CACI International Inc (CACI) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the CACI International Fiscal 2022 Third Quarter Results. Today's call is being recorded. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎閱讀 CACI 國際 2022 財年第三季業績。今天的通話正在錄音。 （操作員說明）

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

現在，我想將電話會議轉給 CACI International 投資者關係資深副總裁 Dan Leckburg。請繼續，先生。

Well, thanks, Seth, and good morning, everyone. I'm Dan Leckburg, Senior Vice President of Investor Relations for CACI, and we thank you for joining us this morning.

好吧，謝謝塞斯，大家早安。我是 CACI 投資者關係資深副總裁 Dan Leckburg，感謝您今天早上加入我們。

We are providing presentation slides, so let's move to Slide #2. There will be statements in this call that do not address historical fact and as such, constitute forward-looking statements under current law. These statements reflect our views as of today and are subject to factors that could cause our actual results to differ materially from anticipated. Those factors are listed at the bottom of last night's press release and are described in the company's SEC filings. Our safe harbor statement is included on this exhibit and should be incorporated as part of any transcript of this call. I also point out our presentation this morning will include a 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.

我們正在提供簡報投影片，所以讓我們轉到投影片 #2。本次電話會議中的某些陳述不涉及歷史事實，因此構成現行法律下的前瞻性陳述。這些陳述反映了我們截至目前為止的觀點，並受到可能導致我們的實際結果與預期有重大差異的因素的影響。這些因素列在昨晚新聞稿的底部，並在該公司提交給美國證券交易委員會的文件中進行了描述。我們的安全港聲明包含在此展覽中，並應作為本次電話會議記錄的一部分納入其中。我還指出，我們今天上午的演講將包括對非公認會計準則財務指標的討論。這些不應被孤立地考慮或作為根據 GAAP 制定的績效衡量標準的替代品。

With that out of the way, let's turn to Slide #3, please. To open our discussion this morning, I'll turn the call over to John Mengucci, President and Chief Executive Officer of CACI. John, over to you.

說完了這個，讓我們轉向幻燈片 #3。作為今天早上我們的討論的開始，我將把電話轉給 CACI 總裁兼首席執行官約翰·門古奇 (John Menucci)。約翰，交給你了。

Thanks, Dan, and good morning, everyone. Thank you for joining us to discuss our third quarter 2022 results. With me this morning is Tom Mutryn, our Chief Financial Officer.

謝謝丹，大家早安。感謝您加入我們討論我們的 2022 年第三季業績。今天早上和我在一起的是我們的財務長 Tom Mutryn。

Slide 4, please. Let's start off with our third quarter financial highlights. We grew revenue by 2%. Profitability was healthy with adjusted EBITDA margin of 10.2%, and we generated robust free cash flow of nearly $300 million. We also continue to win new and recompete work with $1.2 billion of contract awards, $568 million of those classified, representing a book-to-bill of 1.5x on a trailing 12-month basis. Our results reflect the short-term headwinds we discussed last quarter, albeit a bit more than expected with funding delays being the key driver.

請幻燈片 4。讓我們從第三季的財務亮點開始。我們的收入成長了 2%。獲利能力健康，調整後 EBITDA 利潤率為 10.2%，我們產生了近 3 億美元的強勁自由現金流。我們也繼續贏得新的和重新競爭的工作，獲得了 12 億美元的合同，其中 5.68 億美元屬於機密合同，相當於過去 12 個月的訂單出貨比的 1.5 倍。我們的結果反映了我們上季度討論的短期阻力，儘管比預期要多一些，資金延遲是關鍵驅動因素。

Slide 5, please.

請幻燈片 5。

While market trends remain positive in the medium and long term, the short-term headwinds I discussed last quarter still exist, including slower issuance of task orders, supply chain challenges, delayed funding and restricted customer and facility access due to COVID. What changed during our third quarter is the process of getting funding on contracts has been much slower than in past years. In fact, our third quarter funding orders are down over $300 million or 20% compared to the same quarter last year. As a result, we are reducing our outlook for fiscal year 2022, which Tom will discuss in more detail shortly.

雖然中長期市場趨勢仍然樂觀，但我上季度討論的短期阻力仍然存在，包括任務訂單發放速度放緩、供應鏈挑戰、融資延遲以及由於新冠疫情而限制客戶和設施准入。第三季發生的變化是，獲得合約資金的過程比過去幾年慢得多。事實上，我們第三季的融資訂單比去年同期減少了 3 億美元以上，即 20%。因此，我們正在降低 2022 財年的前景，湯姆很快就會對此進行更詳細的討論。

Slide 6, please. Looking past these short-term funding issues, we have a large and growing addressable market, and the budget environment is even more constructive today than in the recent past. For example, we see increased spending across Defense, where we have a robust footprint, the intelligence community, where approximately 30% of our revenue is generated and important non-DoD customers like DHS, where we provide cyber and applications development. From a capability perspective, we see increased spending in IT modernization across the federal government, the space domain, including photonics and space situation awareness and continued strong spending across the electromagnetic spectrum to include SIGINT, EW and cyber.

請幻燈片 6。撇開這些短期融資問題不談，我們擁有一個龐大且不斷成長的潛在市場，而且今天的預算環境比過去更具建設性。例如，我們看到整個國防部的支出增加，我們在國防領域擁有強大的影響力；在情報界，我們的收入約佔30%；以及重要的非國防部客戶，如國土安全部，我們在其中提供網路和應用程式開發。從能力的角度來看，我們看到聯邦政府、太空領域（包括光子學和空間態勢感知）的 IT 現代化支出有所增加，電磁頻譜（包括信號情報、電子戰和網路）的支出持續強勁。

Slide 7, please. With those spending priorities as a backdrop, I'll cover recent investments we have made in IT modernization and space. First, on the IT modernization side, we continue to invest in Commercial Solutions for Classified, or CSFC. You've heard us talk about -- you've heard us talk before about our subscription-based Software as a Service SteelBox application for secure communications. We continue to invest in new capabilities and are seeing successes with recent deployments within the intelligence community. And our recent acquisition of ID Technologies expands our portfolio of software-based CSFC for classified networks. Combining these CSFC offerings with our existing network modernization capabilities provides a compelling end-to-end solution to capture increased spending and IT modernization.

請幻燈片 7。以這些支出優先事項為背景，我將介紹我們最近在 IT 現代化和空間方面進行的投資。首先，在 IT 現代化方面，我們繼續投資分類商業解決方案（CSFC）。您曾經聽過我們談論過——您以前聽過我們談論過我們基於訂閱的軟體即服務 SteelBox 用於安全通信的應用程式。我們繼續投資新功能，並在情報界最近的部署中看到了成功。我們最近收購了 ID Technologies，擴大了我們用於分類網路的基於軟體的 CSFC 產品組合。將這些 CSFC 產品與我們現有的網路現代化能力相結合，可提供引人注目的端到端解決方案，以捕捉增加的支出和 IT 現代化。

Second, we continue to invest in the increasingly important space domain. SA Photonics in partnership with DARPA and SDA, recently demonstrated the connection of an optical link and data transfer between satellites in orbit. This success is an important step in establishing space-based communications to transmit greater amounts of data in a more secure modality. We also recently completed an important milestone for 2 mission payloads that will launch into lower earth orbit early next year. These upgradable software-defined payloads will demonstrate APNT and alternative to GPS and as well as tactical ISR from space. These space payrolls are great examples of taking exquisite terrestrial capabilities and investing internally to deploy them in space.

其次，我們繼續投資日益重要的太空領域。 SA Photonics 與 DARPA 和 SDA 合作，最近展示了在軌衛星之間的光鏈路連接和資料傳輸。這項成功是建立天基通訊以更安全的方式傳輸更多資料的重要一步。我們最近也完成了兩個任務有效載荷的重要里程碑，這些任務載荷將於明年初發射到近地軌道。這些可升級的軟體定義有效載荷將展示 APNT 和 GPS 的替代方案以及來自太空的戰術 ISR。這些太空人員是利用精湛的地面能力並進行內部投資將其部署到太空的絕佳例子。

Slide 8, please. The bottom line is, our business is performing well on the things under our control. We are delivering with quality, winning new business, driving profitability, generating robust cash flow, investing ahead of need in relevant and differentiated technology, hiring great talent and being recognized in several surveys by our employees as a Great Place to Work.

請幻燈片 8。最重要的是，我們的業務在我們控制的事情上表現良好。我們提供優質服務，贏得新業務，提高盈利能力，產生強勁的現金流，提前投資於相關和差異化技術，聘請優秀人才，並在多項調查中被我們的員工評為“最佳工作場所” 。

Before I turn things over to Tom, I want to make it clear that our business is performing well and long-term prospects are positive. While we are still going through our FY '23 planning process, our preliminary assessment indicates healthy organic growth, profitability and cash flow. We have the capabilities, the contracts, a robust backlog and a track record of winning business to continually delivering shareholder value next year and beyond.

在將事情交給湯姆之前，我想明確表示我們的業務表現良好，並且長期前景樂觀。雖然我們仍在進行 23 財年規劃流程，但我們的初步評估顯示健康的有機成長、獲利能力和現金流。我們擁有能力、合約、強勁的積壓訂單以及贏得業務的記錄，可以在明年及以後繼續為股東創造價值。

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

這樣，我就把電話轉給湯姆。

Thank you, John, and good morning, everyone. I'm still on Slide #8. Let me start off by providing some additional color around FY '23. As our customers begin to execute on what is a fully appropriated budget and get funds on contract to meet critical needs, we expect funding to revert to more normal levels in early FY '23. As is our practice, our fiscal year plan and guidance is based on a program-by-program bottoms-up process. This activity is well underway and has provided enough insight for us to be confident that we will be able to generate healthier organic growth, profitability and cash flow in FY '23. We will provide formal FY '23 guidance with full details in mid-August.

謝謝約翰，大家早安。我還在投影片 #8 上。讓我先提供一些關於 23 財年的額外資訊。隨著我們的客戶開始執行完全撥付的預算並根據合約獲得資金來滿足關鍵需求，我們預計資金將在 23 財年初期恢復到更正常的水平。按照我們的慣例，我們的財政年度計畫和指導是基於逐項自下而上的流程。這項活動正在順利進行，並為我們提供了足夠的洞察力，讓我們相信我們將能夠在 23 財年實現更健康的有機成長、獲利能力和現金流。我們將在 8 月中旬提供正式的 23 財年指導以及完整的細節。

With that, I'll turn to our third quarter results and FY '22 outlook. Please turn to Slide #9. We generated revenue of $1.6 billion in the quarter, representing 2.1% growth with organic revenue down approximately 2%. Third quarter adjusted EBITDA margin was 10.2%, below our expectations due primarily to fewer high-margin mission technology sales as a result of the funding issues we spoke of. Our 17.9% tax rate benefited from increased R&D tax credits of approximately $9 million related to FY '20 through FY '22, which we recognized this quarter.

接下來，我將談談我們的第三季業績和 22 財年展望。請翻到投影片 #9。本季我們的營收為 16 億美元，成長 2.1%，有機收入下降約 2%。第三季調整後 EBITDA 利潤率為 10.2%，低於我們的預期，主要是因為我們談到的資金問題導致高利潤任務技術銷售減少。我們 17.9% 的稅率得益於 20 財年至 22 財年增加的約 900 萬美元的研發稅收抵免，我們在本季度確認了這一點。

Slide 10. CACI continues to generate strong cash flow and free cash flow per share. Third quarter cash flow from operations, excluding our accounts receivable purchase facility, was $314 million and free cash flow was $297 million. This includes $160 million of tax refunds related to the FY '21 tax selection we have previously discussed. Excluding the tax benefits, free cash flow for the quarter increased by 26% from a year ago. Our continued focus on working capital management drove DSO to 51 days, demonstrating the consistent and efficient performance of our business. We closed the third quarter with net debt to trailing 12-month adjusted EBITDA at 2.8x. Together with our recently expanded credit facility and continued access to capital, we have flexibility and optionality as we consider all capital deployment opportunities.

幻燈片 10。第三季營運現金流量（不包括我們的應收帳款購買融資）為 3.14 億美元，自由現金流為 2.97 億美元。這包括與我們之前討論過的 21 財年稅收選擇相關的 1.6 億美元退稅。不計稅收優惠，本季自由現金流較去年同期成長 26%。我們對營運資金管理的持續關注將 DSO 縮短至 51 天，這證明了我們業務績效的一致和高效。第三季末，我們的淨債務與過去 12 個月調整後 EBITDA 相比為 2.8 倍。加上我們最近擴大的信貸額度和持續獲得資本的機會，我們在考慮所有資本部署機會時具有靈活性和選擇性。

Slide 11, please. We are updating our fiscal year '22 guidance to reflect the short-term funding headwinds, which impact both our third and fourth quarters. When we reported results last quarter, we anticipated that 3% of our revenue would come from new business. A good portion of that was related to material and technology revenue, which did not materialize due to funding issues. While we now have a full year appropriated budget, it is unlikely that funds will be received soon enough to enable us to deliver and recognize any associated revenue by the end of our fiscal year.

請投影片 11。我們正在更新 22 財年的指引，以反映影響我們第三季和第四季的短期融資逆風。當我們報告上季業績時，我們預計 3% 的收入將來自新業務。其中很大一部分與材料和技術收入有關，但由於資金問題而未能實現。雖然我們現在有全年撥款預算，但不太可能很快收到資金，使我們能夠在財政年度結束前交付並確認任何相關收入。

For fiscal year '22, we expect revenue to be between $6.2 billion and $6.25 billion with total revenue growth of 3% on an organic revenue growth of around 1% at the midpoint. Adjusted EBITDA margin to be around 10.5% at the midpoint, reflecting the delays in funding associated with higher-margin technology. CapEx of about $80 million in an effective tax rate for approximately 22%. We are maintaining our free cash flow guidance of at least $720 million, and our other assumptions remain materially unchanged. Year-to-date, we have realized $190 million is expected $230 million cash tax benefit from the 2021 method change. We anticipate the remaining $40 million to occur in the fourth quarter, but the timing of the tax refund is dependent upon the IRS.

對於 22 財年，我們預計營收將在 62 億美元至 62.5 億美元之間，總營收成長 3%，中間有機收入成長約 1%。調整後的 EBITDA 利潤率中位數約為 10.5%，反映了與利潤率較高的技術相關的融資延遲。資本支出約 8,000 萬美元，有效稅率約 22%。我們維持至少 7.2 億美元的自由現金流指引，其他假設基本上維持不變。今年迄今為止，我們已從 2021 年方法變更中實現了 1.9 億美元（預計為 2.3 億美元）的現金稅收收益。我們預計剩餘的 4000 萬美元將在第四季度完成，但退稅時間取決於美國國稅局 (IRS)。

Slide 12, please. Turning to our forward indicators. We now expect virtually all of our FY '22 (inaudible) program. We have $10 billion of submitted business under valuation with around 90% of that for new business to CACI. And we plan to submit another $20 billion over the next 2 quarters with about 90% adapter new business.

請投影片 12。轉向我們的前瞻指標。我們現在預計幾乎所有 22 財年（聽不清楚）計畫都會完成。我們有 100 億美元的已提交業務處於估值中，其中約 90% 是 CACI 的新業務。我們計劃在未來兩個季度再提交 200 億美元，其中約 90% 是適配器新業務。

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

然後，我會將電話轉回給約翰。

Thank you, Tom. Let's go to Slide 13. Before we transition to Q&A, I want to leave you with a few important takeaways. The short-term funding headwinds are just that. They're short term, they do not change our large addressable market nor positive demand signals. We continue to see bipartisan support for national security and modernization, and CACI is well aligned to these key spending priorities. Near-peer adversaries continue to develop capabilities that we will need to counter, regional tensions remain and counter terrorism requirements have not gone away. Domains like cyber, space and electromagnetic spectrum are increasingly important and broad-based modernization across the federal government is essential. To our 22,000 talented employees, thank you for everything you do in service to our customers and our nation each and every day. Your dedication, your talent, your good character and your spirit of innovation is truly foundational to our success.

謝謝你，湯姆。讓我們看投影片 13。短期融資阻力就是這樣。它們是短期的，不會改變我們龐大的潛在市場，也不會改變正面的需求訊號。我們繼續看到兩黨對國家安全和現代化的支持，並且 CACI 與這些關鍵支出優先事項完全一致。勢均力敵的對手繼續發展我們需要應對的能力，地區緊張局勢依然存在，反恐要求也沒有消失。網路、太空和電磁頻譜等領域變得越來越重要，聯邦政府廣泛的現代化至關重要。對於我們 22,000 名才華橫溢的員工，感謝你們每天為我們的客戶和我們的國家所做的一切。您的奉獻精神、您的才華、您的良好品格和您的創新精神確實是我們成功的基礎。

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

賽斯，讓我們開始提問吧。

(Operator Instructions)

（操作員說明）

The first question today comes from Gavin Parsons from Goldman Sachs.

今天的第一個問題來自高盛的加文·帕森斯。

John, you mentioned the constructive budget environment FY '22 was plus '23 as growth across the board. We actually have a fit up. How does that translate back to the level of confidence spending at your customers? What does it take for them to get comfortable in actually spending at these higher levels?

約翰，您提到 22 財年的建設性預算環境比 23 財年的全面成長還要好。我們其實已經很契合了。這如何轉化為客戶的信心支出水準？他們需要什麼才能適應這些較高水準的實際支出？

Yes. Gavin, thanks. As we mentioned in our prepared remarks, it really comes down to issuance of funding. The way we -- our third quarter played out, it's not that the government didn't have that funding, it was getting those funding orders out. So bottom line front, we are very confident about things going forward. From a big picture and from a budget standpoint, I think FY '22 budget and the planned FY '23 budget has further proved that the world is a really dangerous place, and I believe that Ukraine was a wake-up call. But China and other near peers and counterterrorism threats are all still there. We're hearing potentially largest DoD budget in history as we get into government fiscal year '23, potentially greater than $800 billion. We're working through a $14 billion multiyear supplemental spending for Ukraine, which includes operational and intel support for the U.S. European Command, which is a combined command that we support broadly.

是的。加文，謝謝。正如我們在準備好的演講中所提到的，這實際上取決於資金的發行。從我們第三季的表現來看，並不是政府沒有資金，而是政府正在發放這些資金訂單。因此，最重要的是，我們對未來的事情非常有信心。從大局和預算的角度來看，我認為22財年預算和計畫中的23財年預算進一步證明世界是一個非常危險的地方，我相信烏克蘭是一個警鐘。但中國和其他近鄰以及反恐威脅仍然存在。當我們進入政府第 23 財年時，我們聽到的可能是史上最大的國防部預算，可能超過 8,000 億美元。我們正在為烏克蘭制定 140 億美元的多年補充支出，其中包括對美國歐洲司令部的行動和情報支持，這是我們廣泛支持的聯合司令部。

As I shared in my prepared remarks, we're going to see increased spending in the intelligence community, where we provide a wide range of advanced cyber and intel analytical technology and expertise. We're going to see increased spending by DHS that really supplements what we do with DHS CISO organization as well as our large customers in order customer there through our BEAGLE program. We're going to continue to see increased spending on IT modernization.

正如我在準備好的演講中所分享的那樣，我們將看到情報界的支出增加，我們在情報界提供廣泛的先進網路和情報分析技術和專業知識。我們將看到 DHS 的支出增加，這真正補充了我們與 DHS CISO 組織以及我們的大客戶透過我們的 BEAGLE 計畫訂購客戶的工作。我們將繼續看到 IT 現代化支出的增加。

So when we look at our addressable market greater than $240 billion, we look at -- we continue to invest in differentiated capabilities and the like, and we're in the right areas of spend. We're in space. We're in cyber. We're in AI. We're in mission tech solutions. So we are even more confident as we go into FY 2023, Gavin. And again, I want to close this question off with, our FY '22 struggles in the second half of this year are abate and an absolute issue with funding.

因此，當我們審視超過 2,400 億美元的潛在市場時，我們會繼續投資於差異化能力等，而我們的支出領域是正確的。我們在太空中。我們在網路中。我們在人工智慧領域。我們致力於任務技術解決方案。因此，當我們進入 2023 財年時，我們更加充滿信心，Gavin。再次，我想結束這個問題，我們的 22 財年下半年的困難有所減輕，而且絕對是資金問題。

Okay. I appreciate all that color. So maybe just following up on that. If you expect the funding to revert to normal levels in early '23, have you started to see that yet? Or is that still a wait and see from the customer?

好的。我很欣賞所有這些顏色。所以也許只是跟進一下。如果您預計資金將在 23 年初恢復到正常水平，您已經開始看到這一點了嗎？還是客戶還在觀望？

Yes. Gavin, thanks. Yes, it's a fact that our contract funding orders in the third quarter were down about 20% versus last year. These are temporary, and we do believe funding is going to begin to flow. What I can share is through the 25th of this month, which is the first month of our fourth quarter, funding orders are up about 8% from the same period last year, but clearly not in time to support our FY '22 efforts with only 60 days remaining in our current fiscal year. So we're going to continue to assess our FY '23 plan. But in light of what we saw in April, we would expect May and June to show that same level of reversion back to the normal, which will support FY 2023 reverting back to strong organic growth, great margins and increased cash flow. Thanks, Gavin.

是的。加文，謝謝。是的，我們第三季的合約融資訂單比去年下降了約 20%，這是事實。這些都是暫時的，我們確實相信資金將開始流動。我可以分享的是，截至本月 25 日，也就是我們第四季的第一個月，資金訂單比去年同期成長了約 8%，但顯然還不足以支持我們僅靠 22 財年的努力。本財年剩60 天。因此，我們將繼續評估我們的 23 財年計畫。但鑑於我們 4 月的情況，我們預計 5 月和 6 月將出現同樣水平的回歸正常水平，這將支持 2023 財年恢復強勁的有機成長、巨大的利潤率和增加的現金流。謝謝，加文。

Our next question is from Mariana Perez Mora from Bank of America.

我們的下一個問題來自美國銀行的瑪麗安娜·佩雷斯·莫拉。

Could you give us some details on when we should start seeing some upside from these improved trends in Defense spending?

您能否告訴我們一些細節，說明我們何時應該開始看到國防支出改善趨勢帶來的一些好處？

Yes. We're looking for positive impact to the FY '23 budget spending during our FY 2023 year as well as increased funding coming up during our fourth quarter. I mean we are continuing to focus on high-quality revenue, and as I mentioned to Gavin, we're in the right places. Our technology continues to be more profitable and grow faster than our -- than the expertise portion of our business. We are continuing to focus on high-quality revenue, and we want to be able to grow and expand margins within that tech sector. We've got very healthy awards. We've got a great healthy backlog. We are committed to driving growth above our addressable market, which today is $240 billion, Mariana. When we get a chance to assess the full FY '23 plan going forward, we'll have a new addressable market, but the goal of the acquisitions that we have done over the last couple of years has really been focused on growing that addressable market. We're a $6 billion company today. We're in a $240 billion addressable market. There's no reason why, with the appropriate funding, we cannot continue to grow as we have year-over-year.

是的。我們希望在 2023 財年期間對 23 財年預算支出產生正面影響，並在第四季增加資金。我的意思是，我們將繼續專注於高品質的收入，正如我向加文提到的，我們處於正確的位置。我們的技術仍然比我們業務的專業知識部分更有利可圖且成長更快。我們將繼續專注於高品質的收入，我們希望能夠在該技術領域成長和擴大利潤率。我們獲得了非常健康的獎項。我們有大量健康的積壓訂單。我們致力於推動我們的目標市場（目前目標市場價值 2,400 億美元）的成長，Mariana。當我們有機會評估完整的 23 財年計畫時，我們將擁有一個新的潛在市場，但我們過去幾年進行的收購的目標實際上是專注於發展該潛在市場。今天我們是一家價值 60 億美元的公司。我們正處於一個價值 2400 億美元的潛在市場。有了適當的資金，我們沒有理由不能繼續逐年成長。

Perfect. And then as a follow-up. How large is your space exposure today? And how large it could be like 5 years from now?

完美的。然後作為後續。您今天的空間暴露量有多大？ 5年後它會有多大？

Yes. So what we do in space today is really, really focused in our Mission [Tac] area. We were very focused on the SA Photonics acquisition because we believe that our role in space will not be in building satellites, but actually by both doing mission payloads that ride on all LEO GEO MEO satellites as well as optical communications. We were very successful this past month. As I mentioned during my prepared remarks, to be able to close an optical link in space, which is a great step forward for CACI for our satellite, partners as well as DARPA and SDA.

是的。因此，我們今天在太空所做的事情確實非常專注於我們的任務 [Tac] 領域。我們非常關注 SA Photonics 的收購，因為我們相信我們在太空中的角色不會是建造衛星，而是實際上透過所有 LEO GEO MEO 衛星以及光通訊來執行任務有效載荷。過去一個月我們非常成功。正如我在準備好的演講中提到的，能夠關閉太空中的光鏈路，對於CACI 來說，對於我們的衛星、合作夥伴以及DARPA 和SDA 來說，這是向前邁出的一大步。

I would also tell you that these 2 experimental payloads that we have being launched, I believe it's January 23, is very important -- and worth spending a couple of minutes on because it's very germane to what our space strategy has been. We're looking at an alternative PNT solution that will work in a contested space domain. And it won't completely replace GPS, but it will greatly support systems out there when GPS signals are jammed or when they're attacked. Our plan for our solutions to be more resilient and less vulnerable to jamming and there are billions of dollars that are going to be spent over the next 5 years within the space to continue to ensure non-contested GPS to the war fighter.

我還想告訴你們，我們發射的這兩個實驗性有效載荷（我相信是 1 月 23 日）非常重要，值得花幾分鐘討論，因為它與我們的太空策略密切相關。我們正在尋找一種可在有爭議的太空領域發揮作用的替代 PNT 解決方案。它不會完全取代 GPS，但當 GPS 訊號受到干擾或受到攻擊時，它將為現有系統提供強烈支援。我們計劃讓我們的解決方案更具彈性、更不易受到干擾，並且未來 5 年將在太空中花費數十億美元，以繼續確保戰鬥機能夠獲得無爭議的 GPS。

The second area on the tactical ISR area is very basically taken our Mastodon-type terrestrial solutions today for tactical ISR since they're so -- they're very low size, weight and power, they're very low cost and making certain that we can space qualify those boxes and those assets so that we can continue to prosecute all of our growth strategies within the space domain.

戰術 ISR 領域的第二個領域基本上採用了我們今天用於戰術 ISR 的 Mastodon 型地面解決方案，因為它們的尺寸、重量和功率非常小，成本非常低，並確保我們可以對這些盒子和資產進行太空鑑定，以便我們能夠繼續在太空領域執行我們的所有成長策略。

Our next question comes from Tobey Sommer from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Tobey Sommer。

This is Jasper Bibb on for Tobey. I was just hoping you could comment on your experience with recruiting and retention of existing staff. Some of the private companies have described issues with staffing up new contracts. Has that been an issue for you at all in these past few quarters?

我是托比的賈斯柏‧比伯。我只是希望您能評論一下您在招募和保留現有員工方面的經驗。一些私人公司描述了在聘用新合約人員方面存在的問題。在過去的幾個季度裡，這對您來說是一個問題嗎？

Yes, thanks. Look, demand for talent still remains very high. As I've said many, many times, the hiring environment remains very competitive and very challenging, but it's no different than it has been over the last several years. I'm a big trend line person and looking at trend lines of STEM graduates out there, we can throw this great resignation wave in the middle of that as well as wage and inflation, we're doing an outstanding job with it. But we strive to be the employer of choice within our sector. We've got 2 great programs: one's #MakingMoves, and one is our highly successful referral program. #MakingMoves is really about; ensuring that as people want to do different work within the company that they have the ability to, in fact, do that and that reduces attrition. We've invested a lot internally. We are very focused on exciting and important work not only on the expertise side of our business, but in the technology side and that very much differentiates just within our sector. We make certain our employees know how much we value diversity and inclusion.

是的，謝謝。看來，人才的需求仍然很高。正如我多次說過的那樣，招募環境仍然充滿競爭和挑戰，但與過去幾年沒有什麼不同。我是一個重要的趨勢線專家，觀察 STEM 畢業生的趨勢線，我們可以將這一巨大的辭職浪潮以及工資和通貨膨脹拋在中間，我們在這方面做得非常出色。但我們努力成為我們行業內的首選雇主。我們有兩個很棒的計劃：一個是#MakingMoves，另一個是我們非常成功的推薦計劃。 #MakingMoves 的真正意義是；確保當人們想要在公司內從事不同的工作時，他們實際上有能力做到這一點，從而減少人員流失。我們在內部投入了很多。我們非常專注於令人興奮且重要的工作，不僅在我們業務的專業知識方面，而且在技術方面，這在我們的行業中非常與眾不同。我們確保我們的員工知道我們有多麼重視多元化和包容性。

And just to share a few points. Attrition for us continues to be lower even post COVID, which is an outstanding signal that we are doing something right and sort of flashes back to everything that we can control, we're doing an outstanding job in. 1 in 4 of our JRs is filled internally, which is significantly better than it was just a few years back. Our positive referral trends, 1 out of 3 hires is a referral, and that's great for retention. It's also great for filling some new roles out there. So I'm not going to leave this without saying that it's really, really tough. I mean our talent and acquisition group and our HR organization does a phenomenal job. At the end of the day, we're not immune to it, but I like the position we're in so that we don't find ourselves in a dire talent shortage because of the great renegotiation wave as well as wage inflation.

只是分享幾點。即使在新冠疫情之後，我們的員工流失率仍然較低，這是一個突出的信號，表明我們正在做正確的事情，並且有點閃回我們可以控制的一切，我們做得非常出色。一的JR 是內部填充，這比幾年前好得多。我們積極的推薦趨勢，三分之一的員工是推薦人，這對於保留員工來說非常有用。它也非常適合填補一些新角色。因此，在結束這件事之前，我不會不說這真的非常非常艱難。我的意思是我們的人才和招募團隊以及我們的人力資源組織做得非常出色。歸根結底，我們也不能倖免，但我喜歡我們所處的位置，這樣我們就不會因為巨大的重新談判浪潮和工資上漲而陷入人才嚴重短缺的境地。

And then I just wanted to ask about customer exposure from the initial O&M request. It seems like Navy and Air Force might be relative winners at the expense of Army. Can you just talk about how your positioning stacks up with each of those customer accounts?

然後我只想問一下最初的維運請求中客戶的曝光。看來海軍和空軍可能是相對的勝利者，而陸軍卻受到了損害。您能談談您的定位與每位客戶帳號的相符程度嗎？

Yes. Let me take Air Force first because I hear about Air Force, I think, about the intelligence community. I quickly tie myself back to space. So we are very well positioned within -- where the Air Force is going to be spending money throughout 2023 and beyond. We like to focus on space there. Within the Army, whether it's a battlefield comms, whether it's SIGINT, those types of collection technologies, those continue to be very well funded within the Army's budget. We not as major of a Navy player but 1 very important area where we are, we are responsible for the majority of the system engineering that's done on all surface ships. So as the Navy ship building program continues to be greatly funded, we are in a sweet, sweet, sweet spot there. At the end of the day we've been very focused to ensure that we are in those swim lanes where the customers are going to spend money, AI, cyber, IT monitorization and the like. One example in IT monitorization is using the acquisition that we did with LGS, their network design team won the Army OSP job, about $ 0.5 billion job which is going to be transforming all of the Army's networks here and abroad making certain that they can handle faster data rates in a much more secure manner. And that is extremely well funded and just another great example of CACI ,one, investing ahead of need, and two, investing in those areas that are going to have long term funding streams as we move forward.

是的。讓我先談談空軍，因為我聽過空軍，我想，也聽過情報界。我迅速將自己綁回太空。因此，我們在空軍 2023 年及以後的支出方面處於非常有利的位置。我們喜歡關注那裡的空間。在陸軍內部，無論是戰場通信，還是信號情報，這些類型的收集技術，陸軍預算中的資金仍然充足。我們不是海軍的主要參與者，而是我們所在的一個非常重要的領域，我們負責所有水面艦艇上完成的大部分系統工程。因此，隨著海軍艦艇建造計劃繼續獲得大量資金，我們正處於一個甜蜜、甜蜜、甜蜜的境地。歸根結底，我們非常專注於確保我們處於客戶願意花錢、人工智慧、網路、IT 監控等方面的泳道上。 IT 監控的一個例子是使用我們與 LGS 進行的收購，他們的網路設計團隊贏得了陸軍 OSP 工作，價值約 5 億美元的工作，該工作將改造國內外的所有陸軍網絡，確保他們能夠處理以更安全的方式實現更快的資料速率。這是資金非常充足的，也是 CACI 的另一個很好的例子，一是在需要之前進行投資，二是投資於那些隨著我們的前進而將擁有長期資金流的領域。

Our next question is from Matt Sharpe at Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬特夏普。

John, new business as a percentage of contract awards, I think dropped off pretty materially this past quarter, I think, 45%. Whereas the long-term average is north of 60%. I believe last quarter, it was 70%. So my question is, how did your win rates fare in the quarter? And more broadly, what's the competitive environment look like right now? Are your peers getting more aggressive as the end market has tightened? Or is it sort of par for the course?

約翰，新業務佔合約授予的百分比，我認為上個季度大幅下降，我認為是 45%。而長期平均值則超過 60%。我相信上個季度是 70%。所以我的問題是，本季你們的勝率如何？更廣泛地說，現在的競爭環境是什麼樣的呢？隨著終端市場收緊，您的同行是否變得更加激進？或者這與課程的標準一致嗎？

Yes, Matt, thanks. I'll start and Tom will probably have something to add. Look, I guess, my simple answer to every awards question, right, is awards are lumpy. It's why we don't get really high on a great book-to-bill quarter and why we don't get low on something which is lower. The numbers that you mentioned relatively sound in range, but that the new business we have versus recompete, so those numbers bounce around. If I talk a little bit about competitive pressures, I really take it back to our framework, which is we put in place a plan that really looks at the dynamics of the expertise pursuits we have out there and the technology pursuits we have. And it's exactly that aggressive bidding stance and trying to drive very low rates and trying to be the most cost competitive provider out there, which is a strategy that CACI moved away from a number of years back. Better Buying Power 1 and 2, 2.0 and LPTA really opened the market up for people providing expertise to the federal government. You can call them consultants or the like, which is why we have been very, very judicious at what we want to bid in within that space. If you look at some of our recompete work, the majority of the recompete work that we haven't been successful on in the last 36 months has predominantly been in the enterprise expertise quadrant because frankly, at the end of the day, we want to be a growing company, both top and bottom line. We want to be generating profit dollars to invest in the technology side of our business where we see much greater funding streams.

是的，馬特，謝謝。我先開始，湯姆可能會補充一些內容。我想，我對每個獎項問題的簡單回答是，獎項是不穩定的。這就是為什麼我們不會在一個出色的訂單出貨量季度中獲得真正的高點，也是為什麼我們不會在較低的季度中獲得低點。您提到的數字在範圍內相對合理，但我們擁有的新業務不會重新競爭，因此這些數字會出現波動。如果我談論一下競爭壓力，我真的會把它帶回我們的框架，即我們制定了一項計劃，真正著眼於我們所擁有的專業知識追求和我們所擁有的技術追求的動態。正是這種積極的投標立場，試圖推動非常低的費率，並試圖成為最具成本競爭力的供應商，這是 CACI 幾年前放棄的策略。更好的購買力 1 和 2、2.0 和 LPTA 確實為向聯邦政府提供專業知識的人們打開了市場。你可以稱他們為顧問或類似的人，這就是為什麼我們在該領域的投標方面非常非常明智。如果您看我們的一些重新競爭工作，您會發現過去 36 個月中我們未成功完成的大部分重新競爭工作主要位於企業專業知識象限中，因為坦白說，歸根結底，我們希望成為一家不斷成長的公司，無論是收入或利潤。我們希望產生利潤來投資我們業務的技術面，我們看到了更多的資金流。

So as it become more aggressive in an hourly pricing rate area, absolutely so. And you can see that because we are one of those few companies that although it's tough to find talent, as somebody asked earlier, 50% of our business is pure technology, where we direct the efforts on our people each and every day, where our people can take the training classes they need to make us a much more productive company. And that is the one differentiator that we continue to point out is that we aren't that company out there talking about we can't find talent because we haven't been an overly aggressive bidder. And again, back to what we can control, we're going to continue to bid work that we can responsibly deliver on.

因此，當它在每小時定價區域變得更加激進時，絕對是如此。你可以看到，因為我們是少數幾家雖然很難找到人才的公司之一，但正如之前有人問的那樣，我們50% 的業務是純粹的技術，我們每天都在為我們的員工付出努力，我們的人們可以參加他們需要的培訓課程，使我們成為一家更有生產力的公司。這就是我們繼續指出的一個區別，那就是我們不是那家在談論我們找不到人才的公司，因為我們不是一個過於積極的競標者。再說一遍，回到我們可以控制的事情，我們將繼續投標我們可以負責任地交付的工作。

Tom, anything?

湯姆，有什麼事嗎？

Yes. I would just add that if I take a step back and look at our business development activities, feel positive about those. Our total backlog $23 billion is a significant amount of backlog for us. Kind of winning some large contracts, durations have increased materially over time. This quarter, like $1.2 billion awards. There are some lumpiness in awards. So we look at it on a trailing 12-month basis, kind of 1.5x kind of book-to-bill. Kind of looking at capture rates for both new business and recompete business, they're quite respectable. You're happy with those. So all in all, we feel positive about our ability to do work. And consistent with my prepared remarks, we have a significant amount of activity under evaluation or be to be submitted, so an opportunity-rich environment.

是的。我想補充一點，如果我退一步看看我們的業務發展活動，我會對這些活動感到正面。我們的積壓總額為 230 億美元，對我們來說是一筆巨額積壓。隨著時間的推移，贏得了一些大合同，工期大幅增加。本季獎勵金額約 12 億美元。獎項有些參差不齊。因此，我們以過去 12 個月為基礎來看待它，相當於訂單出貨比的 1.5 倍。從新業務和重新競爭業務的捕獲率來看，它們是相當可觀的。你對這些感到滿意。總而言之，我們對自己的工作能力感到積極。與我準備好的發言一致，我們有大量活動正在評估或將提交，因此這是一個機會豐富的環境。

Got it. Okay. That's very helpful. Maybe just as a follow-up, Tom, looking at the implied 4Q rev guide, it looks like, I think, 6.5% or so growth at the midpoint and 2-ish% on an organic basis. Fairly large step-ups relative to 3Q and even if I look at it on a sequential basis, a [mile] jump. How much of 4Q is already in backlog? And should I think about the quarter as having any sort of catch-up from 3Q disruptions? Or anything else going on in the background to consider, maybe Afghanistan headwinds fading a little bit?

知道了。好的。這非常有幫助。也許只是作為後續行動，湯姆，看看隱含的第四季度轉速指南，我認為，中點成長率約為 6.5％，有機成長率約為 2％。相對於 3Q 而言，這是相當大的提升，即使我按順序查看，也有 [英里] 的跳躍。第四季有多少產品處於積壓狀態？我是否應該認為本季有任何形式的追趕第三季的中斷？或者背景中發生的其他事情需要考慮，也許阿富汗的逆風會稍微減弱一點？

Yes. So if I look at the fourth quarter, here we are in April, so we're 1/3 done, we feel pretty good about that. The funding issues which impacted us in the third quarter are turning to corner, but it's going to take some time for that. Even if you get the funding to translate it kind of into revenue, but a lot of visibility as to where we stand between now and the end of the year. So we feel positive about that. It will have a lot of line of sight on where we stand. There are some product deliveries which we're tracking very closely. There are some material sales which we're tracking very closely, but we feel pretty comfortable about those. So all in all, again, confident in the guidance that we've provided.

是的。因此，如果我看一下第四季度，現在是 4 月份，所以我們已經完成了 1/3，我們對此感覺非常好。第三季影響我們的資金問題正在解決，但這需要一些時間。即使你獲得了資金將其轉化為收入，但我們從現在到年底的情況也有很多可見性。所以我們對此感到積極。我們站的地方會有很多視線。我們正在密切追蹤一些產品的交付情況。我們正在非常密切地追蹤一些材料銷售，但我們對此感到非常滿意。總而言之，再次對我們提供的指導充滿信心。

Our next question comes from Scott Forbes at Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的斯科特福布斯 (Scott Forbes)。

Margin guidance came down 20 bps on these kind of short-term funding items. Is there any way to sort of frame the margin bridge into FY '23? I mean what are the major moving pieces as we move into next year? And what's the right way to think about the underlying margin base for fiscal '22?

此類短期融資項目的保證金指引下降了 20 個基點。有什麼辦法可以將保證金橋納入 23 財年嗎？我的意思是，我們進入明年的主要推動因素是什麼？思考 22 財年基本利潤基礎的正確方法是什麼？

Yes. So a very good question. We're spending some time kind of looking at that as well. The kind of margin did decline from our prior guidance 10.7% to 10.5%. And that was primarily due to the slippage or the reduction in high-margin technology sales. Some of the technology we sell that we disclosed previously with the Mastodon and ABT acquisitions in the 30%, 40% kind of EBITDA margin range. So it has a material impact. One of the questions is, will those rebound? Will there be a bow-wave et cetera? So a lot of kind of discussions internally as we build the plan to try to assess that. Right now, we're seeing an ever-increasing margins, and we still have yet to think about what the appropriate takeoff point is. 10.5% is kind of lower than we anticipated. So let us spend some more time after we prepare our FY '23 plan with some degree of fidelity to kind of be more specific with regard to that.

是的。這是一個非常好的問題。我們也花了一些時間來研究這個問題。該利潤率確實從我們先前指導的 10.7% 下降至 10.5%。這主要是由於高利潤技術銷售的下滑或減少。我們之前在 Mastodon 和 ABT 收購中揭露過我們出售的一些技術，其 EBITDA 利潤率範圍為 30%、40%。所以它有實質的影響。問題之一是，這些會反彈嗎？會有弓波等嗎？因此，當我們制定計劃來嘗試評估這一點時，內部進行了許多討論。目前，我們看到利潤不斷增加，但我們仍然沒有考慮合適的起飛點。 10.5% 有點低於我們的預期。因此，在我們以一定程度的保真度準備好 23 財年計劃後，讓我們花更多的時間來更具體地說明這一點。

Scott, let me also add. On the revenue side, there will be questions around whether the revenue didn't show up in the fourth quarter. Is that going to be delayed? Or is it lost? And I think it's very helpful to share a couple of comments on the revenue side as well because we're looking at that as we start to assess our FY 2023. On the expertise in the enterprise tech side, our new business wins and any contract mods think of additional work that the customer has given to us, those -- which are experiencing funding shortages, those are going to cause delayed starts and ramp-ups. So that work will be recouped over time when time is to find order life of that contract. So it could be 1 year. It could be 3 years. It can be as long as 5. The mission technology store cycle deliveries that Tom mentioned. In most cases, we're going to look at those as being delayed because of the funding issues. We'll have more on that as we complete our FY '23 assessment. And I really want to get a good handle on the next 2 months' worth of funding orders, whether that trend line continues to move to move forward.

斯科特，我也補充一下。在收入方面，人們會質疑第四季是否沒有出現收入。是不是要延後了？還是丟失了？我認為分享一些關於收入方面的評論也非常有幫助，因為我們在開始評估 2023 財年時正在考慮這一點。給我們的額外工作，那些正在經歷資金短缺的工作，這些工作將導致啟動和產能的延遲。因此，當時間確定該合約的訂單壽命時，該工作將隨著時間的推移而得到補償。所以可能是1年。可能是3年。它可以長達 5。在大多數情況下，我們會將這些視為因資金問題而被推遲。當我們完成 23 財年評估時，我們將提供更多相關資訊。我真的很想很好地掌握未來 2 個月的資金訂單價值，無論該趨勢線是否繼續向前移動。

On the material sales, those are really a mix. And just as an illustrative example, if a customer typically buys 100 units of something each year and they didn't buy it in FY '22 because of funding delays, they're going to buy 200 units next year? Are they going to buy 100 or some other number? So again, that's an ongoing assessment. As much as we're looking at margins, we're looking at revenue that can drive those margins as well. So sort of a mixed bag, more delayed than lost. But again, it's going to be the element of time.

在材料銷售方面，這些確實是一個混合體。舉個例子，如果客戶通常每年購買 100 件商品，但由於資金延遲而在 22 財年沒有購買，那麼他們明年會購買 200 件嗎？他們會購買 100 個還是其他數量的？再說一遍，這是一個持續的評估。正如我們關注利潤率一樣，我們也在關注可以推動這些利潤率的收入。有點像魚龍混雜，更多的是延遲而不是丟失。但同樣，這將是時間的因素。

Yes. And the last comment I'll make on that is, as we look to '23, both John and I in our prepared remarks expressed confidence in FY '23. We certainly have the backlog. We have demand signals by the customer. We have the technology. We have the capabilities, and we have the people in place. So when we put all that together, that bodes well for FY '23.

是的。我要對此做出的最後評論是，當我們展望 23 年時，約翰和我在我們準備好的演講中都表達了對 23 財年的信心。我們當然有積壓。我們有客戶的需求訊號。我們有技術。我們有能力，也有合適的人才。因此，當我們將所有這些放在一起時，這對 23 財年來說是個好兆頭。

Our next question comes from Colin Canfield from Barclays.

我們的下一個問題來自巴克萊銀行的科林·坎菲爾德。

Just crystallizing the growth conversation a little bit. Organic guidance walked down 3% through the year. In multi-sense, R&D, cyber, IT all growing 10%. And you just sell funding orders at growing at kind of 8% through the month, which probably should accelerate through the year. So then if we think about looking out to FY '23, what are the kind of pain points that stop you from achieving high single-digit organic? And is it more a program exposure perspective or a supply side perspective?

只是讓成長對話具體化一點。全年有機指引下降了 3%。在多方面，研發、網路、IT 均成長 10%。你只是以本月 8% 的速度出售融資訂單，這一增長可能會在全年加速。那麼，如果我們考慮展望 23 財年，哪些痛點會阻止您實現高個位數的有機成長？是更多的是節目曝光的角度還是供給側的角度？

Yes, Colin. I'm not going to break my 11-year track record. I'm not talking about '23 until August. But having respectful of your question, look, we do expect our customers to begin to execute on their fully appropriated budget that finally went through (inaudible) in the middle of this month. We do expect funding to revert to normal in early 2023. Again, we're going to watch it the next couple of months. A $300 million, 20% dip in the third quarter, as you would imagine, causes us some level of pause. We really want to watch where these funding orders go. Supply chain is still going to be an issue, but consensus is that, that should get better in the back half of our fiscal year. We're not trying to give guidance, per se.

是的，科林。我不會打破我 11 年的紀錄。八月之前我不會談論'23。但是，尊重您的問題，我們確實希望我們的客戶開始執行他們最終在本月中旬完成（聽不清楚）的完全撥款預算。我們確實預計資金將在 2023 年初恢復正常。正如你所想像的那樣，第三季的 3 億美元下降了 20%，這讓我們有些猶豫。我們真的很想看看這些資金訂單的去向。供應鏈仍然是一個問題，但共識是，這應該在我們財年後半段得到改善。我們本身並不是想提供指導。

What we are trying to do, though, to the point of your question is sort of convey the confidence that the headwinds we're seeing are short term. We have plenty of backlog. We have plenty of ongoing growth on our current program. There's nothing more frustrating than having everything we absolutely need. Having a well-run business, a very cost-effective business and not getting a funding order, which allows us to clearly generate revenue. So we're going to provide formal guidance with all those details and report in mid-August because I do think it's still prudent for us to review the funding picture through the fourth quarter. But having said all of that, this is more funny than it is customer demand signals.

不過，就您提出的問題而言，我們正在努力做的是傳達一種信心，即我們所看到的不利因素是短期的。我們有大量的積壓。我們目前的計劃有很多持續的成長。沒有什麼比擁有我們絕對需要的一切更令人沮喪的了。擁有一個運作良好的業務，一個非常具有成本效益的業務，並且沒有獲得資金訂單，這使我們能夠明顯地產生收入。因此，我們將提供包含所有這些細節的正式指導，並在 8 月中旬報告，因為我確實認為我們審查第四季度的融資情況仍然是謹慎的。但話雖如此，這比客戶需求訊號更有趣。

Got it. And then in terms of the demand signal environment, what sort of demand signals are you seeing that you're investing in lower earth orbit constellation. And kind of how does your capability sit within the framework of high-end classified stuff versus some of your commercial peers like Spire, (inaudible) and the like?

知道了。然後就需求訊號環境而言，您看到什麼樣的需求訊號表明您正在投資近地軌道星座。與 Spire（聽不清楚）等一些商業同行相比，你們的能力在高端機密內容的框架內如何？

Yes. I would tell you that our absolute focus is on our DoD and Air Force customers and how they utilize space. It's true that in the commercial world, there will be many constellations put up at LEO, and that was absolutely why we did the SA Photonics acquisition, right? What we picked up with LGS and their photonics business is a phenomenally well-run business that is driving high-end geo-based bespoke solutions, think low quantity, think very, very highly accurate, carrying both unclassified and classified information over highly -- over high-bandwidth links.

是的。我想告訴你，我們的絕對重點是我們的國防部和空軍客戶以及他們如何利用太空。確實，在商業世界中，LEO 上會有很多星座，這絕對是我們收購 SA Photonics 的原因，對吧？我們從 LGS 及其光子業務中發現，這是一項運作良好的業務，它正在推動高端基於地理的客製化解決方案，認為數量很少，認為非常非常高精度，同時承載非機密和機密資訊。高頻寬連結。

What SA Photonics gives us is different look at our algorithms, but also the ability to produce those types of optical solutions at a lower rate, at a higher volume, lower price target level. What I like about the SA Photonics acquisition is combining that what we do with our LGS, we now have high-end bespoke and high-volume LEO-based solutions that will both over time collapse at the same type of baseline, making even our high-end bespoke ones more cost effective. So there could not be a better example, frankly, Colin, than what we're doing in that space to own (inaudible). Yes, there are other folks out there working on optical cross links to other selling providers saying they're going to go create their own. As I mentioned, when we did the SA Photonics acquisition, we're looking at volume and margins improving as the market picks up in the FY '24 time period. This was a very timely acquisition for us. So we did buy on the lower end of that growth curve. So as we just closed about 4 to 5 quarters more of strong investments there, but again, the success we just had on this Mandrake 2 mission has been outstanding. And it really does set the tone for us seeing greater out-year growth and being a long-term growth company. We need to be focused on in that '23, '24, '25 timeframe.

SA Photonics 為我們提供了對演算法的不同看法，以及以較低的速度、更高的產量和更低的價格目標水平生產這些類型的光學解決方案的能力。我喜歡SA Photonics 收購的一點是，我們將LGS 的工作結合起來，我們現在擁有高端定制和大批量的基於LEO 的解決方案，隨著時間的推移，這些解決方案都將在同一類型的基線上崩潰，甚至使我們的高-最終定制的更具成本效益。因此，坦白說，科林，沒有比我們在該領域所做的事情更好的例子了（聽不清楚）。是的，還有其他人正在研究與其他銷售提供者的光學交叉鏈接，他們表示他們將創建自己的光學交叉鏈接。正如我所提到的，當我們收購 SA Photonics 時，我們希望隨著 24 財年市場的回暖，銷售和利潤率會有所改善。這對我們來說是一次非常及時的收購。所以我們確實在成長曲線的低端買入。因此，我們剛剛完成了大約 4 到 5 個季度的強勁投資，但同樣，我們剛剛在 Mandrake 2 任務中取得的成功非常出色。這確實為我們實現更大的年度成長並成為長期成長的公司奠定了基調。我們需要在 23 年、24 年、25 年時間範圍內集中精力。

Our next question is from Matt Akers with Wells Fargo.

我們的下一個問題來自富國銀行的馬特·埃克斯。

I wonder if you could put maybe a finer point on some of the slowdown in Q3 and Q4. I mean it sounds like somebody was like technology product kind of shifting out. Was that the biggest part? Or any color you can give on how that broke out kind of by customer or end market.

我想知道您是否可以對第三季和第四季的一些放緩提出更具體的觀點。我的意思是，聽起來好像有人正在轉移技術產品。這是最大的部分嗎？或者你可以用任何顏色來說明客戶或終端市場是如何爆發的。

Yes. So thank you, Matt. This is Tom. There's 2 kind of major kind of impacts of that shorter-term funding. Some of the longer 5-year programs, we get funding on a regular basis. We have a large number of people working on either expertise or technology programs and that is somewhat immune from the short-term funding fluctuations. The funding impacted some of the shorter-cycle activities in 2 categories, what are material buys. Sometimes the government, DoD customers, Army customers will ask us to procure not necessarily commodity like materials, but specialized capabilities.

是的。所以謝謝你，馬特。這是湯姆。短期融資有兩種主要影響。對於一些為期較長的 5 年計劃，我們會定期獲得資助。我們有大量人員從事專業知識或技術項目，這在一定程度上不受短期資金波動的影響。這筆資金影響了兩類一些較短週期的活動，即材料購買。有時，政府、國防部客戶、陸軍客戶會要求我們採購的不一定是材料等商品，而是專業能力。

Think a satellite dish with special kind of features and technology embedded upon it, where we would procure it and drive one of our contracts provide to the government. Then we have our own technology, think Mastodon, EBT and the like. The former category, materials, are higher revenue, but lower margins since we're getting a material handling fee on those. So that slowdown in funding impacted revenue. On our own products, very high margins, those were also impacted, had a disproportionate impact not on revenue, but on margin. So those were the types of challenges we had with the funding. Think some specialized material at lower margins, higher revenue and then think our mission technology, lower revenue contribution, but materially higher margins. So that was the 2 major components of that.

想像一個帶有特殊功能和技術的衛星天線，我們將在其中購買它並推動我們向政府提供一份合約。然後我們有自己的技術，像是 Mastodon、EBT 之類的。前一類材料收入較高，但利潤較低，因為我們要收取材料處理費。因此，融資放緩影響了收入。就我們自己的產品而言，非常高的利潤率也受到了影響，不僅對收入產生了不成比例的影響，而且對利潤率產生了不成比例的影響。這些就是我們在資金上遇到的挑戰。考慮一些利潤率較低、收入較高的專業材料，然後考慮我們的任務技術，收入貢獻較低，但利潤率較高。這就是其中的兩個主要組成部分。

Got it. That's really helpful. And also on the free cash flow. So you're able to maintain the free cash flow guide despite some of the slowness? Was there an offset that to help you to still get to the $720 million?

知道了。這真的很有幫助。還有自由現金流。那麼，儘管有些緩慢，您仍能夠維持自由現金流指南嗎？是否有抵消措施可以幫助您仍然獲得 7.2 億美元？

Yes, absolutely. So a few things. Operating cash flow, if I go excluding the kind of tax issues kind of down a little bit around $10 million, kind of largely driven by some of the reduction in our net income from where we initially had a peg, but that's offset by some better collections kind of DSO at 51 days. Extremely low in number for us among our peer group. So we're proud of that. Slightly lower CapEx as well. So the lower operating cash flow was offset by lower CapEx. The collections have certainly improved, and so we're able to maintain that free cash flow guidance.

是的，絕對是。所以有幾件事。營運現金流，如果我排除稅收問題，會下降約 1000 萬美元，這主要是由於我們最初掛鉤的淨收入有所減少，但這被一些更好的因素所抵消。在我們的同行群體中，我們的人數極少。所以我們為此感到自豪。資本支出也略有降低。因此，較低的營運現金流被較低的資本支出所抵消。收款確實有所改善，因此我們能夠維持自由現金流指引。

Our next question is the follow-up from Gavin Parsons of Goldman Sachs.

我們的下一個問題是高盛的加文·帕森斯的後續提問。

I just wanted to ask if you can give us a sense of your total product revenue in a normal year and what that looks like this year?

我只是想問一下您能否為我們介紹一下您平常年份的產品總收入以及今年的情況？

Yes. Gavin, we're going to keep our disclosures around technology and expertise and that's clearly just due to competitive reasons. We do believe that you all can measure how the mission tech sector is going. We do show what those growth rates are. Highly respect your question, we're just not going to provide too much additional information there.

是的。加文，我們將保留有關技術和專業知識的披露，這顯然只是出於競爭原因。我們相信你們都可以衡量任務技術領域的進展。我們確實展示了這些成長率。高度尊重您的問題，我們只是不會在那裡提供太多額外資訊。

Totally fair. Totally fair. And this might be a little nitpicky, but what was the cadence of the 3Q funding decline? Is that pretty concentrated in January as a result of Omicron? Or was that kind of more widespread as a result of the CR?

完全公平。完全公平。這可能有點挑剔，但第三季融資下降的節奏是怎麼樣的？由於 Omicron，這一情況是否相當集中在一月？或者說這種情況是因為 CR 的結果而變得更普遍嗎？

Yes. So Gavin, good question. To be candid, we did not look at it on a month-by-month basis. So it's why do not have that, instead of the we would just be speculating. In the triggering event or one of the triggering events was the passage of the budget on March 15. And so I would guess and we can get back to you that once the budget was passed through is probably some more positive trends.

是的。加文，好問題。坦白說，我們並沒有逐月地審視它。所以這就是為什麼沒有這個，而不是我們只是猜測。觸發事件或觸發事件之一是 3 月 15 日預算的通過。 所以我猜測，我們可以回复您，一旦預算通過，可能會出現一些更積極的趨勢。

Gavin, I'll add one other item, frankly, around that second question. We've been trying to study what the most likely reason was for that because as we mentioned, when we got to the second quarter, we were pretty much flat with where we were last year. Our assumption and probably best well-founded reason it is, it's another issue we talked about during the second quarter. When Ukraine crisis started, it just became yet another compounding factor on a government customer that was already spending below what their CR budgets were and sort of like throwing another ball in that 6 ball juggling act of how am I going to fund everything that I have. That's frankly where we believe that, that funding issue starts after the specifics by month-to-month. I'm sure Dan and George can get to the rest of the information.

加文，坦白說，我將圍繞第二個問題添加另一項內容。我們一直在努力研究最可能的原因是什麼，因為正如我們所提到的，當我們進入第二季度時，我們與去年的情況基本持平。我們的假設以及可能最有根據的理由是，這是我們在第二季討論的另一個問題。當烏克蘭危機開始時，這成為政府客戶的另一個複雜因素，他們的支出已經低於其 CR 預算，有點像在 6 球雜耍表演中又扔了一個球，我將如何為我擁有的一切提供資金。坦白說，這就是我們認為的地方，資金問題是在每月的具體細節之後開始的。我確信丹和喬治能夠獲得其餘的資訊。

But as we talk about funding, I want to continue to reiterate, funding to us is a very short-term headwind. We -- the national security priorities are important as ever. The FY '22 and FY '23 planned budgets are very constructive. We've got a large and growing addressable market. We're investing in an aligned to all of these key strategy [plan] areas. What we can control is being run exceptionally well, and we're looking forward to closing on FY'22 with our updated guidance and then driving future growth in FY '23.

但當我們談論資金時，我想繼續重申，資金對我們來說是一個非常短期的阻力。我們——國家安全優先事項一如既往地重要。 22 財政年度和 23 財政年度計畫預算非常有建設性。我們擁有一個龐大且不斷成長的潛在市場。我們正在投資與所有這些關鍵策略[計劃]領域一致的項目。我們可以控制的是運作得非常好，我們期待在 22 財年結束時提供更新的指導，然後在 23 財年推動未來的成長。

We also have a follow-up from Colin Canfield of Barclays.

我們還有巴克萊銀行 (Barclays) 的 Colin Canfield 的後續報導。

Just going back to the low earth orbit constellation narrative. So you mentioned producing of kind of these like subcomponent optical lengths, but at the same time, you're cutting your CapEx guide. So then how do we think about kind of how that LEO narrative interacts with CapEx? And when do we -- or kind of what sort of CapEx inflection should we assume from CACI kind of on a year-on-year basis or a percentage of sales?

回到近地軌道星座的敘述。因此，您提到了生產諸如子組件光學長度之類的產品，但與此同時，您正在削減資本支出指南。那我們該如何思考 LEO 的敘述如何與資本支出互動呢？我們什麼時候——或者我們應該假設 CACI 的資本支出年比或銷售百分比會出現什麼樣的變化？

So let me start off with CapEx. Kind of generally speaking, it's 3 major buckets for capital spending for CACI. Kind of one is facilities. We continue to look at our real estate portfolio and make appropriate investments. Sometimes we're doing some consolidation and that requires some good long-term CapEx to support that activity. The second major bucket is internal IT spending. Some of it is the simple kind of replacements of laptops and desktops and audio/visual equipment. And we do make investments in some enterprise capabilities, think of budget systems, think a contract system, think other data repository systems, which drive capital spending. And the third bucket is capital spending associated with the program, and we have a series of laboratories. They've required very sophisticated test equipment kind of manufacturing capabilities and the like. And so that's the piece that you're looking at -- and so with that, I'll turn it back to John and he can talk more specifically about some of the requirements for some of the space activities.

讓我從資本支出開始。一般來說，CACI 的資本支出分為 3 個主要部分。其中之一是設施。我們將繼續審視我們的房地產投資組合併進行適當的投資。有時我們正在進行一些整合，這需要一些良好的長期資本支出來支持活動。第二個主要面向是內部 IT 支出。其中一些是筆記型電腦、桌上型電腦以及音訊/視訊設備的簡單更換。我們確實對一些企業能力進行了投資，考慮預算系統，考慮合約系統，考慮其他資料儲存系統，這些都會推動資本支出。第三個方面是與該計劃相關的資本支出，我們有一系列實驗室。他們需要非常複雜的測試設備、製造能力等。這就是您正在閱讀的文章 - 因此，我將把它轉回給約翰，他可以更具體地談論一些太空活動的一些要求。

Yes. So Colin, actually beyond space. Everything we do in that mission tech quadrant, the first 9 months, CapEx was around $40 million, which tells you that it's sort of timing. The slower funding environment is slow. Some of the ramp-up of some of that work, nothing slowed down what we're doing in SA Photonics, nothing to slow down what we're doing in the [aegis] Mastodon business. Some is just normal delays. But let me be very, very clear, we're not backing off on investments for growth because of these very, very short-term headwinds. Headwinds are near term, investments drive long-term results. And we will not cease any of those investments as we continue to support new and growing customers, especially when it's backed by very strong funding streams.

是的。所以科林，實際上超越了太空。我們在任務科技象限中所做的一切，前 9 個月，資本支出約為 4000 萬美元，這告訴你現在正是時候。較慢的融資環境是緩慢的。其中一些工作的一些進展，沒有任何事情可以減緩我們在 SA Photonics 所做的事情，也沒有任何事情可以減緩我們在 [aegis] Mastodon 業務中所做的事情。有些只是正常的延誤。但讓我非常非常明確的是，我們不會因為這些非常非常短期的阻力而放棄成長投資。逆風是近期的，投資推動長期績效。我們不會停止任何這些投資，因為我們將繼續支持新的和不斷增長的客戶，特別是在有非常強大的資金流支持的情況下。

Our mantra of investing ahead of customer need does not take time out because of the 1- to 2-quarter short-term funding issue, which is predominantly the majority of the issue why we had to take down guidance to close our FY 2022. Unfortunately, our fiscal year is sort of falling out that for others who have a January through December fiscal year. As many of you have already written, you all are expecting growth starting in those companies' third quarters. That happened to be our first quarter of FY 2023.

我們在客戶需求之前進行投資的口號不會因為 1 到 2 個季度的短期融資問題而停止，這也是我們不得不取消 2022 財年結束指引的主要原因。二月財政年度的人來說，我們的財政年度有點不同。正如你們許多人已經寫過的那樣，你們都預計這些公司的第三季將開始成長。那恰好是我們 2023 財年的第一季。

So there's nothing alarming. There's nothing shocking. There's nothing going on inside the company overall. We're going to continue to invest ahead of customer need in that mission tech quadrant as well as in the enterprise tech area because that's what's going to fuel future growth and future margin expansion.

所以沒有什麼好擔心的。沒有什麼令人震驚的。整個公司內部沒有發生什麼事。我們將繼續在客戶需求之前對任務技術象限以及企業技術領域進行投資，因為這將推動未來的成長和未來利潤率的擴張。

We have no further questions on the call. So I will hand the floor back to John.

我們在電話會議中沒有其他問題。所以我會把發言權交還給約翰。

Thanks, Seth, and thank you for your help on today's call. We would like to thank everyone who dialed in or listened to the webcast for their participation. We know that many of you will have follow-up questions. Tom Mutryn, Dan Leckburg and George Price are available after today's call. Please stay healthy, and my best to you and your families. This concludes our call. Thank you all, and have a great day.

謝謝塞斯，也謝謝你在今天的電話會議上提供的協助。我們要感謝所有撥打或收聽網路廣播的人的參與。我們知道你們中的許多人都會有後續問題。 Tom Mutryn、Dan Leckburg 和 George Price 在今天的電話會議後有空。請保持健康，祝福您和您的家人一切順利。我們的通話到此結束。謝謝大家，祝您有美好的一天。

Thank you. This concludes today's conference call. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。