Leidos Holdings Inc (LDOS) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to Leidos' third-quarter 2024 earnings call.

歡迎參加 Leidos 的 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

At this time, I'll turn the call over to Stuart Davis from Investor Relations.

此時，我會將電話轉給投資者關係部的 Stuart Davis。

Stuart, you may begin.

斯圖爾特，你可以開始了。

Thank you and good morning, everyone.

謝謝大家，早安。

I'd like to welcome you to our third-quarter fiscal year 2024 earnings conference call.

歡迎您參加我們的 2024 財年第三季財報電話會議。

Joining me today are Tom Bell, our CEO, and Chris Cage, our Chief Financial Officer.

今天與我一起出席的是我們的執行長湯姆貝爾 (Tom Bell) 和我們的財務長克里斯凱奇 (Chris Cage)。

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'll use during today's call.

今天的電話會議將在我們網站的投資者關係部分進行網路直播，您還可以在其中找到我們將在今天的電話會議中使用的收益發布和補充財務演示幻燈片。

Turning to slide 2 of the presentation.

前往簡報的投影片 2。

Today's discussion contains forward-looking statements based on the environment as we currently see it and, as such, includes risks and uncertainties.

今天的討論包含基於我們目前所看到的環境的前瞻性陳述，因此包含風險和不確定性。

Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

請參閱我們的新聞稿，以了解有關可能導致實際結果出現重大差異的特定風險因素的更多資​​訊。

Finally, as shown on slide 3, during the call, we'll discuss GAAP and non-GAAP financials measures.

最後，如投影片 3 所示，在電話會議期間，我們將討論 GAAP 和非 GAAP 財務指標。

A reconciliation between the two is included in today's press release and presentation slides.

今天的新聞稿和簡報幻燈片包含了兩者之間的和解。

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

這樣，我會將電話轉給湯姆貝爾。

We'll begin on slide 4.

我們將從幻燈片 4 開始。

Thank you, Stuart, and good morning, everyone.

謝謝斯圖爾特，大家早安。

As always, it's great to be with you all again today.

一如既往，今天很高興再次與大家見面。

This morning, I'm very happy to report our sixth straight quarter of excellent financial performance, and I'm also very proud of the fact that the team has delivered high-quality wins across the entire Leidos portfolio.

今天早上，我很高興地報告我們連續第六個季度取得的出色財務業績，而且我也為該團隊在整個 Leidos 投資組合中取得了高質量的勝利而感到非常自豪。

As a result of this strong sustained financial performance, our growing business capture momentum, and our increased clarity into important Leidos markets, we are again raising our forward guidance for 2024 across all metrics.

由於這種強勁的持續財務業績、我們不斷增長的業務勢頭以及我們對重要 Leidos 市場的透明度不斷提高，我們再次提高了 2024 年所有指標的前瞻性指引。

Chris will provide full details regarding our outstanding financial performance and our improved 2024 guidance later on this call.

克里斯將在稍後的電話會議上提供有關我們出色的財務業績和改進的 2024 年指導的完整詳細資訊。

This quarter's solid organic growth and industry-leading margins enabled us to deliver substantial earnings growth and free cash flow.

本季穩健的有機成長和領先業界的利潤率使我們能夠實現可觀的獲利成長和自由現金流。

With record adjusted EBITDA margin of 14.2%, we've now achieved 12.9% EBITDA over the trailing 12 months.

調整後 EBITDA 利潤率為創紀錄的 14.2%，現在我們在過去 12 個月內實現了 12.9% 的 EBITDA。

This excellent execution performance is the result of our robust portfolio of programs serving customer priority missions, our investments to drive efficiency, and the teams embrace of promises made, promises kept philosophy throughout our capability based organization.

這種出色的執行績效是我們為客戶優先任務服務的強大計劃組合、我們為提高效率而進行的投資以及團隊在我們基於能力的組織中信守承諾、信守承諾的理念的結果。

Our performance in this quarter reflects adjusted diluted EPS growth of 44% and free cash flow conversion of 159%.

我們本季的業績反映出調整後稀釋後每股收益成長 44%，自由現金流轉換為 159%。

Our outstanding cash collections this quarter also enabled us to accelerate share repurchases.

本季我們出色的現金回收也使我們能夠加速股票回購。

We purchased $200 million worth of shares on the open market, thereby clearing $450 million of our $500 million planned share repurchases for the year.

我們在公開市場上購買了價值 2 億美元的股票，從而清算了今年計劃的 5 億美元股票回購中的 4.5 億美元。

As a result of our sustained performance in our conviction regarding our portfolios, ongoing earnings, and cash profile, we have again increased our quarterly dividend.

由於我們對投資組合、持續獲利和現金狀況的信念持續表現，我們再次增加了季度股利。

Shareholders of record on December 16 will receive a dividend of $0.40 a share, a 5.3% increase over our past dividend.

12 月 16 日登記在冊的股東將收到每股 0.40 美元的股息，比我們過去的股息增加 5.3%。

The balance sheet strengthening we've undertaken over the past 18 months gives us excellent optionality, and this will be important as we begin to focus more capital in the future on our new North Star growth strategy.

我們在過去 18 個月中進行的資產負債表強化為我們提供了極好的選擇權，這對於我們未來開始將更多資本集中在新的北極星成長策略上非常重要。

But for the remainder of this year, uses of capital will continue to be prudently focused on the potential for additional share repurchases and purchase purposeful down payments on specific growth engines that have come into focus as a part of our new North Star strategy.

但在今年剩下的時間裡，資本的使用將繼續謹慎地集中在額外股票回購的潛力上，並為特定的成長引擎購買有目的的首付，這些成長引擎已成為我們新北極星策略的一部分。

We look forward to sharing more detail about our new North Star strategy and its suite of compelling Leidos growth engines at our upcoming Investor Day in March.

我們期待在即將到來的三月投資者日分享更多關於我們新的北極星策略及其引人注目的 Leidos 成長引擎套件的細節。

Starting today, I'll take the opportunity from time to time to highlight one of our compelling Leidos growth engines.

從今天開始，我將不時利用這個機會重點介紹我們引人注目的 Leidos 成長引擎之一。

Today, I'll start this practice with an overview and update on our health and civil segment.

今天，我將首先概述和更新我們的健康和民事部門的情況。

Over the past year, our health and civil segment has been a growth and margin leader for us.

在過去的一年裡，我們的健康和民間部門一直是我們的成長和利潤領導者。

Our team in health and civil is executing extremely well, and within this newly formed segment, they are optimizing performance across their broad portfolio, and in doing so, they are leveraging the synergies of the complete set of scientific experts we employ, what we refer to as our ologists, who come to Leidos to break limits in their careers and delay superior results for our customers.

我們在健康和民用方面的團隊執行得非常好，在這個新成立的細分市場中，他們正在優化其廣泛的產品組合的績效，在此過程中，他們正在利用我們僱用的全套科學專家的協同作用，我們所指的是什麼作為我們的專家，他們來到 Leidos 是為了打破職業生涯的限制，為我們的客戶延遲取得卓越的成果。

We're seeing strong performance and positive developments across the full array of health and civil's customers, including our work for NASA, the National Institutes of Health, the various customers of our air traffic management systems and our virtual health solutions customers.

我們在所有健康和民用客戶中看到了強勁的表現和積極的發展，包括我們為 NASA、美國國立衛生研究院所做的工作、我們空中交通管理系統的各個客戶以及我們的虛擬健康解決方案客戶。

One area of this segment that I know many of you track, is managed health services where we bring truly differentiated solutions to our customers, which in turn unlocked truly differentiated performance.

我知道你們中的許多人都關注這個細分市場的一個領域，那就是管理醫療服務，我們為客戶提供真正差異化的解決方案，從而釋放真正差異化的績效。

Currently, a core offering within our managed health services is disability and occupational health evaluations for a wide range of customers, including the Department of Labor, the FBI, and the US Secret Service.

目前，我們管理醫療服務的核心產品是為廣大客戶（包括勞工部、聯邦調查局和美國特勤局）提供殘疾和職業健康評估。

Included in these flagship programs, we perform medical disability examinations for veterans and active duty members preparing to discharge.

這些旗艦計劃包括為準備退伍的退伍軍人和現役軍人進行醫療殘疾檢查。

Exam volumes for this business have remained elevated based on the permanent increase in the eligible population from the Promise to Address Comprehensive Toxins Act, better known as the PACT Act, signed into law in August of 2022.

由於《解決綜合毒素承諾法案》（俗稱「PACT 法案」）於 2022 年 8 月簽署成為法律，符合資格的人口永久增加，因此該業務的考試量一直在增加。

Because of our continued ahead of the curve investments in this business with AI, virtual health, and other key technology enablers, and investing in overall capacity, we are positioned to continue to respond with quality and speed to the increased volumes and complexity of exams the PACT Act creates.

由於我們在人工智慧、虛擬健康和其他關鍵技術推動因素方面對該業務的持續領先投資，以及對整體能力的投資，我們有能力繼續以高品質和速度應對考試數量和複雜性的增加PACT 法案創建。

As an example, we've continued to expand our fleet of mobile clinics to meet the needs of underserved veteran populations.

例如，我們繼續擴大我們的行動診所隊伍，以滿足服務不足的退伍軍人群體的需求。

These include those living in rural communities, tribe members on Indian reservations, and homebound veterans.

其中包括生活在農村社區的人們、印第安人保留地的部落成員以及居家的退伍軍人。

And to assist our veterans beyond our own Leidos QTC clinics, we've developed cutting-edge care coordination processing algorithms for the VA.

為了幫助我們自己的 Leidos QTC 診所以外的退伍軍人，我們為 VA 開發了尖端的護理協調處理演算法。

These help the VA optimize their use of their critical imaging systems such as CT scan machines to ensure veterans are receiving quality and timely healthcare across the whole of the care ecosystem.

這些幫助退伍軍人管理局優化其關鍵影像系統（例如 CT 掃描機）的使用，以確保退伍軍人在整個護理生態系統中獲得優質和及時的醫療保健。

I am exceptionally proud of our performance for the VA and for our nation's veterans, and we are focused on working with the VA to continue to drive down case backlog and deliver timely exceptional service to veterans and service members.

我對我們為退伍軍人管理局和我們國家的退伍軍人所取得的表現感到非常自豪，我們致力於與退伍軍人管理局合作，繼續減少案件積壓，並為退伍軍人和現役軍人提供及時的優質服務。

On our last earnings call, I relate that volume and profitability of this business might be challenged in the second half of this year.

在我們上次的財報電話會議上，我提到這項業務的銷售和獲利能力可能在今年下半年受到挑戰。

I expressed this caution at that time because of the real customer budget challenges and the lack of clarity regarding an upcoming recompete for some of our work.

我當時表達了這一謹慎態度，因為真正的客戶預算挑戰以及我們即將重新競爭的一些工作缺乏明確性。

Consistent with our promises made, promises kept philosophy, we issued improved guidance then that was prudent given the uncertainty at that time.

與我們所做的承諾、信守承諾的理念一致，我們發布了改進的指導意見，考慮到當時的不確定性，這是謹慎的。

I'm happy to report that we now have much greater clarity on both these fronts.

我很高興地向大家報告，我們現在在這兩方面都更加清晰了。

First, congress approved a $3 billion supplemental funding request by the VA, for the government fiscal year 2024, and this was passed with clear bipartisan support.

首先，國會批准了 VA 為政府 2024 財年提出的 30 億美元補充資金請求，這項請求在兩黨明確支持下獲得通過。

So we fully expect congress to approve the VA's $12 billion requests for fiscal year 2025.

因此，我們完全期望國會批准 VA 2025 財年 120 億美元的請求。

And second, the VBA has already exercised the option year contained in our current regions contracts.

其次，VBA 已經行使了我們目前地區合約中包含的選項年。

In addition, we've submitted what we believe to be a compelling bid for a new two-year contract for the same work, and we expect to receive a contract award for this important work in the coming weeks.

此外，我們已經提交了我們認為對同一工作的新的兩年合約具有吸引力的投標，我們預計將在未來幾週內獲得這項重要工作的合約授予。

We very much look forward to continuing our longstanding partnership with the VA in service to our nation's veterans.

我們非常期待繼續與退伍軍人管理局的長期合作夥伴關係，為我們國家的退伍軍人服務。

With this current action year in hand and the new two year contract ahead, we are very confident in the ongoing financial performance of this business.

憑藉當前的行動年和新的兩年合約，我們對該業務的持續財務業績非常有信心。

We expect the volume and margins of our future work here to be sustained on the back of the investments we've made and continue to make in throughput and quality.

我們預計，在我們已經並繼續在吞吐量和品質方面進行投資的支持下，我們未來的工作量和利潤將得以維持。

And looking beyond this new two years of award, we remain confident in our ability to continue to differentially serve our nation and it's veterans.

展望新的兩年獎項之後，我們仍然對繼續為我們的國家及其退伍軍人提供差異化服務的能力充滿信心。

The VBA is encouraging offers to drive even more innovation into better services before they award the next set of long-term contracts, and this plays to our strengths.

VBA 鼓勵在授予下一組長期合約之前推動更多創新以提供更好的服務，這發揮了我們的優勢。

With our scale and technical depth, our investments in cutting-edge trusted mission AI, and the talent mission focus of our team, we are poised to demonstrate our ability to handle even greater volumes of exams with excellent quality, timeliness, and veteran customer satisfaction.

憑藉我們的規模和技術深度、我們對尖端可信任務人工智慧的投資以及我們團隊對人才任務的關注，我們準備證明我們有能力以卓越的品質、及時性和資深的客戶滿意度處理更多的考試。

Turning now to business development.

現在轉向業務發展。

As you know, we've been focused on fundamentally resetting our future performance expectations by improving the size and quality of our backlog.

如您所知，我們一直致力於透過改善積壓訂單的規模和質量，從根本上重新設定我們未來的業績預期。

This third quarter yielded an excellent return on this focus with net bookings of $8.1 billion, representing a book-to-bill ratio of over 1.9 times.

第三季這一重點取得了出色的回報，淨預訂量達到 81 億美元，預訂出貨比超過 1.9 倍。

We ended the quarter with a total backlog of $40.6 billion, including $9.1 billion of funded backlog, and importantly, I'm very pleased with the improved quality of this future work.

本季結束時，我們的積壓訂單總額為 406 億美元，其中包括 91 億美元的資助積壓訂單，重要的是，我對未來工作品質的提升感到非常滿意。

Quality wins this quarter were balanced across all our segments with a rich mix of new growth drivers.

本季的品質勝利在我們所有細分市場中得到了平衡，並有豐富的新成長動力組合。

Here is a sampling.

這是一個樣本。

We won over $700 million in new and takeaway wins in full spectrum cyber.

我們在全頻譜網路領域贏得了超過 7 億美元的新勝利和外賣勝利。

This is a testament to our capability and competitiveness in this market.

這證明了我們在這個市場的能力和競爭力。

It's also an early success from the investments we've made in repeatable solutions in our digital modernizations sector.

這也是我們在數位現代化領域對可重複解決方案進行投資的早期成功。

A couple of key awards to mentioned this quarter include developing the Army's new general unified network to deliver a next-gen transport capability compliant with zero trust principles, and we won a large classified takeaway contract for a member of our intelligence community.

本季度提到的幾個關鍵獎項包括開發陸軍新的通用統一網絡，以提供符合零信任原則的下一代運輸能力，並且我們為情報界成員贏得了一份大型機密外賣合約。

The Air Force tapped Leidos as its digital integrator to oversee planning, analysis, and operations of its Advanced Battle Management System's digital infrastructure network, a core component of the Air Force battle network.

空軍選擇 Leidos 作為其數位整合商，以監督其先進戰鬥管理系統數位基礎設施網路的規劃、分析和運營，該網路是空軍戰鬥網路的核心組成部分。

This comprehensive network links together all Air Force assets, allows for optimal coordination between different units, and enables commanders to respond rapidly to the changing situations on the battlefield.

這個綜合網絡將所有空軍資產連接在一起，允許不同部隊之間進行最佳協調，並使指揮官能夠對戰場上不斷變化的局勢做出快速反應。

The $300 million award augments our growing portfolio of combined Joint All-Domain Command and Control programs.

這筆 3 億美元的合約增強了我們不斷成長的聯合全局指揮與控制項目組合。

And we had $1.7 billion of net bookings within our Defense Systems segments.

我們的國防系統部門的淨預訂金額為 17 億美元。

Reflecting our maturing product portfolio there on IFPC Enduring Shield, we received an award for additional development work and four more launchers after government-led development tests successfully intercepted a mix of unmanned and cruise missile targets.

在政府主導的開發測試成功攔截了無人和巡航導彈目標後，我們因額外的開發工作和另外四個發射器而獲得了獎項，這反映了我們在 IFPC Enduring Shield 上的產品組合日益成熟。

This means we remain on track to receive a low-rate production contract in 2025 and a full-rate production contract in 2026.

這意味著我們仍有望在 2025 年獲得低產量生產合同，並在 2026 年獲得全產量生產合約。

We finalized our contract to provide wide field of view Tranche 2 satellite payloads.

我們敲定了提供寬視野 Tranche 2 衛星有效載荷的合約。

This means we will continue to serve our nation with payloads on the FDA's Tranche 0, 1, and 2 satellites.

這意味著我們將繼續透過 FDA 的第 0、1 和 2 類衛星上的有效載荷為我們的國家服務。

We received a contract from the US Special Operations Command to restart production of our small glide munitions program.

我們收到了美國特種作戰司令部的一份合同，重新啟動小型滑翔彈藥計畫的生產。

This program blossomed a decade ago from a Cooperative Research and Development Agreement or CRADA, and we've now delivered more than 4,000 units.

該計劃在十年前從合作研究與開發協議 (CRADA) 中蓬勃發展，現在我們已交付了 4,000 多個單位。

Of note, we're also on CRADA for a next-generation small cruise missile system called Black Arrow.

值得注意的是，我們還在 CRADA 上開發了名為「黑箭」的下一代小型巡航飛彈系統。

Recently, Black Arrow completed multiple tests at customer ranges and will undertake even more advanced flight tests this fall.

最近，黑箭在客戶範圍內完成了多項測試，並將於今年秋天進行更先進的飛行測試。

We believe that Black Arrow will help meet the DoD's critical need for affordable standoff strike systems that can be quickly produced and fielded in volume.

我們相信，黑箭將有助於滿足國防部對快速生產和批量部署的經濟實惠的防區外打擊系統的迫切需求。

It's encouraging to see these and other significant results from our focus on growth across our entire portfolio.

我們對整個投資組合的成長的關注使我們看到這些和其他重大成果令人鼓舞。

The third quarter was also marked by high volumes of proposal submissions.

第三季的特點還包括大量提案提交。

So looking forward, even with the large number of Q3 awards, our pipeline of bids awaiting adjudication grew by $3 billion and now stands at $29 billion at the end of the quarter.

因此，展望未來，即使第三季得標數量眾多，我們等待裁決的投標管道仍增加了 30 億美元，目前在本季末達到 290 億美元。

We believe these positions us very well for even greater business capture performance in the future.

我們相信，這些使我們能夠在未來獲得更出色的業務捕獲績效。

As referenced earlier in our conversation, because of the hard work that the team has put into our year of deep strategic thinking, our new North Star strategy has come into clear focus.

正如我們之前的談話中提到的，由於團隊在我們這一年的深入戰略思考中付出的辛勤工作，我們的新北極星戰略已經成為明確的焦點。

From the kaleidoscope of opportunities in front of us, I can confidently say that the rigorous process we have undertaken has unveiled an exciting set of focused opportunities for us to accelerate Leidos growth, top line, bottom line, and cash over the coming years.

從我們面前的萬花筒般的機會來看，我可以自信地說，我們所採取的嚴格流程為我們揭示了一系列令人興奮的重點機會，以加速Leidos 在未來幾年的成長、營收、利潤和現金。

That path forward and the compelling financial picture it will spawn will be the focus of our March 2025 Investors Day.

這條前進道路及其將產生的引人注目的財務狀況將成為我們 2025 年 3 月投資者日的焦點。

I'll now turn the call over to Chris to walk through our financial results in detail and provide additional insight into our improved outlook.

現在，我將把電話轉給克里斯，讓他詳細介紹我們的財務業績，並就我們改善的前景提供更多見解。

Chris?

克里斯？

Thanks, Tom, and thanks to everyone for joining us today.

謝謝湯姆，也謝謝大家今天加入我們。

Our third quarter results again showcase what is possible, as we lower performance risk focused on high-quality wins and drive efficiency through the organization.

我們第三季的業績再次展示了可能性，因為我們專注於高品質的勝利並降低績效風險並提高整個組織的效率。

This team is laser focused on sustainably growing earnings and cash and then deploying them responsibly to grow shareholder value.

該團隊專注於可持續成長的收益和現金，然後負責任地部署它們以增加股東價值。

Turning to the income statement on slide 5.

轉向投影片 5 上的損益表。

Revenues for the third quarter were $4.19 billion, up 7% year over year.

第三季營收為41.9億美元，年增7%。

Customer demand remains robust and employee retention remains historically high.

客戶需求依然強勁，員工留任率仍處於歷史高點。

Margin performance was once again a standout in the quarter.

本季的利潤率表現再次表現出色。

Adjusted EBITDA of $596 million was up 32% year over year, and adjusted EBITDA margin increased 270 basis points to 14.2%, a new high watermark for Leidos.

調整後 EBITDA 為 5.96 億美元，年增 32%，調整後 EBITDA 利潤率成長 270 個基點至 14.2%，創下 Leidos 的新高水位。

Program level execution was one catalyst for margin performance.

計劃級執行是利潤率表現的催化劑之一。

EAC adjustments were a $30 million net positive, our best performance in nearly four years.

EAC 調整帶來了 3000 萬美元的淨收益，這是我們近四年來的最佳表現。

Non-GAAP net income was $396 million, and non-GAAP diluted EPS was $2.93, up 40% and 44%, respectively.

非 GAAP 淨利為 3.96 億美元，非 GAAP 攤薄後每股收益為 2.93 美元，分別成長 40% 和 44%。

On a year-over-year basis, our slightly higher tax rate in the quarter fully offset our slightly lower diluted share count and net interest expense.

與去年同期相比，本季略高的稅率完全抵銷了稀釋後股份數量和淨利息支出略低的影響。

Looking at the non-GAAP reconciliation tables in the press release and presentation appendix, you'll see $6 million of GAAP impairment charges from exiting and consolidating underutilized lease basis, and we expect another $15 million or so of charges associated with additional actions over the next five quarters.

查看新聞稿和簡報附錄中的非GAAP 調節表，您會發現退出和合併未充分利用的租賃基礎產生了600 萬美元的GAAP 減損費用，我們預計還會有1500 萬美元左右的費用與針對該項目的額外行動相關。

We're closely managing our corporate costs, and lowering our real estate footprint improves our competitiveness and keeps corporate costs in check.

我們正在密切管理我們的企業成本，減少我們的房地產足跡可以提高我們的競爭力並控制企業成本。

The annualized savings from these actions will be in the neighborhood of $25 million to $30 million, which we'll see the full benefit of in 2026.

這些行動每年可節省 2,500 萬至 3,000 萬美元左右，我們將在 2026 年看到全部效益。

Turning to the segment view on slide 6.

轉到投影片 6 上的分段檢視。

National security and digital revenues increased 1% year over year.

國家安全和數位收入年增1%。

We saw volumes grow broadly across our digital modernization portfolio, which offset slowness across several intelligence community programs.

我們看到我們的數位現代化產品組合的數量大幅增長，這抵消了多個情報社區項目的緩慢增長。

I'm very pleased with the margin discipline of the segment as they continue to perform ahead of plan.

我對該部門的利潤紀律非常滿意，因為他們的表現繼續超出計劃。

National security and digital non-GAAP operating income margin increased 70 basis points from the prior-year quarter to 10.5%.

國家安全和數位非 GAAP 營業利潤率比去年同期成長 70 個基點，達到 10.5%。

This was the highest margin of the year, and it reflects early success in digital modernization repeatability and utilization initiatives as well as excellent award fees on our intelligence community programs.

這是今年的最高利潤，它反映了數位現代化可重複性和利用計劃的早期成功，以及我們情報社區計畫的豐厚獎勵費用。

As Tom alluded to earlier, health and civil continued to deliver for customers and shareholders.

正如湯姆之前提到的，健康和民事繼續為客戶和股東帶來好處。

Revenues increased 16% over the prior-year quarter and non-GAAP operating income margin came in at 24.2%, up from 16.5% a year ago.

營收比去年同期成長 16%，非 GAAP 營業利潤率為 24.2%，高於去年同期的 16.5%。

Revenue and margin overperformance was primarily in the managed health services portfolio that Tom spotlighted, as we receive more disability exam requests than anticipated, and our differentiated solutions were able to unlock higher performance and incentives.

湯姆強調的收入和利潤超額表現主要體現在託管醫療服務組合中，因為我們收到的殘疾檢查請求比預期多，而且我們的差異化解決方案能夠實現更高的績效和激勵。

Profitability was roughly in line with Q2 levels.

獲利能力與第二季水準大致一致。

Commercial and international revenues increased 5%, with increased deliveries of security products and energy engineering services.

由於安全產品和能源工程服務交付量的增加，商業和國際收入增加了 5%。

Non-GAAP operating margins were 8.8%, their highest level this year.

非 GAAP 營運利潤率為 8.8%，為今年最高水準。

The UK business was a positive top and bottom line contributor in the quarter, and I'm pleased with the positive trajectory for this business area and the segment overall.

英國業務在本季為營收和利潤做出了積極的貢獻，我對該業務領域和整個細分市場的積極發展軌跡感到滿意。

Finally, defense systems revenues increased 13% over the prior-year quarter, and non-GAAP operating margins increased 280 basis points year over year to 10.2%.

最後，國防系統營收比去年同期成長 13%，非 GAAP 營運利潤率年增 280 個基點，達到 10.2%。

It's rewarding to see the kind of financial performance that we expected from this portfolio.

看到我們從這個投資組合中獲得的財務表現是值得的。

There were many bright spots in the segment, highlighted by the move to the initial operating test and evaluation stage on IFPC Enduring Shield.

該領域有許多亮點，其中最突出的是 IFPC Enduring Shield 進入初始運行測試和評估階段。

Looking across the segments.

縱觀各個細分市場。

Clearly, health and civil continued its strong execution, but I'm most encouraged by the broad-based strength of the entire portfolio.

顯然，健康和民事業務繼續保持強勁的執行力，但令我最鼓舞的是整個投資組合的廣泛實力。

We had two sectors growing at double-digits for the first time in the new organization structure.

在新的組織結構中，我們的兩個部門首次實現兩位數成長。

And if you set health and civil aside, margins for the remaining three segments were up 80 basis points from a year ago and higher than they've been as far back as we have recast financials.

如果不考慮醫療和民用領域，其餘三個細分市場的利潤率比一年前增長了 80 個基點，高於我們重新調整財務數據時的水平。

Turning now to cash flow and the balance sheet on slide 7.

現在轉向投影片 7 上的現金流量和資產負債表。

With the end of the government fiscal year, we had exceptional cash performance.

隨著政府財政年度結束，我們的現金表現非常出色。

We generated $656 million of cash flows from operating activities and $633 million of free cash flow.

我們從經營活動中產生了 6.56 億美元的現金流，以及 6.33 億美元的自由現金流。

In Q3, we repurchased a total of $203 million in shares, including $200 million in the open market and paid $51 million in dividends.

第三季度，我們總共回購了 2.03 億美元的股票，其中在公開市場回購了 2 億美元，並支付了 5,100 萬美元的股息。

We ended the quarter with $1.2 billion in cash and cash equivalents and $4.7 billion of debt.

本季結束時，我們的現金和現金等價物為 12 億美元，債務為 47 億美元。

We have significant capacity to return cash to shareholders and invest in growth.

我們有強大的能力向股東返還現金並投資於成長。

Next, I'll go through our enhanced outlook for 2024 on slide 8.

接下來，我將在投影片 8 上詳細介紹我們對 2024 年的增強展望。

We're raising and narrowing our revenue guidance range to $16.35 billion to $16.45 billion, an increase of $150 million at the midpoint.

我們將營收指引範圍上調並縮小至 163.5 億美元至 164.5 億美元，中間增加了 1.5 億美元。

We're increasing adjusted EBITDA guidance from approximately 12% to the high 12% range.

我們將調整後 EBITDA 指導值從大約 12% 提高到 12% 的較高範圍。

We're raising and narrowing our non-GAAP diluted EPS guidance range to $9.80 to $10, which is an increase of $1.10 at the midpoint.

我們將非 GAAP 攤薄每股收益指引範圍上調並縮小至 9.80 美元至 10 美元，中間值增加了 1.10 美元。

And lastly, we're increasing our guidance for operating cash flow by $50 million to approximately $1.35 billion for the year.

最後，我們將今年的營運現金流指引增加了 5,000 萬美元，達到約 13.5 億美元。

Our new guidance reflects not just the outperformance in the third quarter but also an improved outlook for the fourth quarter, spurred by positive momentum across all four segments and increasing visibility in our health and civil segment through the recompete of the regions contracts.

我們的新指引不僅反映了第三季度的優異表現，而且還反映了第四季度前景的改善，這得益於所有四個部門的積極勢頭以及通過重新競爭各地區合同而提高了我們的健康和民用部門的知名度。

As you put together your models, we're expecting fourth-quarter interest expense, tax rate, and diluted share count to remain near Q3 levels.

當您將模型放在一起時，我們預計第四季度的利息支出、稅率和稀釋後的股票數量將保持在第三季的水平附近。

We plan to step up CapEx investments tied to growth in Q4 and end the year at $160 million or about $30 million below our original expectations for the year.

我們計劃在第四季度加大與成長相關的資本支出投資，並在年底達到 1.6 億美元，比我們今年的最初預期低約 3,000 萬美元。

Finally, as Tom indicated, our year of deep strategic thinking has brought our North Star strategy into clearer focus.

最後，正如湯姆所指出的，我們這一年的深入策略思考使我們的北極星策略更加清晰。

We're not yet ready to give next year's guidance or new long-term targets, but I want to orient you to our current thinking.

我們尚未準備好提供明年的指導或新的長期目標，但我想讓您了解我們當前的想法。

Our very strong performance in 2024 raises the bar for next year.

我們在 2024 年的強勁表現提高了明年的標準。

The midpoint of our revised guidance range yields revenue growth of 6% and diluted EPS growth of 36% in 2024.

我們修訂後的指導範圍的中點預計到 2024 年收入增長 6%，攤薄後每股收益增長 36%。

At this point, we're not expecting to repeat quite that same level of growth in 2025.

目前，我們預計 2025 年不會出現同樣的成長水準。

We see 2025 as the pivot year from the company we are to the company we're building towards as we implement our strategy.

我們認為 2025 年是我們實施策略時從現在的公司到我們正在建立的公司的關鍵一年。

We currently expect revenue growth in 2025 to be in the lower single digits, with the longer term growth outlook potentially back to 2024 levels or above.

我們目前預計 2025 年的營收成長將處於較低的個位數，長期成長前景可能會回到 2024 年的水準或更高。

Most importantly, we are committed to retaining margins near current levels and robustly and sustainably growing diluted EPS over time.

最重要的是，我們致力於將利潤率保持在當前水平附近，並隨著時間的推移強勁、可持續地增長稀釋後每股收益。

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

接線員，我們準備好回答問題了。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Maybe just to highlight the -- you talked about $700 million plus in new takeaways and full-spectrum cyber, it's super impressive.

也許只是為了強調——您談到了 7 億美元以上的新外賣和全譜網絡，這是非常令人印象深刻的。

Obviously, you guys are really -- company's doing well on so many fronts.

顯然，你們公司在很多方面都做得很好。

But maybe you could just talk about more color there and where this -- where we expect to see this kind of flow through the new takeaways?

但也許你可以談論更多的色彩，以及我們期望在新的要點中看到這種流動的地方？

Yes, we're very excited about the National Security and Digital segment.

是的，我們對國家安全和數位領域感到非常興奮。

As I think about that segment and Leidos, it really is the core of the core of the core of what Leidos has always been and has always done extremely well.

當我想到這個細分市場和 Leidos 時，它確實是 Leidos 一直以來並且一直做得非常好的核心中的核心。

And we've got a fantastic history in that segment of winning big franchise programs, multibillion-dollar franchise programs.

我們在贏得大型特許經營項目、價值數十億美元的特許經營項目方面有著輝煌的歷史。

And so we like that business.

所以我們喜歡這個行業。

We've put a leadership team in that business that we trust.

我們在我們信任的業務中配備了一個領導團隊。

And you're already starting to see in this third quarter the beginning of us getting our chutzpah back in our winning ways in that business.

在第三季度，您已經開始看到我們開始在該業務中重新放肆地贏得勝利。

So very excited about that, and we look forward to more conversations about cyber wins going forward.

對此感到非常興奮，我們期待未來進行更多關於網路勝利的對話。

At the same time, cyber has been one of the golden bolts that we've been investing in as a core competency of Leidos for our whole history.

同時，網路一直是我們在整個歷史中作為 Leidos 核心競爭力進行投資的黃金螺栓之一。

And so not only are we very proud of the team that's leveraging our cyber chops for cyber wins, especially for our very, very important in the intelligence community customer.

因此，我們不僅為利用我們的網路能力贏得網路勝利的團隊感到非常自豪，特別是對於我們在情報界非常非常重要的客戶。

But we're also very proud of the fact that our cyber capabilities and our zero trust gravitas is frequently commented on by customers as a reason we win in other markets also.

但我們也非常自豪的是，我們的網路能力和零信任的嚴肅性經常被客戶評論為我們在其他市場獲勝的原因。

So we're very proud of the return on investment we're getting in our cyber security business and as an underlying capability of everything Leidos does.

因此，我們對網路安全業務所獲得的投資回報以及 Leidos 所做的一切的基礎能力感到非常自豪。

Obviously, these are customers where we can't really say too much more than we already have about where we win and what those programs are, but we're very excited about it and we're very, very committed to expanding our capability to help our government be the smartest government on the face of the earth.

顯然，對於這些客戶，我們無法對我們的優勢和這些計劃的內容透露太多，但我們對此感到非常興奮，我們非常非常致力於擴展我們的能力幫助我們的政府成為地球上最聰明的政府。

Yeah.

是的。

And, Peter, obviously, Aegon was certainly something that fits into that arena, but as Tom talks about a lot of classified work there that we can't get too much color on.

而且，彼得，顯然，伊耿肯定適合這個領域，但當湯姆談論那裡的大量機密工作時，我們無法獲得太多的色彩。

But clearly, the team has been focused on differentiation and the investments that we've been making and we'll continue to make really positions us well to grow that area of the business more robustly as we head into '25 and beyond.

但顯然，團隊一直專注於差異化和我們一直在進行的投資，我們將繼續使我們處於有利位置，以便在我們進入 25 年及以後時更強勁地發展該業務領域。

Sheila Kahyaoglu, Jefferies.

希拉·卡哈奧格魯，杰弗里斯。

Thanks for the script as well, Tom.

也謝謝你的劇本，湯姆。

That was super helpful honing in on one segment.

這對磨練某一細分市場非常有幫助。

So I'm going to ask about health and civil, of course.

當然，我會詢問健康和民事問題。

So maybe if we could talk about where you are just given the significant growth with the VA funding.

因此，也許我們可以談談退伍軍人事務部的資助為你們帶來了顯著的成長。

There can it -- it seems like it's still outstanding from my understanding, but if you could give us some timing on that and how you're thinking about positioning there and potential risks and how we should think about health and civil EBIT as we head into next year?

可以嗎——根據我的理解，它似乎仍然很突出，但如果你能給我們一些時間安排，以及你如何考慮在那裡定位和潛在風險，以及我們在前進時應該如何考慮健康和民事息稅前利潤進入明年？

Yeah.

是的。

So as I tried to highlight in my prepared remarks, we've had a fantastic third quarter in our health and civil business.

因此，正如我在準備好的發言中試圖強調的那樣，我們的健康和民事業務在第三季表現出色。

And before I get into managed health services, I want to, again, broadly overview the fact that that business is much more than just back.

在我進入管理醫療服務之前，我想再次廣泛概述一個事實，即該業務不僅僅是回歸。

We serve a variety of customers, everything from NASA and making sure that the logistics to the space station are maintained.

我們為各種客戶提供服務，從美國國家航空暨太空總署 (NASA) 到確保太空站的物流得到維護。

We do critical work for our customers at the National Institute of Health and the National Science Foundation.

我們在美國國立衛生研究院和美國國家科學基金會為客戶提供重要的工作。

We do exams for the FBI, the Secret Service, and the Department of Labor, so it really is a broad segment of our business, and it's a business that is outperforming in all of those facets.

我們為聯邦調查局、特勤局和勞工部進行考試，因此這確實是我們業務的一個廣泛部分，而且是一個在所有這些方面都表現出色的業務。

On the VA and on the VBA since I appreciate the fact that that's your question.

關於 VA 和 VBA，因為我很高興這是你的問題。

We had a great quarter that helped us clear the air, kind of the fog of war has been lifted, and now we see our way through for not only the next year or two but much longer into the future.

我們度過了一個很棒的季度，幫助我們消除了誤會，戰爭的迷霧已經消散，現在我們不僅看到了未來一兩年的路，而且看到了未來更長的路。

As I mentioned, the customer has currently extended the current contract we have them with the option year that they had.

正如我所提到的，客戶目前已經將我們與他們簽訂的當前合約延長了他們擁有的選項年。

We expect them to formally contract for the next two years along essentially the same terms as the business we have today.

我們預計他們將在未來兩年內正式簽訂合同，其條款與我們今天的業務基本相同。

We're very confident in the fact that we'll be able to maintain our volume, our throughput, and our profitability of that business over that contract.

我們非常有信心，我們將能夠透過該合約維持該業務的數量、吞吐量和獲利能力。

And as I suggested in my prepared remarks, Sheila, we also are very excited about what the VBA is setting up for the terms of the next competition.

正如我在準備好的演講中所建議的，希拉，我們也對 VBA 為下一場比賽的條款所製定的內容感到非常興奮。

It incents innovation, it incents technology, and when you talk about critical customer missions with deep technology needs, you're talking Leidos.

它激勵創新，激勵技術，當您談論具有深厚技術需求的關鍵客戶任務時，您談論的是 Leidos。

So we're very excited about that business.

所以我們對這項業務感到非常興奮。

We're currently continuing to invest in it.

目前我們正在繼續對其進行投資。

We're making sure we don't wait for the RFP to innovate and bring even more efficient and effective solutions forward for our customers.

我們確保我們不會等待 RFP 進行創新，並為我們的客戶帶來更有效率、更有效的解決方案。

And so we're very bullish on the long-term business we're in for health and civil.

因此，我們非常看好我們在健康和民用領域的長期業務。

And in fact, spoil alert, when you come to March, you'll see that growing this business is a core of our growth strategy going forward.

事實上，請注意，當您進入三月時，您會發現發展這項業務是我們未來成長策略的核心。

So far from us seeing it as a business that is sun setting or at its apex, we see it as only a business that has just begun to be a growth engine for Leidos.

到目前為止，我們並沒有將其視為一項即將落日或處於巔峰的業務，我們只是將其視為剛開始成為 Leidos 成長引擎的業務。

Chris, do you have anything you'd like to add?

克里斯，你還有什麼要補充的嗎？

A couple of additional points, Sheila.

還有幾點，希拉。

Clearly, again, our third-quarter performance, part of that was the incentives related to doing great work with high customer satisfaction, with differentiation.

顯然，我們第三季的業績，其中一部分是與出色的工作、高客戶滿意度和差異化相關的激勵措施。

Those are the things that will compel us to be a prominent provider in this space for the foreseeable future.

這些都將迫使我們在可預見的未來成為該領域的傑出提供者。

The other thing that you might have seen, it's not done yet.

您可能已經看到的另一件事尚未完成。

We don't count our chickens, but the customer and the military health side put out a justification authorization to extend our current work on the DHMSM program for an additional three years.

我們不計算我們的雞，但客戶和軍隊衛生方面提出了合理授權，將我們目前在 DHMSM 項目上的工作再延長三年。

That would -- should hopefully sort itself out middle of next year.

這將有望在明年年中解決。

But that's another strong indication of where customers really want to see the value that Leidos brings, and they want to continue that relationship with us.

但這是另一個強烈的跡象，表明客戶真正希望看到 Leidos 帶來的價值，並且他們希望繼續與我們保持這種關係。

Now as it relates to looking ahead to 2025, that's what we gave our color commentary.

現在，由於它與展望 2025 年有關，這就是我們給出的顏色評論。

This business has outperformed everybody's expectations for this year.

今年這項業務的表現超出了所有人的預期。

Health and civil has had a fantastic year.

健康和民事領域度過了美好的一年。

Our goal in the near term is to sustain that level of performance, and that's what gives us confidence in our ability to keep margins solidly in the 12% range for the corporation.

我們的近期目標是維持這一業績水平，這讓我們對將公司利潤率穩定保持在 12% 的能力充滿信心。

Growing off of that base will be an area of focus certainly for the intermediate to longer term horizon, and we're very confident we'll be able to do that.

在此基礎上的發展無疑將成為中長期的重點領域，我們非常有信心能夠做到這一點。

Tobey Sommer, Truist Securities.

托比·索默（Tobey Sommer），Truist 證券公司。

I wonder if you could give us an update on a smallish program that we haven't talked about on these calls in a while, sort of your capabilities for unclassified data collection in the BuckEye program and others.

我想知道您是否可以向我們提供一個小型程序的最新信息，我們已經有一段時間沒有在這些調用中討論過該程序了，例如您在 BuckEye 程序和其他程序中收集非機密數據的功能。

I'm curious what the utilization of those company-owned assets is like and what the prospects for growth is like?

我很好奇這些公司自有資產的利用情況如何，成長前景如何？

Yeah, so BuckEye continues to be a very strong business within our defense segment, where the assets we have deployed for that mission are, I'll call it, fully utilized, and we're sweating the assets very well.

是的，所以 BuckEye 仍然是我們國防領域中一個非常強大的業務，我們為該任務部署的資產，我稱之為，充分利用，我們正在很好地利用這些資產。

And in fact, expansions of those missions are part of what we're using some of the capital we have in this fourth quarter for down payments for further growth in the coming years.

事實上，這些任務的擴展是我們使用第四季度擁有的部分資本來支付未來幾年進一步增長的首付的一部分。

Personally, I expect that sometime in the next decade or two, manned ISR assets are probably going to be replaced by other capabilities.

就我個人而言，我預計在未來一兩年的某個時候，有人駕駛的情監偵資產可能會被其他能力所取代。

But in the here and now, these are critical capabilities that our war fighters rely on, and we're proud to serve very specific focused niche of those customer capabilities that they need and want.

但此時此地，這些是我們的戰士所依賴的關鍵能力，我們很自豪能夠為他們需要和想要的那些客戶能力提供非常具體的針對性服務。

So BuckEye and other programs like it remain a part of Cindy's business and it's a part of the business we're very happy with.

因此，BuckEye 和其他類似程序仍然是 Cindy 業務的一部分，也是我們非常滿意的業務的一部分。

And Tobey, I'd just add, I mean, to Tom's point, we're seeing, even though there's been some programs that we haven't won, we actually are still a strong provider in the ecosystem of airborne ISR support to our customer missions.

托比，我想補充一點，我的意思是，就湯姆的觀點而言，我們看到，儘管有一些項目我們還沒有贏得，但我們實際上仍然是機載情監偵支持生態系統中的強大提供者。

And to Tom's point, we'll continue to see select opportunities to increase investment.

就湯姆而言，我們將繼續尋找增加投資的精選機會。

Those are high return on investment types of plays when we make them, and so we'll look for those when they make sense.

當我們製作這些類型的遊戲時，它們的投資回報率很高，所以當它們有意義時我們會尋找它們。

Mariana Perez Mora, Bank of America.

瑪麗安娜·佩雷斯·莫拉，美國銀行。

So Chris, you said you're not ready to talk about FY'25, but you mentioned the low-single-digit growth.

克里斯，您說過您還沒準備好談論 25 財年，但您提到了低個位數的成長。

And as you mentioned, DHMSM or MHS GENESIS is already expected to be extended, so that side the risk.

正如您所提到的，DHMSM 或 MHS GENESIS 預計將會延長，因此風險也隨之而來。

Then I see a lot of opportunities coming from August.

然後我看到八月有很多機會。

And at USA, everyone was really enthusiastic about the defense portfolio actually getting some traction, missiles, ammunitions, counter missile, hypersonics, all those things.

在美國，每個人都對國防組合真正獲得一些牽引力感到非常熱情，導彈、彈藥、反導彈、高超音速技術，所有這些東西。

What are the areas that are actually not growing or that you are conservative going into next year to actually think it's going to be the transition year in terms of growth?

哪些領域實際上沒有成長，或者您對明年持保守態度，實際上認為明年將是成長的過渡年？

You're right, there are a number of things across the portfolio that we're very excited about.

你是對的，我們對整個產品組合中的許多事情感到非常興奮。

But what we've also learned is some of those things take a longer gestation period to manifest themselves like we're seeing in the defense systems business today.

但我們也了解到，其中一些事情需要更長的醞釀期才能顯現出來，就像我們今天在國防系統業務中看到的那樣。

Growth has been nice and on a good upward momentum, but it took some time to get there.

成長勢頭良好，並且具有良好的上升勢頭，但實現這一目標需要一些時間。

As we look ahead to '25, we do like our position.

當我們展望 25 年時，我們確實喜歡我們的立場。

We feel really good about how the company is stacking up.

我們對公司的發展狀況感到非常滿意。

But clearly, health and civil off of this substantially elevated level of performance is going to be in a more muted growth posture in the near term, accelerating away.

但顯然，在這種大幅提高的績效水準的推動下，健康和民用在短期內將處於更溫和的成長態勢，並加速消失。

We did talk about some of the wins in national security and digital, we see growth momentum accelerating there.

我們確實談到了國家安全和數位領域的一些勝利，我們看到那裡的成長勢頭正在加速。

But you look at the backdrop, we're clearly in an election year.

但你看看背景，我們顯然正處於選舉年。

There is a risk of potential of there's an extended CR and some disruption.

存在 CR 延長和一些中斷的潛在風險。

We've seen that play out in the past.

我們過去已經看到過這種情況。

So as we see the landscape here today, we're going to be cautious about those things.

因此，當我們今天看到這裡的情況時，我們將對這些事情保持謹慎。

And if we get more clarity in the several months ahead, we'll be in a better position to refine that point of view going into the early part of next year.

如果我們在未來幾個月內變得更加清晰，我們將能夠在明年初更好地完善這一觀點。

Mariana, I might add, I really appreciate your enthusiasm for the business, too, and optimism.

瑪麗安娜，我想補充一點，我也非常感謝你對這項業務的熱情和樂觀。

I share it.

我分享它。

I think there is tremendous growth available for Leidos.

我認為 Leidos 有巨大的成長空間。

And that will be the feature of our March 2025 Investors Day, focusing on those engines of growth we see within the portfolio that have been clearly identified as a result of our year of deep strategic thinking.

這將是我們 2025 年 3 月投資者日的特色，重點關注我們在投資組合中看到的成長引擎，這些引擎是我們一年來深入策略思考的結果。

So we're very excited about it.

所以我們對此感到非常興奮。

But I cannot remind investors and analysts who attended our 2021 Investors Day that in -- then we promised profitability of 10.5% in 2024.

但我無法提醒參加 2021 年投資人日的投資人和分析師，當時我們承諾 2024 年的獲利率為 10.5%。

And so here we are committing to guidance this year of 12.9%.

因此，我們承諾今年的指導值為 12.9%。

And the fact is, even with next year and the solid 12s, we're streets ahead of where this portfolio was envisioned to be just three years ago.

事實上，即使明年有穩定的 12 分，我們仍然比三年前設想的這個投資組合更遙遙領先。

We will not be resting on our laurels there.

我們不會滿足於現狀。

This is just an indication of the kind of pivot year that 2025 brings, but a pivot year is just that.

這只是 2025 年帶來的樞軸年的一個指示，但樞軸年就是這樣。

It's a pivot year to greater growth and continued growth for a great portfolio of critical needs that our customers reward us for.

今年是實現更大成長和持續成長的關鍵一年，我們的客戶為此獎勵了我們的一系列關鍵需求。

So that's the focus over the next coming months.

所以這是未來幾個月的重點。

We look forward to having that conversation with you in March, and we're very bullish about the future of Leidos.

我們期待在三月與您進行對話，我們對 Leidos 的未來非常看好。

And if I may, just a quick follow-up.

如果可以的話，請快速跟進。

On the $29 billion that you have of like submitted bids in the pipeline, how much of those are new businesses versus recompetes?

在您已提交的 290 億美元投標中，其中有多少是新業務與重新競爭的業務？

Well, the $29 billion, I can't give you that, but I can tell you that when we look ahead to next year's portfolio, almost 70% of what is in the 2025 portfolio is new business and takeaway.

好吧，290 億美元，我不能給你這個，但我可以告訴你，當我們展望明年的投資組合時，2025 年投資組合中幾乎 70% 是新業務和外賣。

So I don't have the exact point on the $29 billion, but a high percentage of that would also be new business and takeaway, Mariana.

所以我不知道 290 億美元的確切含義，但其中很大一部分也將是新業務和外賣，瑪麗安娜。

The recompete landscape is quite modest.

重新競爭的情況相當溫和。

We've talked obviously about the VBA business and have clarity here on the next two years of that here soon, if the military health system DHMSM program does play out the way we hope.

我們已經清楚地討論了 VBA 業務，並且如果軍事衛生系統 DHMSM 計劃確實按照我們希望的方式發揮作用，那麼很快就會在這裡明確未來兩年的情況。

We're really not talking about any substantial recompete.

我們實際上並不是在談論任何實質的重新競爭。

So that's a great position to be in for our BD team to really be attacking new work with vigor next year.

因此，對於我們的 BD 團隊來說，這是一個很好的位置，可以在明年真正充滿活力地開展新工作。

Cai von Rumohr, TD Cowen.

蔡·馮·魯莫爾，TD·考恩。

Terrific results in health.

對健康有極佳的效果。

The recompete, the profitability is so good.

重新競爭，獲利能力這麼好。

Usually, when you see markets with that kind of profitability, you tend to attract more entrants.

通常，當你看到具有這種盈利能力的市場時，你往往會吸引更多的進入者。

Now I know that the entry barriers are pretty high, and that has been a plus.

現在我知道進入門檻相當高，這是一個優勢。

But you mentioned incentive improvements.

但你提到了激勵措施的改進。

Can you give us any color about the upcoming recompete, and do you expect that the profitability opportunity will be comparable?

您能給我們介紹一下即將到來的重新競爭嗎？

Or will there be more competitors or a different structure so that they get a good result, and you make good money, but not quite as much as you're making today?

或者是否會有更多的競爭對手或不同的結構，以便他們獲得良好的結果，並且你賺了很多錢，但不如你今天賺的那麼多？

I appreciate the sense of your question.

我很欣賞你問題的意義。

But of course, there's some questions I really can't answer in there.

但當然，有些問題我真的無法回答。

And at the same time, I can say that we're very confident in the continued profitability of this business over the next couple of years, and we look forward to the recompete because, as I suggested, it incents the very things that we're excellent at.

同時，我可以說，我們對這項業務在未來幾年的持續盈利能力非常有信心，我們期待著重新競爭，因為正如我所建議的，它激發了我們所做的事情。

So there is, for us, confidence that we'll be able to lean into the business to help the VA get what they want, which is customer satisfaction and volume.

因此，對我們來說，我們有信心能夠深入業務，幫助退伍軍人管理局獲得他們想要的東西，即客戶滿意度和數量。

At the same time, we feel very good about how we've been able to weave into our solutions in this space Trusted Mission AI and other innovative processes that allowed us to bring down our costs and sweat the fixed assets that we have.

同時，我們對如何將可信任任務人工智慧和其他創新流程融入這個領域的解決方案中感到非常滿意，這些流程使我們能夠降低成本並利用我們擁有的固定資產。

And so as a result, the profitability of this business and the opportunity for us to expand it are core parts of our strategy for growth for Leidos.

因此，該業務的獲利能力以及我們擴展該業務的機會是我們 Leidos 成長策略的核心部分。

So we don't see it as a net negative, but rather an area where we're going to be able to hold on to the profitability and expand the top line.

因此，我們並不認為這是一個淨負面影響，而是一個我們能夠保持獲利能力並擴大營收的領域。

I just would remind you, I mean, we did get the option your exercise.

我只是想提醒你，我的意思是，我們確實得到了你的鍛煉選項。

So we have clarity on the contract we're performing under right now, the recompete to Tom's point, we can't give a lot of detail there.

因此，我們現在正在履行的合約很清楚，對於湯姆的觀點，我們無法提供太多細節。

But again, our team really focused on how do we maintain a competitive position and work with our customers.

但我們的團隊真正關注的是如何保持競爭地位並與客戶合作。

But at the same time, get a return on the investments we've made.

但同時，我們的投資也能得到回報。

And it's not just the work going on in the VA.

這不僅僅是退伍軍人管理局正在進行的工作。

Tom spotlighted there's much more going on in managed health services with other customers that we're doing work for.

湯姆強調，我們正在為其他客戶提供管理醫療服務，還有更多的事情要做。

So the expansion of that entire portfolio enables us to have visibility and the confidence in the ability to retain a high level of margin performance there.

因此，整個投資組合的擴張使我們能夠了解並有信心維持高水準的利潤表現。

And if I may one more, Dynetics.

如果我可以再說一次的話，Dynetics。

For years, it's basically had lots of potential and has had trouble really fully converting that.

多年來，它基本上具有很大的潛力，但很難真正完全轉化它。

When you talk of low-single-digit growth next year and then better growth as we move further out, is Dynetics in that bucket?

當您談到明年的低個位數成長以及隨著我們的進一步發展而實現更好的成長時，Dynetics 屬於這一類嗎？

Dynetics is definitely in that bucket.

動力學絕對屬於這一類。

I mean, again, Tom featured -- think about the BD results they had this quarter is eye watering, excellent book-to-bill, programs that are moving forward to a low rate and then accelerating away.

我的意思是，湯姆再次強調——想想他們本季度的 BD 結果令人眼花繚亂，訂單出貨比出色，項目正在向低速前進，然後加速消失。

It will take a couple of years to get into a full rate production type mode and those are the kinds of things that give us confidence on the uplift.

進入全速生產模式需要幾年時間，這些都讓我們對經濟成長充滿信心。

We still don't have full clarity on how quickly the customer will ramp up our hypersonics work.

我們仍然不完全清楚客戶將以多快的速度加強我們的高超音速工作。

We're ready.

我們準備好了。

We're ready to scale.

我們已準備好擴大規模。

We're dependent upon industry partners.

我們依賴產業合作夥伴。

So there are some things there that definitely are exciting for the future and we expect that growth momentum to continue, but the best years for that business is still ahead of it.

因此，未來肯定會有一些令人興奮的事情，我們預計成長勢頭將持續下去，但該業務的最佳年份仍在前面。

In fact, Cai, I'll just add on.

其實，蔡，我補充一下。

Chris talks about an excellent book-to-bill.

克里斯談到了出色的訂單到賬單。

Just to put a little context on that, that's greater than a 3x book-to-bill just for our Defense segment.

簡單介紹一下這一點，這比我們的國防部門的訂單出貨比增加了 3 倍還要多。

So that's the kind of quarter they had.

這就是他們的季度。

And what we're starting to see, Cindy and the leadership team there are starting to really focus from that kaleidoscope of opportunities and the potential that's always been there, to focus on the things that are really important to our DoD customers now to fight for the future.

我們開始看到，辛蒂和那裡的領導團隊開始真正關注萬花筒般的機會和一直存在的潛力，專注於對我們國防部客戶現在需要爭取的真正重要的事情未來。

So one of the things we talked about was the SOCOM customer restarting a production line for small glide munitions.

因此，我們討論的一件事是 SOCOM 客戶重新啟動小型滑翔彈藥的生產線。

In fact that's huge because that line had gone dormant and the customer has come back to Leidos and said, we need more of that product.

事實上，這是巨大的，因為該生產線已經休眠，客戶回到 Leidos 並說，我們需要更多該產品。

And that has spawned the ability for us now to prototype and start to test this small cruise missile, Black Arrow that I referenced.

這使我們現在有能力製作原型並開始測試這種小型巡航導彈，即我提到的“黑箭”。

That's a direct result of not only our prowess on small glide munitions.

這不僅是我們在小型滑翔彈藥方面實力的直接結果。

But also remember the Gremlin program, bringing those two capabilities together has put us in a position to test is small cruise missile.

但也要記住「小精靈」計劃，將這兩種能力結合在一起使我們能夠測試小型巡航飛彈。

And frankly, that's exactly what our war fighters need.

坦白說，這正是我們的戰士所需要的。

The rapid prototyping, rapid production at scale and affordable capability for standoff weapons.

防區外武器的快速原型設計、快速大規模生產以及可承受的能力。

So we're very bullish, as Chris says, about the future of Dynetics and the ability for the current management team to take all of that potential and make diamonds out of it.

因此，正如克里斯所說，我們非常看好 Dynetics 的未來，以及目前管理團隊充分發揮所有潛力並從中創造鑽石的能力。

Scott Mikus, Melius Research.

斯科特·米庫斯，Melius 研究公司。

Tom, Chris, a little over a year ago, you guys won CHS-6.

湯姆、克里斯，一年多前，你們贏得了 CHS-6。

I was wondering if you could talk about how that's ramped so far?

我想知道您能否談談到目前為止進展如何？

And are the margins for that program accretive to the overall business?

該計劃的利潤是否會增加整體業務？

Or are they still dilutive as you're making the investments to ramp up?

或者，當您增加投資力度時，它們仍然會被稀釋嗎？

Yes, Scott, I'd say the team has done a great job of getting that program ramped up in the year one.

是的，斯科特，我想說團隊在第一年推動該計劃方面做得非常出色。

As you can imagine, both programs in the early phases aren't reaching their full potential and the same is true on CHS-6.

正如您可以想像的那樣，這兩個項目在早期階段都沒有充分發揮其潛力，CHS-6 也是如此。

We saw an early flurry of buying activity for longer lead things that will help increase revenue volume in '25 and beyond.

我們看到了早期對較長週期產品的購買活動，這將有助於增加 25 年及以後的收入量。

So I would say the margins aren't where we expect them to be for the long haul as of yet.

所以我想說，到目前為止，利潤率還沒有達到我們預期的長期水準。

But -- and despite that, look at the great performance we're seeing in national security and digital.

但是——儘管如此，看看我們在國家安全和數位領域看到的出色表現。

So the team is in a good spot there and CHS-6 will be a nice contributor to the portfolio over time, but it certainly hasn't reached its full potential yet.

因此，該團隊在這方面處於有利地位，隨著時間的推移，CHS-6 將成為該產品組合的一個很好的貢獻者，但它肯定還沒有充分發揮其潛力。

Scott just to pile on a little bit.

斯科特只是想多說一點。

One of the things we've been doing as we retool our business development approach is, we've also been ensuring we have the experts who can communicate to customers the art of the possible.

在重組業務開發方法時，我們一直在做的事情之一是，我們也確保擁有能夠向客戶傳達可能性的藝術的專家。

One of the things we've discovered is that the tool that CHS-6 is, is not universally understood within the army and we have people out there right now, ensuring that our customer understands their ability to use CHS-6 to buy a wide variety of products and capabilities.

我們發現的一件事是，CHS-6 這個工具在軍隊中並未得到普遍理解，我們現在就派人在那裡，確保我們的客戶了解他們使用 CHS-6 購買廣泛的能力各種產品和功能。

And so we feel very good about that.

所以我們對此感覺非常好。

And we're incentivizing our program managers to fill out the full potential of the IDIQ contracts that we have.

我們正在激勵專案經理充分發揮我們所擁有的 IDIQ 合約的潛力。

So we feel very good about the fact that maybe we're a little slow out of the blocks on that program, and it hasn't hit its stride yet, but I'm convinced that the army, we and our business development team are going to be able to help us supercharge that program for part of our success going forward.

因此，我們對此感到非常滿意，也許我們在該計劃上的進度有點慢，而且還沒有取得進展，但我相信軍隊、我們和我們的業務開發團隊正在將能夠幫助我們加強該計劃，為我們未來的成功奠定基礎。

Noah Poponak, Goldman Sachs.

諾亞·波波納克，高盛。

Just want to make sure I have the time line on the VBA work inside of Health & Civil correct.

只是想確保我的 Health & Civil 內部 VBA 工作的時間線正確。

Because, Chris, I thought you referenced the one year extension from the VA, but then I heard you thought in the Q&A referencing, multiple years.

因為，克里斯，我以為你提到了退伍軍人管理局的一年延期，但後來我聽到你在問答中提到了多年。

So I guess, how much visibility do you have now on what funding mechanisms?

所以我想，您現在對哪些融資機制有多少了解？

And then whenever there is a recompete, when exactly are you now expecting the recompete and how much actual revenue is being recompeted?

然後，每當有重新競爭時，您現在預計什麼時候重新競爭以及重新競爭的實際收入是多少？

And then on the margins, am I hearing you correctly that you believe north of 20% adjusted segment operating margin is a reasonable medium- to long-term framework for this business?

然後在利潤方面，我是否正確地聽到您的說法，您認為調整後的部門營業利潤率超過 20% 是該業務合理的中長期框架？

No.

不。

Let me go first, and I'll give you some big tectonic plates and then Chris will fill in the details.

讓我先走，我會給你一些大的構造板塊，然後克里斯會填滿細節。

First, as we said, we're currently on an option year to the current contract.

首先，正如我們所說，我們目前處於當前合約的選擇年。

So that's ongoing.

所以這一切仍在繼續。

Second, we expect a two year award to be made in the coming weeks.

其次，我們預計在未來幾週內頒發為期兩年的獎項。

So let's call that November, sometime in November.

所以我們稱之為十一月，十一月的某個時候。

The terms of that contract will be largely similar to what we have now.

該合約的條款將與我們現在的條款大致相似。

And then after that two year contract, the customer assumes they'll be awarding new multi-year contracts for the way forward at that point.

然後，在兩年合約結束後，客戶認為他們將授予新的多年合約，以推動未來的發展。

So we're currently on an option year.

所以我們目前正處於選擇年。

As soon as the new award gets placed, that option year will seed and will be on the terms of the new two year contract.

一旦新的合約授予，該選項年將成為種子，並將遵守新的兩年合約的條款。

And then there'll be a multi-year contract beyond that.

除此之外還會有一份多年合約。

Right.

正確的。

So that kind of gives you the lay down of the activity set.

這樣你就可以了解活動集的情況。

It's not the entirety of the work we do for the VA.

這並不是我們為 VA 所做的全部工作。

It's four of the regions.

這是四個地區。

There's other contracts as well.

還有其他合約。

So -- but it's a substantial piece of business that, again, we've put forward a compelling bid for, we believe.

所以——但我們相信，這是一項重要的業務，我們再次提出了令人信服的出價。

Going forward as it relates to margins, yes, I think you're in the right zip code here, right?

展望未來，因為它與利潤有關，是的，我認為您在這裡的郵政編碼是正確的，對吧？

As far as 20-ish-plus percent for this segment going forward.

未來該細分市場將成長 20% 以上。

We've outperformed that over the last two quarters.

在過去兩個季度中，我們的表現超越了這一水平。

You've seen numbers in the 24% range.

您已經看到了 24% 範圍內的數字。

I feel like that is excellent results by the team.

我覺得這是團隊的優異成績。

So north of 20% is certainly something that we see increased clarity on now and feel much more bullish about sustaining that performance going forward.

因此，我們現在看到 20% 以上的情況肯定更加清晰，並且對未來維持這一表現更加樂觀。

Seth Seifman, JPMorgan.

賽斯‧塞夫曼，摩根大通。

This is Rocco on for Seth.

這是賽斯的羅科。

Are there any notable factors that have been weighing on national security and digital growth?

是否存在任何影響國家安全和數位成長的顯著因素？

And what does the pathway looks like to accelerate the growth in the segment moving forward?

加速該細分市場未來成長的途徑是什麼樣的？

Well, the National Security digital, we featured in our in our call, there's been some shifting of budgets and priorities and some of our intelligence community customers, not tectonic shifts, but smaller shifts focused more towards great power competition.

嗯，國家安全數位化，我們在電話會議中強調，預算和優先事項以及我們的一些情報界客戶發生了一些變化，不是結構性變化，而是較小的變化，更多地關注大國競爭。

Some, you know, our inability to get that cleared personnel, the right spot.

有些，你知道，我們無法將那些經過許可的人員安排到正確的位置。

That is always an inhibitor.

這始終是一種抑制劑。

Our team has managed around that very successfully and I think has positioned that business for increased growth going forward.

我們的團隊非常成功地解決了這個問題，我認為該業務已定位為未來成長的成長點。

A lot of the key wins that we featured in the call will show up as catalysts in national security and digital and some new work there.

我們在電話會議中介紹的許多關鍵勝利將成為國家安全和數位領域以及一些新工作的催化劑。

There has also been some protests.

也出現了一些抗議。

Unfortunately, that's, you know, at par for the course in this business area.

不幸的是，您知道，這與該業務領域的課程持平。

But some of those are substantial growth drivers for us ultimately once they clear that process.

但一旦他們完成了這個過程，其中一些最終將成為我們的重大成長動力。

So we're looking forward to a positive resolution there.

因此，我們期待在那裡達成積極的解決方案。

But the team has been shifting the portfolio pivoting a bit, and we're seeing early returns on the digital side, the digital modernization part of that portfolio and expect, even greater results there going forward.

但該團隊一直在稍微調整投資組合，我們看到數字方面的早期回報，該投資組合的數位現代化部分，並預計未來會取得更大的成果。

Rocco, I mentioned to an earlier question that we see our place in the universe as helping our government be the smartest government on the face of the year, I would suggest that one challenge our customers have in helping us help them fulfill that mission is relatively stable budgets or when you pricing inflation flat to declining budgets, and so I know of no tax payer wants to I hear that.

羅科，我在之前的一個問題中提到，我們認為我們在宇宙中的地位是幫助我們的政府成為今年最聰明的政府，我認為我們的客戶在幫助我們幫助他們完成這項使命方面所面臨的一個挑戰是相對穩定的預算，或者當你將通貨膨脹定價為與預算下降持平時，所以我知道沒有納稅人願意聽到這一點。

But our national security and intelligence community work really is challenged with limited top line growth against a threat environment that is incredibly diverse and not ceding.

但我們的國家安全和情報界工作確實面臨挑戰，在威脅環境極為多元且持續不斷的情況下，收入成長有限。

So I would love to see a little bit more top line growth, and I know our customers would love to be able to do more things so as to help our government be the most brilliant government on the Phase three.

因此，我希望看到更多的收入成長，我知道我們的客戶希望能夠做更多的事情，以幫助我們的政府成為第三階段最出色的政府。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特，加拿大皇家銀行資本市場。

Really nice results.

真的很好的結果。

Okay.

好的。

Okay.

好的。

Maybe, Chris, the guide for the updated guide for '24 implies, you know, sort of a step down in top client in the fourth quarter to sort of a 3% range with what sounds like a really nice results again, expected out of health and civil.

也許，克里斯，24 年更新指南的指南暗示，你知道，第四季度頂級客戶的下降幅度約為 3%，聽起來又是一個非常好的結果，預計會超出健康和公民。

How do we think about maybe the moving pieces within the segments to the fourth quarter, if you can give any granularity there?

如果您能提供任何詳細信息，我們如何考慮第四季度各個細分市場中的移動部分？

And I guess as part of that, is it fair to sort of look at maybe the top line parameters and the operating adjusted EBITDA in the fourth water is maybe a good indicator of starting point?

我想作為其中的一部分，看看第四水的頂線參數和營運調整後的 EBITDA 是否公平，這可能是一個很好的起點指標？

Or how '25 could look based upon some of your high-level comments earlier?

或者根據您之前的一些高層評論，'25 會是什麼樣子？

Yeah.

是的。

Thanks, Ken, and so again, we've had a fantastic year and that fantastic year has positioned us to be even more intentional around some investments that we're making in the fourth quarter to position ourselves for long-term off on innovation and technology, but also our employees and employee engagement.

謝謝，肯，再次感謝，我們度過了美好的一年，這一年使我們更加有意識地圍繞我們在第四季度進行的一些投資，為自己的長期創新和發展做好準備。我們的員工和員工敬業度。

So you'll see some, but those things manifest themselves in Q4.

所以你會看到一些，但這些東西會在第四季顯現出來。

Q4, obviously does have a higher level of time off, right vacation time that we're baking in and just allowing for the potential risk around any disruptions and funding and those types of things following on from election.

第四季度，顯然確實有更高水平的休假，我們正在考慮適當的休假時間，並考慮到任何干擾和資金以及選舉後發生的此類事情的潛在風險。

We hope we don't see any of those, but there's always that potential can I would look more to our comments for next year as it relates to margins, you know, solidly in the 12%.

我們希望我們不會看到其中任何一個，但總是有潛力，我會更專注於我們明年的評論，因為它與利潤率有關，你知道，穩定在 12%。

So a modest step down in Q4 is not indicative of how we see the business running into next year, we see strong performance out of the gates there from, and so you should expect that.

因此，第四季度的適度下降並不表明我們如何看待明年的業務，我們看到從那時起強勁的表現，所以你應該期待這一點。

But revenue volumes are some puts and takes.

但收入量是有一定的影響的。

There's probably a flattish performance from Q3 into Q4 as we look at the disability, Exam Works timing of some materials that to could ebb and flow.

從第三季度到第四季度，我們的表現可能比較平淡，因為我們看到一些材料的考試時間可能會起伏不定。

But as I mentioned, the just cautionary note on what's happened with the budget environment and vacation and leave for our employees because it's how the world works.

但正如我所提到的，這只是關於預算環境以及我們員工的假期和休假的警告，因為這就是世界的運作方式。

Louie DiPalma, William Blair.

路易·迪帕爾瑪，威廉·布萊爾。

You discuss how the PACT Act is stimulating exam volumes on based on your crystal ball, what the exam volume level and 10 Q and 3Q, is that a peak in terms of exam volumes or should that continue to trend higher in the fourth Quarter of 2025.

您根據您的水晶球討論 PACT 法案如何刺激考試量、考試量水平以及 10 Q 和 3Q 是考試量的峰值還是應該在 2025 年第四季度繼續呈上升趨勢。

Yes, go ahead, Chris.

是的，繼續吧，克里斯。

I'm sorry,

對不起，

Louie.

路易。

I mean, as I just would say, and I can't I don't see Q4 showing an uptick over what we've seen in Q2 and Q3 spectacular performance.

我的意思是，正如我剛才所說，我看不到第四季度的表現比我們在第二季度和第三季度看到的出色表現有所上升。

But broadly, the demand signal is there to sustain that level of performance as we see going forward.

但總體而言，正如我們所看到的那樣，需求訊號是為了維持這種績效水準。

When you look at some of the stats on pending claims and backlog of claims, they remain substantially elevated from where they were a couple of years ago.

當您查看待決索賠和積壓索賠的一些統計數據時，您會發現它們與幾年前相比仍然大幅上升。

So in that zone is probably the expectation that we see over the next several quarters and beyond, but not a lot of an elevated level.

因此，我們對未來幾季及以後的預期可能會處於該區域，但水準不會大幅提高。

Yeah, I agree.

是的，我同意。

David Strauss, Barclays.

大衛‧史特勞斯，巴克萊銀行。

This is Josh Korn on for David.

這是大衛的喬許·科恩。

Yes.

是的。

I just wanted to ask.

我只是想問一下。

Yes.

是的。

So now that you've done just about the the full $500 million of share repurchases that that you have been talking about, just wanted to ask about repurchases and capital deployment priorities and not in Q4 and going forward.

因此，現在您已經完成了您一直在談論的大約 5 億美元的全部股票回購，只是想詢問回購和資本部署優先事項，而不是第四季度和未來的情況。

Yeah, obviously, we will certainly complete the $50 million outstanding and we'll be evaluating uses of capital against alternate internal uses at the same time.

是的，顯然，我們肯定會完成 5000 萬美元的未償債務，同時我們將根據其他內部用途評估資本的使用情況。

But as I traveled in my formal comments, we will continue for this year to be customer friendly or excuse me, investor friendly, and I think you should look at the increase in our dividend as a down payment on how we how we view that.

但正如我在正式評論中所說，今年我們將繼續對客戶友好，或者對不起，對投資者友好，我認為您應該將我們股息的增加視為我們如何看待這一問題的首付。

We're in a great position.

我們處於有利地位。

Josh, as you know, are you realizing with the strong cash position coming out of Q3.

喬什，如您所知，您是否意識到第三季度的強勁現金狀況。

We still see value in the stock clearly and and with our best days are ahead of us in, will continue to feel comfortable moving into the market when it makes sense.

我們仍然清楚地看到該股票的價值，並且隨著我們最好的日子就在前面，我們將繼續在有意義的時候放心地進入市場。

Matt Akers, Wells Fargo.

馬特·埃克斯，富國銀行。

I wanted to -- kind of, I guess, help margin help, obviously up a lot this quarter, but the other three margin -- other three segments that had pretty good uptick in profitability kind of overlap here.

我想——我想，這可以幫助利潤率有所幫助，顯然本季度增長了很多，但其他三個利潤率——盈利能力大幅上升的其他三個部門在這裡有些重疊。

So I wonder if you could just talk about sort of what's driving that and kind of how much further there push margins higher in two of those other segments?

因此，我想知道您是否可以談談是什麼推動了這一趨勢，以及其他兩個細分市場的利潤率進一步提高了多少？

We appreciate you recognizing that we're getting this done not just solely through the health and civil business, but our other leaders have really taken to hold the opportunities to drive increased profitability.

我們感謝您認識到我們不僅透過衛生和民事業務來實現這一目標，而且我們的其他領導者也確實抓住了提高盈利能力的機會。

Start with national security and digital, we feature a repeatable offerings.

從國家安全和數字開始，我們提供可重複的產品。

Steve and that leadership team are really are all in on practice areas and just efficiencies that we can capitalize on through these franchise programs that we're already operating on.

史蒂夫和領導團隊確實專注於實踐領域和效率，我們可以透過我們已經在運營的這些特許經營計劃來利用這些效率。

So we've seen some early returns there, and we think there's more opportunities for how we do cloud migrations, help desk, or you name it across our portfolio of contracts.

因此，我們已經看到了一些早期回報，我們認為我們在雲端遷移、幫助台或您在我們的合約組合中提到的方式方面有更多機會。

In defense systems, again, just program execution, disciplined, better bidding discipline.

在國防系統中，再次強調的是程序執行、紀律、更好的投標紀律。

The team has got a lot more rigor on their programs as they advance to beyond the initial prototype phases of some of those programs, and that's showing up.

隨著某些程序的初始原型階段的進展，該團隊對他們的程序變得更加嚴格，這一點正在顯現出來。

And as I've trailed in my prepared remarks, the AEC performance is the best in four years.

正如我在準備好的演講中所說的那樣，AEC 的表現是四年來最好的。

So that gets to our program managers across the business, great work by them, great work on the program execution side.

因此，我們整個企業的專案經理都做出了出色的工作，在專案執行方面也做出了出色的工作。

And so, again, we're not done.

所以，我們再說一次，我們還沒完成。

I think there's more gas in the tank in the portfolio.

我認為投資組合中還有更多的汽油。

And all I'll add, Matt, is that while all our segments reflect different market realities of the potential profitability, all of our segment leaders are incentivized to be best-in-class profitability, so standby for more.

馬特，我要補充的是，雖然我們所有的細分市場都反映了潛在盈利能力的不同市場現實，但我們所有細分市場的領導者都受到激勵，以實現一流的盈利能力，因此請等待更多。

Yeah, appreciate the question, Matt, and I just want to thank the operator for your assistance on today's call, and thank everybody that joined us here for your time this morning and your interest in Leidos.

是的，謝謝你的提問，馬特，我只想感謝接線員在今天的通話中提供的幫助，並感謝今天早上加入我們的所有人以及對 Leidos 的興趣。

We look forward to updating you again soon.

我們期待盡快再次為您提供最新消息。

Have a great day.

祝你有美好的一天。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。