Leonardo DRS Inc (DRS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, good day, and welcome to the Leonardo DRS first quarter fiscal-year 2025 earnings conference call. (Operator Instructions) As a reminder, this event is being recorded.

女士們、先生們，大家好，歡迎參加 Leonardo DRS 2025 財年第一季財報電話會議。（操作員指示）提醒一下，此事件正在被記錄。

I would like to now turn the conference over to Steve Vather, Senior Vice President of Investor Relations and Corporate Finance. Please go ahead.

現在，我想將會議交給投資者關係和公司財務高級副總裁史蒂夫·瓦瑟 (Steve Vather)。請繼續。

Good morning, and thanks for participating on today's quarterly earnings conference call. Joining me today are Bill Lynn, our Chairman and CEO; and Mike Dippold, our CFO. He will discuss our strategy, operational highlights, financial results and forward outlook. Today's call is being webcast on the Investor Relations portion of the website where you will also find the earnings release and supplemental presentation.

早安，感謝您參加今天的季度財報電話會議。今天與我一起出席的還有我們的董事長兼執行長 Bill Lynn；以及我們的財務長 Mike Dippold。他將討論我們的策略、營運亮點、財務表現和未來展望。今天的電話會議將在網站的投資者關係部分進行網路直播，您也可以在該部分找到收益報告和補充介紹。

Management may also make forward-looking statements during the call regarding future events, anticipated future trends, and anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. For a full discussion of these risk factors, please refer to our latest Form 10-K and our other SEC filings. We undertake no obligation to update any of the forward-looking statements made on this call.

管理層還可能在電話會議中就未來事件、預期未來趨勢以及預期公司未來業績做出前瞻性陳述。我們提醒您，此類聲明並非對未來業績的保證，並且涉及難以預測的風險和不確定性。由於各種因素，實際結果可能與前瞻性陳述中預測的結果有重大差異。有關這些風險因素的完整討論，請參閱我們最新的 10-K 表格和其他 SEC 文件。我們不承擔更新本次電話會議中任何前瞻性陳述的義務。

During this call, management will also discuss non-GAAP financial measures, which we believe provide useful information for investors. These non-GAAP measures should not be evaluated in isolation or as a substitute for GAAP performance measures. You can find a reconciliation of the non-GAAP measures discussed on this call in our earnings release.

在本次電話會議中，管理階層還將討論非公認會計準則財務指標，我們相信這些指標將為投資者提供有用的信息。這些非 GAAP 指標不應單獨評估或取代 GAAP 績效指標。您可以在我們的收益報告中找到本次電話會議中討論的非 GAAP 指標的對帳表。

At this time, I'll turn the call over to Bill. Bill?

現在，我將把電話轉給比爾。帳單？

Thanks, Steve. Good morning, and welcome, everyone, to the DRS Q1 earnings call. Our first-quarter results reflect a solid start to the year and meaningfully surpassed our expectations. Strong steadfast customer demand continued to materialize across our broad and differentiated portfolio. We secured a healthy level of bookings that totaled nearly $1 billion in the quarter, which translated to a 1.2 book-to-bill ratio.

謝謝，史蒂夫。早安，歡迎大家參加 DRS 第一季財報電話會議。我們第一季的業績反映了今年的良好開局，並大大超出了我們的預期。在我們廣泛且差異化的產品組合中，強勁而堅定的客戶需求持續得到體現。本季我們的訂單量達到了健康的水平，總額接近 10 億美元，訂單出貨比為 1.2。

Demand remains well diversified throughout the business. In Q1, we saw a particular order strength for our advanced infrared sensing, electric power and propulsion, tactical radars, laser systems, and force protection technologies. It's also worth noting that this marks the 13th consecutive quarter with a book-to-bill above 1, a trend that has resulted in our backlog pushing to new company records. As a result, that backlog increased to $8.6 billion, which is up on both a year-over-year basis and a sequential basis.

整個業務的需求仍然保持著良好的多樣化。在第一季度，我們的先進紅外線感測、電力和推進、戰術雷達、雷射系統和武力防護技術的訂單強度特別高。另外值得注意的是，這已是連續第 13 個季度訂單出貨比超過 1，這一趨勢導致我們的積壓訂單量創下公司新高。結果，積壓訂單增加至 86 億美元，年比和季比均增加。

Furthermore, in Q1, we saw remarkable organic growth of 16%, profit expansion and improved cash flow. Material receipts pulled into the quarter to drive revenue growth well above our forecast. Overall, we anticipate this will translate into better quarterly linearity for the year on revenue and profit. As you know, we have been focused on driving more balanced quarterly distribution and achieving our full-year financial results. In addition to solid operational performance, we commenced execution of our capital return initiatives with the payment of our first dividend and initial stock repurchases against the authorization announced last quarter.

此外，在第一季度，我們實現了顯著的16%的有機成長、利潤擴大和現金流改善。本季材料收入推動營收成長遠高於我們的預期。總體而言，我們預計這將轉化為今年收入和利潤更好的季度線性。如您所知，我們一直致力於推動更均衡的季度分配並實現全年財務表現。除了穩健的營運業績外，我們還開始執行資本回報計劃，根據上個季度宣布的授權支付第一筆股息並進行首次股票回購。

All in all, our strong results in Q1 laid a nice foundation for the year, but we are maintaining a vigilant posture amidst a more dynamic operating environment that has emerged over the past few months. Let me share some more color on our perspectives with respect to the macro conditions. We are in a unique situation as our customers are now operating under a full-year continuing resolution for FY25. What is different from prior CRs is the DoD's ability to initiate new program starts. Congress also provided greater funding execution flexibility and a higher reprogramming authority threshold.

總而言之，我們第一季的強勁業績為今年奠定了良好的基礎，但在過去幾個月出現的更具動態的營運環境中，我們仍保持警惕。讓我就宏觀條件分享一些我們的看法。我們處於一種特殊的情況，因為我們的客戶現在按照 2025 財年的全年持續決議運作。與先前的 CR 不同的是，國防部有能力啟動新的計畫。國會也提供了更大的資金執行靈活性和更高的重新編程授權門檻。

As of now, we have not seen any significant changes to customer procurement behavior, and the leading indicators reinforce the durability of demand. Additionally, we are still targeting a total company book-to-bill above one in 2025. Looking ahead, we are expecting that the FY26 President's budget request will likely be released over the next month or so. As I've mentioned on prior calls, historically, the most relevant and predictive variable for future US defense spending growth is the global threat environment.

截至目前，我們尚未看到客戶採購行為有任何重大變化，領先指標強化了需求的持久性。此外，我們仍將公司總訂單出貨比定為 2025 年的 1 倍以上。展望未來，我們預計 26 財年總統的預算請求可能會在下個月左右發布。正如我在之前的電話會議中提到的，從歷史上看，未來美國國防開支成長最相關、最具預測性的變數是全球威脅環境。

Unfortunately, it remains elevated and largely unchanged, which will maintain pressure on the need for higher investment for the foreseeable future. We also anticipate that the FY26 request will provide incremental clarity and the funding allocations for the administration's key priorities. DRS continues to be well positioned and closely aligned to important national defense initiatives focused on enhancing volatility, effectiveness and affordability of critical capabilities. Our customers are expanding their investments in layered air defense and counter UAS, improving shipbuilding throughput and more broadly, modernizing technology embedded on combat platforms to deter and can test near peers. We are leveraging our core strengths to actively address each of these secular themes.

不幸的是，這一比率仍然居高不下且基本上沒有變化，這將在可預見的未來對更高投資的需求繼續施加壓力。我們也預計，2026 財年的請求將為政府的關鍵優先事項提供逐步的清晰度和資金分配。DRS 繼續保持良好定位，並與重要的國防計劃緊密結合，重點是提高關鍵能力的波動性、有效性和可負擔性。我們的客戶正在擴大對分層防空和反無人機系統的投資，提高造船吞吐量，更廣泛地說，對嵌入作戰平台的技術進行現代化改造，以威懾和測試近距離對手。我們正在利用我們的核心優勢積極解決每一個世俗主題。

Next, while the implementation for most of the tariffs announced last month have been temporarily postponed. I still want to discuss the potential implications. Overall, as a pure-play defense technology company we expect relative insulation from direct impacts related to tariffs. As a reminder, our customer base is largely US defense in nature. Our geographic footprint is principally in the US with the exception of operations in Canada and Israel. And lastly, our direct supply chain is predominantly comprised of US-based companies.

其次，上個月宣布的大部分關稅的實施已被暫時推遲。我仍然想討論一下潛在的影響。總體而言，作為一家純粹的國防技術公司，我們預計公司將相對免受關稅相關的直接影響。提醒一下，我們的客戶群主要是美國國防性質的。我們的地理分佈主要在美國，但在加拿大和以色列也有業務。最後，我們的直接供應鏈主要由美國公司組成。

That said, we are keeping a watchful eye on any derivative impacts on the business and are instructing our suppliers to identify any tariff-related costs so that we can pursue remedies from our customers should the need emerge. Secondly, China's increasing restriction on export of rare earth minerals to the US also has limited impact on DRS. For us, the key rare earth reliance is on germanium as it is an important element in our infrared sensing products. Since the initial restrictions went into effect in mid-2023, we have taken mitigating actions to ensure our raw material suppliers had diverse sources.

儘管如此，我們仍密切關注任何對業務的衍生影響，並指示我們的供應商確定任何與關稅相關的成本，以便我們在需要時向客戶尋求補救措施。其次，中國加大對美國稀土出口限制力度，對DRS的影響也有限。對我們來說，關鍵的稀土依賴是鍺，因為它是我們紅外線感測產品中的重要元素。自 2023 年中期初始限制生效以來，我們已採取緩解措施，以確保我們的原料供應商擁有多樣化的來源。

However, in the quarter, we discovered that a sole source optics supplier on an international program was unable to execute on our existing purchase orders. That placed us in an unfavorable position of absorbing increased costs as we rectified the issue with alternative germanium sources.

然而，在本季度，我們發現一個國際項目的獨家光學供應商無法執行我們現有的採購訂單。當我們使用替代鍺源來解決這個問題時，這使我們處於不利的地位，需要承擔增加的成本。

Outside of this discrete supplier issue, there have not been significant challenges with respect to supply to date, but pricing has certainly become more volatile. This supplier challenge that emerged in Q1, combined with the incremental cost escalation of germanium have been incorporated into our forward estimates and pressured quarterly ASC profitability. We have a steadfast priority on continuously enhancing program execution resilience across the business and are broadening the scope of our focus amidst the more dynamic backdrop.

除了這個獨立的供應商問題之外，迄今為止在供應方面還沒有出現重大挑戰，但價格肯定變得更加不穩定。第一季度出現的供應商挑戰，加上鍺成本的逐步上漲，已被納入我們的前瞻性估計中，並對季度 ASC 盈利能力造成壓力。我們堅定不移地致力於不斷提高整個業務的計劃執行彈性，並在更具活力的背景下擴大我們的關注範圍。

Shifting to operations. We are making steady progress in several key areas. First, improving and expanding shipbuilding is a key national priority. Our customers' behavior reflects an incredible urgency. We are working to expedite the completion of our Charleston, South Carolina facility as well as rapidly deploy the submarine industrial base investment announced last quarter to reinvigorate our steam turbine capability.

轉向營運。我們在幾個關鍵領域正在取得穩步進展。一是提高和擴大船舶製造能力是國家優先任務。我們客戶的行為體現出一種令人難以置信的緊迫感。我們正在努力加快完成位於南卡羅來納州查爾斯頓的工廠，並迅速部署上個季度宣布的潛艇工業基地投資，以重振我們的蒸汽渦輪機產能。

Additionally, we are in ongoing conversations with customers on how to expand our role in supporting better overall throughput.

此外，我們正在與客戶進行持續對話，探討如何擴大我們在支援更好的整體吞吐量方面的作用。

Separately, but related, we are seeing new incremental domestic opportunities emerge for our electric power and propulsion technologies. We won't disclose the specific program names for competitive reasons. But nonetheless, this is an exciting development should these opportunities come to fruition. In the quarter, we also successfully demonstrated our electric propulsion capability on a medium unmanned surface vessel, proving the versatility of our technology as the Navy potentially considers a higher mix of unmanned naval platforms moving forward.

另外，但相關的是，我們看到我們的電力和推進技術正在出現新的國內機會。出於競爭原因，我們不會透露特定的項目名稱。但無論如何，如果這些機會能夠實現，這將是一個令人興奮的發展。本季度，我們也成功展示了中型無人水面艦艇上的電力推進能力，證明了我們技術的多功能性，因為海軍可能會考慮在未來採用更多種類的無人海軍平台。

Now to counter UAS. We are maturing the previously discussed directed energy capability through rigorous customer testing. The multiple rounds of results support the feasibility of near-term operational deployment to augment existing air defense systems. Additionally, we are actively working with partners to explore the integration of our counter UAS technologies into other domains and platforms, including the maritime arena to generate incremental growth. Next, in the quarter, in partnership with best-in-class commercial technology partners, we announced the release of our AI processor.

現在來對抗無人機系統。我們正在透過嚴格的客戶測試來完善先前討論的定向能能力。多輪結果支援近期作戰部署以增強現有防空系統的可行性。此外，我們正在積極與合作夥伴合作，探索將我們的反無人機技術整合到其他領域和平台，包括海上領域，以實現增量成長。接下來，在本季度，我們與一流的商業技術合作夥伴合作，宣布發布我們的人工智慧處理器。

This AI processor is designed to quickly deliver real-time threat detection, situational awareness and advanced mission processing in the combat vehicles. This processor integrates with AI algorithms and is engineered to process massive amounts of battle field data to deliver actionable intelligence and also enable AI-aided target recognition. We are also investing to advance our own software offering that will serve as an open operating system architecture to enable the management and fusion of multiple sensing modalities.

該人工智慧處理器旨在為作戰車輛快速提供即時威脅偵測、態勢感知和高階任務處理。該處理器整合了人工智慧演算法，旨在處理大量戰場數據，提供可操作的情報，並實現人工智慧輔助目標識別。我們也正在投資推進我們自己的軟體產品，該產品將作為開放的作業系統架構，實現多種感測模式的管理和整合。

Similarly, we predict that AI and other intensive applications will only drive growth of shipboard processing requirements. As a result, we are seeing customer appetite build for our advanced cooling techniques that enable greater computing density. Last but certainly not least, our infrared sensing remains in high demand across domains from dismounted to ground combat vehicles to missiles. On the latter, we are being designed into a number of next-generation missile systems to provide our differentiated infrared capability.

同樣，我們預測人工智慧和其他密集型應用只會推動船上處理需求的成長。因此，我們看到客戶對我們能夠實現更高運算密度的先進冷卻技術的興趣日益濃厚。最後但同樣重要的一點是，我們的紅外線感測技術在從地面作戰車輛到飛彈的各個領域仍然有著很高的需求。在後者方面，我們正在設計多種下一代飛彈系統，以提供差異化的紅外線能力。

The diversity and breadth of our technology portfolio is a distinguishing characteristic of DRS and is facilitating multiple avenues for future growth. As I mentioned at the outset, I'm pleased with the nice start to the year. Our Q1 financial performance provides us confidence in executing on our 2025 outlook. Clearly, the operating environment is significantly more dynamic compared to last year and this has required us to leverage our agility to navigate through new complexities. That said, DRS remains well positioned to enduring defense priorities. We are maintaining a sharp focus on delivering critical innovation at speed efficiently and in an affordable manner.

我們的技術組合的多樣性和廣度是 DRS 的顯著特徵，並為未來的成長提供了多種途徑。正如我在一開始提到的，我對今年的良好開端感到滿意。我們第一季的財務表現讓我們對實現 2025 年的願景充滿信心。顯然，與去年相比，營運環境更加動態，這要求我們利用我們的敏捷性來應對新的複雜情況。儘管如此，DRS 仍然能夠很好地滿足持久的國防優先事項。我們始終致力於以快速、有效率且經濟的方式提供關鍵創新。

With that, let me turn the call over to Mike, who will walk you through our financials in further detail.

說完這些，讓我把電話轉給麥克，他將向您更詳細地介紹我們的財務狀況。

Thanks, Bill. I would echo that we are off to a solid start to the year across our key financial metrics. Overall, the quarter was well ahead of our expectations. In Q1, revenue growth was 16% and ended up being meaningfully above the framework we laid out on the last call. This is mostly due to the favorable timing of material receipts.

謝謝，比爾。我想重申的是，從主要財務指標來看，我們今年的開局很好。總體而言，本季的表現遠遠超出我們的預期。第一季度，營收成長了 16%，遠高於我們上次電話會議所製定的框架。這主要是由於材料收貨時機有利。

Late in the quarter, we saw some supplier deliveries pull left by just a few days, which materialized at the sizable tailwind to Q1. Let me reiterate this will mostly help drive improved quarterly linearity in 2025.

在本季末，我們看到一些供應商的交貨時間僅推遲了幾天，這是在第一季強勁成長的推動下實現的。讓我重申一下，這主要有助於推動 2025 年季度線性的改善。

Taking a closer look at the quarter, the most notable drivers of growth were programs related to ground and naval network computing as well as offerings in tactical radars and electric power and propulsion. From a segment perspective, the programmatic increases to network computing and tactical radars spurred quarterly ASC revenue growth of 18%. IMS revenue was also up nicely at 11%, with growth evident across the segment.

仔細觀察本季度，最顯著的成長動力是與地面和海軍網路運算相關的項目以及戰術雷達和電力和推進產品。從細分市場來看，網路運算和戰術雷達的程序化成長刺激了 ASC 季度營收成長 18%。IMS 收入也大幅成長 11%，整個細分市場都呈現明顯成長。

Strong contribution from both electric power and propulsion as well as force protection programs were visible in the quarterly IMS revenue output. Now to adjusted EBITDA. Adjusted EBITDA in the quarter was $82 million, representing 17% growth from the last year. Adjusted EBITDA margin in Q1 was 10.3%, which represents 10 basis points of year-over-year margin expansion. The slight margin expansion was primarily as a result of favorable net contract adjustments and higher volume.

在季度 IMS 收入產出中，電力與推進以及武力保護計畫均做出了巨大貢獻。現在來調整 EBITDA。本季調整後的 EBITDA 為 8,200 萬美元，較去年同期成長 17%。第一季調整後的 EBITDA 利潤率為 10.3%，較去年同期擴大 10 個基點。利潤率略有擴大主要是由於有利的淨合約調整和更高的交易量。

Shifting to the segment view. ASC-adjusted EBITDA increased by 2%, but margin declined by 130 basis points primarily due to negative contract adjustments in the segment. As Bill mentioned earlier, the discrete cost growth from the sole-source supplier on the infrared sensing program as well as the broader impact of greater germanium costs on our remaining backlog hampered profitability in the quarter. IMS-adjusted EBITDA was up 38% and margin expanded by 260 basis points, which was well beyond what we anticipated. Embedded in our baseline plan for this segment was the continued progression of Columbia class and some operational benefit from increased volume, which both occurred in the quarter.

轉向片段視圖。ASC 調整後的 EBITDA 成長了 2%，但利潤率下降了 130 個基點，主要原因是該部門的合約調整為負。正如比爾之前提到的，紅外線感測項目單一來源供應商的離散成本增長以及鍺成本增加對我們剩餘積壓訂單的更廣泛影響阻礙了本季度的盈利能力。IMS 調整後的 EBITDA 成長了 38%，利潤率擴大了 260 個基點，遠遠超出了我們的預期。我們針對這一部門的基本計劃包括哥倫比亞級郵輪的持續發展以及運量增加帶來的一些營運效益，這兩項都發生在本季度。

However, incremental to our expectations was the recognition of favorable contract adjustments as a result of risk retirement milestones reached on Columbia Cliff. On to the bottom line metrics. First quarter net earnings were $50 million and diluted EPS was $0.19 a share, up 72% and 73%, respectively. Our adjusted net earnings of $54 million and adjusted diluted EPS of $0.20 a share were up 42% and 43%, respectively. Strong organic operational performance combined with a reduced effective tax rate and a lower interest burden drove the favorable year-over-year compare.

然而，超出我們預期的是，由於哥倫比亞懸崖項目達到風險退役里程碑，合約得到了有利的調整。關於底線指標。第一季淨利為 5,000 萬美元，攤薄每股收益為 0.19 美元，分別成長 72% 和 73%。我們的調整後淨收益為 5,400 萬美元，調整後稀釋每股收益為 0.20 美元，分別成長 42% 和 43%。強勁的有機營運業績，加上降低的有效稅率和較低的利息負擔，推動了業績年比良好。

While the Q1 tax rate was lower due to excess tax benefits on equity compensation, we still anticipate a normalized full year tax rate of 19%. Moving to free cash flow. Our cash usage in the quarter was significantly lower than this time last year, thanks to increased net profitability and enhanced working capital efficiency, partly aided by favorable timing and quarterly cash collections from customers. Our capital expenditures in the quarter were approximately 4% of revenue, in line with our expectations discussed on the last call.

雖然由於股權薪酬的超額稅收優惠導致第一季的稅率較低，但我們仍然預計全年稅率將達到 19%。轉向自由現金流。由於淨獲利能力提高和營運資金效率增強，加上有利的時機和客戶每季的現金回款，本季我們的現金使用量明顯低於去年同期。我們本季的資本支出約佔收入的 4%，符合我們上次電話會議上討論的預期。

Overall, the year-over-year free cash flow improvement in Q1 supports better line of sight into achieving our full year outlook. With only one quarter behind us, we are maintaining our 2025 guidance across our metrics. We delivered a solid Q1, but the more dynamic operating backdrop offers with puts and takes that we are still evaluating. As a quick refresher, we expect the following for the full year. Revenue in the range of $3.45 billion to $3.525 billion, implying a 6% to 9% year-over-year growth.

整體而言，第一季自由現金流年增有助於我們更好地實現全年預期。光是過去一個季度，我們將維持 2025 年各項指標的指導目標。我們第一季取得了穩健的業績，但更具活力的營運背景所帶來的優缺點我們仍在評估。簡單回顧一下，我們對全年的預期如下。營收在 34.5 億美元至 35.25 億美元之間，這意味著同比增長 6% 至 9%。

Material receipts will continue to be the biggest factor influencing revenue output. We are operating with significant backlog visibility, but a small portion of book-to-bill revenue still remains. Our adjusted EBITDA range is expected to be between $435 million and $455 million. At this time, we expect IMS to offer more growth and margin improvement opportunity relative to ASE. Adjusted diluted EPS remains in the $1.02 to $1.08 per share range. The underlying assumptions on tax rate and fully diluted share count remained consistent at 19% and 270 million shares, respectively.

材料收入仍將是影響收入產出的最大因素。我們的營運中積壓訂單量明顯增多，但訂單出貨比收入仍有一小部分剩餘。我們的調整後 EBITDA 範圍預計在 4.35 億美元至 4.55 億美元之間。目前，我們預期 IMS 相對於 ASE 將提供更多的成長和利潤率提升機會。調整後的稀釋每股收益仍維持在每股 1.02 美元至 1.08 美元之間。稅率和完全稀釋股數的基本假設分別保持不變，為 19% 和 2.7 億股。

Also, we are still targeting 80% free cash flow conversion of adjusted net earnings for the year. Lastly, let me frame up what we are seeing for the second quarter. At this time, we are expecting revenue to trend around $825 million with adjusted EBITDA margin likely in the mid-11% range. I'll wrap up with some quick thoughts. We have an exceptional team.

此外，我們仍將今年調整後淨收益的自由現金流轉換為80%的目標定為目標。最後，讓我概括一下我們對第二季所看到的情況。目前，我們預計營收將在 8.25 億美元左右，調整後的 EBITDA 利潤率可能在 11% 左右。我將用一些簡短的想法來結束本文。我們擁有一支出色的團隊。

Our strategy is sound, and we are well positioned for long-term success. We are focused on capturing and converting significant demand into strong continued organic growth. Additionally, we are keeping a steadfast focus on program execution to deliver value for our customers and our commitments to shareholders.

我們的策略是合理的，我們已做好長期成功的準備。我們專注於抓住巨大的需求並將其轉化為強勁的持續有機成長。此外，我們始終堅定不移地專注於專案執行，為我們的客戶創造價值並履行對股東的承諾。

With that, we are ready to take your questions.

現在，我們已準備好回答您的問題。

(Operator Instructions) Michael Ciarmoli, Truist Securities.

（操作員指示）Truist Securities 的 Michael Ciarmoli。

Mike or Bill, I guess you talked about material receipts and pulling some work left. Can you maybe talk specifically to what programs? Was that more on the shipbuilding, the propulsion side? And then any color you can give on international growth in the quarter? Was that a contributor?

麥克或比爾，我想你們談論的是材料收據和留下一些工作。能具體談談哪些項目嗎？這更多的是關於造船和推進方面嗎？那麼，您能介紹一下本季的國際成長嗎？那是一位貢獻者嗎？

I'll take that one, Mike, and I appreciate the question. So the material acceleration and the impact of the revenue was really more holistic across the board. We've seen some good supplier deliveries, our on-time deliveries have been improving. We saw some acceleration. Again, not a whole lot.

我會回答這個問題，麥克，我很感謝這個問題。因此，物質加速和收入的影響實際上是更全面的。我們看到一些供應商的交貨情況良好，我們的準時交貨率一直在增加。我們看到了一些加速。再說一遍，不是很多。

It pulled forward a week or so, and that really impacted the revenue for the quarter. So a good result there, good confidence in the supply chain right now. So that's what drove the overperformance on that side.

它提前了大約一周，這確實影響了該季度的收入。因此，這是一個很好的結果，目前對供應鏈很有信心。這就是推動該方面表現優異的原因。

The increase from the year-over-year revenue has really been actually on the domestic side, the international as you'll see when the Q is released, it's actually a little dip for the quarter just from some of the timing from certain deliveries actually to support Ukraine. So the international, a little headwind for the quarter. I don't anticipate that prospectively, but for Q1, it was a domestic growth story.

與去年同期相比，收入的成長實際上主要集中在國內方面，而國際方面，正如 Q 發佈時你會看到的那樣，由於某些交付時間的緣故，本季度的收入實際上略有下降，這實際上是為了支持烏克蘭。因此，國際市場對本季來說有點不利。我並不預期未來會出現這種情況，但對於第一季來說，這是一個國內成長的故事。

Okay. Got it. And then just piecing this together quickly here on the slide. I think you just said $825 million revenue in 2Q. I mean, the low end of the guidance I mean that would imply second half maybe flat, almost down, I think, year-over-year.

好的。知道了。然後在幻燈片上快速將其拼湊在一起。我想您剛才說過第二季的收入是 8.25 億美元。我的意思是，指導的低端意味著下半年可能與去年同期持平，甚至幾乎下降。

I mean, is that just -- is there anything -- you talked about supply chain. We've got the good kind of demand backdrop, bookings above 1. Anything we should read into, just kind of leaving the door open for maybe the unknowns on tariff trade, if at all, anything materializes there.

我的意思是，這只是——有什麼——你談到了供應鏈嗎？我們有良好的需求背景，預訂量超過 1。我們應該深入研究任何事情，只是為關稅貿易方面的未知數留出空間，如果有的話，那裡會有任何事情發生。

I think you should think about it a little differently. I would say that we're continuing to push and improve linearity across the business. And I think you're seeing that materialize. So even if you kind of throw the Q1 results in the Q2 framework, our H2 guide would then say we're going to be somewhere between flat to up 6% on the top line and still showing a margin expansion in the 50 to 80 basis point range. If you look back into '24, it's relatively consistent with what we started to see in Q4 of '24, right?

我認為你應該換個角度來思考這個問題。我想說的是，我們正在繼續推動和改善整個業務的線性。我認為你正在見證這個現實。因此，即使你將第一季的業績納入第二季的框架中，我們的下半年指南也會顯示，我們的營收將在持平至成長 6% 之間，利潤率仍將在 50 至 80 個基點的範圍內擴大。如果回顧 24 年，它與我們在 24 年第四季開始看到的情況相對一致，對嗎？

You saw the acceleration of revenue growth pull in as we improved our linearity and then on the back end, you started to see the quarters not have the same robust growth. I think you're going to see that trend materialize here in 2025 as well.

隨著我們改善線性，您會看到營收成長加速，然後在後端，您開始看到各個季度沒有同樣強勁的成長。我認為你也會在 2025 年看到這個趨勢實現。

Okay. Perfect. Last one for me. Just any concern going forward on that ASC margin? Should we expect a snapback? Or is that program now going to be running at a at a lower margin given the measures you had to take with that challenged supplier?

好的。完美的。對我來說是最後一個。對於 ASC 利潤率的未來還有什麼擔憂嗎？我們應該期待反彈嗎？或者，考慮到你對面臨挑戰的供應商採取的措施，該計劃現在是否會以較低的利潤率運作？

Good question. And yeah, so what we did here is we took the adjustment in Q1 to kind of reset the backlog for the remainder of the program. So the lion's share of the impact is going to be in Q1, and then you'll have, obviously, a lower gross margin, prospectively, but that will be mitigated and you'll see a pop back.

好問題。是的，我們在這裡所做的是在第一季進行調整，以重置該計劃剩餘部分的積壓工作。因此，最大的影響將出現在第一季度，然後，顯然，你的毛利率將會下降，但這種影響將會得到緩解，你會看到回升。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

This is Alex on for Seth. Maybe I wanted to kind of ask at a higher level in terms of the margin expectations for this year. Obviously, Q1 came in a little bit lower at 10.3% versus in the full-year guide implies a 12.8% margin. I understand last year, we kind of saw a similar dynamic where the margin started lower before kind of increasing as the year went on. Curious kind of if you guys could help us walk through the puts and takes here.

這是 Alex 代替 Seth 上場的。也許我想從更高層次詢問今年的利潤預期。顯然，第一季的利潤率略低，為 10.3%，而全年指引則暗示利潤率為 12.8%。據我了解，去年我們看到了類似的動態，利潤率一開始較低，然後隨著時間的推移逐漸上升。好奇你們能否幫我們解決這裡的問題。

I imagine Colombia is a pretty big driver of the expected margin expansion. So maybe if you could kind of put a finer point on it and help us understand that bridge a little bit better.

我認為哥倫比亞是預期利潤率擴大的一個相當大的推動力。所以也許您能更詳細地解釋一下，幫助我們更能理解這座橋。

Yes. Alex, the bridge is going to be a little more simple than that. What you're going to see is because we period expense our G&A the volume matters in terms of the drop-through on the EBITDA margin percentage. So as our revenue increases quarter-over-quarter, you'll start to see the margin have that impact of that additional operational leverage. So that's what's really going to drive it in terms of if you're looking at the sequential quarter projections.

是的。亞歷克斯，這座橋會比那簡單一點。您將會看到，由於我們將 G&A 費用作為期間費用，因此其數量對於 EBITDA 利潤率百分比的下降至關重要。因此，隨著我們的收入逐季度增加，您將開始看到利潤率受到額外營運槓桿的影響。因此，如果您查看連續季度預測，這才是真正推動其發展的因素。

Got it. Okay. That's helpful. And then maybe as a second question, kind of a bigger picture question. I know you guys talked about expediting the investments in the Charleston facility.

知道了。好的。這很有幫助。然後也許作為第二個問題，有點更大的問題。我知道你們談到了加快對查爾斯頓工廠的投資。

And another thing we kind of saw related to shipbuilding earlier this week is these plans for this reconciliation bill. And I think there's expected to be $34 billion of funding for shipbuilding. Kind of just thinking about -- is there any opportunity at least with the Charleston facility to maybe get DRS more involved on kind of the current classes of ships, given all this kind of funding going into them? -- going into ship building right now. Just kind of curious about maybe how DRS could be involved in that as well.

本週早些時候，我們看到的與造船業有關的另一件事就是有關這項和解法案的計劃。我認為預計將有 340 億美元的資金用於造船業。我只是在想——考慮到投入的所有這些資金，至少在查爾斯頓工廠，是否有機會讓 DRS 更多地參與當前級別的船舶？ ——現在開始進入造船業。只是有點好奇 ​​DRS 可能如何參與其中。

Yes, I'll take that, Alex. We do see opportunity there. I mean you just look at this as a step -- we've got the Columbia class program, which is the original justification for Charleston, and that continues to increase both in terms of volume and margin. We've also now have an investment from the Navy to expand our content, in particular, to become a second source on the steam turbine generators and we're just in the process now of developing the design for that, and that will phase in over the next several years. And then beyond that, we're in discussion with the Navy about further investments they might make and further support we might give to the expanded throughput, particularly of Virginia class submarines, which is a lot of the focus of that reconciliation bill that you mentioned as well as the administration's priorities.

是的，我接受，亞歷克斯。我們確實在那裡看到了機會。我的意思是，你只要把這看作是一個步驟——我們有哥倫比亞級計劃，這是查爾斯頓的最初理由，而且它在數量和利潤方面都在繼續增加。我們現在也獲得了海軍的投資，以擴大我們的內容，特別是成為蒸汽渦輪發電機的第二個來源，我們現在正處於為此開發設計的過程中，並將在未來幾年內分階段實施。除此之外，我們正在與海軍討論他們可能進行的進一步投資以及我們可能為擴大吞吐量提供的進一步支持，特別是弗吉尼亞級潛艇，這是您提到的和解法案的重點，也是政府的優先事項。

And we think we're in negotiation to have a participation in that through a Navy investment and much of that would come through Charleston.

我們認為，我們正在就透過海軍投資參與其中進行談判，其中大部分將透過查爾斯頓進行。

Jon Tanwanteng, CJS Securities.

Jon Tanwanteng，CJS 證券。

Really nice quarter. I was wondering if you could just talk a little bit about the guidance. You obviously did much better in Q1. Some of that was pull in is obviously but the full year was unchanged. I was wondering just does that give you more cushion for the year? Or is that really an offset from higher inputs and tariffs and things like that?

真是一個美好的季度。我想知道您是否可以稍微談談該指導。顯然，你在 Q1 中表現得更好。其中一些顯然是拉動的，但全年沒有變化。我想知道這是否會為你今年帶來更多的緩衝？或者這真的是對更高投入和關稅等因素的抵消？

No, John, I think of it as our continued threats on that improved linearity. So I think that's what we're doing. We're pulling some things left here. Still have that, as I mentioned earlier, still have the kind of 0% to 6% growth in the second half and still have the lion's share of the margin expansion on the back end. So it's, I would say, it's less conservatism and more our continued thrust to have more linear operations quarter over quarter.

不，約翰，我認為這是對改進線性的持續威脅。所以我認為這就是我們正在做的事情。我們正在把一些留在這裡的物品搬走。正如我之前提到的，下半年仍然會有 0% 到 6% 的成長，而且後端利潤率擴張的大部分份額仍然在增加。因此，我想說，我們的保守主義有所減弱，而我們將繼續努力，使每季的營運更加線性。

Got it. Understood. As we hear rumors of potentially up to or approaching a $1 trillion defense budget, how do you expect your share of that to evolve? I know you've previously said that you expect to grow ahead of the defense budget I'm wondering if that still holds true in the current environment and given what priorities are at the DoD today.

知道了。明白了。我們聽到有傳言稱國防預算可能達到或接近 1 兆美元，您預計自己的份額將如何變化？我知道您之前曾說過，您預計國防預算將增長，我想知道在當前環境下以及考慮到國防部目前的優先事項，這是否仍然適用。

Yeah. I mean, John, obviously, we don't have a budget yet, but I think the trends are good. As you say, they're talking about $1 trillion. I assume that means 050 and that was beyond defense. But that would still mean a meaningful increase in the defense budget year over year and over the original Biden program.

是的。我的意思是，約翰，顯然我們還沒有預算，但我認為趨勢是好的。正如你所說，他們談論的是 1 兆美元。我認為這意味著 050，並且超出了防禦範圍。但這仍然意味著國防預算將逐年大幅增加，與拜登最初的計畫相比也將大幅增加。

That's reinforced by the talk about up to $150 billion front-loaded add in the reconciliation bill. So I think the general trends are up. And then we think the priorities of the new administration as they've been demonstrated in that reconciliation bill that was a congressional and then in the Hegseth memo and other comments that are coming from the new administration I think they overlap strongly with our core markets in shipbuilding in force protection, the nuclear triad represented by Columbia. So we feel like we are well positioned for this growth and to take our share of it.

和解法案中預先增加高達 1500 億美元資金的討論進一步證實了這一點。所以我認為整體趨勢是上升的。然後，我們認為新政府的優先事項已在國會和解法案以及赫格塞斯備忘錄和新政府的其他評論中得到體現，我認為它們與我們在造船、武力保護、哥倫比亞號所代表的核三位一體的核心市場高度重疊。因此，我們覺得我們已經做好了充分的準備來應對這一增長，並能從中分得一杯羹。

Okay. Great. Last one. I just wanted to focus on a comment you mentioned about being integrated into next-generation missile systems. Is that a market that you traditionally had a lot of exposure to? And can you just size the opportunity that's ahead of you?

好的。偉大的。最後一個。我只是想關註一下您提到的有關融入下一代導彈系統的評論。這是你們傳統上經常接觸的市場嗎？您能評估一下眼前的機會嗎？

For us, that's a little bit more of an adjacent market. We've all -- we have a core capability in sensors. We're world-class in terms of sensors. But moving that capability into missiles is something that we're in the midst of doing and we see it as sort of a new opportunity at greenfield for us. And as the the sensing capabilities of missiles, the accuracy in missile continues to increase, we think that we can provide the technology to do that.

對我們來說，這更像是一個相鄰的市場。我們都擁有感測器方面的核心能力。我們在感測器方​​面是世界一流的。但將這種能力轉移到導彈上是我們正在做的事情，我們認為這對我們來說是一個全新的機會。隨著導彈的感測能力和導彈精度的不斷提高，我們認為我們可以提供實現這一目標的技術。

Okay. So just to be clear, this is more of a greenfield opportunity for you, and you do have design wins in this arena.

好的。所以需要明確的是，這對您來說更像是一個全新的機會，並且您確實在這個領域獲得了設計勝利。

Yeah, exactly right.

是的，完全正確。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

This is Mariana on for Ron today. So my question is going to be the first one on Europe. As these European countries build out their own like defenses and they try to do their own like domestic systems. How exposed are you, and how big is the opportunity for you as a subsystem provider?

今天由瑪麗安娜 (Mariana) 代替羅恩 (Ron) 表演。我的第一個問題是關於歐洲的。這些歐洲國家正在建立自己的防禦體系，並試圖建立自己的國內防禦系統。您的曝光度如何？作為子系統提供者，您的機會有多大？

I think there's a substantial near-term opportunity, Mariana. I think in certain systems like counter drone, force protection, some of our advanced sensing programs, we're pretty far ahead particularly when you're talking about production. So I think that as they want to increase their capabilities and their capacities in those areas, they're going to turn to companies like ours. Over time, I think that may evolve into a competition as they use some of their new resources to develop organic capabilities. But I think that's down the road.

我認為近期存在著巨大的機遇，瑪麗安娜。我認為在某些系統（例如反無人機、武力保護和一些先進的感測程序）中，我們處於相當領先的地位，特別是在談到生產時。因此我認為，當他們想要提升自己在這些領域的能力和產能時，他們就會求助於我們這樣的公司。隨著時間的推移，我認為這可能會演變成一場競爭，因為他們會利用一些新資源來發展有機能力。但我認為這是未來的事。

And then a follow-up on the Navy opportunity. As you become a clear competitor or like a clear alternative to actually increase the throughput with more outsourcing with dual source alternatives even with like opportunities for like higher volumes with like commercial opportunities in some cases, like how fast you could see those opportunities play out? What is your sense of like the Navy actually like or that money actually spreading down the supply chain?

然後是海軍機會的後續行動。當您成為明顯的競爭對手或明顯的替代方案時，實際上可以透過更多外包和雙重來源替代方案來提高吞吐量，甚至在某些情況下有機會獲得更高的產量和商業機會，您能多快看到這些機會發揮作用？您對海軍的實際狀況或資金在供應鏈中的分佈有何看法？

And then how much ahead or like how much involvement you should have as this administration as for some, call it, skin on the game or commercial terms? Are you thinking about like internal R&D to apply support and like go forward and try to capture these opportunities.

那麼，作為本屆政府，您應該領先多少或參與多少，對於某些人來說，可以稱之為利益相關或商業條款嗎？您是否考慮過像內部研發那樣提供支援並向前邁進並嘗試抓住這些機會。

It's a complex question, Mariana. On the last part there, we're already 85% fixed price. So we are, I think, already much closer to the commercial model that they're talking about. We know how to operate in that environment. We have been increasing our IRAD, our organic investment, and we've been pushing it more towards things like developing prototypes of different capabilities. So I think we are already positioned in -- we already do what they're talking about doing.

這是一個複雜的問題，瑪麗安娜。在最後一部分，我們已經確定了 85% 的固定價格。所以我認為我們已經非常接近他們所談論的商業模式了。我們知道如何在那種環境下運作。我們一直在增加我們的 IRAD，即我們的有機投資，並且我們一直在將其更多地推向開發不同功能的原型等方面。所以我認為我們已經做好準備——我們已經在做他們談論的事情了。

We're less of a cost plus shop and less of a response -- just a pure response requirements. With things like the directed energy capability for Counter-UAS, we try and be proactive and get ahead of customer needs and demonstrate them.

我們並不是一個成本加成商店，也不是一個回應商店——只是一個純粹的回應要求。借助反無人機定向能能力等，我們努力採取積極主動的態度，滿足客戶需求並進行展示。

On the first part of your question in terms of the competition in the naval area, if you're implying that, that's going to be a threat to the shipyards and the Navy, I don't think that's right. I think this is an enabler for the shipyards. Their overwhelming desire and it's what the customer wants is to increase that throughput. To do that, they're going to have to diversify the work and push more into the suppliers like ourselves so that they can produce more submarines faster rather than more content on each submarine.

關於你問題的第一部分關於海軍領域的競爭，如果你暗示這將對造船廠和海軍構成威脅，我認為這是不對的。我認為這對造船廠來說是一個推動因素。他們和客戶最大的願望就是提高產量。為了做到這一點，他們必須實現工作多樣化，並將更多的精力投入到我們這樣的供應商身上，以便他們能夠更快地生產更多的潛艇，而不是在每艘潛艇上生產更多的部件。

And so things like us doing integration and testing more of it before we ship to the yards. I think are the kinds of initiatives that the Navy is looking for and I think the yard very much support. So I think this is a collaborative enterprise. It's not something where we're trying to take share from the yards.

因此，我們在將產品運送到貨場之前會進行更多的整合和測試。我認為這都是海軍正在尋求的舉措，我認為船廠非常支持。所以我認為這是一個合作企業。我們並不是想從船廠奪取份額。

Great. And just a quick follow-up on that one. In the Investor Day, you guys shared that you have exposure and your work with the Korean Navy. Through this like alternative I don't know, shipyards or like help to -- for the Navy to have not only like more throughput, but like improve the maintenance of current ships and stuff. Do you have any exposure through those alternative channels?

偉大的。對此我做一個簡單的跟進。在投資者日，你們分享了你們的曝光度以及與韓國海軍的合作。透過這種替代方案，我不知道造船廠是否能幫助海軍不僅提高吞吐量，還能改善現有船隻的維護。您是否透過這些替代管道獲得了曝光？

We're engaged right now in supporting a new ship class for the Korean Navy. And we're competing to put our electric power on the next frigate class. We don't have -- we have to have a response to our proposal on that. So yes, we're engaged with with the international customers, particularly in Korea. And as -- I don't know how this debate is going to go in shipbuilding, but I think we do have that kind of knowledge and exposure of the international customer.

我們目前正在為韓國海軍的新艦艇提供支援。我們正在競相將電力應用於下一代護衛艦。我們沒有－我們必須對我們的提議作出回應。是的，我們正在與國際客戶，特別是韓國的客戶合作。而且——我不知道這場辯論在造船業將如何進行，但我認為我們確實對國際客戶有這樣的了解和了解。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

I want to ask -- I understand that you guys are kind of staying on with the dividend and the buybacks as you had kind of signaled last quarter. But I want to revisit the M&A environment, see what you guys are seeing there and get your sense if that's still on the table from a cap deployment perspective?

我想問一下——我知道你們會繼續派發股息和進行股票回購，就像你們上個季度暗示的那樣。但我想重新審視併購環境，看看你們在那裡看到了什麼，並了解從上限部署的角度來看這是否仍然可行？

Yes. No, Andre, we did initiate the dividend and the buyback and we'll continue through on that. But the priority still for the balance sheet strength that we have is M&A. We -- despite the kind of a little bit of disruption in the market, we are still seeing a robust pipeline. We're seeing opportunities that are strategically attractive and we're in the process of doing diligence on those without anything at this point to announce.

是的。不，安德烈，我們確實啟動了股息和回購，我們將繼續執行。但對於我們現有的資產負債表實力而言，首要任務仍是併購。儘管市場出現了一些混亂，但我們仍然看到了強勁的成長勢頭。我們看到了具有戰略吸引力的機會，並且正在對這些機會進行盡職調查，目前還沒有任何消息可以宣布。

But we're actively engaged in the process side, in the diligence side and it remains the top priority we have for capital allocation.

但我們積極參與流程方面、盡職調查方面，這仍然是我們資本配置的首要任務。

Got it. Got it. And then I guess pivoting back now to tag on another question here, but I can't help but ask. Given the adjustment this quarter to reach that for the germanium impact on the sole source contract -- is there a point in time where this problem might creep up again? How much leeway does this provide us, I think, -- it seems like we're set for through the balance of the year, but is there a possibility that this might resurface beyond? I know you have several years' worth of supply of germanium and inventory, but still.

知道了。知道了。然後我想現在轉回來在這裡提出另一個問題，但我忍不住要問。考慮到本季對鍺對單一來源合約影響的調整——這個問題是否會在某個時間點再次出現？我認為，這給我們提供了多大的迴旋餘地——看起來我們已經為今年的平衡做好了準備，但這種情況是否有可能在未來再次出現？我知道你們有可供幾年使用的鍺供應量和庫存，但仍然如此。

Yes. So the way I think I would look at this is what we did in Q1 was adjust for the new pricing mechanisms and getting the advanced germanium to this supplier and took that to our backlog. I think the important thing to note is prospectively -- what we have been doing is including economic price adjustment clauses in our future contracts in order to kind of mitigate the risk here of price volatility. So the customer has been willing to have those conversations. We're putting those clauses in place -- so I think it becomes about backlog, and I think we largely have it contained here because we have pricing commitments now on those backlogs.

是的。因此，我認為我會這樣看待這個問題：我們在第一季所做的就是調整新的定價機制，並將先進的鍺送到該供應商處，然後將其納入我們的積壓訂單中。我認為需要注意的重要一點是，從前瞻性來看，我們一直在做的是在未來合約中加入經濟價格調整條款，以減輕價格波動的風險。因此客戶願意進行這些對話。我們正在實施這些條款——所以我認為這與積壓訂單有關，而且我認為我們基本上已經將其包含在這裡，因為我們現在對這些積壓訂單做出了定價承諾。

We have scheduled commitments and supply commitments for that. So I think we largely have it if you couple in the fact that we're going to be including these clauses prospectively to give us some reopener relief in case there continues to be volatility in pricing.

我們對此有預定的承諾和供應承諾。因此，我認為，如果再加上我們將前瞻性地納入這些條款，以便在價格繼續波動的情況下給我們一些重新開放的救濟，那麼我們基本上已經做到了。

That's good to hear. That's good to hear. How frequently are those repriced or I guess, renegotiated?

聽到這個消息真好。聽到這個消息真好。這些產品多久重新定價一次，或者我猜，重新談判一次？

So what we're looking at right now is to start to include that in all of the programs that are beyond our funded backlog. So we're having conversations in real time to modify existing options, modify existing IDIQ placements that are coming prospectively. So we're really taking an aggressive stance here to make sure we get that reopener ability in as quickly as possible.

因此，我們現在正在考慮將其納入所有超出我們資助積壓的項目之中。因此，我們正在即時對話以修改現有選項，修改即將推出的現有 IDIQ 佈局。因此，我們確實採取了積極的立場，以確保我們盡快獲得重新開放的能力。

Carl Osler, Vertical Research Partners.

卡爾‧奧斯勒（Carl Osler），垂直研究夥伴。

On -- and maybe this was for Mike -- on ASC, you had this charge of the raw materials, I guess, and you think you've worked through it, but has that sort of excluding that charge, is there a new kind of lower baseline expectation of margin there versus what you kind of thought going into the year?

關於 — — 也許這是給邁克的 — — 關於 ASC，我想，您有原材料費用，您認為您已經解決了這個問題，但是如果排除這種費用，與今年您認為的相比，是否存在一種新的較低的利潤率基線預期？

I think from -- if you're looking at our overall margin expansion for the year, we've always thought it was going to be skewed towards the IMS segment because of the strength of Colombia. And I think that, that remains, I think you're going to see the overwhelming majority of the margin expansion coming out of the IMS segment. The ASC segment, obviously, this will be a headwind to the overall margin for the year. And if you think about where we were in our last call, we were talking about incremental investment on the IRAD front. The overwhelming increase in the IRAD is also coming from ASC.

我認為——如果你看一下我們今年的整體利潤率擴張，我們一直認為由於哥倫比亞的實力，它將偏向 IMS 部門。我認為，你會看到絕大多數利潤成長都來自 IMS 部門。對於 ASC 部門來說，這顯然會對今年的整體利潤率造成不利影響。如果您想想我們上次通話的內容，我們當時正在討論 IRAD 方面的增量投資。IRAD 的大幅成長也來自於 ASC。

So -- when you think about the kind of segment over segment outlook for 2025, I think that the IMS segment is going to be the driver in terms of the margin expansion while ASC kind of hangs more in line with where they were last year.

因此，當您考慮 2025 年的細分市場前景時，我認為 IMS 細分市場將成為利潤率擴張的驅動力，而 ASC 的水平與去年的水平基本一致。

Okay. And then just kind of follow up on cash. I guess for revenues, and you did a good job of kind of improving the linearity and cash I was as bad as it had been in the because of the outflows you've had in the past in Q1. Is Q2 and Q3 is going to be kind of similar to what you've had in the past to or it's sort of more of a breakeven and then a pretty big Q4.

好的。然後就跟進現金狀況。我想就收入而言，你們在改善線性和現金方面做得很好，但由於過去第一季的資金流出，情況一直很糟糕。Q2 和 Q3 會與過去的情況類似，或更像是收支平衡，然後是相當大的 Q4。

Yes. So I think, yes, the trend line is going to be similar. We accelerated some cash into Q1. I think some of that Q1 overperformance was some accelerated payments we received from certain customers. So I think when you're looking at Q2's cash, we probably won't get to that same breakeven level that we were in last year.

是的。所以我認為，是的，趨勢線將會相似。我們加速將一些現金投入第一季。我認為第一季的超額表現部分歸功於我們從某些客戶那裡收到的一些加速付款。因此，我認為，當你查看第二季的現金時，我們可能無法達到去年的損益兩平水準。

We probably have a little bit still on the negative side, just giving back a little bit of the open performance we had in Q1, but trend line is the same, just making our incremental benefits in the overall linearity. And I think you saw that in Q1.

我們可能仍然有一些負面因素，只是回吐了第一季的一點開放表現，但趨勢線是一樣的，只是在整體線性上產生了增量效益。我想您在第一季就看到了這一點。

Okay. And then maybe this one is for Bill. This $150 billion that's getting talked about was the shipbuilding angle was discussed a bit. But maybe give a little bit more color on other opportunities within that, like this golden dumbs a big portion. And when you think about that $150 million, -- do you think you have a bigger share of that $150 million than you do of the overall budget?

好的。那也許這個是給比爾的。正在談論的這 1500 億美元是關於造船角度的討論。但也許可以給其中的其他機會多一點色彩，例如這個金啞巴的很大一部分。當您考慮那 1.5 億美元時，您是否認為您在這 1.5 億美元中所佔的份額比在總預算中所佔的份額還要大？

Is it just kind of skew better towards DRS than kind of the overall budget that the USS.

它是否只是更傾向於 DRS 而不是 USS 的整體預算？

Hard to say because we haven't seen a new budget from the administration. But I think I said at the outset, we do think the broad priorities that are reflected in that reconciliation bill towards shipbuilding, you mentioned towards protection counter-UAS the support for the golden dome, where we think we have multiple options at the lower end in counter UAS and sensing in with things like over the horizon radar. And then in the space, we're competing, I think that the Tranche 3 is going to be part of Golden Dome. It looks that way anyway. And we're competing in that area with our space sensing capabilities.

很難說，因為我們還沒有看到政府的新預算。但我想我一開始就說過，我們確實認為，和解法案中反映出的廣泛優先事項是針對造船業的，您提到了針對反無人機系統的保護，對金頂的支持，我們認為我們在反無人機系統的低端有多種選擇，並且可以使用超視距雷達等進行感知。然後在太空中，我們正在競爭，我認為第 3 批項目將成為金色穹頂的一部分。不管怎樣看起來都是那樣。我們正在利用我們的空間感知能力在該領域競爭。

So we think we align with multiple dimensions of this reconciliation bill.

因此，我們認為我們符合這項和解法案的多個方面。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

This is Justin on for Christine this morning. Bill, one for you. It looks like the Secretary of Defense is pushing for a pretty big transformation of the Army with new details trickling out this week. Just wanted to ask to what extent you see any risks or opportunities here for some of the changes announced given the service accounts for about 1/3 of your revenue base?

今天早上，賈斯汀 (Justin) 為克里斯汀 (Christine) 主持節目。比爾，給你一個。看起來國防部長正在推動陸軍的相當大的改革，本週新的細節陸續曝光。我只是想問一下，考慮到這項服務佔了你們收入的約 1/3，您認為這些宣布的改變在多大程度上會帶來風險或機會？

Yeah, no. I mean, we feel that we're that we're headed with the Army is going to -- they're going to have to look at longer range sensors given the threat, given what you've seen in Ukraine. As you look at Indo-Pac, you're looking at longer ranges. So we think our core sensing capability is going to be even more valuable. And then we think as they make adjustments, we feel good about the platform-agnostic position we have.

是的，不。我的意思是，我們覺得，考慮到威脅，考慮到烏克蘭的情況，我們與陸軍一起將不得不考慮更遠距離的感測器。當你觀察印度-太平洋戰略石油計畫時，你會看到更長遠的範圍。因此我們認為我們的核心感知能力將會更有價值。然後我們認為，當他們做出調整時，我們對我們所擁有的與平台無關的地位感到滿意。

They make adjustments that pull back on certain new platforms they're still going to have to have improved sensing and computing. That means legacy upgrades. It means putting them in autonomous vehicles. We can -- we are -- it's easy for us to pivot to those new platforms and support putting the modern capabilities in those. So we think we're well positioned against those Army priorities.

他們會對某些新平台進行調整，但仍需要改進感測和運算能力。這意味著遺留升級。這意味著將它們放入自動駕駛汽車中。我們可以——我們可以輕鬆地轉向這些新平台並支援將現代功能融入其中。因此，我們認為我們已做好充分準備來應對陸軍的這些優先事項。

And obviously, they -- even as they reduce the force structure in the last administration, they increased the part of the force structure that was dedicated to air defense and counter-UAS systems. It's that kind of alignment, we think, is going to continue in this administration. That kind of priority is going to pass through as we see the new budget.

顯然，儘管他們在上屆政府中削減了兵力結構，但他們還是增加了用於防空和反無人機系統的兵力結構部分。我們認為，這種一致性將會在本屆政府內持續下去。當我們看到新的預算時，這種優先事項將會落實。

Got it. Super helpful. And then maybe just another quick one. A couple of peers have called out marginally slower contracting activity in recent weeks. Are you seeing any evidence of this in the press release called out sort of no change to customer behavior and bookings were quite healthy. So just trying to square some of the commentary we're seeing across the space.

知道了。超有幫助。然後也許只是另一個快速的。一些同行指出，最近幾週合約簽約活動略有放緩。您是否在新聞稿中看到任何證據表明客戶行為沒有變化並且預訂情況相當健康？因此，我們只是想嘗試理清在整個空間中看到的一些評論。

Yeah, I don't -- I really can't comment on other companies. We obviously exceeded our expectations on bookings. So we did not see customer demand. We saw it -- not only did we not get flagged this quarter, we saw it increase. We had nearly $1 billion in bookings, which was higher than we had in our plan.

是的，我真的無法評論其他公司。我們的預訂顯然超出了我們的預期。所以我們沒有看到客戶需求。我們看到了——本季度我們不僅沒有被標記，而且還看到它增加。我們的預訂額接近 10 億美元，高於我們的計劃。

(Operator Instructions) Jan Engelbrecht, Baird.

（操作員說明）Jan Engelbrecht，Baird。

Bill, Mike, and Steve. Another good quarter. A lot has been talked obviously about the supplementals, but the funding and the strong expected '26 budget request. But would you say that there's any increased confidence from your side to pursue high-growth opportunities and perhaps self-fund product development just given the signals that you've seen by the new administration in terms of hardware support and just the areas that you play in.

比爾、麥克和史蒂夫。又一個好季度。顯然，關於補充條款已經討論了很多，但重點是資金和強勁的 26 年預算請求。但是，考慮到新政府在硬體支援和您所涉足的領域方面所釋放的信號，您是否認為您更有信心追求高成長機會，甚至可能自籌資金進行產品開發？

I think, what we see is we want to continue the path that we were on. We've been increasing our CapEx. We talked about on an earlier question, the support that gives the submarine and the Navy shipbuilding industrial base. We want to increase our IRAD and we try and translate that into proactive moves with the customers in, for example, the directed energy capability on counter UAS. We're already heavily fixed price.

我認為，我們看到的是，我們想要繼續走我們已經走的路。我們一直在增加資本支出。我們在先前的問題中談到了對潛艇和海軍造船工業基地的支援。我們希望增加我們的 IRAD，並嘗試將其轉化為與客戶一起採取的主動行動，例如對抗 UAS 的定向能能力。我們已經確定了固定價格。

We're I think in the kind of commercial terms that the new administration has talked about. So we've been moving in that direction for a couple of years.

我認為我們正處於新政府所談論的商業階段。所以我們幾年來一直朝著這個方向努力。

I think what we want to do is continue steps down that same path.

我認為我們想要做的就是繼續沿著同樣的道路前進。

And I'll just add on to what Bill is saying here. for the quarter, we increased our IRAD by about 40% compared to the prior year. So we are making the investments in areas, as we discussed on the last call, to get our mission equipment package on unmanned service vessels, getting it on robotic combat vehicles. We do think we're going to have to be agile in terms of -- to fulfill the procurement desires of getting things in the hands of the war fighters faster, getting innovative tech quicker, and we're making the investments to make that reality and you started to see that immediately here in the Q1 numbers with that uptick in our IRAD spend.

我只是想補充一下比爾在這裡所說的內容。本季度，我們的 IRAD 與前一年相比增加了約 40%。因此，正如我們在上次電話會議上討論的那樣，我們正在對一些領域進行投資，將我們的任務設備包安裝在無人服務船上，安裝在機器人作戰車輛上。我們確實認為我們必須要靈活應對——為了滿足採購需求，讓物資更快地到達作戰人員手中，更快地獲得創新技術，我們正在進行投資以實現這一目標，而您可以從第一季的數據中立即看到這一點，我們的 IRAD 支出有所增加。

Great -- and then just, Mike, just a quick follow-up. Perhaps an easy one. Just on interest expense, just the cadence for the year, we obviously saw it looked like $1 million for this quarter, much lower than prior quarters, but just how should we think about that for the rest of the '25.

太好了——然後，麥克，我來快速跟進。或許很簡單。僅就利息支出而言，僅就今年的節奏而言，我們顯然看到本季的利息支出為 100 萬美元，遠低於前幾個季度，但我們應該如何看待 25 年剩餘時間的利息支出呢？

Yeah, there's likely going to be a tailwind from lower interest expense. It carries into the full year. We wanted to see another quarter or so play out before we took that to the bank. But what we do believe, given our cash position, what we've seen from an improved cash linearity perspective, that even with the capital allocation we implemented, we probably will see a lower interest burden than we did in the prior year.

是的，較低的利息支出可能會帶來順風。它會持續到全年。我們希望再觀察一個季度左右的情況，然後再決定是否要採取行動。但我們確實相信，鑑於我們的現金狀況，從現金線性改善的角度來看，即使我們實施了資本配置，我們的利息負擔也可能比前一年低。

Thank you. At this time, I will turn the floor back to Steve Vather for any closing remarks.

謝謝。現在，我將把發言權交還給史蒂夫·瓦瑟 (Steve Vather)，請他做最後發言。

Thank you all for your time this morning and your interest in DRS. Of course, if you have any follow-up questions, please don't hesitate to contact me. We look forward to speaking to you all again soon. Enjoy the rest of your day.

感謝大家今天早上抽出的時間以及對 DRS 的關注。當然，如果您有任何後續問題，請隨時與我聯繫。我們期待很快能再次與大家交談。享受剩餘的一天。

Thank you. This concludes today's conference. You may disconnect now. Thank you for your participation.

謝謝。今天的會議到此結束。您現在可以斷開連線。感謝您的參與。