一策略旨在為我們強勁且一致的成果注入新的動能。

Slide 5, please. We had an excellent start to fiscal year '27. First quarter revenue grew 8%, EBITDA margin reached 13.3%, adjusted diluted EPS increased 12%, and we generated $133 million in free cash flow. We also won $4.8 billion in awards, producing a 2-times book-to-bill for the quarter. We have a large and growing backlog and our funded backlog grew double digit year-over-year for the seventh time in the last eight quarters.

請看第 5 頁。我們在 2027 會計年度有一個非常出色的開局。第一季營收成長 8%，EBITDA 利潤率達到 13.3%，調整後稀釋每股盈餘（EPS）成長 12%，並產生 1.33 億美元的自由現金流。我們也贏得 48 億美元的得標金額，使本季訂單出貨比（book-to-bill）達到 2 倍。我們的在手訂單（backlog）規模龐大且持續成長，而已獲資金支持的在手訂單（funded backlog）年增率連續第七次在最近八個季度中達到雙位數成長。

Our margin performance stands out. It reflects superior execution and a higher mix of differentiated technology we delivered this quarter. We're raising our revenue and earnings guidance for the year, and Jeff will share additional details shortly. Our results, awards, backlog, and pipeline give us a strong foundation for the fiscal year and support our increased guidance.

我們的利潤率表現尤為突出。這反映了卓越的執行力，以及本季交付之差異化技術占比提高。我們正在上調本年度的營收與獲利指引，Jeff 稍後將分享更多細節。我們的業績、得標、在手訂單與商機管線為本會計年度奠定了堅實基礎，並支持我們提高指引。

Slide 6, please. Let me discuss some more details on highlights from the quarter and the demand that we're seeing that are driving our results and position us for continued success. I'll start with two fantastic awards for technology-enabled operational support that exemplify our enduring commitment to national security.

請看第 6 頁。我將進一步說明本季亮點，以及我們所看到、推動業績並使我們得以持續成功的需求動能。我先從兩項出色的「科技賦能作戰支援」得標談起，這些得標體現了我們對國家安全的長期承諾。

First, our Apollo award, where CACI will enable USCENTCOM to carry out critical intelligence and information warfare missions. Our success in winning this new work for CACI stems from our deep mission knowledge, our exceptional business development, and our superior ability to utilize and combat AI in the information domain.

第一項是我們的 Apollo 得標案，CACI 將協助美國中央司令部（USCENTCOM）執行關鍵的情報與資訊戰任務。我們能為 CACI 贏得這項新業務，源於我們深厚的任務知識、卓越的業務開發能力，以及在資訊領域運用與對抗 AI 的優異能力。

The second award is Soft Tops 2, a five-year follow-on contracts supporting the Army's Special Operations Command. It reflects the trust we've built through years of work with this customer and extends our role helping special operators plan for and respond to evolving threats using our technology-first approach.

第二項得標是 Soft Tops 2，為期五年的續約合約，用以支援陸軍特種作戰司令部。這反映了我們多年來與該客戶合作所建立的信任，並延伸我們的角色：以科技為先的方法，協助特戰人員運用我們的技術規劃並因應不斷演變的威脅。

Our electronic warfare portfolio continues to see strong demand. That is certainly true in the counter-UAS market, a significant and growing opportunity for CACI. Beyond protecting our war fighters, the growing threat to military facilities and critical infrastructure is driving demand for precision non-kinetic counter-UAS capabilities like SkyValor.

我們的電子戰產品組合持續呈現強勁需求。在反無人機（counter-UAS）市場尤其如此，這對 CACI 而言是一個重要且持續成長的機會。除了保護我們的作戰人員之外，對軍事設施與關鍵基礎設施日益增加的威脅，也正推動對 SkyValor 等精準、非動能反無人機能力的需求。

Sky Valor leverages nearly two decades of proven counter-UAS deployments, industry-leading cellular detect and defeat capabilities enables detection up to 75 kilometers, so operators have more time to make critical decisions. Our prospective counter-UAS customer base is expanding across the US government and internationally. A great example is our $500 million Domestic Shield award from JIATF-401, which also included an initial funded task order.

Sky Valor 結合近二十年經驗、經實戰驗證的反無人機部署成果，以及業界領先的蜂巢式（cellular）偵測與制壓能力，可實現最遠 75 公里的偵測距離，讓操作人員有更多時間做出關鍵決策。我們潛在的反無人機客戶群正於美國政府內部及國際間持續擴大。一個很好的例子是我們自 JIATF-401 取得的 5 億美元 Domestic Shield 得標案，其中也包含一筆初始已獲資金支持的任務訂單（task order）。

We're also seeing increased demand for our BEAM manpackable counter-UAS systems from US customers and allies across Europe and the Pacific theater. Beam is the most technically capable system of its kind on the market with over a decade of proven performance and important discriminator for prospective customers.

我們也看到美國客戶以及歐洲與太平洋戰區盟友，對我們 BEAM 可攜式（manpackable）反無人機系統的需求增加。BEAM 是市場上同類系統中技術能力最強者，擁有超過十年的實證表現，並成為潛在客戶評估時的重要差異化因素。

And in the critical space domain, we're capitalizing on increasing demand as the leading merchant supplier of optical imaging and optical communications payloads. CACI was recently selected by Vantor, a commercial provider of satellite-based intelligence, to supply advanced optical imaging payloads for their pulse satellite fleet.

在關鍵的太空領域方面，作為光學成像與光學通訊酬載的領先商用供應商（merchant supplier），我們正把握不斷增加的需求。CACI 近期獲 Vantor（提供衛星式情報的商業供應商）選定，為其 Pulse 衛星星座供應先進的光學成像酬載。

That work is an example of taking ARCA's exquisite sensor capabilities developed for national security missions and applying them to a more proliferated commercial market, which is exactly what the US national security strategy calls for.

這項工作是一個例證：將 ARCA 為國家安全任務所開發的高階感測器能力，應用到更為普及化的商業市場——這正是美國國家安全戰略所倡議的方向。

ARKA has a number of other sensitive opportunities in the national security space domain that are moving forward and are expected to contribute financially in fiscal year '27. We're also making progress in optical communications. We expect to complete SDA Tranche 1 deliveries later this calendar year and begin work on Tranche 2.

ARKA 在國家安全太空領域還有多項其他敏感機會正在推進，預期將在 2027 會計年度帶來財務貢獻。我們在光學通訊方面也持續取得進展。我們預期在今年稍晚完成 SDA Tranche 1 的交付，並開始 Tranche 2 的工作。

CACI was also one of three companies selected to advance to Phase 3 of the Space Force's enterprise-based terminal program where we are developing the next-generation optical communication terminal to support critical multi-orbit initiatives like the space data network. Consistent with our merchant supplier strategy, multiple primes bidding on the SDN has selected our EST technology for their solution.

CACI 也是三家入選、晉級太空軍（Space Force）企業式終端計畫第 3 階段的公司之一；在該計畫中，我們正開發下一代光學通訊終端，以支援如太空資料網路（space data network）等關鍵的多軌道倡議。與我們的商用供應商策略一致，多家競標 SDN 的主承包商（primes）已選用我們的 EST 技術作為其解決方案的一部分。

We also continue to win and execute other classified optical communications programs. And our successful contribution to the RMS 2 mission has helped demonstrate the capability of our technology for future human space flight. Finally, demand remains healthy for modernization of mission networks and digital applications. Many critical customer priorities, including AI adoption, border security, and financial accountability are dependent on modern secure integrated networks and applications for success.

我們也持續得標並執行其他機密的光學通訊計畫。此外，我們對 RMS 2 任務的成功貢獻，有助於展示我們技術在未來載人太空飛行上的能力。最後，任務網路與數位應用現代化的需求仍然健康。許多關鍵客戶優先事項，包括 AI 導入、邊境安全與財務問責，都仰賴現代化、安全且整合的網路與應用才能成功。

CACI is a leader in modernization because we do it differently, differentiating through speed of delivery, use of outcome-based models, and demonstrated success deploying AI-based software.

CACI 是現代化領域的領導者，因為我們以不同方式推動現代化，透過交付速度、採用以成果為導向的模式，以及在部署 AI 驅動軟體方面的已證實成功來形成差異化。

Programs such as [BINGO], ITAS and NASA NCAPs are real-world examples of where we're applying AI and agile delivery methods to drive customer modernization faster and more efficiently. Leveraging AI translates into reduced cost for customers and better margins for us, and we consistently see customers reinvest in cost savings and additional scope to CACI.

例如 [BINGO]、ITAS 與 NASA NCAPs 等專案，都是我們在真實世界中運用 AI 與敏捷交付方法，以更快且更有效率地推動客戶現代化的案例。運用 AI 可為客戶降低成本並提升我們的利潤率，而我們也持續看到客戶將節省下來的成本再投資，並把更多追加範疇交由 CACI 承接。

Across all areas of our business, our technology-first approach is directly contributing to our financial performance by driving on-contract growth and new business wins from customers who are committed to transforming at the speed of mission.

在我們業務的各個領域中，我們以技術為先的方法正透過推動合約內成長與贏得新業務，直接貢獻於財務表現；這些客戶致力於以任務所需的速度推動轉型。

Slide 7, please. In order to meet strong demand we're seeing for our software-defined technology, we are actively investing to scale our production capacity. Our first step was to open our manufacturing center of excellence for defense electronics in Rochester, New York. The additional 61,000 square foot facility significantly increases our manufacturing space and expands our capacity to develop, test, assemble, and deliver defense electronics, such as TLS Manpack, Beam and others.

請看第 7 頁投影片。為了滿足我們所見到對軟體定義技術的強勁需求，我們正積極投資以擴大產能規模。我們的第一步是在紐約州羅徹斯特設立國防電子製造卓越中心。新增的 61,000 平方英尺設施大幅增加我們的製造空間，並擴充我們在研發、測試、組裝與交付國防電子產品（如 TLS Manpack、Beam 等）的能力。

We plan to open additional manufacturing centers of excellence for space and for integrated systems, and we'll share more about these initiatives in the coming months. These investments will enable us to deliver advanced technology faster, at greater scale and more efficiently, supporting continued revenue growth and additional margin expansion.

我們計畫再設立用於太空與整合系統的其他製造卓越中心，並將在未來幾個月分享更多相關措施。這些投資將使我們能以更快速度、更大規模且更高效率交付先進技術，支持營收持續成長並進一步擴大利潤率。

Slide 8, please. Turning to the macro environment, budgets and funding remain healthy and our key areas of focus. With 90% of our revenue coming from national security customers, the priorities we focus on are well funded and continue to exhibit strong demand signals because they are needs that must be addressed.

請看第 8 頁投影片。談到總體環境，預算與資金在我們的重點領域仍維持健康。由於我們 90% 的營收來自國家安全客戶，我們聚焦的優先事項資金充足，且因為這些需求必須被解決，持續展現強勁的需求訊號。

And continuing resolution or CR, is currently in place until December 11. Regardless of how this dynamic plays out, it's an environment we've navigated successfully for many years. As we demonstrated year in and year out, CRs did not have a material impact on our business given our large backlog, longer duration awards, and the critical capabilities that our customers depend on us to deliver.

此外，持續決議（continuing resolution，CR）目前有效至 12 月 11 日。無論此一情勢如何發展，這都是我們多年來成功因應的環境。正如我們年復一年所證明的，鑑於我們龐大的積壓訂單、更長期間的授標，以及客戶仰賴我們交付的關鍵能力，CR 並未對我們的業務造成重大影響。

Federal awards perspective and our strong book-to-bill shows some improvement in award activity though the pace of decision-making is not fully normalized and is still sluggish in some areas. As our customers continue to involve their relationships with industry through nontraditional procurement methods, our key differentiators of investing ahead of customer need, software-defined capabilities, and outcome-based pricing are all resonating extremely well because they drive increased speed, efficiency and lethality.

從聯邦授標的角度來看，以及我們強勁的接單出貨比（book-to-bill）顯示授標活動略有改善，但決策速度尚未完全正常化，在部分領域仍然遲緩。隨著客戶持續透過非傳統採購方式深化與產業的合作關係，我們「超前客戶需求投資」、「軟體定義能力」與「以成果為導向的定價」等關鍵差異化優勢都獲得極佳回響，因為它們能提升速度、效率與致命性。

Slide 9, please. Before turning the call over to Jeff, I wanted to discuss a few other updates. First, we announced we will move to a calendar fiscal year beginning January 1, 2027. We believe this reporting cycle will enhance comparability for investors and better align our business with the government's fiscal year. We plan to provide guidance for our new fiscal year when we report December quarter results in February.

請看第 9 頁投影片。在把電話會議交給 Jeff 之前，我想再談幾項更新。第一，我們宣布將自 2027 年 1 月 1 日起改採曆年制會計年度。我們相信此一報導週期將提升投資人可比性，並使我們的業務與政府會計年度更一致。我們計畫在 2 月公布 12 月季度業績時，提供新會計年度的指引。

Second, we plan to host an Investor Day in early 2027 at our Melbourne, Florida, facilities. At this event, we intend to provide additional information about the new fiscal year, other contemplated reporting changes, discuss our strategy and capabilities, provide an opportunity to meet with the CACI management team, including additional executive leadership we recently announced, and provide new three-year financial targets.

第二，我們計畫於 2027 年初在佛羅里達州墨爾本的設施舉辦投資人日。在該活動中，我們打算提供更多關於新會計年度與其他擬議報導變更的資訊，說明我們的策略與能力，提供與 CACI 管理團隊（包含我們近期宣布新增的高階主管團隊成員）會面的機會，並提出新的三年期財務目標。

We look forward to sharing more information with you in the near future. With that, I'll turn the call over to Jeff.

我們期待在不久的將來與各位分享更多資訊。接下來我把電話會議交給 Jeff。

Thank you, John. Good morning, everyone. Please turn to slide 10. We're pleased with our first quarter performance in which we delivered revenue growth in line with our expectations. Revenue was $2.5 billion for the first quarter, up 8.2% year-over-year with organic growth of 2.1%, in line with our previously communicated low single-digit organic growth.

謝謝你，John。各位早安。請翻到第 10 頁投影片。我們對第一季表現感到滿意，營收成長符合我們的預期。第一季營收為 25 億美元，年增 8.2%，其中有機成長 2.1%，符合我們先前溝通的低個位數有機成長。

EBITDA margin in the quarter was an impressive 13.3%, 160 basis points higher than the prior year's first quarter, driven by strong program execution and a more favorable mix of higher-margin work. First quarter adjusted diluted earnings per share of $7.66 were 11.8% higher than a year ago, driven by this excellent operational performance. Finally, free cash flow of $133 million for the quarter reflects higher cash outflows typical in the first quarter of the year.

本季 EBITDA 利潤率達到亮眼的 13.3%，較去年第一季提高 160 個基點，主要受惠於強勁的專案執行，以及較有利的高利潤工作組合。第一季調整後稀釋每股盈餘為 7.66 美元，較去年同期成長 11.8%，反映出優異的營運表現。最後，本季自由現金流為 1.33 億美元，反映出年度第一季通常較高的現金流出。

Slide 11, please. Turning our attention to the balance sheet and capital structure, we continue to make progress reducing our leverage following the ARKA acquisition. Pro forma leverage at the end of the first quarter was 3.5 times, and we now expect to return to leverage in the low-3s in the March quarter of 2027, two quarters earlier than we had initially anticipated. As we have discussed, this is consistent with our track record of successfully deleveraging after major acquisitions.

請看第 11 頁投影片。把焦點轉向資產負債表與資本結構，我們在完成 ARKA 併購後持續降低槓桿並取得進展。第一季末的備考槓桿倍數為 3.5 倍，我們目前預期可在 2027 年 3 月季度將槓桿降至 3 倍出頭，較原先預期提前兩個季度。如同我們先前所討論，這與我們在重大併購後成功去槓桿的歷史紀錄一致。

Driven by our profitability and strong free cash flow generation, our moderating leverage is quickly putting us back in a posture of having increased optionality for additional flexible and opportunistic capital deployment.

在獲利能力與強勁自由現金流的帶動下，我們的槓桿快速下降，使我們能更快回到具備更高彈性與機動性、可進行更多靈活且機會型資本配置的狀態。

Slide 12, please. Turning to our outlook for fiscal '27, we are raising guidance for revenue, adjusted net income, and adjusted EPS and reaffirming guidance for other metrics. I note that while we made a particularly strong initial guide to begin the year, a strong awards quarter and operational developments have retired additional risk relative to our expected range of outcomes.

請看第 12 頁投影片。談到 27 財年的展望，我們上調營收、調整後淨利與調整後 EPS 指引，並重申其他指標的指引。我也要指出，雖然我們在年初給出的初始指引已相當強勁，但本季強勁的授標表現與營運進展，使得相較於我們預期結果區間，額外風險進一步降低。

We are raising fiscal '27 revenue guidance $50 million to between $10.7 billion and $10.9 billion. Our fiscal '27 revenue now assumes approximately $450 million of acquired revenue. While ARKA continues to perform in line with our expectations for the full fiscal year, some space program activities are now expected to contribute to revenue beyond the first 12 months after closing the acquisition.

我們將 27 財年營收指引上調 5,000 萬美元至 107 億至 109 億美元。我們目前的 27 財年營收假設包含約 4.5 億美元的併購營收。雖然 ARKA 在整個財年仍符合我們的預期，但部分太空專案活動目前預期將在併購完成後的前 12 個月之後才對營收做出貢獻。

We are reaffirming fiscal '27 guidance for EBITDA margin in the high 12% range. This and higher revenue has a consequent impact to increase adjusted net income by $5 million to between $740 million and $760 million, which translates into increased adjusted diluted earnings per share guidance between $33.18 and $34.08, and we are reaffirming guidance for free cash flow of at least $900 million.

我們重申 27 財年 EBITDA 利潤率指引維持在 12% 高段。在此基礎上，加上較高的營收，調整後淨利相應上調 500 萬美元至 7.40 億至 7.60 億美元，換算為調整後稀釋每股盈餘指引上調至 33.18 至 34.08 美元；同時我們重申自由現金流至少 9 億美元的指引。

Finally, to assist with your modeling, I'd remind you of our prior comments that we expect stronger organic growth and EBITDA margin in the second half of the fiscal year versus the first half. Though I note the second half margin ramp is now more gradual given our strong Q1 performance. I would also note our view that second quarter consensus estimates for organic growth and EBITDA margin are reasonable.

最後，為協助各位建模，我想提醒先前的說法：我們預期本財年下半年相較上半年將有更強的有機成長與 EBITDA 利潤率。不過我也要指出，鑑於第一季表現強勁，下半年利潤率的爬升幅度現在會較為循序漸進。我也要補充，我們認為市場對第二季有機成長與 EBITDA 利潤率的共識預估是合理的。

Slide 13, please. Turning to our forward indicators. We now expect 94% of our revenue to come from existing programs, with 3% coming from recompetes and 3% from new business. This significant increase in existing business content, which was 83% just last quarter, reflects our successful business development and operational performance and provides increased confidence in our updated guidance, as I mentioned earlier.

請看第 13 頁投影片。接著談我們的前瞻指標。我們目前預期 94% 的營收將來自既有專案，3% 來自續約競標（recompetes），另 3% 來自新業務。既有業務占比大幅提升（上季僅為 83%），反映我們成功的業務開發與營運表現，並如我先前所提，為我們更新後的指引提供更高的信心。

In fact, this is the highest level of existing business at this point in the year in the last seven years. First quarter awards were $4.8 billion, representing a healthy mix of new work and strong recompete performance. The weighted average duration of these awards was just under 4.5 years, which reflects the higher mix of sole-source extensions we've seen recently as well as normal variance in award duration.

事實上，這是過去七年中截至本年度此時點現有業務的最高水準。第一季得標金額為48億美元，反映新業務與強勁續約（recompete）表現的健康組合。這些得標案的加權平均期間略低於4.5年，反映我們近期看到的單一來源延長案（sole-source extensions）占比提高，以及得標期間長短的正常波動。

Our long award duration continues to provide good visibility into the strength and cash generation capacity of our business. Total backlog was $34 billion, and funded backlog increased by 15% year-over-year. This represents the seventh time in the last eight quarters we have delivered double-digit year-over-year growth in funded backlog, underscoring the critical national security priorities we address and the support of our customers.

我們較長的得標期間持續為業務的強度與現金創造能力提供良好能見度。總積壓訂單（backlog）為340億美元，已獲資金支持的積壓訂單（funded backlog）年增15%。這是過去八個季度中第七次實現已獲資金支持的積壓訂單年增達雙位數，凸顯我們所承接的關鍵國家安全優先事項，以及客戶對我們的支持。

We continue to see a healthy pipeline of new opportunities with $4.7 billion of bids under evaluation, about 85% of these being for new business. Bids under evaluation also reflects significant level of awards in the quarter. We expect to submit another $14.7 billion in bids over the next two quarters with more than 60% coming from new business.

我們持續看到健康的新機會管線，目前有47億美元的投標案正在評估中，其中約85%為新業務。正在評估中的投標案也反映本季相當可觀的得標水準。我們預期未來兩個季度將再提交147億美元的投標案，其中超過60%將來自新業務。

In summary, our first quarter was a great start to the year. Our consistent performance, substantial backlog, and strong market position give us confidence in our increased guidance and our ability to drive growth in free cash flow per share and additional shareholder value.

總結而言，我們第一季為全年開了個好頭。我們一貫的表現、可觀的積壓訂單，以及強勁的市場地位，使我們對上調後的財測指引，以及推動每股自由現金流成長並為股東創造更多價值的能力充滿信心。

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. Let's go to slide 14, please. In conclusion, we delivered strong first-quarter results and raised our revenue and earnings guidance for the year. Our large and growing backlog, strong customer demand signals, and ability to deliver and give us confidence in our outlook. Regardless of CRs, elections, government shutdowns or other dynamics, we have delivered consistent results.

謝謝你，Jeff。請切到第14頁投影片。最後，我們交出強勁的第一季成果，並上調了全年營收與獲利指引。我們龐大且持續成長的積壓訂單、強勁的客戶需求訊號，以及我們的交付能力，都讓我們對展望更有信心。不論是持續決議案（CRs）、選舉、政府關門或其他動態因素，我們都持續交出一致的成果。

It's worth repeating, CACI has a clear, consistent strategy, and our financial results once again demonstrate that our strategy is working. You've heard us say consistently that we view free cash flow per share as the ultimate value creation metric. CACI has a long and consistent track record of generating strong cash flow.

值得再強調一次，CACI擁有清晰且一致的策略，而我們的財務表現再次證明該策略正在奏效。各位也一再聽到我們說，我們將每股自由現金流視為最終的價值創造衡量指標。CACI長期且一貫地具備強勁的現金流創造紀錄。

This level of cash generation enables us to continue investing ahead of a customer need, racking capital in a flexible and opportunistic manner, both of which then enable us to generate additional cash flow over time. You've seen us do exactly that as we deploy new technology capabilities and made strategic acquisitions like Azure Summit and ARKA.

這樣的現金創造水準，使我們能在客戶需求出現之前就持續投資，並以彈性且把握機會的方式配置資本，而這兩者也讓我們能隨時間推進創造更多現金流。各位已看到我們確實如此作為：部署新技術能力，並進行如Azure Summit與ARKA等策略性併購。

These actions allow us to turn the strong demand we see into results for our customers and lasting value for our shareholders. As is always the case, our success is driven by our 27,000 employees who are ever vigilant and expanding elements of national security.

這些行動讓我們能把所見的強勁需求轉化為客戶成果，並為股東創造長期價值。一如既往，我們的成功來自2.7萬名員工，他們時刻警覺，並持續擴展國家安全的各項要素。

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

致CACI團隊的每一位，我為你們每天為公司與國家所做的一切感到自豪。也向股東們致謝，感謝各位持續支持CACI。接下來，Morgan，讓我們開放提問。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

(接線員指示) Sheila Kahyaoglu，Jefferies。

John, maybe just on your closing remarks, you've consistently been in the right place at the right time in terms of future funding needs. I guess what's the secret? And how do you think about where the growth goes from here? I know you'll have a March Analyst Day or first half Analyst Day where you will talk about that, but how have you been able to outperform your peers here?

John，或許就你結語談到的部分，你們在未來資金需求的趨勢上，似乎總是站在對的地方、對的時間點。我想問，祕訣是什麼？以及你如何看待接下來的成長動能會往哪裡走？我知道你們會在三月的分析師日或上半年分析師日談到這些，但你們是如何在這裡超越同業的？

Yeah, Sheila, thanks, and I really appreciate the question. Look, I think simply, first off, it's because we're a very different company than others in our current sector. We've been doing our best to outperform others in the larger spaces well. It's really down to something that we've shared over probably the last decade is just having a clear strategy, intentional leadership, and disciplined execution over many, many years.

是的，Sheila，謝謝，我很感謝這個問題。我想簡單說，首先，因為我們是一家與目前產業中其他公司非常不同的公司。我們一直努力在更大的領域中也能表現優於他人。歸根結底，就是我們在過去大概十年分享過的：清晰的策略、有意識的領導，以及多年來高度自律的執行。

We've invested ahead of need and have decades of deep mission knowledge, and we're in areas of enduring need. We like to talk about narrow funding streams. But the way we look at it internally, these are all things that are not the first to 10th or the 100th thing that customers are going to want to turn off. We take a lot of purposeful discriminating actions.

我們在需求出現之前就先行投資，並擁有數十年的深厚任務知識（mission knowledge），而且我們所處的領域是長期且持續存在的需求。我們喜歡談「狹窄的資金來源」（narrow funding streams）。但以我們內部的看法，這些都不是客戶會優先到第10個、甚至第100個就想關掉的項目。我們做了許多有目的、具辨識度的取捨行動。

I can tell you internally that we measure the time between vision and our strategy and action in weeks. And we've been very honest upfront, very transparent and very thoughtful around capital deployment and truly build shareholder value. So a lot of transparency, a lot of results that lead to a lot of credit credibility, frankly.

我可以告訴各位，在內部我們衡量從願景到策略再到行動的時間，是以「週」為單位。而且我們在資本配置上一直非常坦誠、非常透明，也非常審慎，真正去建立股東價值。因此有很多透明度、很多成果，進而帶來很多信任與公信力，坦白說。

The other thing that I would mention is something that we don't talk a lot about, but it's very important, is that we truly did recreate this company 10, 12 years back, to be a FAR Part 15 and a FAR Part 12 truly commercial company. And we didn't get lucky, we actually did study where the market was going to go and where the customer sets were -- how the customers were going to be changing how they buy.

另外我想提的一點是，我們不常談，但非常重要：我們確實在10到12年前重塑了這家公司，使其成為真正符合《聯邦採購規則》（FAR）第15部分與第12部分的商業化公司。而且我們不是運氣好；我們確實研究了市場將往哪裡走，以及客戶群將如何改變其採購方式。

And I think it's true it's today that $0.5 billion of our bookings last year were done through OTAs and CSOs. That's something that we called very, very right many, many years back. And you don't just turn anything on overnight.

我認為今天也證明這點：我們去年有5億美元的接單（bookings）是透過OTAs與CSOs完成的。這是我們在很多年前就非常準確預判的方向。而且你不可能一夜之間就把任何事情啟動起來。

So strategy is in place where we come from, have an outstanding leadership team that actually drives the strategy forward and a whole slew of PMs and finance leads and the like that are making sure that we, frankly, deliver excellence because customers buy from people that they trust and customers buy from people who always deliver. And I think our results show that.

因此，我們有既定策略與出發點，也有一支卓越的領導團隊真正推動策略向前；同時還有一大批專案經理（PMs）、財務主管等，確保我們坦白說能交付卓越成果，因為客戶會向他們信任的人購買，也會向總是能交付的人購買。我想我們的成果已經證明了這一點。

No, that's great. Thank you. Maybe just a follow-up on that. As we look at the organic growth, for Q1, up 2%. Q2 up 7% implies second half grow low double digits in the face of pretty tough comps. Can you give us some color on what's driving your organic growth visibility and your competition side there?

不，這很棒。謝謝。也許再追問一下。就有機成長來看，第一季年增2%。第二季年增7%意味著在相當艱難的比較基期下，下半年要達到低雙位數成長。你能否多談一些，哪些因素在支撐你們對有機成長能見度的判斷，以及競爭面的情況？

Yeah. I mean it really points ourselves towards how do we get through back half risk model, and we've been getting that question a lot. And I think we never get our way not only through the questions, but through the performance last year. But look, risk is something that we work through all the time. It's just the nature of our business.

是的。我是說，這其實把我們的焦點導向：我們如何度過下半年風險模型（back half risk model），而我們也經常被問到這個問題。我想我們不僅透過回答問題，也透過去年的表現，來證明我們的說法。但你看，風險是我們一直在處理的事情。這就是我們業務的本質。

When our revenue starts from a new win, it's really based on timing of the award, the program start date, funding type of contract, et cetera. This year, it's true we have a number of late last year and early this year awards to hit their first notch in their growth stride after the second quarter. And I'm very much aware that that's the same as a time that the current CR ends.

當我們的營收來自一個新得標案時，實際上取決於得標時點、專案啟動日期、合約的資金型態等因素。今年確實如此：我們在去年底與今年初有若干得標案，會在第二季之後進入其成長步伐的第一個階段。而我也非常清楚，那個時間點也正好是目前持續決議案（CR）結束的時候。

So what gives us confidence? We've taken a long look at the growth of our backlog. I think you should all look at the level of funded backlog growth. The fact that we've got a lot of non-protested recent large award, we have a customer base that, frankly, really needs to move forward quickly, and that just happens to align with our current Q3, I guess, another quarter will be our newest Q1. But -- and so we won those jobs, and that's how the revenue profiles stack on top of each other.

那麼，什麼讓我們有信心？我們已經長時間仔細檢視了在手訂單（backlog）的成長。我認為各位都應該看看「已獲資金支持」的在手訂單成長幅度。事實是，我們近期拿到不少未遭抗議（non-protested）的重大得標案；坦白說，我們的客戶群確實需要快速推進，而這也剛好與我們目前的第三季相吻合——我想再過一季就會是我們最新的第一季。

We've always talked about long duration awards, right? So what else gives us a lot of confidence in is the first or second ramp for the third and fourth quarter ramp is that we expect a number of awards with longer durations over a long period of time. So we see the awards. Our front-end backlog is there. Our technology deliveries will also be there.

我們一直都在談長週期的得標案，對吧？那麼還有什麼讓我們對第三、第四季的第一波或第二波爬坡（ramp）更有信心？就是我們預期會有多個期間更長、可在長時間內持續的得標案。所以我們看得到這些得標案。我們的前端在手訂單也在那裡。我們的技術交付也會到位。

And I think everything is greatly aligned, and on top of that reduces the risk of a high second quarter profiles, CRs, shutdowns, budget (technical difficulty), midterms or anything else you can throw in there. So Jeff, anything you want to add?

我認為一切都高度對齊；此外，這也降低了第二季營收曲線偏高、持續決議案（CRs）、政府關門、預算（技術性困難）、期中選舉或任何你能想到的其他因素所帶來的風險。所以 Jeff，你還想補充什麼嗎？

Yeah. I think there are two things, Sheila, that are a little bit different about our portfolio from some others. One is that we have a great number of smaller programs. So we're managing 1,900 or so active pieces of the portfolio and managing that for the year.

是的。我想有兩點，Sheila，我們的投資組合跟其他一些公司相比有點不同。第一點是，我們有大量較小的專案。所以我們大約在管理 1,900 個活躍的投資組合項目，並在全年持續管理。

The other thing that's different, I think, about our portfolio is that we have a great deal of margin volatility -- not volatility, variability. And because of that, we have programs with single-digit EBIT margins, and we have programs with EBIT margins in the low 30s. And so managing that mix, and we do manage for the year, which I'm sure you're tired of hearing us say, but managing across that mix is a constant challenge as you would imagine.

我認為我們投資組合的另一個不同之處是，我們的利潤率波動——不是波動（volatility），而是差異性（variability）很大。因此，我們有 EBIT 利潤率是個位數的專案，也有 EBIT 利潤率在 30% 出頭的專案。所以要管理這樣的組合——而且我們確實是以全年為管理目標——我相信你們已經聽膩我們這麼說了，但在這種組合之間做管理，如你所想像，是一項持續的挑戰。

So very different management experience in my experience from working in an enterprise that has 15 or 20 large programs.

所以就我的經驗而言，這跟在一家只有 15 或 20 個大型專案的企業工作時，管理體驗非常不同。

The last thing I'm going to add is the metrics that we've shared. The fact that we're at the end of the first quarter, we're looking at 94% of our revenue already in-house and only [3%] recompete left, that's an outstanding position for us to be and even better than where we were last year, and you all know how last year turned out, record revenue, record earnings, record free cash flow.

最後我想補充的是我們分享過的那些指標。事實是，現在在第一季末，我們已經有 94% 的營收在手，僅剩下 [3%] 需要重新競標（recompete）；這對我們來說是非常出色的位置，甚至比去年更好。而你們都知道去年結果如何：創紀錄的營收、創紀錄的獲利、創紀錄的自由現金流。

Gavin Parsons, UBS Financial.

Gavin Parsons，瑞銀（UBS）金融。

I mean clearly, seeing the investments you've made in technology already reflected in the margins, but I want to ask how you think about payback period and obviously, without asking about any specific programs, but maybe if you could use like Sky Valor as a frame of reference.

很明顯，你們在科技上的投資已經反映在利潤率上了；但我想問你們如何看待回收期（payback period）。當然我不問任何特定專案，但也許你可以用 Sky Valor 作為參考框架來說明。

Yeah, sure. Look, we've invested in a lot of software-based tech over the last decade. And I truly believe that our shareholders have been greatly rewarded and they will continue to be rewarded for the results. And we can talk about [Pines], we can talk about ARKA, talk about space, talk about CTs, there's a lot of examples here, but at the end of the day, strategy is a place where we come from. So these are not high risk invest ahead of customer need operations.

好的，當然。你看，我們在過去十年投資了很多以軟體為基礎的技術。我真心相信，我們的股東已經因此獲得了很大的回報，而且未來也會持續因這些成果而受益。我們可以談 [Pines]、可以談 ARKA、談太空、談 CTs，這裡有很多例子；但歸根結底，策略是我們的出發點。所以這些並不是在客戶需求尚未出現前就高風險超前投資的運作方式。

I mean we run this company as a full throated company. And it's why we always talk about we're not going to invest for the next quarter. We're going to invest for the next decade. So as hard as some of the stuff is that we do, we don't -- we've never come back to our investors and said, because we had to invest more, these financials are not going to look the way they look, okay?

我的意思是，我們以全力以赴的方式經營這家公司。這也是為什麼我們總是說，我們不會為了下一季而投資。我們要為了下一個十年而投資。所以不管我們做的某些事情有多難，我們不會——我們從來沒有回頭跟投資人說，因為我們必須多投資，所以財務表現就不會像現在這樣，好嗎？

We are a consistent free cash flow compounder and a consistent company that's out there buying the right capabilities to go ahead and continue to drive this company forward. So whether it's counter-UAS where we've been investing for well over a couple of decades, we've invested and we moved from a fixed-site solution to a mobile solution. Things like beam are not in high demand because we got lucky. They're in high demand because we're good and it's good.

我們是一家能持續複利累積自由現金流的公司，也是一家持續在市場上收購正確能力、以推動公司向前的公司。所以不論是反無人機（counter-UAS），我們已經投資了超過幾十年；我們投資並且把解決方案從固定式轉為機動式。像 beam 這類產品之所以需求旺盛，不是因為我們運氣好。需求旺盛是因為我們做得好，而且產品本身也好。

So whether it's Sky Valor giving commander's larger range, we understand how to do all of that because we have 1,400 people forwardly deployed and a lot of people embedded and that operational support gives us just absolute better data than everybody else gets back to Sheila's earlier question, and allows us to invest in the right manner in the right levels in a manner that we're not coming to our shareholders after the quarter is done, saying I wish we hadn't invested in all of that because now we can't make revenue or we can't make earnings. We're doing it all.

所以不論是 Sky Valor 讓指揮官擁有更大的作戰範圍，我們之所以懂得如何把這些都做好，是因為我們有 1,400 人前沿部署，還有很多人嵌入在客戶端；而這些作戰支援讓我們取得的數據絕對比其他人更好——回到 Sheila 先前的問題——並使我們能以正確的方式、在正確的層級進行投資；如此一來，我們不會在季度結束後跑去跟股東說：我希望當初沒有投那麼多，因為現在我們做不出營收或做不出獲利。我們是全部都在做。

Thanks for that. And then maybe just a quick clarifier on ARKA to make sure I heard no change to the expected ARKA revenue for the full fiscal year, it's just timing?

謝謝你的說明。另外，關於 ARKA 我想快速確認一下，確保我沒有聽錯：對 ARKA 全財年的預期營收沒有改變，只是時點（timing）問題？

Yeah. Let me talk a little bit about ARKA. I think it's been probably at least here to fore, it's probably one of the greatest acquisitions that we've done because it sets us up for so many things. It's a great business is performing as expected.

是的。我來稍微談一下 ARKA。我認為至少到目前為止，這可能是我們做過最棒的收購之一，因為它讓我們在很多方面都做好布局。這是一門很好的業務，表現符合預期。

They're a leading provider of sensing and sense-making capabilities. I'd like to say they've been doing large aperture solutions since [Mobitech] was a [minnow]. They are one-and-a-half companies that do what they do. So it's a very strong barrier to entry. And now as you heard from the [Vantor] award, we're now moving to smaller form factors without sacrificing purity. And we're also building those at higher commodity.

他們是感測與感知解讀（sensing and sense-making）能力的領先供應商。我常說，他們在 [Mobitech] 還只是個 [minnow]（小角色）時，就已經在做大口徑（large aperture）解決方案了。能做他們這種事情的公司只有一到兩家。所以進入門檻非常高。而且現在，如同你們從 [Vantor] 的得標案所聽到的，我們正在轉向更小的外形尺寸（form factors），但不犧牲純度（purity）。同時我們也在以更高的商品化程度（commodity）來打造這些產品。

So specific to your question, yes, the $50 million moves a quarter to the right. We didn't take the full year or the guidance down. We actually raised full year and shifted theirs. So at the end of the day, this $50 million is different than the $50 million raise guide. This is really about moving that from next 12 months based on a March closure date to the current first fiscal year.

所以針對你的問題，是的，那 5,000 萬美元往右移了一季。我們沒有下調全年或指引。我們其實上調了全年，並把他們的部分做了移轉。所以歸根結底，這 5,000 萬美元不同於指引上調的那 5,000 萬美元。這主要是把原本以 3 月結案日為基準的未來 12 個月，移到當前的第一個財政年度。

So all of this attention is really moving revenue to after March 9, but before June 30. So we don't see -- it's not about missed numbers, it's just timing, like the majority of the rest of our business.

所以所有這些關注點，實際上是在把營收移到 3 月 9 日之後、但在 6 月 30 日之前。因此我們不認為——這不是沒達標的問題，只是時點問題，就像我們其他大部分業務一樣。

Jeff, anything else you want to add?

Jeff，你還有什麼要補充的嗎？

Yeah. No, I think you covered it, but I would say maybe slightly different way that might land with some people differently. The $250 million numbers you're hearing are unrelated, completely independent. There's a $50 million growth in the total revenue, and there is $50 million of movement in the ARKA revenue from inorganic to organic based on being after the anniversary date. So they're different 50s.

是的。沒有，我覺得你已經說得很完整了；但我可以用稍微不同的方式講，可能有些人會更容易理解。你們聽到的 2.5 億美元數字彼此無關，完全獨立。一個是總營收增加 5,000 萬美元；另一個是 ARKA 的 5,000 萬美元，因為在周年日之後，所以從非有機（inorganic）轉為有機（organic）的收入移轉。所以是兩個不同的 5,000 萬。

John Godyn, Citi.

John Godyn，花旗。

Hopefully unpack margins a little bit. If I rewind to maybe a year or so ago, there was a conversation about the growth versus margin trade-off, and how margins might be topping out, the margin performance and execution has been great. We also have ARKA in there. So it's hard to unpack that perfectly. But maybe you could just talk about growth versus margins in the core business versus ARKA? And are we at a point where we're finding a new lever to get margins higher?

希望能把利潤率拆解說明一下。如果我回溯到大概一年前左右，當時有一段討論是關於成長與利潤率之間的取捨，以及利潤率可能已經見頂；而你們在利潤率表現與執行上一直都很出色。我們也把 ARKA 納入其中。所以要把這些完全拆開來看其實不容易。但也許你可以談談核心業務的成長與利潤率，對比 ARKA 的成長與利潤率？以及我們是否已經到了能找到新的槓桿、把利潤率再推高的階段？

Look, we have said a couple of things pretty consistently, and I'm going to come back and answer your question more directly. But we've said a couple of things pretty consistently. One is that we manage the business for free cash flow. And so we're continually making decisions balancing investment and growth. The other thing that may be clouding this up a little bit is the condition I mentioned earlier, which is the margin variability.

你看，我們一直相當一致地說過幾件事，我會再回來更直接回答你的問題。但我們一直相當一致地說過幾件事。第一是，我們以自由現金流來管理這門生意。因此我們會持續在投資與成長之間做平衡決策。另一個可能讓這件事看起來更複雜的因素，是我先前提到的狀況，也就是利潤率的波動性。

And what we see as we manage our way through this, particularly in the internal quarters of the year as we manage across the 1,900 programs that I mentioned earlier. So those conditions are both what they are and no one should be surprised. We've talked about these multiple forums for a long time.

而當我們一路管理過來時，特別是在一年當中的內部季度（internal quarters），我們要在我先前提到的 1,900 個專案之間進行管理。所以這些狀況就是如此，沒有人應該感到意外。我們在多個場合談這些已經談了很久。

To get to your more specific question, I think, we do continue to see opportunities for continued modest margin improvement. And that's taking into account the two conditions I just mentioned, but it is an extremely opportunity-rich environment, and we see plenty of opportunities to invest, and plenty of opportunities for growth, which really put us in the posture, I think in some ways of being able to have our cake and eat it too.

回到你更具體的問題，我認為我們確實仍然看到持續、溫和的利潤率改善機會。這是在考量我剛提到的兩個狀況之下；但這是一個機會非常豐富的環境，我們看到很多投資機會，也看到很多成長機會，這讓我們在某種程度上處於一個姿態：我想，我們可以兩者兼得。

So I think we do see continued modest margin improvement even while we're maintaining the growth vector.

所以我認為，即使我們維持成長軌跡，我們仍然看到利潤率會持續溫和改善。

And if I could just ask a related follow-up on margins this year. In the prepared remarks, you mentioned that margins in the back half would step up, but perhaps less so now that you had good early year margin performance. I just wanted to revisit that. It sounds like the margin improvement engine is firing on all cylinders. As you said, you have a target-rich backdrop. Is there some conservatism in that view? Could we maybe see even a higher step-up in the back half?

如果我可以就今年的利潤率再追問一個相關問題。在事先準備的講稿中，你提到下半年利潤率會上升，但也許因為年初利潤率表現很好，現在上升幅度可能會小一些。我想再確認一下這點。聽起來利潤率改善的引擎正在全速運轉。如你所說，你們面對的是一個目標很多的背景環境。這個看法裡是否帶有一些保守性？我們是否可能在下半年看到更高幅度的上升？

Well, that's a loaded question. Look, we continue to do what I've been describing that we do. And if it shakes out that way, it's impossible for me at this point to necessarily predict an investment decision that we might make or not make next April. But we've tried to be pretty open with you sharing the levers and the knobs that we're managing and how we solve for them. And I think I probably should leave it at that.

嗯，這是一個帶有預設前提的問題。你看，我們會持續做我一直在描述我們會做的事。如果最後結果真的那樣走，現階段我也不可能去預測明年四月我們可能會做、或不會做的某個投資決策。但我們一直試著相當坦誠地與你分享我們在管理哪些槓桿與旋鈕，以及我們如何解題。我想我大概就先說到這裡。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

This is Matt Marottolo on for Scott. We've heard from aerospace companies that memory semiconductors rare earths are seeing very high levels of inflation in elongated lead times. How are you managing around those constraints? Are there any other pinch points you would call out in the supply chain?

我是代替 Scott 的 Matt Marottolo。我們從航太公司那邊聽到，記憶體半導體與稀土正面臨非常高的通膨，以及拉長的交期。你們如何因應這些限制？供應鏈上還有其他你會點名的瓶頸嗎？

Yeah. Look, thanks. Yeah, we are seeing some of that as well, and we're managing it accordingly. That's a key focus why we brought Chris Menoskiin, who's our new EVP of Manufacturing -- and as we really scale to to combat things like that.

是的。你看，謝謝。是的，我們也看到其中一些情況，並且相應地在管理。這也是我們引進 Chris Menoskiin（我們新的製造執行副總裁）的關鍵原因之一——當我們真正擴大規模以因應這類問題時。

I can tell you that those types of items are reflected in our guidance. It's really one of the factors that create the low end of our range than our high end of our range. The administration is aware of this as well, and they're making the right kinds of investments, which we fully support. The other thing that we're pretty good at is making certain that we're eyeballing those types of shortages before they present themselves and really work designs around some of those items.

我可以告訴你，這類項目已反映在我們的財測指引中。這確實是造成我們區間低端（low end）而非高端（high end）的因素之一。政府也意識到這點，他們正在做正確類型的投資，我們完全支持。另外，我們也相當擅長在這些短缺真正發生之前就先盯緊，並且在設計上繞開其中一些項目。

The last thing from a shareholder margin cash flow point of point of view is really getting our hands around what are those long lead high-risk items that we have to invest in, meaning do we spend some of our cash flow earlier than we would like, but it actually supports much longer-term growth.

最後，從股東、利潤率與現金流的角度來看，重點在於真正掌握哪些是交期長、風險高、我們必須提前投入的項目；也就是說，我們是否要比理想狀況更早花掉部分現金流，但這其實能支持更長期的成長。

So do we spend $30 million of cash in the second quarter to end up picking up $60 million more over the entire year? The answer is going to be yes. That's why we talk about being a full-year company versus a quarterly company.

所以，我們是否會在第二季花 3,000 萬美元現金，來換取全年多拿到 6,000 萬美元？答案會是會。這就是為什麼我們說我們是一家看全年、而不是看季度的公司。

Jeff, anything you want to add?

Jeff，你有什麼要補充的嗎？

Yeah. I would -- I'd only add, you didn't explicitly ask this, but I think it was in the under -- in the tone of your question. We also have a business model where we have more pricing opportunity frequency. So the nature of much of what we sell gets repriced each time there's an order. So unlike a large six- or eight-year platform program where the pricing is committed far in advance, we rarely are more than a year or 18 months or so from being able to price the next increment.

有。我只想補充——你沒有明確問到這點，但我覺得這在你問題的語氣裡。我們的商業模式也讓我們更常有調價的機會。所以我們賣的很多東西，每次有訂單時都會重新定價。因此，不像某些六年或八年的大型平台專案，價格很早就被承諾鎖定；我們很少會距離下一次能對下一個增量定價超過一年或大約 18 個月。

So that's also, I think, a risk mitigator that may not be fully appreciated compared to some of the others in your question.

所以我認為，這也是一個風險緩解因素；相較於你問題中提到的其他情況，外界可能沒有完全理解這點。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. John, you mentioned OTA kind of contract structures early on in your opening comments. When you guys have some, I guess, through TLS, Manpack and maybe ARKA has a little bit, could you describe the exposure, I guess, risks around OTAs? We've seen some other competitors for OTAs are easy to cancel or easier to cancel? And just how you're thinking about the exposure with CACI and the use of those contract structures when you think about your business?

表現不錯。John，你在開場評論一開始提到 OTA 這類合約結構。當你們透過 TLS、Manpack，或許 ARKA 也有一些時，能否描述一下你們在 OTA 上的曝險——我想是風險？我們看到一些其他競爭對手的 OTA 很容易取消或更容易取消？當你思考 CACI 的業務，以及使用這些合約結構時，你們如何看待這種曝險？

Yeah. Thank you. Yeah, look, you've got to know what you're getting into when you're getting into them. And this really ties back to our invest ahead of customer need thesis that we've been on for just short of a decade. The reason why our OTAs and our CSOs are successful is because it starts months and years ahead of when that OTA is actually signed.

好的，謝謝。是的，你必須清楚自己要投入的是什麼。而這其實回到我們近十年來一直在推動的主張：在客戶需求之前先行投資。我們的 OTA 與 CSO 之所以成功，是因為它從那份 OTA 真正簽署之前的數月甚至數年就開始了。

It's really about understanding the areas that we, as a company, believe we have unique skill sets in that we've proven we have the unique skill sets in and the fact that our 1,400 people who are co-located in commands tell us that those are dire technology needs that our customer requires.

這真正關乎於理解哪些領域是我們公司認為自己具備獨特技能組、而且我們也已證明確實具備獨特技能組；以及我們有 1,400 名與各指揮部同地辦公（co-located）的員工告訴我們，那些是客戶迫切需要的關鍵技術需求。

So we are now putting hundreds of millions of dollars down. We're actually putting hundreds of person years of knowledge into an OTA, where we're working with folks on the bleeding edge of the mission on the customer side and places where the customers have nothing today, a 50% or 60% solution looks awesome. So we're also not making the mistake of trying to develop the 100% pure solution under an OTA because that means that there's far more risk on us and the risk equation between us as a customer gets unbalanced.

因此我們現在投入了數億美元。我們實際上投入了數百個人年（person-years）的知識到一個 OTA 裡；我們與客戶端在任務最前沿（bleeding edge）的人一起工作，在那些客戶今天什麼都沒有的地方，一個 50% 或 60% 的解決方案看起來就非常棒。所以我們也不會犯錯：試圖在 OTA 之下開發 100% 純粹的解決方案，因為那代表我們要承擔更高風險，而我們與客戶之間的風險方程式就會失衡。

So what makes our successful more far more times than not is a willing customer, a common understanding of what the mission needs, software-based tech so that we can make really quick changes during that OTA cycle. And our window between the design development, which is the Phase 1 of the OTA and production is most likely industry-leading. That's what drove our TLS Manpack. That has driven a lot of the other $0.5 billion of different OTAs that we're involved in today. So understanding the threat, understanding what the investment needs to be getting involved in low-risk areas.

那麼，讓我們多數時候能成功的關鍵，在於客戶願意合作、對任務需求有共同理解，以及以軟體為基礎的技術，使我們能在該 OTA 週期內進行非常快速的變更。而我們在設計開發（也就是 OTA 的第一階段）與量產之間的時間窗口，很可能是業界領先。這就是推動我們 TLS Manpack 的原因。這也推動了我們目前參與的其他約 5 億美元、不同 OTA 的許多專案。因此，要理解威脅、理解投資需要是什麼，並在低風險領域投入參與。

And then when we get to the production side, building these centers of excellence, so we don't let that customer down even though we may be building a 60% solution and then also being able to modify that solution because it's software-based.

接著當我們進入量產端，我們會建立這些卓越中心，確保不讓客戶失望，即使我們可能先交付一個 60% 的解決方案；同時也能因為它是以軟體為基礎，而持續修改該解決方案。

You can add the commercial tools that we apply to those problems as well. So the mission familiarity is important, but our partnership with GitLab and some other commercial entities lets us react in a way that is a discriminator.

你也可以把我們用於這些問題的商用工具加進來。所以任務熟悉度很重要，但我們與 GitLab 以及其他一些商業實體的合作，讓我們能以一種具差異化優勢的方式快速反應。

Got it. I appreciate that color. And just a quick follow-up on ARKA. The space force budget is, the majority of it is in the base budget. It's only $12 billion tied up in the original $350 billion reconciliation bill.

了解。謝謝你提供這些補充說明。另外針對 ARKA 我再快速追問一下。太空軍預算的大部分是在基本預算（base budget）裡。在原本 3,500 億美元的調和法案（reconciliation bill）中，只有 120 億美元被綁在其中。

So is that giving you the confidence around that the majority of the space force budget is in base and that the booking visibility for ARKA continues to be robust? Just some additional color just given all the budget dynamics?

所以，這是否讓你更有信心：太空軍預算的大多數在基本預算中，因此 ARKA 的接單能見度仍然強勁？考量到各種預算動態，能否再補充一些說明？

Yeah. Peter, absolutely right. And I'd also tell you that ARKA also brings about $2 billion worth of work that's over the next three to five years, whose future is in space-based payloads that are in the base budget, but they haven't been put into our backlog yet, as Jeff explained. So yeah, it's comforting that it's there. It is comforting that we did the acquisition when we did it was very intentional and make certain we can get our hands on things are in the base budget.

是的，Peter，你說得完全正確。我也想補充，ARKA 另外帶來約 20 億美元的工作量，落在未來三到五年；其未來主要在基本預算中的太空載荷（space-based payloads），但如 Jeff 所解釋，這些尚未被放入我們的在手訂單（backlog）。所以，是的，知道它在那裡讓人安心。而且我們在當時進行收購也非常有意識、非常刻意，確保我們能掌握那些屬於基本預算的項目。

I'd also say in the reconciliation side, if you look at Golden Dome, what ARKA delivers is extremely crucial to that mission. And we all know that the reconciliation funding is not just single year funding. In some areas, it's four to five years on the year, areas, two to three years, all of that helps support the ARKA business case.

我也想說，在調和法案那一側，如果你看 Golden Dome，ARKA 所交付的能力對那項任務極其關鍵。而且我們都知道，調和法案的資金並不只是單年度資金。有些領域是按年度分配、為期四到五年；有些領域是兩到三年。這些都能支持 ARKA 的商業案例（business case）。

I'd also add, in terms of timing, I think we were also pretty opportunistic in terms of the time that we were able to enter the debt market. Times have looked pretty good a year later.

我也補充一點，就時點而言，我認為我們在能夠進入債務市場的時間點上也相當把握機會。一年後回頭看，情勢看起來相當不錯。

Tobey Sommer, Truist.

Truist 的 Tobey Sommer。

I wanted to ask you a medium- to long-term project question about your product portfolio. In three or five years of what you have currently, what do you think is going to be generating the most revenue and profit for the firm?

我想就你們的產品組合問一個中長期的問題。在三到五年後，就你們目前擁有的業務來看，你認為哪些會為公司帶來最多的營收與獲利？

Yeah. If I had open my crystal ball up on an open investor line, I would probably say it's a good mix between what we do in the EW area and then supported by what we're doing in this space. We're just so early. We're in the infancy stage of both of these markets. If you think about EW, we've got things across the entire spectrum that will help the customer drive their mission forward.

是的。如果我在公開的投資人電話會議上打開水晶球，我大概會說，這會是我們在電子戰（EW）領域所做的事情，加上我們在太空領域所做的事情之間的一個良好組合。我們現在還非常早期。這兩個市場都還在萌芽階段。如果你想想 EW，我們在整個頻譜上都有各種能力，能幫助客戶推進其任務。

The fact that they're all software-based means that we can continually make changes. So if you look at the potential margins going out, not as a future guide, but the facings are software-based we're going to the production bench much less time than others are because we're able to provide additional features like the phone you all carry in your jackets.

而它們全都是以軟體為基礎，意味著我們可以持續進行變更。所以如果你看未來的潛在毛利率——這不是對未來的指引——但因為介面是軟體化的，我們走到量產端所需的時間比其他人短得多，因為我們能提供額外功能，就像你們外套口袋裡帶著的手機一樣。

So it has the right mix of commerciality to it, both the solutions and how we drive investments. And frankly, that's what's going to continue to drive larger and larger free cash flow as we go forward.

因此，它在商業化程度上有很好的組合，包含解決方案本身，以及我們推動投資的方式。坦白說，這也將在未來持續推動越來越大的自由現金流（free cash flow）。

Colin Canfield, Cantor.

Cantor 的 Colin Canfield。

Maybe if we could talk about cash flow progression. If you could talk about how you think about essentially the combined base based capability portfolio, so ARKA (technical difficulty) and then space-based EW, how do you think about the investment requirements relative to the scale of opportunities? And then maybe if you could parse that out on how you =view the fastest-growing swim lanes between commercial EO providers of what you've won with [Cantor], base space situational constellations like what we're seeing with true anomaly, and then participation in SpaceX's StarShield program?

也許我們可以談談現金流的演進。你能否談談你如何看待基本預算（base）所支撐的能力組合（capability portfolio）的整體——也就是 ARKA（技術問題）以及太空基電子戰（space-based EW）——相對於機會規模，你如何看待投資需求？另外，也許你可以拆解一下：在你看來，成長最快的幾條「泳道」分別是哪些——包括你們與商用 EO（地球觀測）供應商合作、你們與 [Cantor] 贏得的項目；像我們在 True Anomaly 看到的那種基本預算的太空態勢感知星座；以及參與 SpaceX 的 StarShield 計畫？

So those three particular programs and if there's a fourth line of really fast-growing prime classified work as well? Just how you think about the investment requirement versus those program growth or that program growth?

也就是這三個特定計畫；如果還有第四條是成長非常快的主承包商（prime）機密業務也請一併說明。你如何看待投資需求相對於這些計畫的成長（或該計畫成長）？

So John will probably want to add to this, and he'll have some insight on some of the specific programs and places that you mentioned. But basically, Colin, I mean, the cash -- I'm going to come back to cash flow. I mean, we apply the same tools in context of your question that we do others. If we see an opportunity to invest in a way that grows free cash flow dollars, that's the decision that we make.

John 可能會想補充，他也會對你提到的一些特定計畫與領域有些見解。但基本上，Colin，我先回到現金流——我的意思是，針對你這個問題，我們採用的工具與我們看待其他問題時是一樣的。如果我們看到一個投資機會，能以某種方式增加自由現金流金額（free cash flow dollars），那就是我們會做出的決策。

I would also point out because we've had a little bit of noise in our free cash flow forecast over the last couple of years, I'd also call attention to a slide that we provide from time to time that lays out some of the unusual items that are in free cash flow so that you can do your analysis and tease out what is recurring free cash flow, I'll call it, versus what are some unusual cash items.

我也要指出，因為過去幾年我們的自由現金流預測有一些雜音，我也想提醒你注意我們不時提供的一張投影片，列出自由現金流中一些不尋常的項目，讓你能做分析，拆解出我稱之為「經常性」的自由現金流，與一些不尋常的現金項目之間的差異。

And that chart is in the appendix here. But you'll see in there a nice progression in free cash flow as we make those investment decisions and trade-offs that you asked about.

那張圖表在本次簡報的附錄裡。你會在其中看到，當我們做出你所問到的那些投資決策與取捨時，自由現金流呈現良好的逐步改善。

Yeah, Colin, and I was running as frantically as I could, but on some of the different programs that you mentioned, I'll start by answering all of the above is what's going to continue to drive cash flow. But look, let's talk about [Antor] and what ARKA has done in that area.

是的，Colin，我剛才盡可能急著趕過來；但就你提到的幾個不同計畫，我先回答：以上全部都會持續推動現金流。不過你看，我們來談談 [Antor]，以及 ARKA 在那個領域做了什麼。

Look, they have found a way to put exquisite results into a smaller payload and wide adventures like us, Frankly, I mean, without bragging, we were the best solution. I went to a competitive evaluation, we had high TRL. We took the family of systems approach, a really strong design and history of supporting cutting-edge capabilities in the space.

你看，他們找到一種方式，把極高品質的成果放進更小的載荷中，而像我們這樣的廣域冒險者（wide adventures），坦白說——不是要自誇——我們是最佳解決方案。我參與了一次競爭性評估，我們的技術成熟度（TRL）很高。我們採用系統家族（family of systems）的方式，有非常強的設計能力，並且在太空領域支援尖端能力方面有長期紀錄。

So for them, that was a value-added proposition as well as it is for us. So there's a case where we balance investment and a lot of that investment happened before we took over ownership because we've got a group of folks in Danbury, Connecticut, who've been doing this for almost seven decades. They understand the investments they need to make, and they are all very much free cash flow and cost conscious. If you look at OCTs, that's going to be another area that's going to continue to grow. We put the right investment dollars into Tranche 1.

所以對他們而言，這是一個增值的提案，對我們也是如此。這就是一個我們在投資與回報之間取得平衡的案例，而其中很多投資其實在我們取得所有權之前就已經發生，因為我們在康乃狄克州丹伯里有一群人，做這件事將近七十年了。他們了解需要做哪些投資，而且他們都非常重視自由現金流與成本意識。如果你看 OCTs，那將是另一個會持續成長的領域。我們把正確的投資資金投入到 Tranche 1。

We openly shared we were going to struggle through the producibility side of that -- enter ARKA that understands how to build in that environment really well. So from the current CACI work into the new ARKA work, they brought some great helping hands to make sure we could get through Tranche 1 and then we've got EST terminals and everything else later.

我們也坦率分享過，我們在那方面的可製造性（producibility）會很吃力——於是 ARKA 登場，他們非常了解如何在那種環境下進行建置。因此，從目前的 CACI 工作轉到新的 ARKA 工作，他們帶來了一些很棒的支援人手，確保我們能順利完成 Tranche 1，之後我們還會有 EST 終端以及其他所有項目。

So in both of those examples, the ones that I can talk to and talk to on this line, if we look at space-based EORs as well as OCTs, both of those are really good strong business cases. And as Jeff mentioned, as we go forward, we're going to have other areas, both in space and in EW as well as in our digital network tech area. We'll have to look at the level investments we're looking to make, but all with an absolute first eye on generating more free cash flow.

所以在這兩個例子中，就我能在這通電話上談到的部分來看，如果我們也把太空基 EOR 以及 OCT 納入考量，這兩者都是非常強而有力的商業案例。而且如 Jeff 提到的，往後我們還會有其他領域，包含太空、EW（電子戰），以及我們的數位網路技術領域。我們必須檢視我們打算投入的投資水準，但一切都會以「優先創造更多自由現金流」為絕對第一考量。

Got it. And as you think about M&A strategy, maybe if you could talk about the balance of cash flow growth versus price that you're seeing out of the feedback assets versus foster-backed assets? And maybe just talk about which buckets of assets are you seeing as more attractive at the moment?

了解。那在思考併購（M&A）策略時，或許你可以談談：在你看到的回饋資產（feedback assets）相較於由 Foster 支持的資產（foster-backed assets）之間，現金流成長與價格的取捨平衡是如何？也請談談目前你覺得哪幾類資產更具吸引力？

Yeah. Colin, it's hard to make a general comment about that. They -- you won't be surprised to learn that every one of those has its own story, the length of the hole, the prospects, the market position. We continue to curate our pipeline pretty carefully you know that we focus on gaps. We're not buying volume or bulk.

是的。Colin，這很難做出概括性的評論。你不會意外，每一個案子都有自己的故事：坑洞的長度、前景、以及市場地位。我們仍然非常謹慎地篩選我們的管線，你也知道我們聚焦在缺口（gaps）。我們不是為了買量或買規模而收購。

We continue to look -- there is some price valuation, I'll call it, correction or adjustment in the air. We're mindful of that and watching it. Personally, I don't think it's done. But that's certainly part of how we think about and evaluate opportunities. And again, it's very hard to generalize every story -- every opportunity has its own set of facts and circumstances.

我們也持續觀察——市場上確實有一些我稱之為價格估值的修正或調整氛圍。我們對此保持警覺並持續關注。就我個人而言，我不認為這已經結束。但這當然是我們思考與評估機會的一部分。而且再說一次，很難一概而論——每個故事、每個機會都有其自身的事實與情境。

Gautam Khanna, Cowen.

Cowen 的 Gautam Khanna。

I was wondering if you could maybe just calibrate us on recompetes this year. Have any been extended? So if you could just talk about the exposure there. And then also, given the outstanding bids and the submissions to come, if you could characterize what you expect in terms of bookings in the December quarter, which normally is soft, but it seems like you might be able to do better than what is typical seasonality? If you could just talk about cadence of bookings through the fiscal year as well? Thanks.

我想請教你是否可以幫我們校準一下今年的重新競標（recompetes）情況。是否有任何案子被延長？所以如果你能談談那方面的曝險。另外，考量到目前尚未定案的投標以及接下來要提交的案子，如果你能描述一下你對 12 月季度的接單（bookings）預期——通常那一季偏淡，但看起來你們可能有機會優於典型的季節性？也請談談整個會計年度接單節奏（cadence of bookings）。謝謝。

John will certainly want to add to this. But we have had a number of sole-source extensions, which short circuit or delay, I'll say, they don't do away with it, but delay recompete processes. We've seen that on Beagle in a number of classified areas. We've seen areas where we've got a year or two kind of extensions, which is also -- although he didn't ask, it is also part of the award duration statistic that you saw.

John 一定也會想補充。但我們確實有若干單一來源（sole-source）的延長案，這會「捷徑化」或延後——我會說不是取消，而是延後——重新競標流程。我們在 Beagle 以及多個機密領域都看到了這種情況。我們也看到一些是一年或兩年的延長，這同時——雖然他沒問——也反映在你看到的得標期間（award duration）統計上。

Because obviously, you put those in at one or two years, it lowers the average, but it's also a significant risk mitigator beyond the statistic. So those are areas where, obviously, we have satisfied customers that are in a position that they can justify an extension, we're obviously always happy for that to happen.

因為很明顯地，你把這些以一到兩年計入時，會拉低平均值，但它在統計數字之外，其實也是一個重要的風險緩解因素。所以在這些領域，顯然我們滿足了客戶需求，而客戶也處於能夠合理化延長的狀態；我們當然總是很樂見這種情況發生。

So the recompetes, you saw a step down in this quarter. Beagle was a big part of that and a couple of other classified things, as I said. And there aren't any single large meaningful significant recompetes. There are a handful of smaller things for the balance of the year. Of that 3% remaining, recompete content is probably six or eight smaller programs.

至於重新競標，你看到本季有一個下滑。Beagle 是其中很大一部分，另外還有幾個我剛提到的機密案子。而且沒有任何單一大型、具實質意義的重大重新競標案。今年剩餘期間只有少數幾個較小的案子。在剩下的 3% 裡，重新競標內容大概是六到八個較小的專案。

Yeah. And I think the other half of your question, on the -- see, Jeff talked about the duration of contracts put into our backlog this quarter. Hey, look, I'm always happy to take the millions of dollars I have to spend today on our recompete and add all those millions up and go after there and start bidding even more new work. So it's a real positive measure for us. On the bookings side, I think in my prepared remarks, I talked about -- we're very, very pleased, and we start to see some positive signs of the award announcement rate picked up, but it's also still sluggish.

是的。我想你問題的另一半——你看，Jeff 談到本季納入我們積壓訂單（backlog）的合約期間。嘿，坦白說，我一直很樂意把今天必須花在重新競標上的數百萬美元加總起來，然後去那邊投更多新案。所以這對我們來說是非常正面的衡量指標。在接單方面，我在事先準備的發言中提到——我們非常、非常滿意，而且開始看到一些正面跡象：得標公告的速度有所提升，但整體仍然偏遲緩。

So what I, what Jeff, what the rest of the company focuses on is, that's why you focus on your backlog and your funded backlog and why program performance is so important because when the customers have a discretionary dollar at the end of the fiscal year, and as they have done seven of our last eight quarters, they put additional funding to be really certain the contracts that we're delivering are funded.

所以我、Jeff 以及公司其他人所專注的是：這也是為什麼你要關注你的積壓訂單與已資金化積壓訂單（funded backlog），以及為什麼專案執行表現如此重要；因為當客戶在會計年度末有可自由支配的預算時——而且他們在我們過去八個季度中的七個季度都是如此——他們會追加資金，以非常確定我們正在交付的合約都有資金到位。

So will it still be sluggish? Yes, I think it's going to still be sluggish over the next couple of quarters. But we're not winning work in the first quarter to support our financials of the second quarter. We actually win work in the first quarter to continue to grow this business over the next seven to eight to nine quarters.

那會不會仍然遲緩？是的，我認為接下來幾個季度仍會偏遲緩。但我們不是靠第一季贏得的案子來支撐第二季的財務表現。我們其實是在第一季贏得案子，來持續推動未來七到八到九個季度的業務成長。

So at the end of the day, we're winning the business at the right rate to continue to grow this business, and we've also improved in the last couple of years with sluggish awards that we continually come back to you all and our shareholders and talk about another full year of fantastic growth and great free cash flow.

所以歸根結底，我們以正確的速度贏得業務，來持續成長；而且在過去幾年、在得標偏遲緩的情況下，我們也持續回到各位以及我們的股東面前，談到又一個完整年度的出色成長與優異的自由現金流。

Seth Seifman, JPMorgan.

JPMorgan 的 Seth Seifman。

Good morning. This is Rocco on for Seth. Looking at the contract mix type, fixed price work has increased to the low to mid-30s as a percentage of revenue over the last few quarters. How much of that was driven by ARKA versus the overall government push towards fixed-price work? And where should we think about that percentage going in the future?

早安。我是代 Seth 發言的 Rocco。從合約組合類型來看，固定價格（fixed price）工作在過去幾個季度占營收比重已提高到 30% 出頭到 30% 中段。其中有多少是由 ARKA 帶動，相較於政府整體推動固定價格工作的趨勢？未來你認為這個比例會走向哪裡？

Yeah. Look, it's far beyond ARKA. I don't remember what the actual metric was between first or second quarter. I'm sure Jeff is going to add to this -- I'm just focused on fixed price. And look, we're very comfortable with it. They are improving margins, where our technical risk is understood. I think I was shared last couple of quarters that we've had some good, deep discussions inside this company around if we're going to be asked to be the laws of physics, we probably won't take that fixed price.

是的。你看，這遠不只是 ARKA 的因素。我不記得第一季或第二季之間實際的指標是多少。我相信 Jeff 會補充——我這裡只聚焦在固定價格。而且我們對此非常有信心。在我們已理解技術風險的地方，固定價格合約能改善利潤率。我想我在過去幾個季度也分享過，我們公司內部就一件事做了很深入的討論：如果我們被要求去違反物理定律，那我們大概不會接固定價格。

But if it's software-based, we understand what it is we're out there delivering, there's no reason why we shouldn't. We got a great track record of strong performance over time. And we're -- our customers are increasingly asking us that for the task orders under different fixed-price arrangements, whatever money we're saving them to come back to us with additional work.

但如果是以軟體為主，我們清楚自己在交付什麼，那就沒有理由不做。我們長期以來有很好的強勁績效紀錄。而且——客戶也越來越常在不同的固定價格安排下，要求我們承接那些任務單（task orders）；不論我們替他們省下多少錢，他們都會再回到我們這裡追加更多工作。

So we're very disciplined in the fixed price work that we take, and it absolutely has contributed to margins far beyond the book of business that ARKA brings.

因此，我們在承接固定價格工作方面非常自律，而這確實促成了毛利率遠高於 ARKA 所帶來的既有業務組合。

Yeah. And maybe a little more specifically, if you look at that increase from 27% to 33%, about half of those -- of that 6 points is attributable to the inclusion of ARKA. So the other half of it, you ought to think about in the latter category, John mentioned, where we just have native organic increased fixed price activity.

是的。而且更具體一點，如果你看那個從 27% 到 33% 的提升，這 6 個百分點大約有一半可歸因於納入 ARKA。所以另外一半，你應該把它放在 John 提到的後一類，也就是我們原生的有機固定價格活動增加。

All right. That makes sense. And then last quarter, CACI announced the hiring of several different hardware sectors. How they integrate it into the firm as a whole? And how should we think about these individuals kind of helping to drive growth in technology?

好的。這很合理。另外，上季 CACI 宣布聘用了幾位來自不同硬體領域的人才。他們如何整合進整個公司？以及我們應該如何看待這些人如何協助推動科技成長？

Yeah. So Dave, Christian, Tom -- I'll start with Tom. Tom's prior CACI alumni. He's running our electronic warfare business to an outstanding job, bring a lot of great new ideas to us and things that are going to continually grow that business area.

是的。所以 Dave、Christian、Tom——我先從 Tom 開始。Tom 之前就是 CACI 的校友。他在帶領我們的電子戰業務，做得非常出色，帶來很多很棒的新想法，以及能持續推動該業務領域成長的事項。

Dave has come in as our COO, done a fantastic job, really, really focused on cross-company initiatives, everything from being able to drive better, more predictable producibility between engineering, design and production as well as Dave has got a lot of experience in this space realm, and he's been running different sized businesses, latest business, about $700 billion, which is only a few -- $3 billion or $4 billion sort of our company. So I like he's been able to bring.

Dave 以我們的營運長（COO）身分加入，做得非常棒，確實、非常專注於跨公司倡議；從能夠在工程、設計與生產之間推動更好、更可預測的可製造性，到 Dave 在太空領域也有很多經驗，並且曾經經營不同規模的事業；他最近的事業大約是 7,000 億美元，這只比我們公司大幾個——大概是我們的 30 億或 40 億美元規模。所以我很喜歡他能帶來的東西。

And then Chris, clearly, Chris has got all of the -- all of our focus as well as all of our support to really building out these centers of excellence. And this is another example of investing ahead of need, okay? We know what our next few years will look like. We talked about giving you a new three-year guide. I don't think that's going to disappoint anybody out there. But for us to be able to achieve that continued growth, we need to make certain that we put a longer-term look at how we're doing the production items within this company.

然後是 Chris，很明顯地，Chris 得到了我們所有的關注以及所有的支持，來真正把這些卓越中心（centers of excellence）建置起來。這也是另一個在需求出現之前就先行投資的例子，好嗎？我們知道接下來幾年會是什麼樣子。我們談到要給各位一個新的三年指引。我不認為那會讓在座任何人失望。但為了讓我們能達成持續成長，我們需要確保以更長期的視角來看待公司內部如何進行生產項目。

So Chris is going to bring a lot of expertise there. The fact that we are a growing company, and we're a different kind of company and one that's very well respected in a very different part of the market, that makes it easier and easier for us to find world-class talent that is more than happy to come to continue what it is we built and to push us even further. So I appreciate the question.

因此 Chris 會在那方面帶來很多專業能力。我們是一家正在成長的公司，而且我們是一種不同類型的公司，在市場上非常不同的一個領域也備受尊敬，這讓我們更容易找到世界級人才；他們非常樂意加入，延續我們所建立的一切，並把我們推得更遠。所以謝謝你的提問。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

Good morning. This is Josh Korn on for David. Just wanted to follow up on the organic growth outlook. You had a strong bookings quarter, almost $5 billion in awards. I guess how should we think about the way those bookings in the quarter convert to revenue this year and beyond? And then if there's any specific programs you would want to highlight driving growth now in the next couple of quarters?

早安。我是 Josh Korn，代替 David 發言。我想追問一下有機成長展望。你們本季接單很強，得標金額接近 50 億美元。我想問，我們應該如何看待本季這些接單在今年及未來轉換為營收的節奏？另外，是否有任何你們想特別點名、在接下來幾季帶動成長的特定專案？

It's really, Josh, pretty broad-based across the portfolio. I wouldn't call out any one specific program. A couple of the bigger awards that we talked about, you'll notice our five-year programs, and we'll see those ramp up in the normal way and there'll be a little bit of contribution this year. But it's really pretty broad-based. Really, there is no part of the portfolio were happily -- where we're seeing any contraction. I mean, the business is hitting on all cylinders.

Josh，這其實在整個投資組合中是相當廣泛的。我不會特別點名任何單一專案。我們提到的幾個較大型得標案，你會注意到是五年期專案；我們會以正常方式看到它們逐步放量，今年會有一些貢獻。但整體而言確實相當廣泛。真的，投資組合中沒有任何部分——我們很高興——看到有任何萎縮。我的意思是，業務各方面都火力全開。

Yeah. And Josh, I'd also add a little bit about the Apollo win because it really is a unique -- it's the latest example of using technology-first solutions for us to win more and more work. And as Jeff mentioned, that's going to drive a lot of the top line growth over the next couple of years before that levels off. It's a five-year program.

是的。Josh，我也想補充一下 Apollo 的得標，因為它確實很獨特——這是我們運用「技術優先」解決方案來贏得越來越多工作的最新例子。而且如 Jeff 提到的，這將在接下來幾年推動大量的營收成長，之後才會趨於平穩。這是一個五年期專案。

We're really using bleeding edge AI to analyze and create inputs in area of information warfare, something we can't dig into on this kind of a call, but just recognize it's hugely important and really, really hard.

我們確實在使用最前沿的 AI 來分析並產生資訊戰領域的輸入；這類內容在這種電話會議上無法深入，但請理解它極其重要，而且真的、真的很難。

We have a habit of doing hard. But it's expected to be in it's higher ramp in Q3. So back to the very first question, it's one of those drivers for us to go drive growth. And then we've got things like JTMS and other programs out there that are going to continue to make sure we're set up for another really successful year.

我們一向習慣做難的事。但預期在第三季會進入較高的放量期。所以回到最一開始的問題，它就是我們推動成長的驅動因素之一。另外我們還有像 JTMS 以及其他專案，將持續確保我們為另一個非常成功的年度做好準備。

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

我們的問答環節到此結束。我現在把電話會議交回給 John Mengucci，請他做結語。

Well, thanks, Morgan, and thank you for your help on today's call. We'd like to thank everyone who dialed in or listen to the webcast for their participation. We know that many of you will have follow-up questions and Jeff McLaughlin, George Price and Lisa Parkinson are available after today's call. Please stay healthy. All my best to you and your families.

好的，謝謝 Morgan，也謝謝你在今天電話會議中的協助。我們也要感謝所有撥入或收聽網路直播的各位參與。我們知道許多人會有後續問題，Jeff McLaughlin、George Price 和 Lisa Parkinson 在今天會後都可以提供協助。請保持健康。向各位以及你們的家人致上我最誠摯的祝福。

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

本次電話會議到此結束。謝謝，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect and have a wonderful rest of your day.

今天的電話會議到此結束。感謝各位出席。各位現在可以掛線，祝你今天剩餘時間愉快。