Leonardo DRS Inc (DRS) 2025 Q4 法說會逐字稿

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

女士、先生們，大家好，歡迎參加 Leonardo DRS 2025 年第四季及全年財報電話會議。 （操作說明）提醒各位，本次會議正在錄音。

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

現在我將把會議交給企業發展與投資者關係高級副總裁史蒂夫·瓦瑟先生。請您發言。

Good morning, and welcome, everyone. Thank you for joining today's quarterly earnings conference call. With me today are John Baylouny, our President and CEO; and Mike Dippold, our CFO. They will discuss our strategy, operational highlights, financial results and outlook. Today's call is being webcast on the Investor Relations section of the website, where you can also find the earnings release and supplemental presentation.

各位早安，歡迎參加今天的季度財報電話會議。感謝各位參加。今天與我一同出席的有我們的總裁兼執行長約翰·貝洛尼先生和財務長麥克·迪波爾德先生。他們將討論我們的策略、營運亮點、財務表現和展望。本次電話會議將在公司網站的「投資者關係」版塊進行網路直播，您也可以在該版塊找到財報發布稿和補充簡報。

Management may also make forward-looking statements during the call regarding future events, anticipated future trends and the 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.

管理層在電話會議中也可能就未來事件、預期未來趨勢以及公司預期未來業績發表前瞻性聲明。我們提醒您，此類聲明並非對未來業績的保證，且涉及難以預測的風險和不確定性。

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 other than as may be required by law to update any of the forward-looking statements made on this call.

由於多種因素的影響，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全面討論，請參閱我們最新的10-K表格以及我們向美國證券交易委員會提交的其他文件。除法律可能要求的情況外，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，管理階層也將討論非GAAP財務指標，我們認為這些指標能為投資人提供有用的資訊。這些非GAAP指標不應孤立地看待，也不應取代GAAP績效指標。您可以在我們的獲利報告中找到本次電話會議中討論的非GAAP指標的調節表。

With that, I will turn the call over to John. John?

這樣，我就把電話轉給約翰了。約翰？

Thanks, Steve, and thank you all for joining us today to discuss our fourth-quarter and full year 2025 results. I want to begin by thanking Bill Lynn for his leadership and commitment to DRS over the past 14 years as Chairman and CEO. The company is stronger because of his impact. We're grateful for his contributions. I am honored to step into the role of Chief Executive Officer and could not be more excited to lead the next chapter for DRS.

謝謝史蒂夫，也謝謝各位今天蒞臨，與我們共同探討2025年第四季及全年業績。首先，我要感謝比爾林恩先生在過去14年擔任DRS董事長兼執行長期間的卓越領導和堅定承諾。公司在他的帶領下更加強大。我們對他所做出的貢獻深表感激。我很榮幸能夠接任執行長一職，並無比興奮地開啟DRS的下一個篇章。

I joined the company nearly 40 years ago as a staff engineer and over the course of my career, I've had the privilege of serving and operational leadership roles across each of our incredible businesses. That frontline perspective, combined with my experience over the past decade as Chief Technology Officer, and most recently, Chief Operating Officer, has given me a deep appreciation for our leading market positions our balanced and diverse portfolio, a truly differentiated technologies and above our -- above all, our exceptionally talented people.

我近40年前以工程師的身份加入公司，在我的職業生涯中，我有幸在公司各個卓越的業務部門擔任過服務和營運領導職務。這種一線視角，加上過去十年擔任首席技術官以及最近擔任首席營運官的經驗，讓我深刻體會到我們領先的市場地位、均衡多元的產品組合、真正差異化的技術，以及——最重要的是——我們傑出的人才隊伍。

As I look ahead, my priority as CEO are clear: build on our foundation of success we have a remarkable business with distinctive differentiation that is well positioned for long-term growth, accelerate our operating cadence. Our goal is to put innovation capabilities into the hands of our customers even faster without compromising the quality, reliability and affordability that they expect. This is precisely what the Department of War is asking as an industry.

展望未來，作為首席執行官，我的首要任務很明確：鞏固我們已有的成功基礎——我們擁有卓越的業務和獨特的差異化優勢，並已做好長期增長的準備——加快運營節奏。我們的目標是在不降低客戶所期望的品質、可靠性和價格的前提下，更快地將創新能力交付到客戶手中。這正是美國戰爭部對整個產業的要求。

While we've already been operating at speed and investing in innovation for years, we are encouraged by this call to action and are accelerating even further; and three, continue to empower, invest in and reward our people. There is no question that our talented employees are the bedrock of our success. My formula is straightforward: maintain a sharp focus on meeting and exceeding customer needs and that will propel growth for the years to come.

多年來，我們一直保持高速運轉並加大創新投入，而此次行動號召令我們倍受鼓舞，我們將進一步加快步伐；第三，我們將繼續賦能、投資並獎勵我們的員工。毫無疑問，我們才華洋溢的員工是我們成功的基石。我的秘訣很簡單：始終專注於滿足並超越客戶需求，這將推動我們在未來幾年持續成長。

Turning to the macro environment. The operating backdrop remains dynamic. Global threats persist and the nature of warfare continues to evolve rapidly. Our customers require next-generation capabilities to maintain the decisive advantage over adversaries. And they need them delivered at speed, at scale and with uncompromising quality.

展望宏觀環境。當前的作戰環境依然瞬息萬變。全球威脅持續存在，戰爭的本質也快速演變。我們的客戶需要新一代的能力來保持對對手的決定性優勢。而且，他們需要這些能力能夠以最快的速度、最大的規模和毫不妥協的品質交付。

Against that backdrop, our nation and our allies are investing in these capabilities as demonstrated by significant recent and projected increases in defense spending. We are encouraged by the enactment of the fiscal '26 Defense Appropriations early signals for fiscal '27 and supplemental funding, including in last summer's tax reconciliation package.

在此背景下，我國及盟國正加大對這些能力的投入，近期和預期的國防開支大幅增長便證明了這一點。我們對2026財政年度國防撥款法案的通過以及2027財政年度和補充撥款（包括去年夏季稅收和解方案中的撥款）的初步跡象感到鼓舞。

In aggregate, these indicators support our confidence in sustained demand. Our relentless customer focus, disciplined investment and advanced capabilities and consistent execution has positioned us well for growth. The results of that strategy are demonstrated by the fourth consecutive year of a book-to-bill ratio of 1.2 or better.

整體而言，這些指標增強了我們對持續需求的信心。我們始終堅持以客戶為中心，謹慎投資，並憑藉先進的能力和一致的執行力，為未來的成長奠定了堅實的基礎。連續第四年訂單出貨比達到或超過1.2，便是此策略成效的有力證明。

Equally important, customer demand is well balanced throughout our portfolio, validating the strength of our technology-led platform-agnostic approach. That consistent customer demand, combined with our strong financial position, has enabled significant multiyear increases in both research and development and capital investment.

同樣重要的是，我們產品組合的客戶需求均衡，這驗證了我們以技術為主導、平台無關的策略的優勢。這種持續的客戶需求，加上我們穩健的財務狀況，使得我們得以在研發和資本投入方面實現多年顯著增長。

Let me frame the magnitude of investment growth. In 2025, we increased internal R&D investment by 40% and capital expenditures rose more than 60%. Our R&D investment is focused on expanding our footprint in high-growth markets, including airborne, missiles, space and unmanned markets. While continuing to build share in our core ground enabled domains.

讓我來闡述一下投資成長的規模。到了2025年，我們的內部研發投入成長40%，資本支出成長超過60%。我們的研發投入重點在於擴大我們在高成長市場的份額，包括航空、飛彈、航太和無人市場，同時持續提升我們在核心地面應用領域的市場份額。

Additionally, the emphasis of our R&D initiatives is on advancing platform AI and enabling platform autonomy, stronger security and modularity and extending our platform-agnostic capabilities to new missions and platforms.

此外，我們的研發計畫重點在於推進平台人工智慧，實現平台自主性、更強的安全性和模組化，並將我們與平台無關的能力擴展到新的任務和平台。

With respect to CapEx, our 2025 investments were focused on progressing our new naval power facility in Charleston, South Carolina along with targeted growth initiatives across the portfolio. In 2026, we expect CapEx to increase even further and trend toward approximately 5% of revenue. We are ramping operations in Charleston as well as expanding production capacity and modernizing facilities to deliver enhanced capability across the business. Key areas seeing upsized investment include our tactical radars, air defense products and advanced infrared sensing.

在資本支出方面，我們2025年的投資重點是推進位於南卡羅來納州查爾斯頓的新海軍動力設施建設，以及在整個業務組合中開展有針對性的成長計畫。我們預計2026年資本支出將進一步成長，並趨向於佔收入的5%左右。我們正在查爾斯頓擴大營運規模，同時擴大產能並進行設施現代化改造，以提升整個業務的綜合能力。重點投資領域包括戰術雷達、防空產品和先進紅外線感測技術。

Additionally, some of the increased CapEx supports dedicated germanium processing capacity with suppliers an important part of ensuring stable supply going forward.

此外，部分增加的資本支出用於支援專用的鍺加工能力，供應商是確保未來穩定供應的重要組成部分。

In summary, we intend to maintain our approach of innovating, executing at speed and investing ahead of demand to support customers and drive long-term growth.

總而言之，我們將繼續秉持創新、快速執行和超前投資的方針，以支持客戶並推動長期成長。

Let me briefly highlight our full year 2025 financial performance. We delivered another year of record bookings, and that was accompanied by robust organic revenue growth of 13% marking back-to-back years of double-digit growth. Year-end backlog stood at $8.7 billion, providing clear visibility into 2026 growth.

讓我簡單介紹一下我們2025年全年的財務表現。我們再次創下訂單量新高，同時實現了13%的強勁內生性收入成長，連續兩年維持兩位數成長。年末積壓訂單額達87億美元，為2026年的成長提供了清晰的前景。

Full year adjusted EBITDA growth tracked closely with revenue. While margins were flat, performance was shaped by several factors. First, we intentionally increased our internal R&D investments substantially. Second, we managed supply chain complexity related to shortages of critical raw materials, most notably germanium.

全年調整後 EBITDA 成長與營收成長基本一致。雖然利潤率持平，但業績受多種因素影響。首先，我們有意大幅增加了內部研發投入。其次，我們有效應對了關鍵原料（尤其是鍺）短缺所帶來的供應鏈複雜性問題。

As we enter 2026, these constraints are contained with remediation measures firmly in place and being executed throughout this year with confidence. Through a combination of recycling initiatives, strategic allocations from customers, securing more reliable North American and European sources we have adequate coverage for our demand in the short, medium and long term.

進入2026年，這些限制因素已得到有效控制，補救措施已到位，並將在今年全年穩步推進。透過一系列回收利用措施、客戶的策略性配額分配以及確保北美和歐洲更可靠的貨源，我們能夠充分滿足短期、中期和長期的需求。

We've also entered into firm long-term supply agreements. And as I noted earlier, co-investing to secure dedicated refining capacity. While price volatility may persist in the near term, we will reprice contracts renewals on a rolling basis to reflect market conditions and incorporate contractual protections against future potential shocks.

我們也簽訂了長期穩定的供應協議。正如我之前提到的，我們正在共同投資以確保專屬煉油產能。儘管短期內價格波動可能持續，但我們將滾動調整合約續約價格，以反映市場狀況，並納入合約保護條款，以應對未來潛在的衝擊。

Third, as we close out the year, we have two unusual items with largely offsetting revenue and profit impacts. We entered into a 10 year $100 million license agreement with a leading quantum technology company, enabling them to leverage certain laser intellectual property for quantum computing applications.

第三，在年末之際，我們有兩項特殊事項，它們對營收和利潤的影響基本上相互抵銷。我們與一家領先的量子技術公司簽訂了為期10年、價值1億美元的授權協議，使其能夠利用某些雷射智慧財產權進行量子計算應用。

This license agreement monetizes an exciting and attractive commercial opportunity while allowing us to remain focused on capturing abundant growth in our core defense markets. We also executed a memorandum of understanding to jointly conclude of legacy foreign ground surveillance program initiated more than a decade ago.

這項授權協議讓我們得以將一個令人振奮且極具吸引力的商業機會轉化為收益，同時使我們能夠繼續專注於在核心國防市場實現蓬勃發展。此外，我們也簽署了一份諒解備忘錄，共同結束一項始於十多年前的海外地面監視計畫。

Technology evolution and obsolescence issues caused the program to be no longer viable for either party. As a result, we recognized a non-anticipated loss on the program. While disappointing, the circumstances surrounding this program were unusual and isolated within our portfolio.

技術發展和過時問題導致該項目對雙方均不再可行。因此，我們確認該項目出現了一筆意外虧損。儘管令人失望，但該項目的具體情況在我們投資組合中實屬罕見且個例。

To be clear, we don't see any other program with similar characteristics that would be expected to drive comparable impacts. The conclusion of this legacy effort along with the IP license agreement clears a slate and allows us to focus on growth and execution across our core competencies.

需要明確的是，我們目前沒有發現任何其他具有類似特徵且預期能產生類似影響的項目。這項歷史性工作的結束以及智慧財產權授權協議的簽署，為我們掃清了障礙，使我們能夠專注於核心競爭力領域的成長和執行。

Finally, despite materially higher CapEx investment, we delivered 19% growth in full year free cash flow in 2025 driven by higher profitability and improved working capital efficiency. On balance, 2025 was a strong year, and we're focused on building on that momentum in 2026 and beyond.

最後，儘管資本支出大幅增加，但在獲利能力提升和營運資本效率提高的推動下，我們2025年全年自由現金流仍實現了19%的成長。總而言之，2025年是業績強勁的一年，我們將致力於在2026年及以後保持這一成長勢頭。

Turning to fourth quarter highlights. First, let me commend the team on a tremendous win in the space market. Space has been a multiyear growth initiative for DRS and I'm pleased that our persistence was validated with a landmark position on the SDA tracking layer Tranche 3 program. We're teamed with one of the prime priorities will deliver a differentiated infrared sensing approach. This is an exciting opportunity, not only to showcase our innovation, but more importantly, to advance critical national defense capabilities against missile threats.

接下來談談第四季的亮點。首先，我要表揚團隊在航太市場的巨大成功。航太領域一直是DRS多年的發展重點，我很高興我們的堅持得到了認可，在SDA追蹤層第三階段專案中佔據了里程碑式的地位。我們與一家重點合作夥伴攜手，將提供差異化的紅外線感測解決方案。這不僅是一個展示我們創新能力的絕佳機會，更重要的是，它有助於提升國家應對飛彈威脅的關鍵防禦能力。

Now that we've opened the door to this win, our focus shifts to execution excellence to deliver on our commitments. Strong performance will position us for additional SDA opportunities and for other customers, including the potential to leverage our expertise in space-based sensing for the Golden Dom initiative. Also in space, we successfully demonstrated secure data transport using a next-generation crypto multichannel software-defined radio.

既然我們已經打開了通往成功的大門，接下來的重點將轉移到卓越的執行力上，以履行我們的承諾。強勁的業績將使我們有機會獲得更多SDA專案和其他客戶，包括利用我們在天基感測領域的專業知識參與「金色穹頂」計畫。此外，在太空領域，我們也成功地展示了使用新一代加密多通道軟體定義無線電進行安全資料傳輸。

This innovative capability enables high-performance secure satellite communications across multiple frequencies and networks simultaneously and we look forward to delivering it to customers in the near term. In infrared sensing, we continue to grow in ground-based applications are seeing green shoots in adjacencies, particularly space and airborne, across both manned and unmanned platforms. Our high performance cooled infrared sensors are being leveraged on advanced airborne platforms.

這項創新技術能夠同時在多個頻率和網路上實現高性能、安全的衛星通信，我們期待在不久的將來將其交付給客戶。在紅外線感測領域，我們在地面應用方面持續成長，並在鄰近領域，特別是空間和空中領域，在有人和無人平台上都看到了發展勢頭。我們高性能的冷卻式紅外線感測器正被應用於先進的機載平台上。

Our uncooled capabilities are being adopted on unmanned platforms as customers prioritize an assured electronic supply chain. Our advanced infrared gimbals are being used to designate and direct emissions to neutralize strong threats. We are engaged on multiple primes on several strategic missile programs to provide next-generation sensing capability and expand production capacity.

隨著客戶將確保電子供應鏈的可靠性放在首位，我們的非冷凍技術正被應用於無人平台。我們先進的紅外線萬向節正被用於指示和引導輻射，以消除強大的威脅。我們參與了多個戰略導彈項目的主承包工作，旨在提供下一代感測能力並擴大產能。

We're also making capital investments to support this demand growth. We remain a market leader in counter UAS and are closely partnered with customers to field effective solutions. We are committed to a platform and effective agnostic approach which is why we have demonstrated capabilities across multiple vehicle platforms, including the JLTV and unmanned ground vehicles. We're enhancing both kinetic and nonkinetic factors in our offerings, including cost-effective ammunitions and nonkinetic tools, such as electronic warfare and directed energy.

我們也在進行資本投資以支持這項需求成長。我們仍然是反無人機系統的市場領導者，並與客戶緊密合作，提供有效的解決方案。我們致力於採用平台無關的有效方法，因此我們已在多種車輛平台上展示了​​相關能力，包括聯合輕型戰術車輛（JLTV）和無人地面車輛。我們正在增強產品和服務中的動能和非動能因素，包括經濟高效的彈藥和非動能武器，例如電子戰和定向能武器。

Turning to tactical radars. We continue to see immense global demand driven by an imperative to field counter UAS and air defense capabilities. Our radars are not only highly effective in tracking UAS threats, but also in supporting missile defense and active protection missions.

接下來談談戰術雷達。我們看到，全球對戰術雷達的需求持續旺盛，這主要是由於各國迫切需要部署反無人機系統和防空能力。我們的雷達不僅能有效追蹤無人機威脅，還能為飛彈防禦和主動防護任務提供支援。

We're also seeing increased demand in growing relevance and maritime-based counter UAS applications alongside the continued momentum on ground-based platforms. More broadly, we're seeing increasing potential beyond tactical radars in the unmanned surface vessel market, opportunities to pull through in integrated sensing and computing offering across leading platform providers are becoming a growth vector.

我們也看到，隨著地面平台持續發展，海上反無人機系統應用的需求也不斷成長。更廣泛地說，我們看到無人水面艦艇市場在戰術雷達之外的潛力日益凸顯，領先平台供應商提供的整合感測和運算解決方案正成為推動成長的動力。

While we're well positioned on the Navy -- as the Navy crystalizes its USV strategy and begins deploying funding in this area. Staying with Naval, our Columbia class program continues to execute exceptionally well. We're delivering on time and with quality and our results reflect the financial benefits of that solid execution.

我們與海軍的合作前景十分有利——海軍正在明確其無人水面艇（USV）戰略並開始在該領域投入資金。說到海軍項目，我們的哥倫比亞級無人水面艇項目繼續保持著卓越的執行力。我們按時保質交付，而我們的成果也反映了這種穩健執行所帶來的經濟效益。

As an Navy adjust surface combat and modernization strategy. We remained engaged at the center of propulsion architecture discussions across platforms. Our Electric Power and Propulsion solutions are modular and remain highly relevant to the power demands of next-generation platforms.

隨著海軍調整水面作戰與現代化戰略，我們始終積極參與各平台推進架構的討論。我們的電力和推進解決方案採用模組化設計，能夠很好地滿足下一代平台的動力需求。

Finally, I want to congratulate Sally Wallace on her new role as Chief Operating Officer. Sally is a strong leader a trusted partner and a more than 20 year DRS veteran with deep understanding with customers and a strong track record of delivering mission-critical technology.

最後，我要祝賀薩莉華萊士女士榮任營運長。薩莉是一位優秀的領導者，一位值得信賴的合作夥伴，也是DRS公司20多年的資深員工，她對客戶有著深刻的理解，並在交付關鍵任務技術方面擁有卓越的業績。

We've made a few other changes to the team. As a result, we have an exceptional team, and many of those changes reflect expanded responsibilities for long-standing leaders who have delivered strong results. I'm confident in each of them and will be successful in expanding roles.

我們對團隊進行了一些其他調整。因此，我們擁有了一支卓越的團隊，其中許多調整體現了對一些長期擔任領導職務、業績斐然的成員賦予了更廣泛的職責。我對他們每個人都充滿信心，相信他們能夠在新的職位上取得成功。

Mike, over to you to walk through the details of our financial performance and 2026 outlook.

麥克，接下來請你詳細介紹一下我們的財務表現和 2026 年展望。

Thanks, John. I appreciate the team's steadfast focus in delivering another year of solid financial results, particularly in light of several unique factors we faced in 2025. I'll walk through fourth quarter and full year 2025 results by key metric and then discuss our 2026 outlook.

謝謝約翰。我非常感謝團隊在2025年面臨許多特殊因素的情況下，仍能維持穩健的財務表現。接下來，我將以關鍵指標分析2025年第四季和全年業績，並探討我們對2026年的展望。

Overall, our full year 2025 results exceeded our expectations. We executed at the high end of or above the guidance range provided on our last call. These results were delivered amid a prolonged government shutdown for most of the fourth quarter.

整體而言，我們2025年全年業績超出預期。我們實現了上次電話會議上給出的業績指引範圍的高端或更高水準。值得一提的是，這些業績是在第四季大部分時間政府長期停擺的情況下取得的。

Revenue in the fourth quarter was $1.1 billion, up 8% year-over-year. robust demand for tactical radars, electric power and propulsion and advanced infrared sensing drove core growth. The quarter included a net benefit from the quantum laser IP license agreement partially offset by the conclusion of the legacy foreign ground surveillance program John discussed.

第四季營收為11億美元，年增8%。對戰術雷達、電力推進系統和先進紅外線感測技術的強勁需求推動了核心業務成長。本季量子雷射智慧財產權授權協議帶來的淨收益部分被約翰提到的原有海外地面監視計畫終止所抵銷。

For simplicity, I will refer to the net effect of these items as the net nonroutine impact. While the net impact is not significant at the consolidated level, it is more visible in the segment results for both the quarter and for the full year.

為簡便起見，我將這些項目的淨影響稱為淨非常規影響。雖然此淨影響在合併層面並不顯著，但在季度和全年各業務分部的業績中則更為明顯。

Full year revenue was $3.6 billion, representing 13% organic growth versus 2024. This marks back-to-back years of teens revenue growth. Growth was broad-based across demand sensing, network computing, force protection and electric power and propulsion, and that was reflected in the segment trends.

全年營收達36億美元，較2024年達到13%的有機成長。這標誌著公司連續兩年實現兩位數以上的營收成長。成長涵蓋需求感知、網路運算、武力防護以及電力和推廣等多個領域，並反映在各細分市場的趨勢中。

Our advanced sensing and computing segment delivered revenue growth 9% in Q4 and 11% for the full year. Our Integrated Mission Systems segment delivered year-over-year growth of 5% in Q4 and a healthy 15% for the full year on the back of robust performance in electric power and propulsion and counter UAS programs.

我們的先進感測和計算業務部門第四季營收成長9%，全年成長11%。得益於電力推進和反無人機系統專案的強勁表現，我們的整合任務系統業務部門第四季年增5%，全年成長15%。

Moving to adjusted EBITDA. Adjusted EBITDA was $158 million in the fourth quarter and $453 million for the full year, representing year-over-year growth of 7% and 13%, respectively. Margins were 14.9% in Q4 and 12.4% for the full year. Full year margin was flat as higher volume and improved profitability on the Columbia class program were offset by higher R&D investment and less efficient program execution, driven by material cost growth.

接下來來看調整後的 EBITDA。第四季調整後 EBITDA 為 1.58 億美元，全年為 4.53 億美元，分別年增 7% 和 13%。第四季利潤率為 14.9%，全年利潤率為 12.4%。全年利潤率持平，原因是哥倫比亞級航空母艦專案產量增加和獲利能力提升被研發投入增加和專案執行效率降低（主要受材料成本上漲影響）所抵銷。

Increased R&D created a 70 basis points year-over-year headwind to margin. At the segment level, ASC adjusted EBITDA and margin were bolstered by the license -- the laser license agreement in both Q4 and the full year. Excluding this item, ASC adjusted EBITDA and margin would have declined primarily due to higher company-funded R&D and raw material cost headwinds primarily related to germanium.

研發投入增加導致利潤率較去年同期下降70個基點。在業務部門層面，ASC調整後的EBITDA和利潤率受益於雷射許可協議，該協議在第四季度和全年均發揮了作用。若剔除該項，ASC調整後的EBITDA和利潤率將下降，主要原因是公司自籌研發投入增加以及原物料成本上漲（主要與鍺相關）。

IMS adjusted EBITDA was negatively impacted by the legacy program conclusion in both Q4 and the full year. Excluding this item, IMS adjusted EBITDA and margin would have increased meaningfully, driven by operating leverage from growth and improved profitability on Columbia Class.

第四季和全年，IMS調整後的EBITDA均受到原有專案結束的負面影響。若剔除此項因素，IMS調整後的EBITDA和利潤率將顯著提升，主要得益於哥倫比亞級專案成長帶來的營運槓桿效應和獲利能力的提高。

Now to the bottom line metrics. Diluted EPS and adjusted diluted EPS increased 15% and 11% year-over-year in the fourth quarter, respectively. For the full year, diluted EPS and adjusted diluted EPS increased by 29% and 24%, respectively. In both periods, strong operating profitability, lower interest and other expense as well as a lower effective tax rate supported EPS performance.

現在來看關鍵指標。第四季稀釋後每股盈餘和調整後稀釋後每股盈餘分別較去年同期成長15%和11%。全年來看，稀釋後每股盈餘和調整後稀釋後每股盈餘分別成長29%和24%。在這兩個時期，強勁的營運獲利能力、較低的利息和其他支出以及較低的實際稅率都支撐了每股收益的成長。

Moving to free cash flow. Fourth quarter free cash flow generation was robust and totaled $376 million, bringing our full year free cash flow to $227 million. Our strong cash generation in 2025 leads the balance sheet with net cash at year-end. Subsequent to year-end, we entered into a new $500 million revolving credit facility, providing lower interest costs and added borrowing flexibility.

接下來談談自由現金流。第四季自由現金流表現強勁，總計3.76億美元，使全年自由現金流達到2.27億美元。我們預計2025年將實現強勁的現金流，並在年末維持淨現金充裕，為資產負債表帶來顯著優勢。年末之後，我們簽訂了一份新的5億美元循環信貸協議，從而降低了利息成本並提高了借款彈性。

Turning to 2026 guidance. Robust customer demand and bookings over the past few years provide visibility into continued growth. We are initiating a revenue range of $3.85 billion to $3.95 billion, implying a 6% to 8% organic growth.

展望2026年。過去幾年強勁的客戶需求和預訂量預示著持續成長的前景。我們初步預測2026年營收將在38.5億美元至39.5億美元之間，這意味著6%至8%的內生成長率。

Our backlog provides a clear path to executing within this range. Key factors influencing revenue include the pace of material receipts, labor execution and to a lesser extent, the timing of customer orders for book-to-bill revenue.

我們的積壓訂單為實現這一目標提供了一條清晰的路徑。影響收入的關鍵因素包括原材料到貨速度、人工執行情況，以及在較小程度上，客戶訂單的交貨時間（即訂單到出貨的時間）。

For adjusted EBITDA, we expect $505 million to $525 million in 2026. The implied year-over-year margin improvement is 70 to 90 basis points, driven by improved profitability in Columbia class, favorable program mix and operating leverage from growth.

經調整後的 EBITDA 預計在 2026 年為 5.05 億美元至 5.25 億美元。這意味著同比利潤率將提高 70 至 90 個基點，這主要得益於哥倫比亞級飛機獲利能力的提高、有利的航線組合以及成長帶來的營運槓桿效應。

We plan to continue robust company-funded R&D investment at a comparable percentage of revenue to 2025, but we do not expect it to pressure margins to the same extent as last year. Amortization is expected to be flat in dollars and depreciation should increase modestly given recent CapEx, Together, they should approximate 3% of revenue.

我們計劃在2025年之前繼續保持公司自主研發投入的強勁勢頭，研發投入佔營收的比例與去年基本持平，但我們預計研發投入對利潤率的壓力不會像去年那麼大。預計攤銷費用將與去年持平，而鑑於近期資本支出，折舊費用將略有增加。兩者合計約佔營收的3%。

For adjusted diluted EPS, we are initiating a range of $1.20 to $1.26 per share. Our guidance assumes an 18.5% tax rate and a fully diluted share count of $269 million. We also expect free cash flow conversion of 80% of adjusted net earnings.

對於調整後的稀釋每股收益，我們初步預測區間為每股1.20美元至1.26美元。我們的預測是基於18.5%的稅率和2.69億股的完全稀釋股份數。我們也預期自由現金流將轉化為調整後淨收益的80%。

As John mentioned, we are increasing projected CapEx meaningfully in 2026 as we complete the Charleston facility and make additional investments across the business to enhance capacity and capability. As a result, we expect CapEx to be just under 5% of revenue. Improved working capital efficiency is expected to partially offset the higher CapEx.

正如約翰所提到的，隨著查爾斯頓工廠的竣工以及公司其他業務部門為提升產能和能力而進行的額外投資，我們預計2026年的資本支出將大幅增加。因此，我們預計資本支出將略低於收入的5%。營運資本效率的提高預計將部分抵銷增加的資本支出。

Finally, we expect Q1 revenue to range in the low 800s with an adjusted EBITDA margin in the low 11% range. Revenue and adjusted EBITDA linearity is expected to be comparable to recent years. The second half of the year should contribute slightly more than half of revenue and more than half of adjusted EBITDA. We anticipate a similar quarterly trend in our free cash flow with modest linearity improvements as we continue to drive working capital efficiencies.

最後，我們預計第一季營收將在800美元左右，調整後EBITDA利潤率約為11%。營收與調整後EBITDA的成長線性度預計與往年持平。下半年營收和調整後EBITDA預計將略高於總營收的一半。我們預期自由現金流也將呈現類似的季度成長趨勢，隨著我們持續提升營運資本效率，其成長線性度將略有改善。

Let me turn the call back over to John for closing remarks.

我現在把電話交還給約翰，請他做總結發言。

Thanks, Mike. I'm incredibly proud of the team's relentless focus and their immense contributions in support of our critical national security priorities. The results we delivered in 2025 and over the past few years reflect the strength of our portfolio and the soundness of our strategy.

謝謝你，麥克。我為團隊的不懈努力和他們為支持我們關鍵的國家安全優先事項所做的巨大貢獻感到無比自豪。我們在2025年以及過去幾年所取得的成果，體現了我們專案組合的實力和策略的正確性。

DRS is in an excellent position, and we're building on this strong foundation to drive another year of significant growth, while also nurturing long-term opportunities that will define the next chapter of the business. We are investing, innovating and executing at a time when our customers need these capabilities more than ever. As we look ahead, we remain focused on delivering these cutting-edge capabilities to the customers with speed, quality and scale, positioning us for continued growth.

DRS目前處於非常有利的地位，我們正以此堅實的基礎為基礎，力爭在未來一年實現顯著成長，同時也積極掌握長期機遇，引領公司邁向新的發展階段。在客戶比以往任何時候都更需要這些能力的當下，我們正在加強投資、創新和執行力道。展望未來，我們將繼續專注於以速度、品質和規模向客戶提供這些尖端能力，為公司的持續成長奠定基礎。

With that, we're ready to take your questions.

那麼，我們就可以回答你們的問題了。

(Operator Instructions) Robert Stallard, Vertical Research.

（操作說明）羅伯特·斯托拉德，垂直研究公司。

John, maybe just to kick things off. You mentioned at the start of your comments, the potential benefits from the reconciliation bill that was passed last year. We're starting to get some details on that. And I was wondering if you've seen anything there that suggests some upside for DRS?

約翰，或許我們可以先從這個問題開始。你在演講開頭提到了去年通過的預算協調法案可能帶來的好處。我們現在開始了解一些細節。我想知道你是否注意到其中有任何跡象表明DRS（債務重組系統）會從中受益？

Well, thanks, Rob. Yes, we are starting to see some of the money flowing now and we believe that we have alignment in some of the priority areas where some incremental funding could flow. Again, it's early days, though. I think we haven't seen the money get all the way to our customers yet, but there is certainly some alignment with where we're investing and where the money is going.

謝謝羅布。是的，我們現在已經開始看到一些資金流入，我們相信在一些優先領域，我們已經達成共識，可以獲得更多資金。不過，現在還處於早期階段。我認為我們還沒有看到資金完全到達客戶手中，但我們的投資方向和資金流向肯定是一致的。

Okay. And then as a follow-up, you highlighted that you've seen four years of at or above 1.2 times book-to-bill. I was wondering, does this suggest there's going to be a step-up in your revenue growth in the years ahead? Or does this order intake just extend similar kind of growth further into the future?

好的。接下來，您提到您已經連續四年保持或超過1.2倍的訂單出貨比。我想知道，這是否預示著未來幾年您的收入成長將會加速？還是說目前的訂單量只是意味著未來幾年將延續類似的成長動能？

Well, Rob, we're certainly optimistic on growth. But I want to acknowledge that we do have a diverse portfolio we are due to the fact that we're stepping up to a higher level in capabilities and solutions, we do have an elongated conversion cycle. It's certainly our goal to continue growing like we did in 2025, and we're optimistic. But you have to acknowledge there's other elements.

羅布，我們當然對成長前景持樂觀態度。但我想指出的是，由於我們不斷提升自身能力和解決方案，導致產品組合多元化，同時也造成了轉換週期延長。我們的目標是像2025年那樣繼續保持成長，對此我們充滿信心。但你也必須承認，還有其他因素要考慮。

Michael Ciarmoli, Truist.

Michael Ciarmoli，Truist。

Nice results. Just a follow-up on that last line on growth. I don't know, John or Mike, did you size the ground revenue program that's rolling off? Just trying to get a sense of -- you've got a big portfolio. Is anything specifically winding down or creating a headwind?

成績不錯。關於成長方面，我想再補充一點。約翰或麥克，你們有沒有對即將結束的地面收入項目進行規模評估？我只是想了解一下——你們的專案組合很大。有沒有哪些項目正在逐步結束或面臨阻力？

I mean it just seems like the funding environment, the budget environment is getting better. I know you're lapping two years of low teens growth, but why should we think growth is really going to decelerate here?

我的意思是，資金環境和預算環境似乎正在好轉。我知道你們已經連續兩年維持了兩位數左右的低成長率，但我們憑什麼認為這裡的成長速度真的會放緩呢？

Yes, Mike, I'll take that. I think that ultimately, when you look at the portfolio as diverse as ours, it's always going to be elements that are growing at a different rate. So although we're aligned in a lot of the swim lanes that I think are going to get good allocated funding in terms of shipbuilding our recent winded space. There are pockets mainly in the network computing area that are growing at a little lesser rate. And that's what we're -- John was kind of commenting on there.

是的，麥克，我接受這個觀點。我認為，最終，當你審視像我們這樣多元化的投資組合時，總是會發現各個部分的成長速度各不相同。所以，儘管我們在許多領域都取得了進展，我認為這些領域，例如我們最近拓展的造船業務，將會獲得充足的資金支持。但也有一些領域，主要集中在網路運算領域，成長速度稍慢一些。約翰剛才也提到了這一點。

Okay. And then just one more on kind of cap structure, capital deployment. You're probably going to end the year here with a net cash position of -- in excess of $400 million, you just mentioned the new $500 million revolver. How should we think about putting that balance sheet to work? And is that the most optimal structure right now?

好的。最後再問一個關於資本結構和資本部署的問題。你們年底的淨現金部位可能會超過4億美元，你剛才提到了新的5億美元循環信貸額度。我們該如何利用這筆資產負債表？這是否是目前最優的結構？

Well, thanks, Mike. Yes, certainly, our top priority has always been and will continue to be organic investments first. And you're seeing us invest in CapEx. You're seeing us invest in IRAD. We expect it to drive growth in the out years but organic first and then inorganic. And we're going to be kind of picky about what we look at in the M&A space. So -- but first organic, then inorganic.

好的，謝謝，麥克。是的，當然，我們始終並將持續把內生式投資放在首位。您也看到我們在資本支出和內部研發方面進行投資。我們預計這些投資將在未來幾年推動成長，但內生式成長優先，其次才是外延式成長。在併購領域，我們會非常謹慎地選擇目標。所以——先進行內生式成長，再進行外延式成長。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Nice results. I wanted to start off asking about the profitability in IMS in the fourth quarter. If we add back the international program termination, it was a very healthy margin. Was there a catch-up on Colombia? Or should we think about the -- what should we think about what the fourth quarter margin implies for going forward in IMS.

業績不錯。我想先問一下IMS第四季的獲利狀況。如果把國際項目終止的影響也算進去，利潤率非常可觀。哥倫比亞的業務是否有所回升？或者我們應該思考──第四季的利潤率對IMS未來的發展意味著什麼？

Yes. Thanks. Appreciate the question. We certainly saw a strong demand across the segment of IMS coming from our naval power business, bolt-on Colombia, but also on the surface ships also had an inflow of revenue on the counter UAS and efforts that we have there. So a lot of the margin was coming from the volume leverage that we saw.

是的，謝謝。感謝您的提問。我們確實看到來自海軍動力業務和哥倫比亞附加系統業務的IMS（整合管理系統）需求強勁，同時水面艦艇方面也受益於反無人機系統（UAS）以及我們在該領域的努力。因此，大部分利潤都來自於我們所看到的銷售成長。

So we had a big growth in the quarter which materialized the margin. As you're aware, we've peer to expense G&A, we peer to expense the IRAD. So that operating leverage fall to the bottom. So that was a big element of it. The performance at Colombia certainly continues to be a tailwind, not a major catch-up but certainly a tailwind for the quarter.

因此，本季我們實現了大幅成長，利潤率也隨之提升。如您所知，我們已將一般及行政費用和內部研發費用計入同業支出，大幅降低了營運槓桿。這是本季業績成長的一個重要因素。哥倫比亞的業績表現無疑地繼續為我們帶來利好，雖然並非大幅追趕，但無疑是本季業績成長的一大助力。

Okay. Excellent. And then maybe following up when we think about Charleston and the new capacity coming online there. It seems now that we might have some new ships a little bit faster than previously expected when you guys announced that in terms of a new frigate, and we'll see what happens, but maybe even a battleship. What are discussions like at this point about your ability to use that capacity on these new ship process?

好的，太好了。接下來，我們不妨談談查爾斯頓以及那裡即將投入使用的新產能。你們之前宣佈要建造一艘新的護衛艦，現在看來，我們或許能比預期更快看到一些新艦艇的交付，甚至可能會建造一艘戰艦。我們拭目以待，看看最終結果如何。目前，關於如何利用這些產能建造新艦艇的討論進度如何？

Yes. Thanks for the question. Look, I think that we're seeing that space evolve, right? And we've said in the last call, we talked about the need for future combatants have to have greater -- to fight from greater distances. They need more power to meet that distance need and more powerful radars, more powerful electronic warfare or direct in energy, et cetera.

是的，謝謝你的提問。你看，我認為我們正在見證這個領域的發展，對吧？我們在上次通話中也談到，未來的作戰人員需要更強大的能力──能夠在更遠的距離作戰。他們需要更強大的火力來滿足這種距離需求，還需要更強大的雷達、更強大的電子戰或直接能量攻擊等裝備。

And to do that, they're going to need electric propulsion system that allows them to move energy from one part of the ship to another and make use of all of the energy on the ship. What we're looking at going forward here is -- and we're embedded in some of these discussions with the Navy is about building a capability for modularity.

為此，他們需要一種電力推進系統，能夠將能量從船艦的一個部分輸送到另一個部分，並利用船隻上的所有能量。我們接下來正在研究的——我們也在與海軍進行一些相關的討論——是如何建立模組化能力。

So whether they build a battleship or a destroyer a cruiser or a frigate or even, frankly, a medium-sized USV, they should be using the same architecture, that electric architecture, propulsion architecture that will allow for on what I've been calling out is common chassis like you see in the automotive world where all the different size cars are built off the same kind of structure.

所以，無論他們建造的是戰艦、驅逐艦、巡洋艦、護衛艦，還是坦白說，中型無人水面艇，他們都應該使用相同的架構，即電力架構、推進架構，這將允許使用我一直提到的通用底盤，就像你在汽車界看到的那樣，所有不同尺寸的汽車都是基於同一種結構建造的。

And so if that's the case, and we head down that path, regardless of what the Navy ends up building, we'll be able to utilize that capacity down in Charleston for different size components. We've been investing in different size motors, different size drives, different size components for those ships, that would be applicable to any size ship, whether it's a battleship all the way down to a medium-sized USV.

所以，如果情況確實如此，我們沿著這條路走下去，無論海軍最終建造什麼艦艇，我們都可以利用查爾斯頓的產能來生產不同尺寸的零件。我們一直在投資研發不同尺寸的引擎、驅動器和零件，這些零件適用於任何尺寸的艦艇，從戰艦到中型無人水面艇。

So that's where we're headed. That's where we think that the Navy is going to head down that path. And again, that capacity that we built out down at Charleston will be the enabler for that capability.

所以這就是我們的發展方向。我們認為海軍也會沿著這條路走下去。而且，我們在查爾斯頓建立的那套能力將成為實現這一目標的保障。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

So just my first question here. Can you comment on the tranche tracking layer infrared payload award, what the contract value might look like and how this might grow as part of the Golden Dome now that over $13 billion was appropriated in the space force budget for '26.

我的第一個問題是：您能否就分批追蹤層紅外線有效載荷的授予發表一些看法？合約金額可能是多少？鑑於2026年太空部隊預算已撥款超過130億美元，該計畫作為「金色穹頂」計畫的一部分，未來將如何發展？

We're not going to -- Austin, thanks for the question. We're not going to comment on the size of the award due to the fact that that's competitive. But we're really excited about this award. It's taken us some time incredible amount of innovation to find a different way to do this mission.

我們不打算——奧斯汀，謝謝你的提問。由於獎金金額競爭激烈，我們不便透露具體金額。但我們對獲得這個獎項感到非常興奮。我們花了大量時間和精力進行創新，才找到完成這項任務的全新方法。

Now that we've won that award, and we're squarely focused on executing the program and bringing that execution excellence to that team so that we can deliver on time. As we move forward to what other opportunities there might be in space, we look to help solve the bigger the bigger question of connecting for -- potentially for Golden Dome connecting the threat to the -- or the interceptor to the threat which is one of the reasons why we want to put the software-defined radio with the software-defined crypto into space that would allow us and we put some compute up there as well.

既然我們已經贏得了這個獎項，我們就會全力以赴地執行項目，並將這種卓越的執行力帶給團隊，確保按時交付。展望未來，我們也將探索太空領域的其他機遇，力求解決一個更為宏大的問題——例如，如何將威脅與攔截器連接起來，從而實現「金穹頂」計畫的目標與目標之間的互聯互通。這也是我們希望將軟體定義無線電和軟體定義加密技術部署到太空的原因之一，同時我們也會在那裡部署一些運算能力。

So it would allow us to now connect and decrypt the data compute and then re-encrypt the data so that we can send it down to the interceptor so that the decisions -- the yes/no decision happens on the ground, but the connectivity happens up at the edge in space.

這樣一來，我們現在就可以連接並解密數據，進行計算，然後重新加密數據，以便我們可以將其發送到攔截器，這樣，是/否的決定就在地面上做出，而連接則在太空邊緣進行。

And so we're looking to solve the bigger problem the Golden Dome has, which is time. The intercept time has to happen, we believe, up in space that connectivity, otherwise, you're not going to make the time line. So what happens with the SDA tracking layer, portfolio? And how does dovetail into Golden Dome is still a question mark. The preliminary architecture is still being discussed and not completely public but we believe that all of the sensors that are up in space, all of the sensors on the ground to include over the horizon Radar will be part of the solution for Golden Dome.

因此，我們正在努力解決金穹頂面臨的更大問題，那就是時間。我們認為，攔截時間必須在太空連結層面實現，否則就無法準時完成。那麼，SDA追蹤層和相關組件將如何運作？它們如何與金色穹頂系統連結仍是未知數。初步架構仍在討論中，尚未完全公開，但我們相信，所有在太空中的感測器以及所有地面感測器，包括超視距雷達，都將成為金色穹頂解決方案的一部分。

Okay. And based on the fiscal year '26, $27 billion shipbuilding budget, and what you're hearing from the Navy, do you expect a higher mix of like small or medium USVs in the force structure and would one design versus the other impact your ability to build an electric drive system or provide compute content or impact profitability on such a system?

好的。根據 2026 財年 270 億美元的造船預算，以及你從海軍方面了解到的情況，你預計部隊結構中小型或中型無人水面艇的比例會更高嗎？不同的設計方案是否會影響你建造電動驅動系統、提供運算能力或此類系統的獲利能力？

It's a great question. I think you're going to see -- and it's an opinion. You're going to see a different ship classes being built. The battleship, whether they end up building a battleship or not, we'd love to see it or it becomes a destroyer or cruiser. But you're going to see a lot more as you kind of led here to smaller surface combatants, whether they're MUSVs or small USV or medium or small USVs, you're going to see a lot more quantity of those.

這是一個很好的問題。我認為你會看到——這只是我個人的看法——建造的艦艇類型會更加多樣化。至於戰艦，無論最終是否建造，我們都樂見其成，或最終建成驅逐艦或巡洋艦。但正如你剛才提到的，你會看到更多小型水面作戰艦艇，無論是多用途水面艦艇（MUSV）、小型無人水面艦艇（USV）還是中小型無人水面艦艇，這類艦艇的數量都會大幅增加。

We've been investing in capabilities for those small and medium USVs by putting mission equipment packages on them, putting them -- to see last year. We think there are missions out there for whether it's counter UAS or ISR or other missions for those small combatants.

我們一直在投資提升中小型無人水面艇的能力，為其配備任務設備包——正如去年所見。我們認為，無論是反無人機系統、情報、監視與偵察，或是其他任務，這些小型作戰艇都能勝任。

As far as the propulsion systems for those, we, again, we've been investing in small, medium, large and extra-large different components. We have some of our propulsion components on some of the USVs that are being tested now. And of course, Columbia Size motors would be applicable for some of the larger compaction. So we think we can address any number of different size ships and we do expect that the Navy will buy a whole portfolio of different capabilities.

至於這些艦艇的推進系統，我們一直在投資研發小型、中型、大型和超大型的各種零件。我們的一些推進部件已經安裝在一些正在測試的無人水面艇（USV）上。當然，哥倫比亞級發動機也適用於一些大型船。因此，我們認為我們可以滿足各種尺寸艦艇的需求，並且我們預計海軍會採購一整套不同功能的推進系統。

(Operator Instructions) Jon Tanwanteng, CJS Securities.

（操作員說明）Jon Tanwanteng，CJS Securities。

Congrats on a nice year. I was wondering if you could address the Quantum laser license that you signed. Can you go into a little bit more detail what that technology allows the customer to do, number one? And number two, are there more opportunities beyond that as quantum becomes the next tech over the horizon?

恭喜你度過了美好的一年。我想請教你簽署的量子雷射許可協議。首先，可以詳細介紹一下這項技術能讓客戶實現哪些功能嗎？其次，隨著量子技術成為下一個新興技術，它是否還有更多發展機會？

Let me take that. Thanks for the question. Depending on the architecture of the quantum computing structure, some of them are -- some of them utilize lasers to excite the. And in this particular case, that's exactly what they're doing. They're using the quantum cascade laser technology that we make for military use to excite the ions for quantum use.

讓我來回答這個問題。謝謝你的提問。根據量子運算架構的不同，有些量子運算系統──有些系統──會利用雷射來激發粒子。而在這個特定的案例中，他們正是這樣做的。他們使用的是我們為軍事用途研發的量子級聯雷射技術來激發離子，以用於量子計算。

To the question about are there other applications like this, we certainly look for noncore areas of the market to license our technology. We're not in the commercial space. We focus our attention on the military and defense space. And so when we see an application like this, and this is the second time we've seen it, and we'll look for others going forward. We like to license the technology out and allow the other companies to take advantage of the technology in the markets that we're not in. And so we'll continue to do that in the future. I can't say we have another one in the bag. Ready to go, but we'll continually look for them.

關於是否有其他類似應用的問題，我們當然會尋找非核心市場領域來授權我們的技術。我們不涉足商業領域，而是專注於軍事和國防領域。所以，當我們發現類似的應用程式時——這已經是我們第二次發現了——我們會繼續尋找其他應用程式。我們樂於授權技術，讓其他公司在我們尚未涉足的市場中利用這項技術。因此，我們未來會繼續這樣做。我不能說我們已經找到了下一個合適的應用，但我們會持續尋找。

A question about the CapEx. You mentioned that you're increasing for the year. What is the specific -- what are the specific programs that the increase is tied to? Is it production of components? Is it other stuff that's going on?

關於資本支出，您提到今年的預算會增加。具體來說，增加的預算與哪些項目相關？是零件生產嗎？還是其他正在進行的項目？

Yes, Jon, I'll take that one for you. So thanks for the question. From a CapEx perspective, as John alluded to earlier, organic investment is where we're focused. And right now, from a CapEx perspective, that's about capacity. So we spoke about the naval elements that we're doing down in South Carolina, but also throughout the whole naval portfolio, we're looking to expand capacity and make sure that we're contributing to the more efficient shipbuilding aspirations of the department.

是的，喬恩，我來回答這個問題。謝謝你的提問。從資本支出角度來看，正如約翰之前提到的，我們目前的重點是內部投資。就目前而言，從資本支出的角度來看，關鍵在於產能。我們談到了我們在南卡羅來納州開展的海軍項目，但同時，在整個海軍項目組合中，我們也在尋求擴大產能，確保我們能夠為國防部提高造船效率的目標做出貢獻。

So there's an element of CapEx going there. I would also say from a counter UAS and maybe more finite, the tactical radars the demand continues to be robust. I think we're continuing to see the performance of these radars, and that's requiring us to also increase capacity for that output. So those are the two primary areas that we're seeing.

所以這其中牽涉到資本支出。我還想說，從反無人機系統以及可能更具體的戰術雷達領域來看，需求仍然強勁。我認為我們正在不斷見證這些雷達性能的提升，這也要求我們提高產能。以上就是我們目前關注的兩個主要領域。

But the other things we're trying to do is also continue to have demo assets ready to meet the need of this kind of speed to market. So we want to have mission equipment packages to go on USVs that are ready to go. That's also an element of the CapEx, but mainly capacity, but also some demo assets for demonstration and speed to market.

但我們也努力確保演示設備隨時可用，以滿足這種快速上市的需求。因此，我們希望為無人水面艇配備隨時可投入使用的任務設備包。這也是資本支出的一部分，主要涉及產能，但也包括一些用於演示和快速上市的演示設備。

Let me just add a little bit more to that in another area in the missile area, where as you look at, they come to realize that in the battlefields of the future, it's going to be -- they're going to be dominated by autonomous platforms and weapons like load emissions and such.

讓我再補充一點關於飛彈領域的其他方面，當你觀察時，他們逐漸意識到，在未來的戰場上，將會是──將會由自主平台和武器（如載重發射等）主導的戰場。

And sensing is a key part of every one of those platforms. And of course, we make exquisite infrared sensors and radars and other sensors as well. The demand signal for those low-cost highly attributable platforms is there. So we're investing some in capacity to expand those capabilities. And on the missile front, all the way from the very low end capabilities all the way to the very high-end capabilities are things that we're investing in and including capacity for those capabilities.

感測是所有這些平台的關鍵組成部分。當然，我們也生產精密的紅外線感測器、雷達和其他感測器。市場對這些低成本、高可靠性平台的需求訊號已經存在。因此，我們正在投資擴大產能，以提升這些能力。在飛彈領域，從低端到高端的各種能力，我們都在進行投資，並擴大相應的產能。

Understood. If I could sneak one more in there. How do we expect OpEx and R&D to grow maybe as a percent of revenue this year? Or do they stay roughly the same?

明白了。如果可以的話，我再問一個問題。我們預計今年的營運支出和研發支出佔收入的百分比會如何成長？還是會大致不變？

Certainly, from an IRAD perspective, we expect to see that as a similar percentage of revenue. I think the margin impact that you saw as we ticked it up to that mid-3% of sales range was a onetime thing. I think we're going to be stabilized there that will contribute to our ability to expand margins. And then from a CapEx perspective, I would say that we're looking to pick that up and it will be somewhere in the neighborhood of 5% of sales.

當然，從內部研發投入（IRAD）的角度來看，我們預期其收入的比例將與先前類似。我認為，之前我們將其提升至銷售額3%左右時所受到的利潤率影響只是一次性的。我認為這一比例將會穩定下來，這將有助於我們擴大利潤率。至於資本支出（CapEx），我們預計會將其增加到銷售額的5%左右。

Got it. I think I said OpEx, not CapEx.

明白了。我想我說的是營運支出（OpEx），不是資本支出（CapEx）。

I'm sorry. Yes, I would expect from an OpEx perspective that you see a little bit more moderate of an increase. I think in 2025, we had a big jump that we saw, and I would not expect that to continue at that pace.

抱歉。是的，從營運支出角度來看，我預期成長幅度會更溫和一些。我認為我們在2025年看到了大幅成長，但我預計這種成長速度不會持續下去。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Looking at your prior 2026 target, I know you guys had outlined 14% EBITDA margin. That's obviously not going to be the case with what's implied right now. But when do you think that, that could feasibly be achieved down the road? And then I guess, too, as we just look at 2026 kind of being the endpoint of your targets from the last Investor Day, I mean what insight can you just provide at large about how the remainder of the decade might look like.

回顧你們之前設定的2026年目標，我知道你們曾提出14%的EBITDA利潤率。顯然，就目前的情況來看，這個目標不太可能實現。那麼，你們認為這個目標在未來何時才有可能實現呢？另外，考慮到2026年是你們上次投資者日目標的截止日期，你們能否就未來十年的發展前景提供一些總體展望？

Yes. So our intent is to provide multiyear targets probably in the first quarter of 2027, Andre. So we're not going to get out in front of that now, but I'll give you some directional points. The first is we think the business is structured to be in the mid-teens margins, right? So there is a continued path to grow the margins I think our guide showing that in the increase that we're expecting in '26.

是的。安德烈，我們的目標是在2027年第一季公佈多年目標。所以我們現在不會提前透露，但我可以給你一些方向性的提示。首先，我們認為公司的業務結構能夠達到15%左右的利潤率，對吧？因此，利潤率還有持續成長的空間，我認為我們的業績指引也反映了這一點，我們預計2026年利潤率將會有所成長。

And I don't expect that to be any different as we look out into '27. So we should be able to get into the mid-teens comfortably there. And that's what I'd kind of give you that confidence there as we look out into the future.

展望2027年，我預期情況也不會有任何不同。所以我們應該可以輕鬆達到十幾個百分點。這就是我對未來充滿信心的原因。

And then I guess as we look at book-to-bill, I mean, demand has just been so strong. I mean we've looked at 16 consecutive quarters either at or above onetime. I mean are you worried about this softening at any point? Or is there any particular area in which we might see a softening.

然後，我想當我們看一下訂單出貨比時，我的意思是，需求一直非常強勁。我們已經連續16個季度達到或超過該水準。我的意思是，您是否擔心這種需求會在某個時候放緩？或者說，我們是否會在某個特定領域看到需求放緩的跡象？

Well, Mike explained that we are looking at some of the areas that are not going to grow as fast as other areas. But we focus all of our attention on the portfolio to see where we can invest to increase the speed of growth. And so I wouldn't point out any one particular area of the business that we say is the demand is going to fall off. I just think it's a matter of how fast they grow.

麥克解釋說，我們正在關註一些成長速度不如其他領域的業務。但我們把所有精力都放在投資組合上，尋找可以投資以加快成長速度的領域。因此，我不會指出哪個特定領域的業務需求將會下降。我認為這只是成長速度的問題。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

So you've covered a lot of ground already, but maybe one area we really haven't talked much is what are you seeing for the company in terms of opportunities in Europe. European defense spending should, I don't know, go to, I don't know, what, $850 billion by the end of the decade, maybe if everybody spends what say they're going to do. But it's a pretty big market. And then also, how has sort of the transatlantic tension impacted your business, be it that your primary shareholder is a European company.

您已經談了很多方面，但或許我們還沒怎麼深入探討一個領域，那就是您認為公司在歐洲有哪些發展機會。歐洲的國防開支應該會達到，我不知道，也許到本世紀末會達到8,500億美元，前提是各國都按計畫支出。但那確實是一個相當大的市場。另外，考慮到貴公司的主要股東是歐洲公司，跨大西洋的緊張局勢對貴公司的業務有何影響？

Thanks, Rob. Let me take that. I think, first of all, you're right. There's certainly the macro environment today, the US is looking for speed. Europe is looking to be self-reliant. And there's urgency on both sides. And that's a conducive environment for partnership, frankly.

謝謝，羅布。讓我來回答。首先，我認為你說得對。目前的宏觀環境確實如此，美國追求的是速度，歐洲則希望實現自力更生。雙方都感到緊迫。坦白說，這為建立夥伴關係創造了有利環境。

You mentioned our parent. They're a key partner for us in driving that international growth capability. Given their footprint in Europe, and around the globe, we're looking to further leverage that position and accelerate and expand our growth, especially now that they have this Iveco defense and through their JV with Rheinmetall.

您提到了我們的母公司。他們是我們推動國際成長能力的關鍵合作夥伴。鑑於他們在歐洲乃至全球的業務佈局，我們希望進一步利用這一優勢，加速並擴大我們的成長，尤其是在他們通過與萊茵金屬的合資企業以及對依維柯的防禦之後。

Given the fact that they've got a strong portfolio, we're looking to utilize those technologies capabilities in the US. And of course, we'd have to mechanize the capability to apply to the US market, but -- and vice versa, right, moving in the other direction, the self-reliance in Europe off the source would licensing technology from the US, we've got technology that we could do.

鑑於他們擁有強大的產品組合，我們希望在美國利用這些技術能力。當然，我們需要將這些能力機械化才能應用於美國市場，但——反之亦然，對吧，反過來說，歐洲的自給自足意味著從美國獲得技術許可，我們擁有可以實現的技術。

So this is the right time for us to be having the discussion and your question is timely to be having a discussion about increased collaboration with Leonardo to address both the European markets and the urgency on the US side.

所以現在正是我們進行討論的好時機，您的問題也很及時，我們可以就加強與萊昂納多的合作進行討論，以應對歐洲市場和美國市場的緊迫性。

And then maybe just a detail is the laser IP licensing a sign of just more expanded? I mean I guess this is sort of order you asked, but more expanded work outside defense.

那麼，雷射知識產權許可或許只是一個細節，它是否預示著業務範圍的進一步擴大？我的意思是，我猜這有點像你問的順序，但更多的是國防以外的業務拓展。

Yes. Look, I think that we want to stay focused. We want to stay focused on defense. We want to make sure that we play to our strengths and our capabilities. And so when we see a market like this, it's outside of our core capability and focus we tend to want to get it licensed out. We want -- will help, but we want to get it out of our portfolio and moving into another domain. This will keep us focused on the growth markets for defense, which is where we're -- which is our strength.

是的。你看，我認為我們應該保持專注。我們應該專注於國防領域。我們希望確保發揮自身的優勢和能力。因此，當我們看到像這樣的市場，它超出了我們的核心能力和關注範圍時，我們傾向於將其授權出去。我們希望——這會有所幫助——但我們更希望將其從我們的產品組合中移除，並轉移到其他領域。這將使我們能夠專注於國防領域的成長市場，而這正是我們的優勢所在。

Yes. And Rob, I'll just add one thing here. The laser IP that we're talking about has a lot of utility in nondefense outlets. So we've looked at this in the past, we have had some successes. We're going to continue to do so.

是的。羅布，我再補充一點。我們討論的雷射智慧財產權在非國防領域也有很多用途。我們過去就研究過這方面，也取得了一些成功。我們會繼續研究下去。

But really, where John is going is that utility of that IP, just as broad-based applicability. And we're not going to be able to chase every one of those opportunities. So we're keeping focused on the defense space and get a look for these license opportunities as they emerge.

但約翰真正關注的是這項智慧財產權的實用性，以及其廣泛的適用性。我們不可能抓住每一個這樣的機會。所以我們會繼續專注於國防領域，並密切關注湧現的授權機會。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to John for closing remarks.

謝謝。女士們、先生們，隊列裡沒有其他問題了。現在我想把電話轉回給約翰，請他做總結發言。

Thank you. I want to thank everyone for joining today's call. We're proud of our strong continued organic growth our expanding presence in the space market and our disciplined investment alignment with customer needs. We're excited about the opportunities ahead. Focus remains on driving profitable growth and delivering differentiated capabilities for our customers.

謝謝大家。感謝各位參加今天的電話會議。我們為持續強勁的內生成長、在航太市場不斷擴大的影響力以及與客戶需求高度契合的投資策略感到自豪。我們對未來的機會充滿信心。我們將繼續專注於實現獲利成長，並為客戶提供差異化的解決方案。

If you have any further questions, Steve and the team will be available after today's call. We look forward to speaking to you again. Thanks, again, and have a great day.

如果您還有其他問題，史蒂夫和他的團隊將在今天的通話結束後繼續為您解答。我們期待再次與您溝通。再次感謝，祝您今天愉快！

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。