DLH Holdings Corp (DLHC) 2026 Q2 法說會逐字稿

Good day, and welcome to the DLH Holdings fiscal 2026 second quarter earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Chris Witty, Investor Relations Adviser. Please go ahead, Chris.

各位好，歡迎參加 DLH Holdings 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把會議交給投資人關係顧問 Chris Witty。Chris，請開始。

Thank you, and good morning, everyone. On the call with me today is Zach Parker, President and Chief Executive Officer; and Kathryn JohnBull, Chief Financial Officer. The company's earnings release and PowerPoint presentation are available on our website under the Investor page.

謝謝，各位早安。今天與我一同出席的有總裁兼執行長 Zach Parker，以及財務長 Kathryn JohnBull。公司新聞稿與 PowerPoint 簡報已公布於我們網站的投資人頁面。

I would now like to provide a brief safe harbor statement, which is also shown on slide 3 of the presentation. This call may include forward-looking statements that relate to the company's outlook for fiscal 2026 and beyond.

我現在先提供一段簡短的安全港聲明，該內容也顯示於簡報第 3 頁。本次電話會議可能包含前瞻性陳述，涉及公司對 2026 會計年度及其後期間的展望。

These statements are subject to various risks and uncertainties, which could cause actual results and events to differ materially from such statements. Please refer to the risk factors contained in the company's annual report on Form 10-K and in our other filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.

這些陳述受多項風險與不確定性影響，可能導致實際結果與事件與該等陳述存在重大差異。請參閱公司 Form 10-K 年度報告及我們向美國證券交易委員會提交之其他文件中所載的風險因素。我們不承擔更新任何前瞻性陳述的義務。

On today's call, we will be referencing both GAAP and non-GAAP financial measures. A reconciliation of our non-GAAP results to our reported GAAP results is included in our earnings release and in the investor presentation on DLH's website. President and CEO, Zach Parker, will speak next, followed by CFO, Kathryn Johnbull, after which we'll open it up for questions. With that, I'd now like to turn the call over to Zach. Please go ahead, Zach.

在今天的電話會議中，我們將同時引用 GAAP 與非 GAAP 財務衡量指標。我們的非 GAAP 結果與所報告 GAAP 結果之調節表，已包含於財報新聞稿以及 DLH 網站上的投資人簡報中。接下來將由總裁兼執行長 Zach Parker 發言，之後由財務長 Kathryn Johnbull 發言，隨後我們將開放提問。接著，我把電話交給 Zach。Zach，請開始。

Thank you, Chris, and good morning, everyone. Welcome to our second quarter conference call. I am pleased for the opportunity to report our financial results and provide color regarding the current environment and our outlook.

謝謝你，Chris，各位早安。歡迎參加我們的第二季電話會議。我很高興有機會報告我們的財務成果，並就當前環境與我們的展望提供更多說明。

As I begin, I would like to recognize the performance of our highly skilled workforce. Our people are our number 1 asset as a company, and we lean on the passion, creativity and expertise of our staff in order to succeed.

在開始之前，我想先肯定我們高度專業的員工團隊所展現的表現。員工是公司最重要的資產，我們仰賴同仁的熱情、創意與專業，才能取得成功。

This past quarter, we once again demonstrated the innovative thinking required to support our customers' critical missions and delivered excellence across the way. We continue to thank everyone at DLH for this execution.

在過去一季，我們再次展現了支援客戶關鍵任務所需的創新思維，並在各方面交付卓越成果。我們持續感謝 DLH 全體同仁的執行力。

Now turning to slide 4. I'll provide an overview of the federal marketplace achievements and financial performance. The fiscal 2026 budget cycle is now complete, and the 2027 outlook is coming into focus.

現在請看第 4 頁。我將概述聯邦市場的成果與財務表現。2026 會計年度的預算循環現已完成，而 2027 年的展望也逐漸明朗。

We believe that the current federal funding environment is favorable to DLH. Clients across our markets have increased funding capacity and improved budget visibility, allowing for a steadily improving procurement environment.

我們認為目前的聯邦資金環境對 DLH 有利。我們所服務市場的客戶提高了資金承擔能力並改善了預算能見度，使採購環境持續穩步改善。

Key federal health agencies received FY26 funding increases compared to the FY26 -- FY25 levels, reversing in part the previously proposed funding reductions outlined by the President's request for fiscal 2026. Agencies in the defense and intelligence market have received significant budget increases that align particularly well with our capabilities. These are supported on both sides of the aisle, and we expect to be a healthy profile for us in the years to come.

相較於 FY25 水準，主要聯邦衛生機構在 FY26 獲得資金增加，部分扭轉了總統對 2026 會計年度預算請求中所提出的先前擬議削減。國防與情報市場的機構獲得顯著的預算增加，且與我們的能力特別契合。這些在兩黨之間均獲支持，我們預期未來數年將為我們帶來良好的發展態勢。

We believe that the improved clarity and stability, which has emerged in the recent months, meaningfully expands the company's addressable market and supports the company's strategic organic growth initiatives. Last year and throughout the shutdown in our fiscal year Q1, budget uncertainty and large reductions to the federal agency contracting departments significantly slowed procurement activity across the government.

我們認為，近幾個月浮現的更高明確性與穩定性，實質擴大了公司的可服務市場，並支持公司策略性的內生成長計畫。去年以及我們會計年度第一季的停擺期間，預算不確定性與聯邦機構採購部門的大幅縮編，顯著放緩了政府整體的採購活動。

As such, numerous key deals and strategic large procurements that we were expecting in FY25 are just now coming up for bid. We are encouraged by the increase in bidding activities and are experiencing a busy second half of the fiscal year responding to procurement requests. We expect certain award decisions over the coming months, subject to customer time lines and procurement processes.

因此，許多我們原本預期在 FY25 進行的關鍵交易與策略性大型採購案，現在才開始招標。我們對投標活動增加感到鼓舞，並在會計年度下半年忙於回應採購需求。在接下來幾個月內，我們預期將出現部分得標決策，但仍取決於客戶時程與採購流程。

DLH continues to maintain a healthy pipeline of opportunities, which will leverage our world-class workforce, advanced capabilities, and our recently developed commercial technology differentiators to elevate our win probabilities in this pipeline. Notably, the President's recently released fiscal 2027 budget request calls for historic spending increases in the defense and intelligence sector.

DLH 持續維持健康的機會管線，將運用我們世界級的人才團隊、先進能力，以及近期開發的商用技術差異化優勢，以提升該管線中的得標機率。值得注意的是，總統近期發布的 2027 會計年度預算請求，要求國防與情報領域出現歷史性的支出增幅。

The administration proposes that this investment be partially offset by unspecified reductions in federal health spending. As always, the President budget request is an initial step in the multi-phase federal budget cycle. We will remain engaged with the Hill, our customers, and influential industry groups as this process advances.

政府提議以未具體說明的聯邦衛生支出削減，來部分抵銷這項投資。一如既往，總統的預算請求只是多階段聯邦預算循環的第一步。隨著流程推進，我們將持續與國會、客戶以及具影響力的產業團體保持互動。

Additionally, the current administration has taken several actions intended to simplify contracting and to accelerate the time required to complete transactions. We find this as very healthy for our industry. In addition to nontraditional contract arrangements that we discussed at our recent shareholder meeting, there have been executive orders to streamline the regulatory environment in contracting and to rebalance the risk/reward trade-off, moving away from some of their cost reimbursement contracts to fixed price arrangements with performance metrics. The changes aligned very well with DLH's strategy and our heritage. We welcome this needed shift by our government.

此外，現任政府已採取多項行動，旨在簡化簽約流程並加速完成交易所需時間。我們認為這對本產業非常健康。除我們在近期股東會中討論的非傳統合約安排外，亦有行政命令用以精簡簽約監管環境並重新平衡風險/報酬取捨，從部分成本補償合約轉向具績效指標的固定價格安排。這些變革與 DLH 的策略及我們的傳承高度一致。我們歡迎政府推動這項必要的轉變。

Our defense and intelligence customers continue to prioritize prototyping, rapid delivery, cost efficiency, digital modernization, and the integration of advanced technologies, particularly as they relate to health and C4ISR systems. These align very well with our DLH Cyclone and DLH Nexus Labs digital sandbox investments that are cloud secure. In parallel, federal health agencies remain focused on interoperability, cybersecurity, including Zero Trust architectures, cloud migration and AI adoption.

我們的國防與情報客戶持續優先推動原型開發、快速交付、成本效率、數位現代化，以及先進技術的整合，特別是與健康與 C4ISR 系統相關者。這些與我們對 DLH Cyclone 與 DLH Nexus Labs（具雲端安全）的數位沙盒投資高度契合。同時，聯邦衛生機構仍聚焦於互通性、資安（包括零信任架構）、雲端遷移與 AI 導入。

Collectively, these priorities position DLH very strong to grow organically from these initiatives. It is always gratifying when DLH innovation and performance excellence is acknowledged by our industry. In recent months, DLH supported projects in automation, artificial intelligence, scientific research, data science and information technology were recognized by customer and industry organizations for outstanding program performance and significant technology achievements.

整體而言，這些優先事項使 DLH 具備非常強的條件，得以透過這些計畫推動內生成長。當 DLH 的創新與卓越績效獲得產業肯定時，總是令人欣慰。近幾個月來，DLH 在自動化、人工智慧、科學研究、資料科學與資訊科技等領域所支援的專案，因傑出的專案績效與重大的技術成就而獲客戶與產業組織表揚。

We are proud of these accomplishments as they illustrate the thought leadership, ingenuity, and passion of our employees in advancing the missions of our customers. While revenue was down year-over-year, largely due to the previously discussed program transitions to small business set aside contracts, these include the VA CMOP and Head Start, we remain committed to maximizing shareholder value.

我們為這些成就感到自豪，因為它們展現了員工在推進客戶任務上的思想領導力、創造力與熱情。儘管營收年減，主要原因是先前所述的專案轉換至小型企業保留（set-aside）合約，包括 VA CMOP 與 Head Start，我們仍致力於將股東價值最大化。

Through strong project management delivered margins and implemented cost scaling initiatives, we delivered an adjusted EBITDA margin of 9.0%. As Kathryn will discuss in more detail shortly, we continue to delever our commitment to the balance sheet.

透過強而有力的專案管理以交付利潤率，並推動成本規模化措施，我們達成 9.0% 的調整後 EBITDA 利潤率。如 Kathryn 稍後將更詳細說明，我們持續致力於降低槓桿並強化資產負債表。

Total debt was reduced to $132.7 million, aligned with our debt reduction plans for fiscal '26. In late-breaking news, we were awarded a two year sole source extension of one of our contracts to provide world-class clinical research support services to the National Institute of Health. We truly appreciate the opportunity to continue this tremendous support in this critical public health mission that has been a primary focus area for DLH for decades.

總負債已降至 1.327 億美元，符合我們 2026 會計年度的減債計畫。最新消息是，我們獲得其中一項合約為期兩年的單一來源（sole source）延長，以向美國國家衛生研究院提供世界級的臨床研究支援服務。我們非常珍惜能持續在這項關鍵公共衛生任務中提供卓越支援的機會，而這也一直是 DLH 數十年來的核心重點領域。

Overall, we remain well positioned to succeed over the coming years and are excited to buy for the high-value organic growth opportunities that our company was assembled to compete for. Our differentiated suite of data science and AI/ML technology applications, our outstanding capabilities and workforce alignment exceptionally aligns exceptionally well to position us for work within our three strategic pillars: science, research and development, digital transformation and cybersecurity, and systems engineering and integration.

整體而言，我們仍具備良好定位，可在未來數年持續成功，並對競逐公司成立以來所要把握的高價值內生成長機會感到振奮。我們具差異化的資料科學與 AI/ML 技術應用組合、卓越能力與人力配置，彼此高度契合，並使我們在三大策略支柱下的工作機會上具備極佳定位：科學、研發、數位轉型與資安，以及系統工程與整合。

As government acquisition strategies evolve, we remain prepared and proactive, leveraging speed, innovation and agility to compete on multiple fronts in an accelerated acquisition landscape. With that, I'd now like to turn the call over to our Chief Financial Officer, Kathryn JohnBull. Kathryn?

隨著政府採購策略不斷演進，我們仍保持就緒並採取主動作為，運用速度、創新與敏捷性，在加速變化的採購環境中於多個面向競爭。接下來，我想把電話會議交給我們的財務長 Kathryn JohnBull。Kathryn？

Thank you, Zach, and good morning, everyone. Thanks for joining our reporting on our second quarter results for fiscal 2026. Turning to slide 6. I'd like to first provide a high-level overview of some key financial metrics for the three months ended March 31, 2026.

謝謝你，Zach，各位早安。感謝各位參加我們 2026 會計年度第二季業績的說明。請看第 6 頁投影片。我想先就截至 2026 年 3 月 31 日止三個月的一些關鍵財務指標，提供高層次的概覽。

We reported revenue of $59.3 million in the second quarter versus $89.2 million in the prior year period, reflecting contributions from expansion on existing contracts, offset by the impact of conversion of certain programs to small business set aside contracts as discussed in the past and certain government efficiency initiatives.

我們第二季營收為 5,930 萬美元，較去年同期的 8,920 萬美元下降；此結果反映既有合約擴張帶來的貢獻，但被先前討論過的部分專案轉為小型企業保留（set-aside）合約，以及若干政府效率倡議的影響所抵銷。

In total, the revenue contraction was mostly due to small business set aside initiatives, primarily from CMOP and Head Start with approximately a $24 million increase in the quarter-over-quarter results. The remaining change was due to year-over-year contract completions and government efficiency initiatives.

整體而言，營收收縮主要來自小型企業保留（set-aside）倡議，主要是 CMOP 與 Head Start，約造成本季相較前一季結果增加約 2,400 萬美元的影響。其餘變動則來自年度間合約結束以及政府效率倡議。

We reported adjusted EBITDA of $5.3 million for the quarter compared to $9.4 million in the prior year period, with the decrease primarily driven by the change in revenue volumes. Adjusted EBITDA margin was 9% for the quarter, adjusting for the timing and incremental cost impact of our cost scaling initiatives implemented in the second quarter. From a free cash flow standpoint, we generated approximately $3.8 million during the quarter.

本季調整後 EBITDA 為 530 萬美元，較去年同期的 940 萬美元下降，主要由營收量變動所致。本季調整後 EBITDA 利潤率為 9%，並已就第二季實施之成本規模調整（cost scaling）措施的時點與增量成本影響進行調整。就自由現金流而言，本季我們約產生 380 萬美元。

In comparison to the prior year period, the prior year reflects the results of significant working capital build stemming from the transition of a CMOP location that restricted cash collections early in fiscal '25. Now turning to slide 7.

相較去年同期，去年同期反映了因 CMOP 一處據點轉換而導致營運資金大幅增加的結果，該轉換在 2025 會計年度初期限制了現金收款。接著請看第 7 頁投影片。

I'll wrap up with a summary of our debt reduction efforts, which remain a key focus area for DLH. Debt reduced during the quarter to $132.7 million, a reduction from $136.6 million at the end of the previous quarter. This marks the resumption of our deleveraging trend after the typical seasonal uptick we experienced in the first quarter.

最後我將以我們的減債努力摘要作結，這仍是 DLH 的關鍵重點之一。本季債務降至 1.327 億美元，較上一季末的 1.366 億美元減少。在第一季出現典型的季節性上升後，這標誌著我們去槓桿化趨勢的恢復。

We expect to convert approximately 50% to 55% of EBITDA generated during fiscal 2026 to reduce debt by year-end. We remain well ahead of our mandatory repayment schedule and in full compliance with all financial covenants.

我們預期在 2026 會計年度將把所產生 EBITDA 的約 50% 至 55% 轉化用於在年底前減少債務。我們仍大幅領先於強制還款時程，並完全遵循所有財務契約條款。

With that, I would now like to turn the call over to our operator to open up for questions.

接下來，我想把電話會議交給接線員，開放提問。

(Operator Instructions)

（接線員指示）

Our first question comes from Joe Gomes with NOBLE Capital.

我們的第一個問題來自 NOBLE Capital 的 Joe Gomes。

I just want to start out on the VA CMOP. Do we have anything left there? How much longer do you think that's going to run through? I know we were hoping it would end, I think, in this fiscal third quarter of this year, but maybe a little just update on where we stand on that.

我想先從 VA 的 CMOP 談起。那邊我們還有剩下什麼嗎？你們認為還會再持續多久？我知道我們原本希望它會在今年的會計年度第三季結束，但能否更新一下目前進展到哪裡？

Yes, I think we're still on plan with regard to that reduction. The VA and our team have been working collaboratively towards standing down the final couple of operations. Kathryn, do you have any greater specificity for that?

是的，我認為就那項縮減而言，我們仍按計畫進行。VA 與我們團隊一直以合作方式推進，逐步撤除最後幾項營運。Kathryn，你能提供更具體的資訊嗎？

Sure. Yes. Our expectation is that we will wrap up the transition of those contracts just before Memorial Day.

當然。是的。我們預期會在國殤日（Memorial Day）前完成這些合約的轉換收尾。

Is that behind us?

那就算告一段落了嗎？

Yes, sir.

是的，先生。

Obviously, it served us well. We remain committed, Joe, to supporting our nation veterans. We've still got irons in the fire for transitioning to different types of work for the VA. But yes, once again, as the -- once the VA changed that acquisition process, not only to small business set aside, but changed it from being a solutions and tech-derived execution to just butts in the seats. We withdrew all of our joint venture bids and approached it accordingly, so we're -- it's bittersweet. As you know, we had a couple of decades of support in that arena, but we wish the small business community well.

顯然，它過去對我們很有幫助。Joe，我們仍致力於支持我國退伍軍人。我們仍在推進一些事項，準備轉向為 VA 提供不同類型的工作。但沒錯，再次強調，當 VA 改變了採購流程，不僅改為小型企業保留（set-aside），也從以解決方案與技術導向的執行，改成只是「人坐滿位子」的模式。我們撤回了所有合資投標，並據此調整做法，所以我們——心情很複雜。如你所知，我們在那個領域已支持了數十年，但我們也祝福小型企業社群一切順利。

Exactly. Agreed. And then Zach, you talked about how there's been multiple delayed procurements. There's some going through the pipeline now coming -- just now coming up for bids. You're hoping hear something here in the next couple of months.

沒錯。同意。另外，Zach，你提到有多項採購案延後。目前有一些正在管線中、現在才剛開始進入投標。你們希望在接下來幾個月內聽到一些消息。

I guess kind of the concern here is, obviously, every September 30, we go into a threatened government shutdown, the contingency budget, all that, which then seems to always delay contracts. What's your comfort level of actually seeing some of these contracts be awarded in a timely manner versus getting caught back up in the whole contingency budget issue? And then if you might be able to provide us a little more color on that, the nice late-breaking news of the new award that you received.

我想這裡的擔憂是，很明顯每年 9 月 30 日我們都會面臨政府關門的威脅、應急預算等等，而這似乎總是會延後合約。你們對於實際能否及時看到其中一些合約得標的把握程度如何？會不會又被整個應急預算問題拖住？另外，如果可以的話，能否就你們剛收到的新得標這個好消息，提供更多細節？

You bet, Joe. First of all, on the -- I'll cover the market, what we see in the market and I'll ask Kathryn to address the extensions. Yes, we're always very mindful of what the headwinds could be as we've come to know continuing resolutions and shut down risk quite well over the years, recent years, and certainly with this administration. We're also encouraged by some multiyear funding initiatives that have gone forward. They have already been approved that we anticipate continuing to move forward in selected agencies.

當然可以，Joe。首先，關於——我會先談市場面、我們在市場上看到的情況，然後我會請 Kathryn 回應延展（extensions）。是的，這些年來、尤其近年來，我們一直非常留意可能的逆風；我們對持續決議（continuing resolutions）與政府關門風險已相當熟悉，當然在本屆政府之下亦然。同時，我們也受到一些已推動的多年期資金（multiyear funding）倡議所鼓舞。這些倡議已獲核准，我們預期在特定機關將會持續推進。

Particularly, we still find good strength and support on both sides for defense and intelligence budgets as well as critical health care programs. So we're really pretty comfortable in that arena. More importantly, Joe, in the last quarter, we have seen actually multiple RFPs that we have been signaling were coming. And so fortunately, these have gotten under the wire before the September crisis, the usual September crisis. And I think that was also attributed to some of the budget visibility once they got the budget passed, customers have had some pent-up demands for moving along on some of these procurements.

特別是，我們仍看到國防與情報預算，以及關鍵醫療保健計畫，在兩黨之間都有相當強勁的支持。因此在那個領域我們其實相當有信心。更重要的是，Joe，在上一季，我們確實看到多份我們先前已預告將會出現的 RFP（招標書）。所幸這些在 9 月危機、也就是通常的 9 月危機之前就已趕上進度。我認為這也歸因於預算一旦通過後的能見度提升，客戶對推進部分採購案存在一些累積已久的需求。

We think that the fact that we've had three or four of the more material ones come through already. We have submitted bids. We're hopeful that the decision process will also move forward in the coming quarter. Often for the very material bids, it's often they see a protest or something of that nature that might delay the actual award and start of work. But we believe that we've got -- some that we're very well positioned that we should have decisions by this fiscal year.

我們認為，已有三到四個較具規模的重要案子提前出來這件事很關鍵。我們已提交投標。我們希望決策流程也能在接下來一季持續推進。對於非常重大的投標案，常常會遇到抗議（protest）或類似情況，可能延後實際得標與開工。但我們相信——有一些案子我們的定位非常有利，我們應能在本會計年度內取得決定。

With regard to the contract extensions, Kathryn, over to you.

至於合約延展部分，Kathryn，交給你。

Sure. Yes. So it is -- as we mentioned, it's the continuation of a key contract we've been working in support of the NIH for a number of decades. It would have gone through a normal recompete cycle at the completion of its 10-year period of performance here shortly, but the NIH has decided to -- or made the case to extend it for under a sole-source bridge for two years.

好的。是的。如我們提到的，這是我們已支援 NIH 數十年的一項關鍵合約之延續。它原本在即將完成 10 年履約期間後，會進入正常的重新競標（recompete）週期，但 NIH 已決定——或提出理由——以單一來源（sole-source）的過渡橋接（bridge）方式延長兩年。

So any time, of course, an important part of your portfolio gets an extension and gives you additional revenue visibility, that's always very welcomed, and that's work that's really reflects, as Zach mentioned earlier, just as we value a strong presence and continue to have interest in veterans' health, of course, public health is a key dimension of our portfolio and market-facing strategy for addressing every aspect of federal health care delivery.

所以當然，任何時候，只要您投資組合中的重要部分獲得延長並帶來額外的營收能見度，這總是非常受歡迎的；而這項工作也確實反映了——正如 Zach 先前提到的——我們一向重視在退伍軍人健康領域的強勢布局並持續保持興趣；同樣地，公共衛生也是我們投資組合以及面向市場策略中的關鍵面向，用以因應聯邦醫療照護交付的各個層面。

And so this part of our portfolio of contracts in that public health sector is very critical to us. So we're pleased and honored to be able to continue to provide that support and to get the revenue -- the additional revenue visibility in the short run.

因此，我們在公共衛生領域的這部分合約組合對我們而言非常關鍵。所以我們很高興、也深感榮幸能夠持續提供這項支援，並在短期內獲得營收——額外的營收能見度。

And then on the cost scaling or the rightsizing, are we where we need to be for the current and the expected near term revenue production? Or do you think there might even be more cost scaling that needs to occur here?

接著談到成本擴縮或規模調整（rightsizing），就目前以及預期近期的營收產出而言，我們是否已經達到需要的狀態？或者您認為這裡可能還需要進一步的成本擴縮？

I think we've done the significant actions. We have -- we always have some strategies we're working through, and those would continue to be as leases come due, for example, continuing to evaluate our footprint in our real estate, those kind of activities.

我認為我們已經採取了重大的行動。我們——我們一直都有一些策略在推進中，這些也會持續進行，例如租約到期時，會持續評估我們的房地產使用面積（footprint）等這類活動。

So we continue to evaluate and assure that our cost structure remains competitive and allows our rates to stay competitive for bidding on new work. But we think that we've accomplished the material reductions that are necessary to rightsize the business.

因此我們會持續評估並確保我們的成本結構保持競爭力，並讓我們的費率在競標新案時仍具競爭力。但我們認為，我們已完成為了讓業務規模適當化所需的重大（material）削減。

(Operator Instructions)

（接線員指示）

Hearing none, do we want to reopen it for Joe. Operator?

如果沒有其他問題，我們要為 Joe 重新開放嗎？接線員？

He is not back in the queue. Joe, if you need to requeue.

他目前不在排隊序列中。Joe，如果你需要重新排隊。

Just give Joe just a second as he did put himself back in the queue. That will move forward. All righty. Well, with that, I'd like to thank everyone for your participation throughout this call today --

請給 Joe 一點時間，因為他確實已把自己加回排隊序列。我們會繼續往下進行。好的。那麼，藉此我想感謝大家今天全程參與本次電話會議——

Joe Gomes is on the call.

Joe Gomes 在線上。

Okay. Joe, anything else?

好的。Joe，還有其他問題嗎？

Yes. Maybe a little more. Zach, you talked about some of the potential of reprioritizing federal health spending. Given what we've seen here in the past couple of years, it's just -- it's been a challenging time for DLH, And losing, obviously, the CMOP business and the Head Start and to potentially see reprioritizing federal health spending, it just throws up additional challenges for the company. And maybe you can give us a little more your thoughts and color and how you're going to go about this, addressing that.

有。也許再多問一點。Zach，你談到聯邦健康支出可能會重新排序的一些可能性。以我們過去幾年看到的情況來看，對 DLH 來說這段時間確實——相當具挑戰性；而且顯然失去了 CMOP 業務以及 Head Start；若再看到聯邦健康支出可能重新排序，這只會為公司帶來更多挑戰。也許你可以再多分享一些你的想法與補充說明，以及你打算如何著手因應、處理這件事。

You bet. No, great question again, Joe. Yes, I think the best way we characterize it is, as you well know, we advertised, communicated, try to be very transparent with regard to what largely was fueled by the Biden administration's commitment to move not only the VA, but a number of other agency contracts to small business. We anticipated that erosion started in '24 and certainly matured in '25. And as you indicated earlier, we expect to have the final pieces of the headline set aside for us, which was the VA CMOP finally running out this year.

當然。不，Joe，這又是一個很好的問題。是的，我想我們最好的描述方式是：如你所知，我們已經對外說明、溝通，並盡可能保持高度透明——這主要是受到拜登政府承諾將不僅是退伍軍人事務部（VA），也包括其他多個機構的合約轉給小型企業所驅動。我們預期這種侵蝕在 24 年開始，並且在 25 年確實成形。而如你先前所提，我們預期最後幾個對我們而言屬於頭條的保留（set-aside）項目，亦即 VA CMOP，將在今年最終到期。

But having said that, we are also well positioned, and we're very optimistic that the RFPs and solicitations that had been earmarked for FY24 aligned with our establishment of our differentiators in data science and data analytics.

但話說回來，我們也具備良好布局，而且我們非常樂觀，因為原本為 2024 財年（FY24）預留的 RFP 與徵求案，與我們在資料科學與資料分析方面差異化能力的建立是相一致的。

We're going to be fueled by RFPs in FY25. Unfortunately, as we indicated earlier, it was -- all of those basically stalled, not all of them, but the overwhelming majority of those basically stalled. And so we had a flat -- relatively flat bid cycles for the major new business deals that are just now coming around. A few of those evolved and a few of those have evolved from the government deciding to move towards some grants.

我們將由 2025 財年（FY25）的 RFP 所驅動。不幸的是，如我們先前所提，那些——基本上並非全部，但其中絕大多數——幾乎都停滯了。因此，我們在主要新業務案源的投標週期上呈現持平——相對持平——而這些案子現在才正要回來。其中有一些有所進展，也有一些是因政府決定轉向以補助（grants）的方式來推動而演變。

The DOGE effect certainly impacted a lot of our clients where they did not have the acquisition officials to issue those RFPs. They've begun to stabilize that over the course of the last six months. And again, we're starting to see both in the defense and intel side and in the public health arena, those solicitations come back. So we've got a few we're anticipating in the next few months. We've got a pretty healthy revenue potential for some that are recently submitted.

DOGE 的影響確實衝擊了我們許多客戶，因為他們缺乏採購官員來發布那些 RFP。在過去六個月中，他們已開始逐步穩定這個狀況。而且再次地，我們開始看到在國防與情資（intel）端，以及公共衛生領域，這些徵求案重新出現。所以接下來幾個月我們預期會有幾個案子。對於一些近期已提交的案子，我們也有相當健康的營收潛力。

So we're just optimistic that, that trend will continue. We're not expecting to have a series of the major DOGE government cuts, major doge program cuts, budget cuts followed by historical shutdowns in the coming months. And the global challenges, both including the war in the Gulf are going to certainly keep a strong commitment of funding and rapid development initiatives for the defense and defense health arena as well.

所以我們只是樂觀地認為，這個趨勢會持續。我們不預期在接下來幾個月會出現一連串重大的 DOGE 政府削減、重大的 DOGE 計畫削減、預算削減，並伴隨歷史性的政府停擺。而全球挑戰——包括海灣地區的戰爭——也將確保國防以及國防健康領域持續獲得強力的資金承諾與快速研發倡議。

So we right now do see good optimism that the flatness in terms of opportunities for us to compete in '25 is starting to break, and that's good for us. What we thought was going to be a pretty quick B curve turned out to become a little more bathtub, but we are starting to see the opportunities hit now and certainly feel that we'll be able to compete favorably for our share.

因此，就目前而言，我們確實看到很好的樂觀訊號：在 25 年我們可競逐機會的「持平」狀態正開始被打破，這對我們是好事。我們原本以為會是一條相當快速的 B 型曲線，結果變得更像浴缸曲線（bathtub），但我們現在開始看到機會出現，並且確信我們將能夠有利地競爭、爭取到我們應有的份額。

Much appreciated. I'm looking forward to starting to see some wins be put up on the board here after, as you said, a challenging period here. Nothing to really do with you guys, it's the government itself, but it'd be nice to start to see the engine start back up again and be moving strongly going forward.

非常感謝。我也期待在你所說的這段具挑戰性的期間之後，開始看到一些勝利被寫上記分板。這其實跟你們團隊沒有太大關係，是政府本身的因素，但如果能看到引擎重新啟動，並在未來持續強勁運轉，會很不錯。

We are absolutely -- we can't wait.

我們完全——我們也迫不及待。

100%.

百分之百。

This concludes our question-and-answer session. I would like to turn the conference back over to Zach Parker for any closing remarks.

問答環節到此結束。我想把會議交回給 Zach Parker，請他做任何結語。

Well, again, I want to thank you all for, again, your participation, your interest in DLH. We remain committed to driving that shareholder value. We are looking forward to chatting with you in the coming quarters. And we ask that everyone have a blessed day, and we'll talk again soon. Bye for now.

再次地，我要感謝各位再次參與、並關注 DLH。我們仍致力於推動股東價值。我們期待在接下來的幾個季度與各位交流。也祝福大家有美好的一天，我們很快再談。暫時先這樣，再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議現在結束。感謝您參加今天的簡報。您現在可以掛線。