Leidos Holdings Inc (LDOS) 2022 Q4 法說會逐字稿

Greetings. Welcome to the Leidos Fourth Quarter 2022 Earnings Call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎來到 Leidos 2022 年第四季度財報電話會議。 （操作員說明）請注意正在錄製此會議。

At this time, I'll turn the conference over to Stuart Davis from Investor Relations. Mr. Davis, you may now begin.

此時，我會將會議轉交給投資者關係部的 Stuart Davis。戴維斯先生，您現在可以開始了。

Thank you, Rob, and good morning, everyone. I'd like to welcome you to our fourth quarter and fiscal year 2022 earnings conference call.

謝謝羅布，大家早上好。歡迎大家參加我們第四季度和 2022 財年的收益電話會議。

Joining me today are Roger Krone, our Chairman and CEO; and Chris Cage, our Chief Financial Officer. Today's call is being webcast on the Investor Relations portion of our website, where you'll also find the earnings release and supplemental financial presentation slides that we're using today.

今天加入我的是我們的董事長兼首席執行官 Roger Krone；和我們的首席財務官 Chris Cage。今天的電話會議正在我們網站的投資者關係部分進行網絡直播，您還可以在其中找到我們今天使用的收益發布和補充財務演示幻燈片。

Turning to Slide 2 of the presentation. Today's discussion contains forward-looking statements based on the environment as we currently see it, and as such, does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

轉到演示文稿的幻燈片 2。今天的討論包含基於我們當前所見環境的前瞻性陳述，因此確實包含風險和不確定性。請參閱我們的新聞稿，了解有關可能導致實際結果出現重大差異的具體風險因素的更多信息。

Finally, as shown on Slide 3, we'll discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is included in today's press release and presentation slides.

最後，如幻燈片 3 所示，我們將討論 GAAP 和非 GAAP 財務指標。兩者之間的協調包含在今天的新聞稿和演示幻燈片中。

With that, let me turn the call over to Roger Krone, who will begin on Slide 4.

有了這個，讓我把電話轉給 Roger Krone，他將從幻燈片 4 開始。

Thank you, Stuart, and thank you all for joining us this morning. And by the way, Happy Valentine's Day. The fourth quarter marked a strong finish to a banner year for Leidos with record revenue and non-GAAP diluted EPS, driving us to the top end of our revenue guidance range and beyond our EPS guidance range for the year.

謝謝你，斯圖爾特，感謝大家今天早上加入我們。順便說一句，情人節快樂。第四季度標誌著 Leidos 以創紀錄的收入和非 GAAP 攤薄每股收益結束了輝煌的一年，使我們達到了收入指導範圍的高端，並超出了我們今年的每股盈利指導範圍。

Our performance validated that our diversified and resilient portfolio and our investments in technology and innovation are positioning us for growth in key customer missions, including digital modernization, cyber, hypersonics and force protection. Each and every day, our 45,000 people are helping our customers execute on important missions and meet the world's most complex challenges.

我們的業績證明，我們多元化和有彈性的產品組合以及我們在技術和創新方面的投資使我們能夠在關鍵客戶任務中取得增長，包括數字現代化、網絡、超音速和部隊保護。每一天，我們的 45,000 名員工都在幫助我們的客戶執行重要任務並迎接世界上最複雜的挑戰。

Against a challenging backdrop in 2022, we delivered on our financial commitments, allocated capital to deliver value for our shareholders, won multiple franchise programs that position us for future growth, and significantly grew our talent base. So let me provide more detail on each of these points.

在 2022 年充滿挑戰的背景下，我們兌現了財務承諾，分配資本為股東創造價值，贏得了多項特許經營計劃，為我們的未來發展奠定了基礎，並顯著擴大了我們的人才基礎。因此，讓我提供有關這些要點的更多詳細信息。

Number one, our strong financial performance in the fourth quarter enabled us to deliver on our financial commitments. Record revenue of $3.7 billion for the quarter and $14.4 billion for the year, were up 6% and 5%, respectively.

第一，我們第四季度強勁的財務業績使我們能夠兌現我們的財務承諾。本季度收入創紀錄地達到 37 億美元，全年收入達到 144 億美元，分別增長 6% 和 5%。

Adjusted EBITDA margin of 10.7% in the quarter was up 40 basis points year-over-year, which helped drive adjusted non-GAAP diluted EPS to a record $1.83, which represents growth of 17%. For the year, adjusted EBITDA margin of 10.4% helped lead to non-GAAP diluted EPS of $6.60, which was well above our guidance.

本季度調整後的 EBITDA 利潤率為 10.7%，同比增長 40 個基點，這有助於推動調整後的非 GAAP 攤薄每股收益達到創紀錄的 1.83 美元，即增長 17%。今年，調整後的 EBITDA 利潤率為 10.4%，幫助實現了 6.60 美元的非 GAAP 攤薄每股收益，遠高於我們的指導。

We generated $105 million of cash flow from operations in the quarter and free cash flow of $52 million. For the year, that translates to nearly $1 billion of cash flow from operations and $857 million in free cash flow, which were right at guided levels.

本季度我們從運營中產生了 1.05 億美元的現金流和 5200 萬美元的自由現金流。就這一年而言，這相當於近 10 億美元的運營現金流和 8.57 億美元的自由現金流，均處於指導水平。

These results came despite multiple headwinds, most notably a protracted continuing resolution to start the year, inflation, supply chain disruptions and labor constraints. Even at industry-leading scale, we're nimble enough to pivot as needed, and I'm proud of how well the team pulled together and weathered these challenges.

這些結果是在多重不利因素的影響下取得的，最顯著的是年初的長期持續決議、通貨膨脹、供應鏈中斷和勞動力限制。即使在行業領先的規模下，我們也足夠靈活，可以根據需要進行調整，我為團隊齊心協力並經受住這些挑戰而感到自豪。

Number two, in 2022, we allocated capital to deliver value for our shareholders. Over the year, capital deployment was heavily weighted towards return to shareholders, while still layering in strategic acquisition of the Australian airborne business and investing to grow our core business through capital expenditures and internal R&D.

第二，在 2022 年，我們分配資本為股東創造價值。過去一年，資本配置著重於回報股東，同時仍分層戰略收購澳大利亞機載業務，並通過資本支出和內部研發投資發展我們的核心業務。

With our asset-light model, CapEx was just under 1% of revenues with large investments in airborne ISR and Dynetics, and we're seeing those investments pay off in additional aircraft, performing valuable missions and key wins in hypersonics, which takes me to number 3: business development.

通過我們的輕資產模型，資本支出略低於收入的 1%，並且對機載 ISR 和動力系統進行了大量投資，我們看到這些投資在額外的飛機、執行有價值的任務和高超音速領域的關鍵勝利中得到回報，這讓我想到第三：業務發展。

This year, we won franchise programs in each segment that position us for growth. Programs like DES and Defense, Social Security Administration IT in Health and AEGIS in Civil contributed to performance in 2022 and have built the foundation for 2023 and beyond. They demonstrate our ability to take away work and target brand-new opportunities.

今年，我們贏得了每個細分市場的特許經營計劃，使我們能夠實現增長。 DES 和國防、健康領域的社會保障管理局 IT 和民用領域的 AEGIS 等項目為 2022 年的績效做出了貢獻，並為 2023 年及以後的發展奠定了基礎。他們證明了我們有能力完成工作並瞄準全新的機會。

In the fourth quarter, which is typically the weakest in our industry, we booked $3.7 billion of net awards for a book-to-bill ratio of 1.0. For the year, our book-to-bill ratio was 1.1. Total backlog at the end of the quarter stood at $35.8 billion, of which a record $8.4 billion was funded. Total backlog is up 4% and funded backlog is up 13% year-over-year.

在通常是我們行業中最弱的第四季度，我們以 1.0 的訂單出貨比預訂了 37 億美元的淨獎勵。今年，我們的訂單出貨比為 1.1。本季度末的總積壓訂單為 358 億美元，其中創紀錄的 84 億美元已獲資助。總積壓訂單增長 4%，資金積壓訂單同比增長 13%。

After a relatively slow start to the year across the industry, contract activity is improving. Most importantly, our submit volume picked up dramatically in the fourth quarter with $23 billion in submits, of which 92% was for new business. Taken together, the 2 Social Security Administration IT task orders that we spoke of last call were the largest award in the quarter.

在整個行業今年開局相對緩慢之後，合同活動正在改善。最重要的是，我們的提交量在第四季度急劇上升，提交量為 230 億美元，其中 92% 用於新業務。總而言之，我們在上次電話會議中談到的 2 項社會保障管理局 IT 任務訂單是本季度最大的獎勵。

GAO dismissed the competitor's protest earlier than expected, and that program has fully ramped. We also won more than $0.5 billion in hypersonics award, including Mayhem, our first major contract on the air-breathing side and Wide Field of View Tranche 1, which is the backbone of the nation's hypersonics defense capability.

GAO 比預期更早地駁回了競爭對手的抗議，並且該計劃已經全面展開。我們還贏得了超過 5 億美元的高超音速合同，包括我們在吸氣方面的第一份主要合同 Mayhem 和國家高超音速防禦能力的支柱 Wide Field of View Tranche 1。

We're pleased that so many of you were able to join us in Huntsville last December to get a clear picture of the opportunities that we see at Dynetics. Our independent research and development investments were critical to procuring these awards, just as they were for our landmark wins in digital modernization.

我們很高興你們中的許多人能夠在去年 12 月加入我們的亨茨維爾，清楚地了解我們在 Dynetics 看到的機會。我們的獨立研發投資對於獲得這些獎項至關重要，正如它們對於我們在數字現代化方面取得里程碑式的勝利一樣。

In 2022, we invested $116 million in IR&D and IRAD has grown at a compound annual rate of 23% over the last 5 years. We continually invest to develop proprietary tools and unique processes to drive competitive advantage. We've already deployed workflow transformations using the latest generation of AI based on large language models, and we're at the leading edge of combining artificial intelligence and cyber to enable our customers to achieve security levels that are beyond compliance.

2022 年，我們在 IR&D 上投資了 1.16 億美元，IRAD 在過去 5 年中以 23% 的複合年增長率增長。我們不斷投資開發專有工具和獨特流程，以推動競爭優勢。我們已經使用基於大型語言模型的最新一代 AI 部署了工作流轉換，並且我們處於人工智能與網絡相結合的前沿，使我們的客戶能夠實現超出合規性的安全級別。

Speaking of cyber, earlier this month, we announced the latest version of our Zero Trust readiness level tool suite that simplifies Zero Trust adoption for government organizations, consolidating a 6- to 9-month planning process to less than 60 days. We drive digital innovations by working tightly with our product partners.

說到網絡，本月早些時候，我們發布了最新版本的零信任準備級別工具套件，簡化了政府組織的零信任採用，將 6 到 9 個月的規劃流程整合到不到 60 天。我們通過與產品合作夥伴緊密合作來推動數字創新。

For example, we've partnered with Intel Corp to demonstrate confidential computing through a hardware-based independently attested trusted execution environment. And just last month, we were recognized as the 2023 ServiceNow Americas' Premier Partner of the Year.

例如，我們與英特爾公司合作，通過基於硬件的獨立認證可信執行環境來展示機密計算。就在上個月，我們被評為 2023 ServiceNow Americas 年度最佳合作夥伴。

Number four, we significantly grew our talent base. We hired more than 2,400 people in the fourth quarter and more than 11,000 in 2022. Head count was up 6% for the year and attrition rates continue to subside. We've seen great synergy between our people engagement and technology investment initiatives.

第四，我們顯著擴大了人才基礎。我們在第四季度僱用了 2,400 多人，到 2022 年僱用了 11,000 多人。全年人數增加了 6%，離職率繼續下降。我們已經看到我們的人員參與和技術投資計劃之間的巨大協同作用。

Employees in our technical upskilling programs have significantly higher retention and we more than doubled participation in 2022 compared to 2021. Our technical upskilling programs are aligned with our technology strategy and broad participation is enabling us to enhance our competitive position and deepen our culture of innovation. If you want to build your technical skills over a fulfilling career, Leidos is a great place to work.

參加我們技術技能提升計劃的員工的保留率顯著提高，與 2021 年相比，我們 2022 年的參與人數增加了一倍以上。我們的技術技能提升計劃與我們的技術戰略保持一致，廣泛的參與使我們能夠提升我們的競爭地位並深化我們的創新文化。如果您想在充實的職業生涯中培養自己的技術技能，Leidos 是一個理想的工作場所。

In 2022, we offered courses in artificial intelligence and machine learning, software, cyber, cloud and digital engineering. In 2023, we're expanding with new offerings in cyber operations, secure rapid software development and specialized learning paths in AI/ML.

2022 年，我們開設了人工智能和機器學習、軟件、網絡、雲和數字工程方面的課程。 2023 年，我們將在網絡運營、安全快速軟件開發和 AI/ML 專業學習路徑方面推出新產品。

We also take learning and engagement beyond the classroom. Two weeks from now, we'll launch our seventh annual AI Palooza challenge, where employees around the company will engage with some of the newest AI/ML techniques in a creative and collaborative competition. Perpetual learning is part of our culture, and we make it fun.

我們還將學習和參與帶到課堂之外。兩週後，我們將啟動第七屆年度 AI Palooza 挑戰賽，公司員工將在創意和協作競賽中使用一些最新的 AI/ML 技術。不斷學習是我們文化的一部分，我們讓它變得有趣。

Before turning it over to Chris, I'll touch on the current budget environment. Demand trends are very positive for our business. Late last year, Congress overwhelmingly passed, and the President signed the Omnibus Appropriations bill funding the government through September. Budgets across the board saw a healthy increases, including defense spending, which was up about 10%.

在將其交給 Chris 之前，我將談談當前的預算環境。需求趨勢對我們的業務非常有利。去年年底，國會以壓倒性多數通過，總統簽署了為政府提供資金直至 9 月的綜合撥款法案。預算全面增長，包括國防開支，增長了約 10%。

The budget addressed the critical challenges we're facing as a nation including national security concerns arising from China and Russia, and Leidos is well positioned to respond. Amidst a highly partisan backdrop, President Biden's calls in the State of Union Address to support Ukraine, protect our country and modernize our military to safeguard stability and deter aggression received strong bipartisan support.

預算解決了我們作為一個國家所面臨的關鍵挑戰，包括來自中國和俄羅斯的國家安全問題，Leidos 做好了應對的準備。在高度黨派的背景下，拜登總統在國情咨文中呼籲支持烏克蘭、保護我們的國家並使我們的軍隊現代化以維護穩定和阻止侵略，得到了兩黨的大力支持。

That said, we're anticipating a series of noisy debates over the coming months around the debt ceiling and the 2024 appropriations, given the razor thin majorities and the deep divisions in Congress. As a matter of prudence, we're preparing contingency plans around a potential government shutdown. But we built our 2023 guidance, assuming a continuing resolution beginning in October and extending through the rest of the year with no government shutdown. We believe this is the most likely outcome.

儘管如此，我們預計未來幾個月將圍繞債務上限和 2024 年撥款展開一系列激烈的辯論，因為國會中的多數席位微乎其微且分歧嚴重。出於謹慎考慮，我們正在為可能發生的政府關門製定應急計劃。但我們制定了 2023 年的指導方針，假設從 10 月開始持續解決並延續到今年剩餘時間，政府沒有關閉。我們認為這是最有可能的結果。

In summary, I'm pleased with the performance and the momentum of the company. In the fourth quarter, we posted record levels of revenue, non-GAAP diluted EPS and funded backlog as well as the highest adjusted EBITDA and adjusted EBITDA margin and lowest attrition rate for the year.

總之，我對公司的業績和發展勢頭感到滿意。在第四季度，我們公佈了創紀錄的收入水平、非 GAAP 攤薄後每股收益和資金積壓以及最高的調整後 EBITDA 和調整後的 EBITDA 利潤率以及全年最低的流失率。

We anticipate that 2023 will be another good year for Leidos, marked by strong hiring, important new wins, solid growth in revenue and operating income.

我們預計 2023 年將是 Leidos 的又一個好年頭，其標誌是強勁的招聘、重要的新勝利、收入和營業收入的穩健增長。

With that, I'll turn the call over to Chris for more details on our results and our 2023 outlook.

有了這個，我會把電話轉給克里斯，了解更多關於我們結果和 2023 年展望的細節。

Thanks, Roger, and thanks to everyone for joining us today. Let me echo Roger and express my gratitude to the entire Leidos team for how we executed in 2022. We navigated many challenges throughout the year, including an unexpected adverse arbitration ruling in Q2 and to deliver at the top end of our revenue guidance range and above our EPS guidance range for the year, all while delivering for our customers.

謝謝羅傑，感謝大家今天加入我們。讓我附和羅傑，並對整個 Leidos 團隊在 2022 年的執行方式表示感謝。我們在這一年中應對了許多挑戰，包括第二季度意外的不利仲裁裁決，並在我們的收入指導範圍的頂端及以上交付我們全年的 EPS 指導範圍，同時為我們的客戶提供服務。

Turning to Slide 5. Revenues for the quarter were $3.7 billion, up 6% compared to the prior year quarter. For the year, revenues were $14.4 billion, which was up 5% compared to 2021, despite a $107 million headwind from foreign currency movements, primarily from work in the U.K. and Australia in our Defense Solutions segment. 2022 revenue performance was in line with the targets that we laid out 16 months ago for '22 through '24.

轉到幻燈片 5。本季度的收入為 37 億美元，比去年同期增長 6%。這一年的收入為 144 億美元，與 2021 年相比增長了 5%，儘管外匯變動帶來了 1.07 億美元的逆風，主要來自我們國防解決方案部門在英國和澳大利亞的工作。 2022 年的收入表現符合我們 16 個月前為 22 年至 24 年制定的目標。

Turning to earnings. Adjusted EBITDA was $397 million for the fourth quarter for an adjusted EBITDA margin of 10.7%, our highest margin of the year and above expectations based on higher growth on more profitable programs, better performance on some large programs and disciplined cost management. 2022 adjusted EBITDA was $1.49 billion for a margin of 10.4% or right at the midpoint of guidance that we've held all year.

轉向收益。第四季度調整後的 EBITDA 為 3.97 億美元，調整後的 EBITDA 利潤率為 10.7%，是我們今年最高的利潤率，高於預期，原因是利潤更高的項目增長更快、一些大型項目的業績更好以及嚴格的成本管理。 2022 年調整後的 EBITDA 為 14.9 億美元，利潤率為 10.4%，正好處於我們全年所持指引的中點。

Non-GAAP net income was $255 million for the quarter and $919 million for the year, which generated non-GAAP diluted EPS of $1.83 for the quarter and $6.60 for the year. Non-GAAP diluted EPS was up 17% for the quarter, and essentially flat for the year as a result of some onetime events that we've talked about in the past.

本季度非美國通用會計準則淨收入為 2.55 億美元，全年為 9.19 億美元，本季度非美國通用會計準則攤薄後每股收益為 1.83 美元，全年為 6.60 美元。由於我們過去討論過的一些一次性事件，本季度非 GAAP 稀釋後每股收益增長了 17%，全年基本持平。

Looking at the key drivers below EBITDA. The non-GAAP effective tax rate for the quarter came in at 20.1%, which was below our expectation and added about $0.09 to EPS. The tax rate benefited from certain international tax credits and limitations, increases in our federal research tax credit and higher-than-planned stock compensation deductions. In addition, net interest expense in the quarter increased to $51 million from $46 million in the fourth quarter of 2021.

查看 EBITDA 以下的主要驅動因素。本季度非 GAAP 有效稅率為 20.1%，低於我們的預期，並為每股收益增加了約 0.09 美元。稅率受益於某些國際稅收抵免和限制、我們聯邦研究稅收抵免的增加以及高於計劃的股票補償扣除。此外，本季度的淨利息支出從 2021 年第四季度的 4600 萬美元增加到 5100 萬美元。

Finally, the weighted average diluted share count for the quarter was 138 million compared to 142 million in the prior year quarter, primarily as a result of the $500 million accelerated share repurchase agreement implemented in the first quarter of fiscal year 2022.

最後，本季度的加權平均攤薄股數為 1.38 億股，而去年同期為 1.42 億股，這主要是由於 2022 財年第一季度實施的 5 億美元加速股票回購協議所致。

Now for an overview of our segment results and key drivers on Slide 6. Defense Solutions revenues in Q4 of $2.07 billion were essentially flat compared to the prior year quarter. 2022 Defense Solutions revenues of $8.24 billion were up 3% for the year. Civil revenues were $938 million in the quarter, up 17% compared to the prior year quarter, and 2022 revenues were $3.46 billion, up 10% compared to 2021.

現在在幻燈片 6 上概述我們的部門業績和主要驅動因素。國防解決方案第四季度的收入為 20.7 億美元，與去年同期相比基本持平。 2022 年國防解決方案收入為 82.4 億美元，同比增長 3%。本季度民用收入為 9.38 億美元，比去年同期增長 17%，2022 年收入為 34.6 億美元，比 2021 年增長 10%。

The primary driver for growth in the quarter and the year was the ramp on the NASA AEGIS program. In addition, we had good growth within our commercial energy business as well as increased security products, sales and maintenance. Health revenues were $691 million for the quarter, an increase of 10% compared to the prior year quarter, driven primarily by performance on DHMSM and our new work on SSA IT.

本季度和本年度增長的主要驅動力是 NASA AEGIS 計劃的增加。此外，我們的商業能源業務增長良好，安全產品、銷售和維護也有所增加。本季度醫療保健收入為 6.91 億美元，與去年同期相比增長 10%，這主要是由於 DHMSM 的表現和我們在 SSA IT 方面的新工作。

Health revenues were $2.69 billion for the year, up 5% over 2021, with the same drivers that I cited for the quarter, plus strong performance on the Military and Family Life Counseling program.

全年衛生收入為 26.9 億美元，比 2021 年增長 5%，驅動因素與我在本季度引用的相同，加上軍事和家庭生活諮詢計劃的強勁表現。

On the margin front, on Slide 7, Defense Solutions and Civil posted their highest margins in more than a year based on mix and some excellent program performance. For the quarter, Defense Solutions non-GAAP operating margin came in at 8.6%, up 40 basis points compared to the prior year quarter; and Civil came in at 11.2%, up from 10% in the prior year quarter.

在利潤率方面，在第 7 張幻燈片中，Defense Solutions 和 Civil 基於組合和一些出色的程序性能公佈了一年多以來的最高利潤率。本季度，Defense Solutions 非 GAAP 營業利潤率為 8.6%，比去年同期增長 40 個基點； Civil 為 11.2%，高於去年同期的 10%。

Defense Solutions non-GAAP operating margin for the year was 8.3%, which was down 30 basis points from 2021, primarily from investments in new program startups. Civil non-GAAP operating margin for the year was 9.2%, down from 10.2% in the prior year, driven by legal matters that we've addressed in prior calls, a $26 million gain in 2021, and a $19 million expense in 2022.

Defense Solutions 非 GAAP 營業利潤率為 8.3%，比 2021 年下降 30 個基點，主要來自對新項目初創公司的投資。受我們在之前的電話會議中解決的法律問題、2021 年 2600 萬美元的收益和 2022 年 1900 萬美元的支出的推動，今年非 GAAP 民用營業利潤率為 9.2%，低於上一年的 10.2%。

Health non-GAAP operating margin for the quarter was 14.3%, consistent with what we've been talking about for some time. Health non-GAAP operating margin for the year finished at 17.1%.

本季度健康非 GAAP 營業利潤率為 14.3%，與我們一段時間以來一直在談論的一致。健康非美國通用會計準則營業利潤率為 17.1%。

Turning now to cash flow and the balance sheet on Slide 8. Operating cash flow for the quarter was $105 million, and free cash flow, which is net of capital expenditures, was $52 million. For the year, operating cash flow was just shy of $1 billion and free cash flow was $857 million for a 94% conversion rate.

現在轉到幻燈片 8 中的現金流和資產負債表。本季度的運營現金流為 1.05 億美元，扣除資本支出後的自由現金流為 5200 萬美元。這一年，運營現金流略低於 10 億美元，自由現金流為 8.57 億美元，轉換率為 94%。

In the fourth quarter, we completed the acquisition of the Australian airborne business, which provides maritime surveillance operations for the Australian Border Force and search and rescue response capability for the Australian Maritime Safety Authority, purchase consideration was approximately USD 190 million, net of $6 million of cash acquired.

第四季度，我們完成了對澳大利亞機載業務的收購，該業務為澳大利亞邊防部隊提供海上監視業務，為澳大利亞海事安全局提供搜救響應能力，收購對價約為1.9億美元，扣除600萬美元獲得的現金。

During the fiscal year 2022, Leidos returned $741 million to shareholders, including $199 million as part of its regular quarterly cash dividend program and $542 million in share repurchases. As of December 30, 2022, the company had $516 million in cash and cash equivalents and $4.9 billion in debt.

在 2022 財年，Leidos 向股東返還了 7.41 億美元，其中包括 1.99 億美元作為常規季度現金股息計劃的一部分，以及 5.42 億美元的股票回購。截至 2022 年 12 月 30 日，公司擁有 5.16 億美元的現金和現金等價物以及 49 億美元的債務。

Roughly $1 billion of that debt will come due in this year. Most of it in May. We expect to fully repay the remaining $320 million on the short-term loan originally tied to the Gibbs & Cox acquisition and then rolled over in support of the ASR program. We'll refinance the $500 million of maturing bonds as well as the bank term loan A still tied to LIBOR in an efficient and flexible manner, but interest expense will increase given the current rate environment.

其中大約 10 億美元的債務將在今年到期。大部分在五月。我們預計將全額償還剩餘的 3.2 億美元短期貸款，該短期貸款最初與 Gibbs & Cox 的收購相關，然後展期以支持 ASR 計劃。我們將以高效靈活的方式為 5 億美元的到期債券和銀行定期貸款 A 提供再融資，但考慮到當前的利率環境，利息支出將會增加。

As we approach the debt market, we're pleased with the recent upgrade from Moody's to Baa2 credit rating, which signals their confidence in our financial stability and outlook. We're already benefiting from improved terms on our commercial paper borrowing and expect that to carry through on the debt transactions.

當我們接近債務市場時，我們對最近從穆迪信用評級上調至 Baa2 的信用評級感到高興，這表明他們對我們的金融穩定性和前景充滿信心。我們已經從商業票據借款條款的改善中受益，並預計這將繼續進行債務交易。

As we close out the year, we remain committed to a target leverage ratio of 3x. Our long-term balanced capital deployment strategy remains the same and consists of being appropriately levered and maintaining our investment-grade rating, returning a quarterly dividend to our shareholders, reinvesting for growth both organically and inorganically and returning excess cash to shareholders in a tax-efficient manner.

在我們結束這一年時，我們仍然致力於 3 倍的目標槓桿率。我們的長期平衡資本配置策略保持不變，包括適當槓桿化和維持我們的投資級評級、向股東返還季度股息、為有機和無機增長進行再投資以及以稅收方式向股東返還多餘現金高效的方式。

Onto the forward outlook on Slide 9. For 2023, we expect revenues between $14.7 billion and $15.1 billion, reflecting growth in the range of 2% to 5% over fiscal year 2022. Demand remains strong as our customers execute robust budgets, and we enter 2023 with a number of programs that are ramping, but the procurement process is still protracted.

關於幻燈片 9 的前瞻性展望。我們預計 2023 年的收入將在 147 億美元至 151 億美元之間，反映出比 2022 財年增長 2% 至 5%。隨著我們的客戶執行穩健的預算，需求依然強勁，我們進入到 2023 年，許多項目正在逐步推進，但採購過程仍然很漫長。

We expect 2023 adjusted EBITDA margin between 10.3% and 10.5%. The midpoint of the margin range is the same as 2022. And the top end is consistent with the target that we laid out at our October 2021 Investor Day.

我們預計 2023 年調整後的 EBITDA 利潤率在 10.3% 至 10.5% 之間。保證金範圍的中點與 2022 年相同。上限與我們在 2021 年 10 月投資者日制定的目標一致。

We're committed to long-term margin expansion, and we'll pull multiple levers to offset the impact of inflation and supply chain on our cost structure, as we demonstrated in the back half of 2022. We're closely managing our corporate cost with a special focus on real estate.

正如我們在 2022 年下半年所展示的那樣，我們致力於長期擴大利潤率，並將採取多種手段來抵消通貨膨脹和供應鏈對我們成本結構的影響。我們正在密切管理企業成本特別關注房地產。

GAAP net income in the quarter reflected impairment charges of $37 million from exiting and consolidating underutilized leased spaces. Since beginning our journey to optimize our real estate footprint post COVID, we've exited over 2 million square feet, which is about 25% of our office space. Getting out of that space improves our competitiveness and keeps corporate costs in check.

本季度的 GAAP 淨收入反映了退出和整合未充分利用的租賃空間產生的 3700 萬美元的減值費用。自從在 COVID 之後開始優化我們的房地產足跡以來，我們已經退出超過 200 萬平方英尺，約占我們辦公空間的 25%。走出這個空間可以提高我們的競爭力，並控制企業成本。

We expect non-GAAP diluted earnings per share for 2023 between $6.40 and $6.80 on the basis of 138 million shares outstanding, which is unchanged from fourth quarter levels. To provide some context around that range, we expect 2023 net interest expense of approximately $225 million, and a non-GAAP tax rate between 23% and 24%. These 2 items amount to an EPS headwind of about $0.20 for the year.

我們預計 2023 年非 GAAP 攤薄每股收益在 6.40 美元至 6.80 美元之間，基於 1.38 億股已發行股票，與第四季度水平持平。為了提供有關該範圍的一些背景信息，我們預計 2023 年的淨利息支出約為 2.25 億美元，非 GAAP 稅率在 23% 至 24% 之間。這 2 項導致全年每股收益逆風約 0.20 美元。

Finally, we expect operating cash flow of at least $700 million. This guidance reflects approximately $300 million of additional cash taxes compared to fiscal year 2022, primarily related to the Tax Cuts and Jobs Act of 2017 provision requiring the capitalization and amortization of research and development costs.

最後，我們預計運營現金流至少為 7 億美元。該指南反映了與 2022 財年相比約 3 億美元的額外現金稅，主要與 2017 年減稅和就業法案要求對研發成本進行資本化和攤銷的規定有關。

As we're awaiting potential congressional action, we didn't make any Section 174 related tax payments last year. So we'll need to make payments this year to cover both '22 and '23. We paid the 2022 Section 174 taxes in January, and we expect to pay the '23 taxes in quarterly installments throughout the year.

由於我們正在等待可能的國會行動，我們去年沒有支付任何與第 174 條相關的稅款。所以我們今年需要支付 22 年和 23 年的費用。我們在 1 月份繳納了 2022 年第 174 節的稅款，我們預計將在全年按季度分期繳納 '23 稅款。

From a free cash flow perspective, we're targeting capital expenditures of approximately 1.5% of revenues, based on the timing of some investments in Australian and U.S. airborne surveillance as well as in-sourcing some of the security product supply chain.

從自由現金流的角度來看，我們的目標是資本支出約佔收入的 1.5%，這是基於對澳大利亞和美國空中監視的一些投資以及對一些安全產品供應鏈的內包的時間安排。

As is our usual pattern, cash generation will be back-end weighted in 2023, along with the tax and debt payments in Q1 and Q2, this limits the ability to deploy capital for shareholders in the first half of the year.

按照我們通常的模式，現金產生將在 2023 年進行後端加權，以及第一季度和第二季度的稅收和債務支付，這限制了上半年為股東配置資本的能力。

As a result, the EPS guidance range does not account for any repurchases, and we'll update you as we go throughout the year.

因此，EPS 指導範圍不考慮任何回購，我們會在全年更新您。

With that, I'll turn the call over to Rob, so we can take some questions.

有了這個，我會把電話轉給 Rob，這樣我們就可以回答一些問題。

(Operator Instructions) And our first question comes from the line of Robert Spingarn with Melius Research.

（操作員說明）我們的第一個問題來自 Robert Spingarn 與 Melius Research 的合作。

Chris, about the guidance, I wanted to ask you if you might not give us some more detail on a segment basis for the -- what drives the 2% to 5% growth across the segments? And then how do the margins look relative to the '22 performance on a segment basis?

克里斯，關於指導，我想問你是否可以在細分市場的基礎上為我們提供更多細節 - 是什麼推動了各細分市場 2% 到 5% 的增長？然後，相對於 22 年細分市場的表現，利潤率如何？

Well, Rob, you know that we don't guide by segment, but I'll give you a little additional color commentary.

好吧，Rob，你知道我們不按細分市場進行指導，但我會給你一些額外的顏色評論。

First of all, we're planning on growth across all of our segments. And our leaders that have signed up to that. We feel good about that. We're seeing strong demand and pipeline and bid opportunities really across all 3 segments: Defense Solutions, Civil and Health.

首先，我們計劃在所有細分市場實現增長。我們的領導人已經簽署了這一協議。我們對此感覺很好。我們在所有 3 個領域都看到了強勁的需求、管道和投標機會：國防解決方案、民用和健康。

On the margin front, we've been communicating this for some time. Health margins were overheated in '20 and '21. Those started to moderate down. You saw that in the fourth quarter that they're coming to a place that we believe is sustainable, and then we can build off of that going forward.

在保證金方面，我們已經溝通了一段時間。 20 年和 21 年的健康利潤率過高。那些開始緩和下來。你在第四季度看到他們來到了一個我們認為可持續的地方，然後我們可以在此基礎上繼續前進。

So what I would tell you is that's how we see health playing out is in the mid-teens as we've communicated. But we're very focused in the other 2 segments about continuing to drive margin expansion, Defense Solutions and Civil. So that's generally how we see the year playing out. And hopefully, that gives you enough additional color commentary.

所以我要告訴你的是，正如我們所交流的那樣，我們是如何看待健康在十幾歲的時候發揮作用的。但我們非常關注其他兩個領域，即繼續推動利潤率擴張、國防解決方案和民用領域。所以這通常是我們如何看待這一年的結果。希望這能為您提供足夠的額外顏色評論。

Yes. And then, Roger, going back to the security products business and the supply chain there, what parts of that might you bring in-house?

是的。然後，羅傑，回到那裡的安全產品業務和供應鏈，您可以將其中的哪些部分帶入內部？

Some of the manufacturing. We've had -- we've used a contract manufacturer for -- if you think about it for some of the lower-level parts and then final assembly of some of the pieces of equipment.

部分製造業。我們已經 - 我們已經使用了合同製造商 - 如果你考慮一些較低級別的零件，然後對一些設備進行最終組裝。

And with the Dynetics organization and the expertise, we now have -- we're very, very comfortable with doing more of those operations internally. We have more control. We can manage the supply chain. Frankly, we think we can drive the cost down.

憑藉 Dynetics 組織和專業知識，我們現在擁有 - 我們非常非常願意在內部進行更多此類操作。我們有更多的控制權。我們可以管理供應鏈。坦率地說，我們認為我們可以降低成本。

And that's been part of our strategy, and we are having the conversations about a manufacturing, center of excellence, which I think really is a great part of the evolution of the company. And so we can look at, if you will, larger manufacturing like the provision system, which I'm sure you all go through and be very confident that we can build that well in-house.

這一直是我們戰略的一部分，我們正在就製造卓越中心進行對話，我認為這確實是公司發展的重要組成部分。所以我們可以看看，如果你願意的話，像供應系統這樣的更大的製造業，我相信你們都經歷過並且非常有信心我們可以在內部建立這樣的好。

Our next question comes from the line of Sheila Kahyaoglu with Jefferies.

我們的下一個問題來自 Sheila Kahyaoglu 與 Jefferies 的合作。

Just a follow-up maybe on health, and I know you don't guide on a segment basis, but can you give us the moving pieces as we think about your growth rate. You mentioned SSA in the quarter starting to contribute RHRP. How do we think about that incremental contribution in 2023? And what you're seeing from burn pit, and then the offset from DHMSM?

可能只是關於健康的後續行動，我知道你不會在細分市場的基礎上進行指導，但你能否在我們考慮你的增長率時給我們一些動人的片段。你在本季度提到了 SSA 開始貢獻 RHRP。我們如何看待 2023 年的增量貢獻？你從 burn pit 看到了什麼，然後是 DHMSM 的偏移量？

Well, you nailed all the big players there, Sheila. So you're on top of it.

好吧，希拉，你把所有的大牌都釘在那裡了。所以你在它之上。

First of all, I mean, the SSA team did an outstanding job, and we couldn't be happier with the transition, the fact that the customer did the right thing. Let us get started in the fourth quarter, we're off and running, and we expect that to be a significant contributor to growth in 2023. So that is solid.

首先，我的意思是，SSA 團隊做得非常出色，我們對過渡非常滿意，因為客戶做了正確的事情。讓我們從第四季度開始，我們正在運行，我們預計這將成為 2023 年增長的重要貢獻者。所以這是可靠的。

RHRP, finally, we feel very confident that, that will start to ramp up here really at the tail end of the first quarter. There'll be some activity in March, but think about that as building from Q2 onward through the rest of the year. So that gives us solid growth momentum.

RHRP，最後，我們非常有信心，這將在第一季度末真正開始增加。 3 月份會有一些活動，但將其視為從第二季度開始到今年剩餘時間的建設。因此，這為我們提供了堅實的增長動力。

PACT Act is still again early. I'd say the team is doing excellent work in QTC. We -- the story got a little complicated last year because some of the predischarge work went to multiple competitors. We also have the international work that we won that's ramping up this year. So I'd say that's -- we expect growth in that area, but more color on that as we get a quarter or 2 down the road.

PACT 法案還為時過早。我會說該團隊在 QTC 中表現出色。我們——去年的故事變得有點複雜，因為一些出院前的工作交給了多個競爭對手。我們也有我們贏得的國際工作，今年正在增加。所以我想說的是——我們預計該領域會出現增長，但隨著我們在未來四分之一或兩個季度的發展，該領域會出現更多的色彩。

And then finally, DHMSM, this year, there's, I would say, towards the tail end of the year, we've got to continue to work to offset that ramp down on the deployment side, but the teams have been doing excellent work to expand the capabilities within the software that's been deployed. And so we're continuing to find opportunities to do that.

最後，DHMSM，今年，我想說，到年底，我們必須繼續努力抵消部署方面的下降，但團隊一直在做出色的工作擴展已部署軟件的功能。因此，我們將繼續尋找機會來做到這一點。

I don't know, Roger, if there's anything more, you'd add there.

我不知道，羅傑，如果還有什麼，你會在那裡添加。

No, not really. Although, Sheila, I'm sure you've heard in the State of Union Address that the President talked about burn pits and making sure that we took care of veterans. And so it has been slow, but solid and we would expect that momentum to continue throughout the year. That's more likely to affect volume than margin. But we've seen, again, our volume hold up well in our [exam] business and look forward to another strong year.

不，不是真的。不過，希拉，我相信你在國情咨文中聽說總統談到了燒傷坑，並確保我們照顧好退伍軍人。因此，它一直很緩慢，但很穩固，我們預計這一勢頭將在全年持續。這更有可能影響交易量而不是保證金。但我們再次看到，我們的[考試]業務量保持良好，並期待又一個強勁的一年。

Okay. No, that's helpful. And then I wanted to talk about margins we saw that defense was solid in the quarter, but I think it was mainly above that in Q3 and Q4 have seen really good performance there.

好的。不，那很有幫助。然後我想談談利潤率，我們看到本季度的防守很穩固，但我認為這主要高於第三季度和第四季度的利潤率，那裡的表現非常好。

So what's sort of going on? You mentioned larger programs, but I didn't think you had anything in particular there. So how do we think about Civil margins going forward? And what's the driver of the better performance in the second half of the year?

那麼發生了什麼事呢？你提到了更大的程序，但我認為你在那裡沒有什麼特別的。那麼我們如何看待未來的民事利潤率呢？下半年表現更好的驅動因素是什麼？

Well, Civil -- again, we talked a little bit on the prepared remarks about the security products area seeing some ramp up. And that will -- certain quarters will have more volume there. Certain quarters will have less, but that is always a nice contributor.

好吧，Civil——再次，我們討論了關於安全產品領域出現一些增長的準備好的評論。那將會 - 某些地區會有更多的交易量。某些地區會少一些，但這總是一個很好的貢獻者。

Steady performance in our commercial energy business that has grown nicely quarter-over-quarter. It's higher margin work. Team does an excellent job there. And then just on the digital modernization side, AEGIS coming in, not one of our higher-margin programs, but it's a great base. A lot of employees go into work that helps absorb costs elsewhere, helps make other programs more profitable. And so we like the pipeline of additional digital modernization IT opportunities that we see in that unit as well.

我們的商業能源業務表現穩定，環比增長良好。這是利潤率更高的工作。團隊在那裡做得很好。然後就在數字現代化方面，AEGIS 進來了，這不是我們利潤率較高的項目之一，但它是一個很好的基礎。許多員工從事的工作有助於吸收其他地方的成本，有助於使其他項目更有利可圖。因此，我們也喜歡在該部門看到的額外數字現代化 IT 機會的管道。

So -- and lastly, everybody has been focused on cost management, Sheila. That was kind of the mantra across the company in the back half of the year, the civil team got to give them kudos. They went above and beyond and finding opportunities where they could drive efficiencies sustainably into the organization. And so we like how that performance is trending.

所以 - 最後，每個人都專注於成本管理，Sheila。這是今年下半年整個公司的口頭禪，民事團隊必須給予他們榮譽。他們超越自我，尋找機會，以可持續的方式提高組織的效率。因此，我們喜歡這種表現的趨勢。

Sheila, I would add, if I could, because I know you followed us for a long time. What's been great about our civil business is that it's growing. And we have a base of business in that segment that is sort of infrastructure support business. We run Antarctica. We've got the Hanford contract. We do some other work for DOE.

希拉，如果可以的話，我想補充一下，因為我知道你關注我們很長時間了。我們的民用企業的優點在於它正在增長。我們在該領域有一個業務基礎，即基礎設施支持業務。我們經營南極洲。我們有漢福德的合同。我們為 DOE 做一些其他工作。

And as great that work is, it traditionally does not carry the margin of the rest of the company. And so as Civil grows top line, you see the margin increase because we're adding new business sort of at the margin, and the mix is shifting in civil. So the more we grow civil, and we hold the infrastructure business constant, the more growth in margin you're going to see. And the team there has done a great job of growing.

儘管這項工作很出色，但傳統上它並沒有為公司其他部門帶來利潤。因此，隨著 Civil 收入的增長，您會看到利潤率增加，因為我們在利潤率上增加了新業務，而且民用業務的組合正在發生變化。因此，我們發展民用越多，並且我們保持基礎設施業務不變，您就會看到更多的利潤增長。那裡的團隊在成長方面做得很好。

The next question is from the line of Bert Subin with Stifel.

下一個問題來自 Bert Subin with Stifel。

Roger, maybe if I -- or Chris, maybe if I follow-up to an earlier question. If we look across the portfolio at Leidos in '23, just a couple of items you've got. The continued aviation security recovery. You guys noted the growth in commercial energy.

羅傑，也許我——或者克里斯，也許我跟進之前的一個問題。如果我們查看 23 年 Leidos 的產品組合，就會發現只有幾件。持續的航空安全恢復。你們注意到商業能源的增長。

You're going to have the annualization of the SSA task orders. You got the PACT Act sentinel debt. This is just to name a few. All of which I would think would be mid-single growth, mid-single-digit organic growth tailwinds. What are the offsetting mechanisms there that puts you down to that 2% to 5% range?

您將獲得 SSA 任務訂單的年度化。你得到了 PACT 法案的定點債務。這只是僅舉幾例。我認為所有這些都是中個位數增長、中個位數有機增長的順風。那裡的抵消機制是什麼讓你下降到 2% 到 5% 的範圍？

You make it sound so easy, Bert, you're right. There are a lot of tailwinds, no doubt about it. But what we...

你讓它聽起來很簡單，伯特，你是對的。毫無疑問，有很多順風。但是我們...

We've always talked about the DHMSM program coming off the peak. One of -- by the way, I think one of the real marquee programs for the company, but we're better than half done now, and we will start to slow down as we have talked about in the past.

我們一直在談論 DHMSM 項目的高峰期。其中之一——順便說一下，我認為這是公司真正的大型項目之一，但我們現在已經完成了一半以上，我們將開始放慢速度，就像我們過去談到的那樣。

And that program has just been such a great performance program for us, both top line and bottom line and frankly, delivering on time and on schedule to our soldiers. So that's 1 of the programs that's coming down.

該計劃對我們來說是一個非常棒的績效計劃，無論是頂線還是底線，坦率地說，它按時按時交付給我們的士兵。這就是即將取消的計劃之一。

I would also point there's a couple of spots in our Intel business. It's been fairly public, the Focus Fox procurement process. And while that has some room to go ahead of it still to see how that fully plays out. That's an area that could be -- put some pressure on revenue growth, if it doesn't go our way.

我還要指出我們的英特爾業務中有幾個地方。這是相當公開的，Focus Fox 採購流程。儘管這還有一定的發展空間，但仍要看看它是如何充分發揮作用的。這是一個可能的領域——如果不按我們的方式發展，就會給收入增長帶來一些壓力。

And then we lost a program a year ago, and this is how long things they called ITEMS UFS. And so the good news is the Intel leadership team did a great job throughout 2022 to continue to support the customer during transition, but now we're fully rolled off that program. So that's a little bit of a headwind.

然後一年前我們丟失了一個程序，這就是他們稱為 ITEMS UFS 的東西有多長。因此，好消息是英特爾領導團隊在整個 2022 年都做得很好，在過渡期間繼續為客戶提供支持，但現在我們已經完全退出該計劃。所以這有點不利。

But by and large, we've had great success on our recompetes. I really love the team's performance there. There are a lot of tailwinds that are known, but we also have seen customer behavior take longer. And especially if they're worried about the budget environment transitioning into government fiscal year 2024.

但總的來說，我們在重新競爭中取得了巨大的成功。我真的很喜歡球隊在那裡的表現。有很多已知的有利因素，但我們也看到客戶行為需要更長的時間。特別是如果他們擔心預算環境會過渡到政府 2024 財年。

So our hope is we'll build momentum through the year. We'll have some successes, and we'll be able to update you in a positive direction.

所以我們希望我們能在這一年裡建立勢頭。我們將取得一些成功，並且能夠向您提供積極的最新信息。

Yes, that's super helpful. Maybe one item, Roger, that you had talked about before and I saw you gave some good color on DES. Obviously, that has the ability to be a significant driver on the sales side for the company.

是的，這非常有幫助。也許有一項，羅傑，你之前談過，我看到你在 DES 上給出了一些很好的顏色。顯然，這有能力成為公司銷售方面的重要推動力。

And you talked about that as being tens of millions of dollars in '22, and then maybe doubling from that range in '23, and then really starting to ramp by '24. Is that still how you're looking at it? Or how should we think about the range of potential outcomes for that contract this year?

你談到這在 22 年是數千萬美元，然後可能在 23 年從這個範圍翻一番，然後到 24 年才真正開始增加。你仍然是這樣看的嗎？或者我們應該如何考慮今年該合同的潛在結果範圍？

Yes, I think that's a good way to build your model. And I was with a customer yesterday, actually, we had a long meeting on the program. We all want to move fast. This is about transitioning non-combat support organizations to new, what we call DoD net. And but we want to do it the right way. We want to do it when we're ready, and we all want to move fast because it will save money. It will help interoperability between all these support agencies. But we want to do it the right way. We don't want to create a negative user experience for all the people that are supporting the military.

是的，我認為這是構建模型的好方法。昨天我和一位客戶在一起，實際上，我們就該計劃進行了長時間的會談。我們都想快速行動。這是關於將非戰鬥支持組織過渡到我們稱之為 DoD 網絡的新組織。但我們想以正確的方式去做。我們想在準備就緒時去做，我們都想快速行動，因為這樣可以省錢。它將有助於所有這些支持機構之間的互操作性。但我們希望以正確的方式做到這一點。我們不想為所有支持軍隊的人創造負面的用戶體驗。

And so the discussion was, well, okay, are we -- can we move up some of the transformations and some of the transitions, and we're looking at that. So I think there is potential for it to be higher, but we're not guiding to that. And we'll talk to you quarter-by-quarter as to what our success has been and whether we've been able to increase the ramp.

所以討論是，好吧，好吧，我們能不能推進一些轉型和一些過渡，我們正在研究這個問題。所以我認為它有可能更高，但我們並沒有指導這一點。我們將逐個季度與您討論我們取得的成功以及我們是否能夠提高增長速度。

And I will tell you, we're very enthusiastic about it in '24 and '25. As it fully ramps and we're doing these conversions. How much more than what you described we can do in '23, we have yet to see. But I can tell you, the customer wants to move fast, we want to move fast. But we all know if you -- sometimes you move too fast and if you create a negative user experience, you're really not serving the user well, and we don't want to get ahead of ourselves.

我會告訴你，我們在 24 和 25 年對此非常熱衷。隨著它的全面發展，我們正在進行這些轉換。我們在 23 年能做的比你描述的多多少，我們還沒有看到。但我可以告訴你，客戶想要快速行動，我們想要快速行動。但我們都知道，如果你 - 有時你行動太快，如果你創造了負面的用戶體驗，你真的沒有很好地為用戶服務，我們不想超越自己。

Our next question comes from the line of Matt Akers with Wells Fargo.

我們的下一個問題來自富國銀行的 Matt Akers。

I wanted to ask about the cash flow guidance for '23. And I think if you back out Section 174, I think it's kind of flattish year-over-year. I think the payroll tax goes away in '23. Is there any other sort of offsets to that? Or working capital maybe that are preventing that from being higher?

我想問一下 23 年的現金流量指導。而且我認為，如果你退出第 174 條，我認為它與去年同期相比有點持平。我認為工資稅將在 23 年取消。還有其他類型的抵消嗎？或者營運資金可能會阻止它更高？

Well, again, Matt, with the growth we've had and the growth that we see ahead of us, there are some investments -- modest investments in working capital for a few particular programs. If we're able to win a program like FENS, for example, there's an initial amount of equipment that you have to procure and bring on board to support the customer. So there are a few things like that in our pipeline that we're anticipating.

好吧，馬特，隨著我們已經取得的增長和我們看到的未來增長，有一些投資——對一些特定項目的營運資金進行適度投資。例如，如果我們能夠贏得像 FENS 這樣的計劃，那麼您必須採購併攜帶一定數量的設備來支持客戶。因此，我們期待在我們的管道中有一些類似的東西。

We finished the year at 58 days DSO, and that's good performance. I think there's opportunities to drive that even lower and we're focused on that as a finance team with our lines of business leaders.

我們以 58 天 DSO 結束了這一年，這是很好的表現。我認為有機會進一步降低這一點，我們作為一個財務團隊與我們的業務領導一起專注於此。

So we thought we'd start the year at $700 million. I mean, it's not a -- never a slam dunk, but our focus is to continue to build momentum on the cash side. But nothing out of the ordinary as it relates to working capital investment, but there are a few programs that we are anticipating needing some support as we win them and grow them.

所以我們認為今年年初的收入為 7 億美元。我的意思是，這不是 - 永遠不會扣籃，但我們的重點是繼續在現金方面建立勢頭。但與營運資本投資相關並沒有什麼特別之處，但我們預計有一些項目在我們贏得併發展它們時需要一些支持。

Got it. And then I guess it sounds like you're doing some sort of contingency planning around if there's a shutdown, are you willing to share what kind of quantify the impact would be if we do get a shutdown?

知道了。然後我想這聽起來像是您正在為停工做一些應急計劃，您是否願意分享如果我們確實停工會產生什麼樣的量化影響？

Well, first of all, no, because we really haven't -- we haven't gotten to that level of planning where we've -- in order to have -- to quantify, we'd have to pick a date and then go through and figure out which programs would be deemed essential and which programs would not be deemed essential, and then how we would go mitigating.

好吧，首先，不，因為我們真的沒有——我們還沒有達到我們已經——為了有——量化的計划水平，我們必須選擇一個日期並且然後仔細研究並找出哪些程序將被視為必不可少的，哪些程序將被視為不重要的，然後我們將如何緩解。

What we do, and unfortunately, we have done this way too many times as we get our contracts organization, and we go through our 3,000 or so contracts and try to understand how each contract would perform in a government shutdown. And some are easy. They're deemed essential. We know those will continue. Some, we know will not be deemed essential.

我們所做的，不幸的是，當我們得到我們的合同組織時，我們已經這樣做了太多次，我們檢查了我們的 3,000 份左右的合同，並試圖了解每份合同在政府關閉時的表現。有些很容易。他們被認為是必不可少的。我們知道這些會繼續下去。我們知道，有些不會被視為必不可少的。

And then as part of our preparation, we start to have conversations with contracting officers about things that might be in the middle and work with them on ways that we could mitigate a shutdown. And it just behooves us to be prepared.

然後，作為我們準備工作的一部分，我們開始與合同官員就中間可能發生的事情進行對話，並與他們一起研究可以緩解停工的方法。我們應該做好準備。

And by the way, we have learned the better prepared we are, the less likely it is, we'll ever use the plan. But we would never want to maybe McCarthy and the President have a meeting. I think they're going to meet again in a couple of weeks. And if it comes out of that and we get to June, and we're not prepared, then we haven't done our job to manage through a government shutdown as best we can.

順便說一下，我們了解到我們準備得越好，我們就越不可能使用該計劃。但我們永遠不會希望麥卡錫和總統會面。我想他們會在幾週後再次見面。如果結果是這樣，我們到了 6 月，而我們還沒有做好準備，那麼我們就沒有盡我們所能完成政府停擺的工作。

And that's the process really that we have kicked off. And unfortunately, we have done this before. So we have a pretty well-developed playbook and we have gotten our playbook out and dusted it off.

這就是我們真正開始的過程。不幸的是，我們以前也這樣做過。所以我們有一個非常完善的劇本，我們已經拿出我們的劇本並將其塵埃落定。

Next question is from the line of Peter Arment with Baird.

下一個問題來自 Peter Arment 與 Baird 的對話。

Maybe you can just update us on how NGEN is doing. I think we are kind of expected to hit kind of a steady state in 2023 in terms of a ramp. What's your thoughts on that?

也許您可以向我們介紹 NGEN 的最新進展。我認為我們有望在 2023 年達到某種穩定狀態。你對此有何看法？

NGEN?

恩根？

Yes.

是的。

Yes. Well, it's pretty much fully ramped. And you're really doing well. We're in full possession of the network -- Peter, I know you know the program well, but our first task was to take the custodianship of the Azure network, okay? So we've done that.

是的。好吧，它幾乎完全傾斜了。你真的做得很好。我們完全擁有網絡——彼得，我知道你很了解這個項目，但我們的首要任務是接管 Azure 網絡，好嗎？所以我們已經做到了。

Now the challenge is, is to transform that network to modern technology. And we're in the process of keeping the call center up, maintaining the network, trying to get the quality of service up, while we move to the new environment.

現在的挑戰是，將該網絡轉變為現代技術。在我們遷移到新環境的同時，我們正在保持呼叫中心正常運行，維護網絡，努力提高服務質量。

And there is opportunity, we believe, this year for additional scope through special projects and on-contract growth in task orders. And we are starting to see some of that. I think we have talked in prior calls that was a little slow in coming. But we have talked to the Navy and frankly, I've talked to our program manager, and we're starting to see some of that break free.

我們相信，今年有機會通過特殊項目和任務訂單的合同增長來擴大範圍。我們開始看到其中的一些。我想我們在之前的電話中談過，但來得有點慢。但我們已經與海軍談過，坦率地說，我已經與我們的項目經理談過，我們開始看到其中的一些突破。

We see lots of opportunities, where technology can add value to the user experience in the Navy. And so we're constantly making suggestions to the customer about things that can be done to improve the network, and which would end up in growth for us, but more importantly, would end up in better quality of service for the user.

我們看到了很多機會，技術可以為海軍的用戶體驗增加價值。因此，我們不斷向客戶提出關於可以做些什麼來改善網絡的建議，這些建議最終會為我們帶來增長，但更重要的是，最終會為用戶提供更好的服務質量。

I don't know, Chris, do you want to add?

我不知道，克里斯，你想補充嗎？

No. I mean, first of all, we've got an outstanding team running that program. And it's our largest program, as you can imagine, and we're only a year, 18 months into this thing. So the best days are ahead of it. To Roger's point, we're clearly identifying areas where there we can help support the mission and the customer better and that would lead to contractual actions and modifications.

不，我的意思是，首先，我們有一支出色的團隊來運行該程序。這是我們最大的計劃，正如您可以想像的那樣，我們只用了一年零 18 個月就完成了這件事。所以最好的日子就在前面。就羅傑的觀點而言，我們正在清楚地確定我們可以幫助更好地支持任務和客戶的領域，這將導致合同行動和修改。

And let's just say, of course, we're interested in pursuing that, but at the pace that makes sense for the customer. So -- we're hopeful that there's -- we'll continue to see growth and margin improvement around that program as it moves into next year and the year after.

我們只是說，當然，我們有興趣追求這一點，但要以對客戶有意義的速度進行。所以——我們希望有——隨著該項目進入明年和後年，我們將繼續看到圍繞該項目的增長和利潤率改善。

I appreciate that color. Roger, you mentioned technology kind of insertions and things that AI has obviously gained a lot in the press here recently with ChatGPT and other things. Are you seeing opportunities to really automate some parts of your business where you can really potentially improve margins?

我很欣賞那種顏色。羅傑，你提到了技術類型的插入和人工智能最近在媒體上通過 ChatGPT 和其他東西顯然獲得了很多東西。您是否看到機會真正實現業務某些部分的自動化，從而真正提高利潤率？

Absolutely. And Peter, we're all smiling because we actually do have ChatGPT in our environment, and we debated whether we're going to talk about it. And it seems such a popular term now -- and I guess Microsoft is going to put it under being and really make a super search engine out of it.

絕對地。彼得，我們都在微笑，因為我們的環境中確實有 ChatGPT，我們討論了是否要談論它。現在它似乎是一個非常流行的術語——我猜微軟會把它放在 being 之下，並真正從中製造一個超級搜索引擎。

But I think what everyone needs to understand is those technologies are available to anyone who wants to use them. And I think the benefit goes to those people who capitalize on not only the money we spend internally, but the billions of technology money that's spent outside the company.

但我認為每個人都需要了解的是，任何想使用這些技術的人都可以使用這些技術。而且我認為，那些不僅利用我們在內部花費的資金，而且利用在公司外部花費的數十億技術資金的人會受益。

And so we are very aggressively using things like ChatGPT and other modern language AI platforms. And we've deployed robotic process automation in accounting, like in Chris' area. I mean, we don't talk much about that. We're certainly doing it for customers. We're using it, like to analyze images and all the applications that you can imagine.

因此，我們非常積極地使用諸如 ChatGPT 和其他現代語言 AI 平台之類的東西。我們已經在會計領域部署了機器人流程自動化，就像在 Chris 的領域一樣。我的意思是，我們談得不多。我們當然是為客戶做的。我們正在使用它，例如分析圖像和您可以想像的所有應用程序。

But we're also using it internally in our functions to be able to, if you will, use computers to do what we call the dull, the dirty and the dangerous, right, and free up the human, whether that be a financial analyst or an accountant or an imagery analyst or even a linguist, right, in our linguistic program to do what the human does best, which is to add that cognitive dissernment, and then let the computers crunch through the gigabytes and petabytes and terabytes of data that we now collect.

但我們也在我們的職能內部使用它，如果你願意的話，可以使用計算機來做我們稱之為枯燥、骯髒和危險的事情，並解放人類，無論是金融分析師或會計師或圖像分析師甚至語言學家，對，在我們的語言程序中做人類最擅長的事情，即添加認知差異，然後讓計算機處理千兆字節、拍字節和萬兆字節的數據我們現在收集。

The next question is from the line of Seth Seifman with JPMorgan.

下一個問題來自摩根大通的 Seth Seifman。

I was wondering maybe if you could talk a little bit about the '23 Omnibus, and kind of how that's set up your expectations for the growth that should be coming in the Dynetics programs, particularly in the 2024-time frame?

我想知道您是否可以談談 '23 Omnibus，以及它如何設定您對 Dynetics 計劃應該出現的增長的預期，尤其是在 2024 年的時間框架內？

Yes. Okay. Those are -- you 2, I would say, lightly linked subject. So let me talk through them and I'll have Chris clean up after me when I make a mistake.

是的。好的。那些是——你們 2，我會說，與主題有輕微的聯繫。所以讓我來談談他們，當我犯錯時，我會讓克里斯幫我清理。

But given the year and what's going on, on the Hill, I think the Omnibus is about the best we can expect. And my hope and our plan is McCarthy and the President find a way to raise the debt ceiling long before the June date. And the debt is really paying for past years for authorizations and appropriations that have already been made, commitments that the country has been made, and we're just funding the government.

但考慮到今年和發生的事情，在山上，我認為 Omnibus 是我們可以期待的最好的。我的希望和我們的計劃是麥卡錫和總統在 6 月日期之前找到提高債務上限的方法。債務實際上是在為過去幾年已經做出的授權和撥款、國家已經做出的承諾以及我們只是在為政府提供資金而付出代價。

And that will probably fund it, we're hoping a little bit higher than the 2023 levels. I think we can count on that. And as you know, it's always a discussion between defense and nondefense, and if we raise defense, then there's a group of elected officials, who want to raise the nondefense budget at the equal amount. And that may tamp down a little bit of the raise in defense, but we're coming off such a robust defense budget this year that I think we will all do okay.

這可能會為其提供資金，我們希望比 2023 年的水平高一點。我想我們可以指望這一點。如你所知，國防和非國防之間總是有討論，如果我們提高國防，那麼就會有一群民選官員希望以同等數額提高非國防預算。這可能會稍微抑制國防的增長，但我們今年的國防預算如此強勁，我認為我們都會做得很好。

Now how does that roll into Dynetics? And again, if you were down in Huntsville and I'll describe a little bit what you would have seen is a lot of productions that are in low-rate initial stage of the program, where we're building the first age preproduction or production units that will be followed in '24 by a fairly aggressive ramp and significant production. We're talking instead of 1 a month, 1 a week, 2 a week. And we could go through the different programs. I won't do that now.

現在，它如何融入 Dynetics？再一次，如果你在亨茨維爾，我會稍微描述一下你會看到的是許多處於項目低速率初始階段的產品，我們正在構建第一階段的預生產或生產在 24 年之後將出現相當激進的增長和顯著的產量。我們說的不是每月 1 次、每週 1 次、每週 2 次。我們可以通過不同的程序。我現在不會那樣做。

Those monies are pretty much already authorized and appropriate, okay? Not in every case, I won't go program by program, but if we get an Omnibus then the ramp that we talked about in December is certain because these are programs of records that will be fully funded.

這些錢幾乎已經得到授權和適當的，好嗎？並非在所有情況下，我都不會逐個計劃進行，但是如果我們得到一個 Omnibus，那麼我們在 12 月談到的坡道是肯定的，因為這些記錄計劃將得到全額資助。

I won't go into all the scenarios, if there's a debt ceiling or there's a [reason] and all the things that the government could do, which is certainly within the realm of possible. We think the high probability is they'll get an Omnibus. It will have some growth in it. There may be a Ukraine supplemental depending upon how it goes, and it certainly doesn't appear to be lessening. So they may cover those expenses with the supplemental as they have done in the past.

我不會討論所有情況，如果有債務上限或有一個 [原因] 以及政府可以做的所有事情，這當然在可能的範圍內。我們認為很有可能他們會得到一輛 Omnibus。它會有一些增長。可能會有一個烏克蘭補充，這取決於它的進展情況，而且它似乎並沒有減少。因此，他們可能會像過去一樣用補充劑來支付這些費用。

And then our production ramps in '24, which are -- again, we think we're very pleased. I think they're very attractive. Those would be fully funded, and we would see significant growth in Dynetics in '24, and I'll let Chris add to that.

然後是我們在 24 年的生產坡道，我們再次認為我們非常高興。我認為他們非常有吸引力。那些將得到全額資助，我們將在 24 年看到 Dynetics 的顯著增長，我會讓 Chris 補充這一點。

Not a lot to add. I mean, Seth, obviously, you can tell from Roger's comments, which were mostly focused towards the future '24, we felt really good about how '23 Omnibus came out, and our leg affairs team does an excellent job, and we clearly were making sure members understood the importance of some of our key programs. And we like the way we came out.

沒有太多要補充的。我的意思是，賽斯，很明顯，你可以從羅傑的評論中看出，這些評論主要集中在未來的 24 年，我們對 23 年 Omnibus 的出現感覺非常好，我們的腿部事務團隊做得很好，我們顯然是確保成員理解我們一些關鍵項目的重要性。我們喜歡我們出來的方式。

You don't get everything funded at the level that you'd like. But on balance, we thought we came out exceptionally well and well protected with key programs and that sets us up nicely for this year.

你不會在你想要的水平上得到所有的資金。但總的來說，我們認為我們表現得非常好，並且受到關鍵項目的保護，這為我們今年做好了準備。

Next question coming from the line of Ken Herbert with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Ken Herbert。

Maybe for Chris or Roger, you did a really nice job sort of sequentially first half to second half in '22 on the margins. And I know you went through a number of items around your physical footprint, some insourcing, maybe some labor savings. But it also sounds like from the guide that in your comments that you're obviously not going to keep all of this.

也許對於克里斯或羅傑來說，你在 22 年的邊緣上連續上半場到下半場做得非常好。而且我知道您圍繞您的物理足跡經歷了許多項目，一些內包，也許是一些勞動力節省。但從指南中也可以看出，在您的評論中，您顯然不會保留所有這些內容。

My question would be, how do you view sort of incremental sort of corporate level cost opportunities as you look at the business into '23? And how is the discussion with the customer in terms of how much you're able to keep, what's necessary to be competitive and win share in the marketplace? I mean how do you view these dynamics into '23? And where are the incremental opportunities at the corporate level from the cost side?

我的問題是，當您將業務視為 23 世紀時，您如何看待公司層面的增量成本機會？以及如何與客戶就您能夠保留多少、保持競爭力和贏得市場份額的必要條件進行討論？我的意思是你如何看待 23 年的這些動態？從成本方面來看，企業層面的增量機會在哪裡？

Well, Ken, let me get started. Roger might pile on. So first of all, very proud of the team, second half of the year, as a team, we really rallied and showed we're capable of on the cost control, margin improvement front. And quite honestly, that was despite the fact that we had some program areas where we could have done better. And so I think that gives us some confidence and momentum going into '23.

好吧，肯，讓我開始吧。羅傑可能會繼續前進。因此，首先，我們為團隊感到自豪，下半年，作為一個團隊，我們真的團結起來，展示了我們在成本控制、利潤率提高方面的能力。老實說，儘管我們有一些我們可以做得更好的計劃領域。所以我認為這給了我們進入 23 年的信心和動力。

Now a couple of things to keep in mind. The Health Group overall for the year finished still above 17% on margins, right? So fourth quarter was definitely more in line with what expectations are going forward. But earlier in the year, there was still some stronger performance from caseload and QTC and other things that drove that higher.

現在有幾件事要記住。 Health Group 今年的整體利潤率仍高於 17%，對嗎？因此，第四季度肯定更符合未來的預期。但在今年早些時候，案件數量和 QTC 以及其他推動該數字走高的因素仍有一些更強勁的表現。

So that will still moderate down a bit, but we do intend to capture the savings and the margin upside that we've been able to realize in other parts of the business. And we're not done in Defense Solutions and in Civil for sure.

所以這仍然會有所緩和，但我們確實打算抓住我們在業務的其他部分已經實現的節省和利潤率上升空間。我們肯定還沒有完成國防解決方案和民用領域的工作。

So -- and as we build our pricing, we have a rigorous process with our competitive intelligence team to kind of keep us in tune with where we need to be on a price to win front. We factor that in and making sure that we can remain competitive, while still trying to capture some of the margin upside.

因此 - 在我們建立定價時，我們與我們的競爭情報團隊有一個嚴格的流程，以使我們與我們需要在價格上取得領先的位置保持一致。我們將這一點考慮在內並確保我們能夠保持競爭力，同時仍在努力獲得一些利潤率上升空間。

So the guidance is balanced for next year. And again, there's momentum there. I wouldn't say there's any super low-hanging fruit on the cost reduction side because we do focus on that continuously. But there's still more that we can do, and we're focused on hitting that 10.5% long-term margin target or greater by 2024.

因此，明年的指導是平衡的。再一次，那裡有動力。我不會說在降低成本方面有任何超容易實現的成果，因為我們確實一直專注於此。但我們還有更多可以做的，我們專注於到 2024 年實現 10.5% 或更高的長期利潤率目標。

Yes. I don't have much to add, Ken. I'll make a couple of points that I'm not sure we get the full stop.

是的。我沒有太多要補充的，肯。我會提出幾點，我不確定我們是否說完了。

So taxes and interest, which I wish I could control, but I don't. That's like a $0.20 headwind on EPS. And we'll do all we can, and we've got a great tax department, and we'll see if we can mitigate that. Unfortunately, interest rates are up and the way we manage our balance sheet, we're in the market, we're always replacing expiring debt instruments, and so that creates a headwind.

所以稅收和利息，我希望我能控制，但我沒有。這就像 EPS 的 0.20 美元逆風。我們會盡我們所能，我們有一個很棒的稅務部門，我們會看看是否可以減輕這種情況。不幸的是，利率上升，我們管理資產負債表的方式，我們在市場上，我們總是更換到期的債務工具，所以這造成了不利因素。

But really, our philosophy is if we can grow revenue faster than we grow our indirect costs, then we get better every year. And so growing the top line has really helped us control costs. We had really good growth in the second half. Again, we expect continuous growth for the rest of this year. And then the challenge is to control costs below revenue growth, but we've found -- like we have some costs that grow with the number of people, right?

但實際上，我們的理念是，如果我們的收入增長速度快於間接成本增長速度，那麼我們每年都會變得更好。因此，增加收入確實幫助我們控制了成本。我們在下半年取得了非常好的增長。同樣，我們預計今年剩餘時間將持續增長。然後挑戰是將成本控制在收入增長以下，但我們發現 - 就像我們的一些成本隨著人數的增加而增長，對吧？

And so one of our thoughts are, we've had a business that was somewhat dependent on people to grow, right? And we've talked in the past about, well, we want a little bit more product mix. We wanted a little bit more diversity in our portfolio. Part of that is so that we can grow nonlinear with people. And so if we have -- we get to the ramp in Dynetics where we're building more products, we can leverage our terrific workforce, but it's not 1 to 1, and that allows us to grow faster than our indirect rates, and you can think about HR and benefits and all the things, the training programs that we have with our people.

所以我們的一個想法是，我們的業務在某種程度上依賴於人的成長，對吧？我們過去曾談到，好吧，我們想要更多的產品組合。我們希望我們的產品組合更加多樣化。部分原因是我們可以與人非線性地發展。因此，如果我們有 - 我們在 Dynetics 上取得了進展，我們正在製造更多產品，我們可以利用我們出色的員工隊伍，但這不是一對一，這讓我們的增長速度超過我們的間接率，而且你可以考慮人力資源和福利以及所有事情，我們對員工的培訓計劃。

So that's just kind of our philosophy. And I think Chris did a good job of saying, we got fixed price and cost plus. And I'm sure you know how the mechanics are about what we have to give back based upon the contract type.

所以這就是我們的理念。我認為克里斯說得很好，我們得到了固定價格和成本加成。而且我相信您知道根據合同類型我們必須回饋的機制是怎樣的。

Our next question is from the line of Cai von Rumohr with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Cai von Rumohr。

Yes. So I think early on, you talked about 6% headcount growth, and I would have to assume wages go up about 3%, which would say, payroll is up in the area of 9% and your revenues are up 2% to 5%. Help us square those 2 items?

是的。所以我想早些時候，你談到了 6% 的員工人數增長，我不得不假設工資上漲 3% 左右，也就是說，工資上漲了 9% 左右，你的收入上漲了 2% 到 5% .幫我們計算這兩項的平方？

Well, Cai, I mean, keep in mind, first of all, half of our revenue is kind of Leidos content. We've got subcontractors. We've got materials, right? So that's only a portion of the business that you're focused on the headcount growth. And that headcount growth that Roger talked about, the 2,400 people that we brought on last year was over the course of the year, right? We were adding them kind of pro rata throughout the year. So it's not like that's going to all be incremental heading into '23.

好吧，蔡，我的意思是，請記住，首先，我們一半的收入是 Leidos 的內容。我們有分包商。我們有材料，對吧？因此，這只是您關注員工人數增長的業務的一部分。羅傑談到的員工人數增長，我們去年帶來的 2,400 人是在這一年中，對吧？我們全年都按比例添加它們。因此，進入 23 年並不是所有這些都是漸進式的。

But that being said, we have big plans around the additional heads that we plan on adding again this year. So the combination of factors, headcount should be up. You're correct. There's payroll growth on top of that, that gives you some upside, that immediately gets passed through on the cost reimbursable programs. You don't necessarily get uplift immediately on your fixed price programs.

但話雖這麼說，我們圍繞我們計劃在今年再次增加的額外負責人制定了宏偉的計劃。因此，綜合因素，員工人數應該增加。你是對的。最重要的是工資增長，這給你帶來了一些好處，可以立即通過成本報銷計劃。您不一定會在固定價格計劃中立即得到提升。

But -- that's part of the equation, too, that would suggest, if we're successful, we don't have any major losses, and we continue to win our fair share, we like the momentum that we see on the growth side.

但是——這也是等式的一部分，這表明，如果我們成功了，我們不會有任何重大損失，我們將繼續贏得我們應得的份額，我們喜歡在增長方面看到的勢頭.

And the second one is you have very strong bid submits. And Roger, you mentioned we have a very strong FY '23 budget. So there's lots of money available. Can you give us some color on what you expect your book-to-bill might be in '23? And what that would suggest for '24?

第二個是你有非常強的投標提交。羅傑，你提到我們有一個非常強大的 23 財年預算。所以有很多錢可用。你能給我們一些關於你期望你的 book-to-bill 在 23 年可能是什麼的顏色嗎？這對 24 年意味著什麼？

Yes. Sure, Cai. And, of course, it's early. So -- and we've got about $34 billion of submits pending awards. And we had -- I don't know whether our submits of $23 billion last quarter was a record or not, I think it probably was. So we've got just a lot of things out there.

是的。當然，蔡。當然，現在還早。所以 - 我們有大約 340 億美元的提交待決獎項。我們有——我不知道我們上個季度提交的 230 億美元是否創紀錄，我想可能是。所以我們那裡有很多東西。

And so we expect '23 to be at or better where we were in '22. And it's so early -- we start leaning forward and then we get hit with the protest and the program gets pushed out of '23 to '24, which we've certainly seen happen in the past. But we're -- we feel that '23 is going to be strong.

因此，我們預計 23 年會達到或超過 22 年的水平。而且時間太早了——我們開始向前傾，然後我們受到抗議的打擊，該計劃被從 23 年推遲到 24 年，我們過去肯定看到過這種情況。但是我們 - 我們覺得 23 年會很強大。

And the '22 levels were better. There's always a couple of wild cards. It says you would win. There are a couple, I would say, maybe more sort of like 1 square over that we could win that would really fuel the top end. We didn't really put those in our plans and our guide. What we're trying to do is to build a balanced guide around what we see in the portfolio.

而'22水平更好。總是有一些通配符。它說你會贏。有幾個，我想說，也許更像是我們可以贏得的 1 個平方，這將真正推動高端。我們並沒有真正將這些納入我們的計劃和指南中。我們正在努力做的是圍繞我們在投資組合中看到的內容建立一個平衡的指南。

And again, clearly above 1 for the year, again, as it has been for years and years and years. But the potential for a very strong year. And then we'll just -- we've got FENS, which still hasn't been awarded and we're hopeful that FENS will be awarded soon. I'll tell you, Cai, without going into the details, there's a program that has been under protest that we thought would be awarded in first quarter. And the customer just asked us to extend our pricing to next year.

再一次，今年再次明顯高於 1，就像多年來一樣。但今年的潛力非常強勁。然後我們將 - 我們有 FENS，它還沒有被授予，我們希望 FENS 很快就會被授予。我告訴你，蔡，不細說了，有一個項目一直在抗議，我們認為它會在第一季度授予。客戶剛剛要求我們將定價延長到明年。

So there's -- as enthusiastic as we are. Every once in a while, we do get disappointed, and the protest process and the adjudication court of federal claims tends to damp down some of our enthusiasm. And so in the first quarter, we're going to be thoughtful about what we put out there. But you know the number, 35, 36 in backlog 34 awaiting award, our strong submits, and we'll have a very strong submit year in '23 as well.

所以有 - 和我們一樣熱情。每隔一段時間，我們確實會感到失望，抗議過程和聯邦索賠的裁決法庭往往會削弱我們的一些熱情。因此，在第一季度，我們將仔細考慮我們在那裡推出的產品。但是你知道等待獎勵的積壓 34 中的數量，35、36，我們的提交很強，我們在 23 年也將有一個非常強大的提交年。

Our next question is from the line of Jason Gursky with Citigroup.

我們的下一個問題來自花旗集團的 Jason Gursky。

Just want to follow-up there with kind of a follow-up question to the line of thinking that Cai had there on the bookings. You mentioned in your prepared remarks the "protracted acquisition process" that's in place. That's something we've been hearing for quite some time now.

只是想跟進 Cai 在預訂時的思路的後續問題。你在準備好的評論中提到了“長期收購過程”。這是我們已經聽了很長一段時間的事情了。

I'm wondering if this is just kind of the normal environment now. And what your assumptions are for the year? Are you expecting things to get better or worse on how quickly things can get out the bid and then awarded?

我想知道這是否只是現在的正常環境。你對這一年的假設是什麼？您是否期望事情能以多快的速度通過投標然後中標而變得更好或更糟？

Yes. I mean, I'll talk kind of top level. Chris can add in. And this is just what I think. So everybody has their opinion and there's a lot that's being written is what I think I'm seeing is customers wanting to get things under contract before we end up in this argument over the debt ceiling.

是的。我的意思是，我會談一些頂級的。 Chris 可以補充。這正是我的想法。所以每個人都有自己的意見，並且正在寫的很多東西是我認為我看到的是客戶希望在我們結束關於債務上限的爭論之前根據合同獲得東西。

With looming government shutdown, who knows what comes out of those discussions. If you've got a customer and you've got appropriated funds, you're going to really work hard to get those committed between now and June. And so we are seeing a little bit more activity, and we're hopeful that these folks will try to move a little faster and get these things under contract.

隨著政府關門的臨近，誰知道這些討論會產生什麼結果。如果您有客戶並且有撥款，那麼從現在到 6 月，您將真正努力工作以獲得那些承諾。因此，我們看到了更多的活動，我們希望這些人能嘗試更快地行動並讓這些東西簽訂合同。

And then we probably end up with an agreement on debt ceiling with some kind of a future trade on some kind of a top-level budget constraint. I mean I don't -- I'm not smart enough to know what that will look like. Last time this happened, we got sequester. But I suspect it will be something just what I read about how McCarthy got elected as a speaker, there is some kind of a budget deal that's going to be cut for the long-term.

然後我們可能最終就債務上限達成協議，並就某種頂級預算約束進行某種未來交易。我的意思是我不知道——我不夠聰明，不知道那會是什麼樣子。上次發生這種情況時，我們得到了隔離。但我懷疑這正是我讀到的關於麥卡錫如何當選為議長的內容，有某種預算協議將被長期削減。

But that could be by -- and I don't really understand how you balance the budget in 10 years. Again, that's not my job, but I run the numbers, and it seems unbelievably difficult. But that's going to put a damper perhaps on what the budget could be. You're starting to talk now 25%, right? And so I suspect that if you have money and you have a program and you have a mission with requirements, you're going to work as hard as you can to get those things committed in '23. And I think that speaks well.

但這可能是——我真的不明白你如何在 10 年內平衡預算。再說一遍，這不是我的工作，但我會計算數字，這似乎非常困難。但這可能會抑制預算的增長。你現在開始說 25%，對吧？所以我懷疑，如果你有錢，你有一個程序，你有一個有要求的任務，你會盡你所能努力工作，在 23 年完成這些事情。我認為這很好。

And then as you know, we get an award in '23 that's a '24, '25, '26 revenue. So again, our future, we think, is still looks relatively bright. And then plus the diversity in our portfolio, the Civil Group has been growing very strongly. The Health Group has been growing very strongly. So we've been working really hard to make Leidos somewhat resistant to the vagaries of what happens from our elected officials.

然後如您所知，我們在 23 年獲得了 24 年、25 年、26 年的收入獎勵。因此，我們認為，我們的未來看起來仍然相對光明。然後再加上我們投資組合的多樣性，Civil Group 的增長非常強勁。 Health Group 的發展非常強勁。因此，我們一直在非常努力地工作，讓 Leidos 在一定程度上抵制我們當選官員所發生的變幻莫測的事情。

I don't know, Chris, you want to add anything.

我不知道，克里斯，你想補充什麼。

No, I think you covered it well. I mean the only thing I'd say, we wish customer contracting shops were more fully staffed. They're not in many cases. One path that we think has been successful is more use of FEDSIM. FEDSIM runs a good acquisition process. The rules are well defined. And so we've had some success with our teams competing in that arena, and we see more customers going in that direction.

不，我認為你涵蓋得很好。我的意思是我唯一要說的是，我們希望客戶承包商店的人員配備更齊全。他們在很多情況下都不是。我們認為成功的途徑之一是更多地使用 FEDSIM。 FEDSIM 運行良好的採集過程。規則定義明確。因此，我們的團隊在該領域的競爭中取得了一些成功，並且我們看到更多的客戶朝著這個方向發展。

Okay. And then quick clarification. Can I ask 1 clarification. You mentioned the CapEx at 1.5% this year. And I think you mentioned part of that is being driven by Australia. I'm just curious if that has to do with the recent acquisition and kind of what's going on down there, specifically on...

好的。然後快速澄清。我可以問 1 澄清嗎？你提到今年的資本支出為 1.5%。我想你提到了部分原因是由澳大利亞推動的。我只是很好奇這是否與最近的收購以及那裡發生的事情有關，特別是......

Yes. Good question, Jason. So it does. When we acquired that -- the Australian Airborne business, we knew they were kind of halfway through a major investment in the mission management system software capability. We're continuing that investment. So that will be completed in '23, but that was fully factored in the valuation of the business. And so that's elevated for a period of time.

是的。問得好，傑森。確實如此。當我們收購澳大利亞空降業務時，我們知道他們對任務管理系統軟件功能的重大投資已經完成了一半。我們正在繼續這項投資。所以這將在 23 年完成，但這已完全計入業務估值。所以這在一段時間內有所提高。

Then as you know, I mean, just like the rest of airborne business, there will be some preventative maintenance ongoing, normal maintenance CapEx that we'll spend there over time. But think of that as slightly elevated in '23, just to continue the full development of that capability.

然後，正如您所知，我的意思是，就像其他機載業務一樣，我們將隨著時間的推移進行一些預防性維護，正常維護資本支出。但是，將其視為 23 年的略微提升，只是為了繼續全面發展該功能。

And then we've got additional CapEx in that number for our U.S.-based airborne business as we're acquiring more capability, fitting it out to run more mission, and we're optimistic on some bids that we've put forward and some more that are in the pipeline there.

然後我們在美國的機載業務中獲得了額外的資本支出，因為我們正在獲得更多的能力，使其適應更多的任務，我們對我們提出的一些投標和一些還有更多正在籌備中。

Rob, we're running a little bit over, but we have time for one quick question.

Rob，我們有點過頭了，但我們有時間快速提問。

That will be coming from the line of Louie DiPalma with William Blair.

這將來自 Louie DiPalma 與 William Blair 的關係。

The success of drones in Ukraine and more recently, surveillance balloons have increased Congress's focused on unmanned systems. Last summer you won a $300 million contract to develop a medium unmanned undersea vehicle for the Navy and your unmanned surface vessels Sea Hunter and Seahawk have participated in several successful demonstrations.

無人機在烏克蘭的成功以及最近監視氣球的成功增加了國會對無人系統的關注。去年夏天，你們贏得了一份價值 3 億美元的合同，為海軍開發一種中型無人駕駛水下運載器，你們的無人駕駛水面艦艇“海獵人”號和“海鷹號”已經參加了幾次成功的演示。

Is there potential, Roger, for some of these Navy unmanned platforms to convert to programs of record or even for Leidos to provide surveillance as a service similar to the COCO model that you're doing in the U.S. and in Australia?

羅傑，這些海軍無人平台中的一些是否有可能轉換為記錄程序，甚至 Leidos 是否有可能提供類似於您在美國和澳大利亞正在做的 COCO 模型的監視服務？

Yes. Well, that's great. I mean Louie, you really are following things well, and I think you really understand our programs.

是的。好吧，那太好了。我是說 Louie，你真的很會跟進，我認為你真的很了解我們的計劃。

I would add to that, we have some unmanned vehicles that are made of Dynetics. By the way, we have some counter drone programs that we probably exposed to a little bit to when you were down in Huntsville, where we actually have a radar on Jeep and we launch a drone, and it can go -- or attack another drone.

我要補充一點，我們有一些由 Dynetics 製成的無人駕駛車輛。順便說一句，我們有一些反無人機程序，當你在亨茨維爾時，我們可能會接觸到一些反無人機程序，我們實際上在吉普車上安裝了雷達，我們發射了一架無人機，它可以去——或攻擊另一架無人機.

And so -- but we see exactly what you see is the use of uninhabited vehicles under the water on the surface in the air, and we'll call it in the rare air, up between 60,000 and 80,000 has -- first of all, I will tell you that it has been robust. There's been a lot of work already done.

所以——但我們確切地看到你看到的是無人駕駛車輛在水下在地面上的使用，我們稱之為罕見的空氣，大約有 60,000 到 80,000 輛——首先，我會告訴你它一直很穩健。已經完成了很多工作。

The MUUV is a program of record. So we won that, that's a program of record that's fully funded. The Sea Hunter and the autonomous vehicles in the Navy are not yet programs of record, but the Navy is doing a lot of experimentation. They're doing some things in the Mid East that have really demonstrated some capabilities.

MUUV 是一個記錄程序。所以我們贏了，這是一個資金充足的記錄項目。 Sea Hunter 和海軍的自動駕駛車輛還沒有記錄在案，但海軍正在進行大量試驗。他們在中東做的一些事情確實展示了一些能力。

As you have mentioned, we've done a lot with Sea Hunter, Seahawk and Sea Innovator. And we believe there is a strong demand for those. I think for us, on the surface, the next thing for us may not be a full program of record, but they may buy additional vehicles to extend their experimentation, which they can do under an OTA that would happen much faster.

正如您所提到的，我們在 Sea Hunter、Seahawk 和 Sea Innovator 方面做了很多工作。我們相信對這些有強烈的需求。我認為對我們來說，從表面上看，接下來對我們來說可能不是一個完整的記錄程序，但他們可能會購買更多的車輛來擴展他們的實驗，他們可以在 OTA 下進行，這會發生得更快。

But I believe that the Navy is committed to having a significant percentage of their fleet both unmanned and optionally manned. And our autonomy software and the things that we have demonstrated really set us up well to capitalize on that and to bring them the capability that they need.

但我相信海軍致力於讓他們的艦隊中有很大一部分是無人駕駛的和可選的有人駕駛的。我們的自治軟件和我們已經展示的東西確實讓我們很好地利用它並為他們帶來他們需要的能力。

There are a couple of other programs. There's MUSV, there's LUSV that are out there. They are going through their development processes. But to get all the way to the program of record, I think, is years away, but that doesn't mean that the Navy won't be spending funds to further their understanding and to experiment with unmanned capabilities, and we would be right in the middle of those activities.

還有其他幾個程序。那裡有 MUSV，那裡有 LUSV。他們正在經歷他們的發展過程。但我認為，要實現記錄計劃還需要數年時間，但這並不意味著海軍不會花費資金來進一步了解和試驗無人駕駛能力，我們是對的在這些活動的中間。

So Louie, thanks for the question.

路易，謝謝你的提問。

At this time, I'll turn the floor back to Stuart Davis for closing remarks.

現在，我將把發言權轉回 Stuart Davis 的閉幕詞。

Thank you, Rob, for your assistance on this morning's call, and thank you all for your time this morning and your interest in Leidos. We look forward to updating you again soon. Have a great day.

羅布，謝謝你在今天上午的電話會議上提供的幫助，感謝大家今天早上抽出時間來，感謝大家對 Leidos 的關注。我們期待很快再次為您更新。祝你有美好的一天。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。