Leidos Holdings Inc (LDOS) 2024 Q4 法說會逐字稿

Greetings.

問候。

Welcome to Leidos fourth-quarter fiscal year 2024 earnings call.

歡迎參加 Leidos 2024 財年第四季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員指示）請注意，本次會議正在錄音。

At this time, I will turn the conference over to Stuart Davis from Investor Relations.

現在，我將把會議交給投資者關係部門的 Stuart Davis。

Stuart, you may begin.

斯圖爾特，你可以開始啦。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

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

歡迎您參加我們的 2024 財年第四季和收益電話會議。

Joining me today are Tom Bell, our CEO; and Chris Cage, our CFO.

今天與我一起出席的還有我們的執行長湯姆貝爾 (Tom Bell)；以及我們的財務長 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're using today.

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，您也可以在那裡找到我們今天使用的收益報告和補充財務簡報幻燈片。

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.

前往簡報的第 2 張投影片，今天的討論包含基於我們目前所見環境的前瞻性陳述，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.

有關可能導致實際結果發生重大差異的具體風險因素的更多信息，請參閱我們的新聞稿。

Finally, as shown on slide 3, we'll discuss GAAP and non-GAAP financial measures.

最後，如幻燈片 3 所示，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人之間的和解。

With that, let me turn the call over to Tom Bell, who will begin on slide 4.

說完這些，讓我把電話轉給湯姆貝爾，他將從第 4 張幻燈片開始發言。

Thank you, Stuart, and good morning, everyone.

謝謝你，斯圖爾特，大家早安。

I'm happy you could join us to discuss another outstanding quarter for Leidos, capping off a very strong year, delivering 2024 results above the high end of our prior guidance.

我很高興您能加入我們，討論 Leidos 的另一個出色季度，為非常強勁的一年畫上圓滿句號，2024 年的業績將高於我們之前預期的高點。

Leidos' excellent recent performance also allowed us to reach and exceed the three-year performance targets we set out at our Investor Day in 2021.

Leidos 近期的出色表現也使我們達到並超越了 2021 年投資者日設定的三年業績目標。

I'm very pleased we were able to over-deliver on those cumulative commitments.

我很高興我們能夠超額履行這些累積承諾。

Against the target set then, we delivered an organic revenue growth CAGR of 6.6%, well above our goal.

根據當時設定的目標，我們實現了 6.6% 的有機收入複合年增長率，遠高於我們的目標。

We delivered adjusted EBITDA margin for 2024 of 12.9%, 240 basis points above our goal.

我們實現的 2024 年調整後 EBITDA 利潤率為 12.9%，比我們的目標高出 240 個基點。

And we drove free cash flow conversion of 100% exactly on our commitment.

我們完全按照承諾實現了 100％ 的自由現金流轉換。

This delivered cumulative operating cash flow to our target of $3.5 billion.

這使累計營運現金流達到了我們的目標 35 億美元。

Our excellent multiyear performance enabled us to take our gross debt leverage ratio down from 3.4 times to 2.2 times today.

我們多年來的優異表現使我們的總債務槓桿從 3.4 倍下降到今天的 2.2 倍。

And now our strong balance sheet and core financial engine give us the financial flexibility to deploy capital to support tangible growth initiatives and drive brilliant shareholder value.

現在，我們強大的資產負債表和核心財務引擎使我們能夠靈活地部署資本，支持切實的成長計劃並創造卓越的股東價值。

All on this call will be aware that since November 12, our stock has traded down about 25%.

所有參加電話會議的人都會知道，自 11 月 12 日以來，我們的股價已下跌約 25%。

As a result, we repurchased an additional $400 million worth of shares in the fourth quarter.

因此，我們在第四季額外回購了價值 4 億美元的股票。

That brought our open market repurchases for 2024 to $850 million, significantly exceeding our initial commitment.

這使得我們 2024 年的公開市場回購額達到 8.5 億美元，大大超過了我們最初的承諾。

As always, I want to thank each of our 48,000 Leidosians who bring our bold vision for Leidos to life every day.

像往常一樣，我要感謝 48,000 名 Leidos 人中的每一位，他們每天都在將我們對 Leidos 的大膽願景變為現實。

Their passion for our customers' mission, their fortitude, resilience, and ingenuity enable us to deliver exceptional value to our shareholders even in the most dynamic of environments.

他們對客戶使命的熱情、他們的堅韌、韌性和獨創性使我們能夠即使在最具活力的環境中也為股東提供卓越的價值。

Turning to slide 5.

翻到幻燈片 5。

In addition to delivering exceptional performance last year, 2024 was a year of deep strategic thinking.

除了去年的卓越業績外，2024年也是深度策略思考的一年。

We're calling our new growth strategy, NorthStar 2030.

我們將我們的新成長策略稱為「NorthStar 2030」。

NorthStar 2030 keys on a specific group of growth pillars, where we know customer needs are growing, market profitability is robust, and Leidos' differentiation is evident and accelerating.

NorthStar 2030 專注於一組特定的成長支柱，我們知道客戶需求正在成長，市場獲利能力強勁，而 Leidos 的差異化顯而易見且正在加速發展。

We'll fully unpack our NorthStar 2030 strategy for you at our upcoming Investors Day.

我們將在即將舉行的投資者日上為您全面解讀我們的 NorthStar 2030 策略。

But undertaking this strategy effort last year is proving to have been timed perfectly.

但事實證明，去年實施這項策略的時機非常完美。

I mentioned all this now because a natural question today might be, how does NorthStar 2030 hold up to the priorities of this new administration?

我現在提到這一切是因為今天自然而然會問的一個問題是，NorthStar 2030 如何符合新政府的優先事項？

And the answer is incredibly well.

答案非常好。

You'll recall that our strategy process last year was grounded in a 10-year future-backed Leidos proprietary hypothesis of the future.

您會記得，我們​​去年的策略流程是以未來 10 年由 Leidos 支援的專有未來假設為基礎的。

That work detailed macro domestic and geopolitical megatrends that we predicted would occur over the next decade.

這項工作詳細描述了我們預測的未來十年將出現的宏觀國內和地緣政治大趨勢。

Now we see those megatrends coming through at pace.

現在我們看到這些大趨勢正在快速發展。

And therefore, we are even more confident our growth pillars position us for success today and in the future because they are all grounded in one unifying theme.

因此，我們更有信心，我們的成長支柱將為我們今天和未來的成功奠定基礎，因為它們都植根於一個統一的主題。

Leidos exists to make our customers' outcomes smarter and more efficient.

Leidos 的存在是為了讓我們客戶的成果更有智慧、更有效率。

Everything we do for every one of our customers is linked to that statement.

我們為每一位客戶所做的一切都與該聲明相關。

We were created to leverage innovation for our customers, to meet the immense and enduring national security challenges faced by America and its allies, from protecting the homeland to deterring and winning battles abroad.

我們成立的目的是利用創新為客戶服務，應對美國及其盟友面臨的巨大而持久的國家安全挑戰，從保衛國土到阻止和打贏海外戰爭。

And driving government efficiency is fundamental to everything we do.

提高政府效率是我們所做的一切的根本。

And of course, that's what's needed to expand America's economic strength.

當然，這正是擴大美國經濟實力所需要的。

All that is what we are all about, and that's exactly what our new administration is all about, too.

這就是我們所追求的，這正是我們新政府所追求的。

Therefore, we view the new administration's priorities as an opportunity for Leidos.

因此，我們將新政府的優先事項視為 Leidos 的機會。

Over the past months, the administration and the Department of Government Efficiency have begun to unveil an agenda to transform government operations and ensure taxpayer dollars are invested more wisely.

過去幾個月，政府和政府效率部已經開始宣布一項議程，以改變政府運作方式並確保納稅人的錢得到更明智的投資。

This has given us increased confidence in our strategy.

這使我們對我們的策略更有信心。

The new administration has signaled a focus on eliminating regulations, streamlining procurement, and moving to more outcome-based contracting, all of which are exactly in line with the mission and work of Leidos to make government smarter and more efficient.

新政府已表示將致力於消除監管、簡化採購流程並轉向更多基於結果的合同，所有這些都與 Leidos 的使命和工作完全一致，即使政府變得更聰明、更有效率。

Three current focus areas are right in our wheelhouse: IT modernization, transformational war fighting capability, and increased privatization.

我們目前重點關注的領域有三個：資訊科技現代化、變革性作戰能力、私有化程度的提升。

First, the new administration has said that IT modernization is low-hanging fruit for government efficiency.

首先，新政府表示，資訊科技現代化對於提高政府效率來說是輕而易舉的事。

We totally agree.

我們完全同意。

The federal government's ability to reduce costs, bridge outdated and desperate data silos, and facilitate the adoption of enabling technologies, like Trusted Mission AI, hinges on having modern, adaptable IT systems.

聯邦政府降低成本、彌合過時且令人絕望的數據孤島以及促進採用可信任務 AI 等支援技術的能力取決於擁有現代化、適應性強的 IT 系統。

As the leading provider of IT software solutions for the federal government, we have a proven track record of modernizing and simplifying our customers' complex IT environments, while integrated Trusted Mission AI and robust cybersecurity.

身為聯邦政府領先的 IT 軟體解決方案供應商，我們在整合 Trusted Mission AI 和強大的網路安全的同時，擁有對客戶複雜 IT 環境進行現代化和簡化的成功經驗。

This allows agencies to achieve their mission objectives smarter, faster, and cheaper.

這使得各機構能夠更聰明、更快、更便宜地實現其任務目標。

For example, the disability case processing system we built for the Social Security Administration has improved processing time of disability claims by over 90%, reducing backlog by over 50% and increasing the accuracy of benefit calculations by 20%.

例如，我們為社會安全署建立的殘障案件處理系統將殘障索賠的處理時間提高了 90% 以上，減少了 50% 以上的積壓，並提高了福利計算的準確性 20%。

Leidos is delivering significant cost savings to the SSA through these customer efficiency enhancements and proven anti-fraud tools.

Leidos 透過這些客戶效率增強和經過驗證的反詐騙工具為 SSA 節省了大量成本。

In addition, just last year, we also transformed the SSA's national 1-800 number.

此外，就在去年，我們也改造了SSA的全國1-800號碼。

In just 48 days, we reduced wait times by almost 75% for over 80 million callers each year.

在短短的 48 天內，我們將每年超過 8,000 萬呼叫者的等待時間減少了近 75%。

The administration's focus on IT modernization also affords us a great refreshed opportunity to accelerate adoption of our existing Defense Enclave Services program.

政府對 IT 現代化的關注也為我們加速採用現有的國防飛地服務計畫提供了絕佳的機會。

To date, we've successfully transitioned only three defense agency and field activities or DAFAs and their 32,000 users, each on time and on budget.

到目前為止，我們已經成功完成了三個國防機構和現場活動（DAFA）及其 32,000 名用戶的轉型，並且每個轉型都按時按預算完成。

As a result, those DoD offices now enjoy better user experiences and better service delivery.

因此，這些國防部辦公室現在享有更好的使用者體驗和更好的服務交付。

But even more importantly, they are now operating seamlessly within a single, robust, fiber-secure, efficient integrated DoD IT system.

但更重要的是，它們現在在單一、強大、光纖安全、高效的整合國防部 IT 系統內無縫運作。

But there are 11 DAFAs and nearly 330,000 additional users originally envisioned to be served by this program that are yet to be migrated.

但該計劃最初預計服務的 11 個 DAFA 和近 330,000 名額外用戶尚未遷移。

We look forward to helping our new Secretary of Defense greatly enhance user efficiency, harden IT assets, and reduce costs by completing the remaining migrations to DISA's standardized, unified, and secured IT network.

我們期待透過完成向 DISA 標準化、統一和安全的 IT 網路的剩餘遷移來幫助我們的新國防部長大大提高用戶效率、強化 IT 資產並降低成本。

In turn, this will enable DoD reinvestment of real savings into critical war-fighting capabilities.

反過來，這將使國防部能夠將實際儲蓄重新投資到關鍵的作戰能力上。

So speaking of critical war-fighting capabilities, secondly, administration leadership has indicated that the Pentagon's top-line budget should focus on the right kind of programs, with increased investments in cost-effective and high-performance systems.

因此，談到關鍵作戰能力，其次，政府領導層已表示，五角大廈的最高預算應該集中在正確的項目上，並增加對具有成本效益和高性能係統的投資。

In anticipation of these demands, we have positioned ourselves as a positive disruptor, rapidly transforming innovative ideas into market-ready solutions essential for next-generation war-fighting capabilities.

為了滿足這些需求，我們將自己定位為積極的顛覆者，將創新想法迅速轉化為對下一代作戰能力至關重要的市場化解決方案。

For example, we lead the way in maritime autonomy.

例如，我們在海洋自治方面處於領先地位。

We recently developed an unmanned undersea multi-mission vessel in less than 18 months, with a price that is, to the best of our knowledge, significantly lower than all comparable offerings.

我們最近在不到 18 個月的時間內開發了一艘無人海底多任務船，據我們所知，其價格明顯低於所有同類產品。

This success has enabled the Navy to expand our program size and scope, allowing us to enhance underwater ISR capabilities and develop multi-sensor UUVs and other unmanned platforms.

這次成功使海軍能夠擴大我們的專案規模和範圍，使我們能夠增強水下 ISR 能力並開發多感測器 UUV 和其他無人平台。

We also designed and deployed a small, unmanned surface vehicle called Archer.

我們還設計並部署了一款名為「Archer」的小型無人水面航行器。

Archer is equipped with a modular mission bay designed for anything, contested logistics, ISR, or weaponry.

Archer 配備有模組化任務艙，可用於任何任務，包括有爭議的後勤、ISR 或武器。

And we did all that in less than nine months.

我們花了不到九個月的時間就完成了這一切。

Archer provides the US and our allies with immediate access to flexible, advanced maritime designs, with proven long-endurance, robust autonomous capabilities.

Archer 為美國及其盟友提供了靈活、先進的海上設計，具有久經考驗的長航時和強大的自主能力。

Additionally, we're developing a new class of small cruise missiles, advancing from concept to successful demonstration flights in under two years.

此外，我們正在開發一種新型小型巡航飛彈，在不到兩年的時間內從概念階段發展到成功的示範飛行。

And we're achieving dramatic cost savings for this critical capability through a modular design, featuring open architecture that incorporates the best most affordable subsystems and technologies using digital twin philosophies and AI optimization.

我們透過模組化設計大幅節省了這項關鍵功能的成本，其開放式架構採用了數位孿生理念和人工智慧優化，融合了最實惠的最佳子系統和技術。

These groundbreaking developments highlight our defense system team's focus on delivering affordable mass war-fighting capabilities with unmatched speed, efficiency, and efficacy, which the DoD needs today to prevail across the increasingly complex and contested domains.

這些突破性的發展凸顯了我們的國防系統團隊致力於提供具有無與倫比的速度、效率和功效的經濟實惠的大規模作戰能力，而這正是國防部今天在日益複雜和競爭激烈的領域中取得勝利所需要的。

Third, leaders are calling for expanded public-private partnerships for essential citizen services to create more efficient and effective outcomes.

第三，領導人呼籲擴大公共和私營部門在基本公民服務方面的合作關係，以創造更有效率、更有效的成果。

We have deep expertise and success here, too.

我們在這裡也擁有深厚的專業知識和成功。

For instance, for decades, we've partnered with the Veterans Administration to transform the delivery of healthcare to our nation's deserving veterans.

例如，幾十年來，我們一直與退伍軍人管理局合作，為我們國家值得服務的退伍軍人提供醫療服務。

With our proprietary capabilities to anticipate demand and our ability to innovate at scale, we have established the largest, most flexible network of first-class medical and mobile clinics.

憑藉我們預測需求的專有能力和大規模創新的能力，我們建立了最大的、最靈活的一流醫療和行動診所網路。

This has allowed us to increase veteran throughput by more than 300% and have the average exam timeline.

這使得我們的退伍軍人吞吐量提高了 300% 以上，並擁有平均考試時間表。

And we've delivered all this efficiency while consistently exceeding VA targets for both timeliness and critically quality of care.

我們在實現所有這些效率的同時，始終如一地超越 VA 在及時性和關鍵護理品質方面的目標。

As part of this, we're very proud to deliver excellent care coordination for homebound veterans and those in remote locations, bringing first-class care to where the veteran is across all 50 states.

作為其中的一部分，我們非常自豪能夠為居家退伍軍人和偏遠地區的退伍軍人提供出色的護理協調服務，為全美 50 個州的退伍軍人提供一流的護理。

These capabilities magnify Leidos' differentiation and recognition as a top managed health services provider for our federal customers.

這些能力擴大了 Leidos 作為聯邦客戶頂級管理醫療服務提供者的差異化和認可。

But our VA work is just one of many examples of successful privatization.

但我們的 VA 工作只是眾多成功私有化案例之一。

Another case study of our success in public-private partnerships is the Future Flight Services Program for the FAA.

我們在公私合作方面取得成功的另一個案例研究是針對美國聯邦航空局的未來飛行服務計劃。

Through this program, we provide critical services to general aviation pilots.

透過該計劃，我們為通用航空飛行員提供關鍵服務。

By providing this service, we've saved the Federal Aviation Administration more than $2 billion by significantly modernizing underlying technology, all while maintaining at or above 99.9% system availability.

透過提供這項服務，我們大幅實現了底層技術的現代化，為聯邦航空管理局節省了 20 多億美元，同時保持了 99.9% 或以上的系統可用性。

2025 will be an exciting year as we implement our new NorthStar 2030 strategy, and we're already seeing great traction in our robust growth ambitions.

2025 年將是令人興奮的一年，因為我們將實施新的 NorthStar 2030 策略，而且我們已經看到強勁的成長目標取得了巨大進展。

In the fourth quarter of 2024, we had net bookings of $7.6 billion, delivering a book-to-bill ratio of 1.7, our highest ever for a December quarter.

2024 年第四季度，我們的淨預訂額為 76 億美元，訂單出貨比為 1.7，創下 12 月季度以來的最高水準。

And 2024, overall, was our best growth year since 2020, with an overall book ratio of 1.4 and a year-over-year backlog growth of 18%.

整體而言，2024 年是我們自 2020 年以來成長最好的一年，整體訂單量比率為 1.4，積壓訂單年增 18%。

I'm very proud of the quality of our backlog achieved through many significant wins, all aligned to durable markets and critical customer missions, which in turn, enjoy bipartisan political support.

我為我們透過許多重大勝利所取得的積壓訂單的品質感到非常自豪，所有這些都與持久市場和關鍵客戶使命保持一致，進而得到了兩黨的政治支持。

Let me walk through a few key awards in the quarter.

讓我介紹一下本季的幾個重要獎項。

First, the VA has awarded us a two-year multibillion-dollar award for medical disability examinations.

首先，退伍軍人事務部授予我們為期兩年、總額達數十億美元的獎勵，用於進行醫療殘疾檢查。

This award underscores our ongoing ability to deliver excellence for the VA and our nation's veterans.

該獎項彰顯了我們為退伍軍人事務部和國家退伍軍人提供卓越服務的持續能力。

And it aligns with the financial expectations we outlined to you on our last earnings call.

這與我們在上次財報電話會議上向您概述的財務預期一致。

Second, we won a $2.6 billion follow-on for our integrated logistics software work for the Transportation Security Administration.

其次，我們為運輸安全管理局（TSA）的綜合物流軟體工作贏得了26億美元的後續合約。

This eight-year award comes with significant increases to our contract size and scope, and continues to position us very well with the new administration's determined focus on homeland security.

這份為期八年的合約使我們的合約規模和範圍顯著增加，並繼續使我們在新政府堅定關注國土安全的情況下處於有利地位。

Third, we received a $4.1 billion sole-source IDIQ for our IFPC Enduring Shield Air Defense System.

第三，我們獲得了價值 41 億美元的單一來源 IDIQ，用於我們的 IFPC 持久盾防空系統。

So far, we've only booked one task order under this IDIQ to provide systems for the defense of Guam.

到目前為止，我們僅根據該 IDIQ 承接了一項任務訂單，為關島防禦提供系統。

But this IDIQ provides us and our customer all the top-line room they need to ramp up production of this critical capability for years to come.

但是，這個 IDIQ 為我們和我們的客戶提供了未來幾年提高此關鍵能力的產量所需的所有營收空間。

And fourth, we secured a $670 million task order to advance our nation's long-range hypersonic weapon, specifically, our development and production of the common-hypersonic glide body and its thermal protection system.

第四，我們獲得了價值 6.7 億美元的任務訂單，以推進我國遠程高超音速武器的發展，具體來說，是推動通用高超音速滑翔體及其熱防護系統的研發和生產。

So in summary, 2024 was a great year for Leidos.

總而言之，2024 年對 Leidos 來說是偉大的一年。

But all that success is just prologue for our exciting future.

但所有的成功只是我們令人興奮的未來的序幕。

Enabling disruptive progress is core to our work of making all our customers' outcomes smarter and more efficient.

實現顛覆性進步是我們工作的核心，讓所有客戶的成果更加智慧、更有效率。

Pure American entrepreneurial spirit was forged at our founding, and is alive and growing here today at Leidos.

純粹的美國企業家精神在我們成立之初就已形成，並且今天在 Leidos 依然生機勃勃、蓬勃發展。

Our passion is to look at problems differently and seek innovative solutions and outstanding customer results.

我們熱衷於從不同的角度看待問題並尋求創新的解決方案和卓越的客戶結果。

And this drive and culture serve us incredibly well in today's environment.

這種動力和文化在當今的環境中為我們提供了極大的幫助。

Our new administration is moving quickly with its efficiency agenda.

我們的新政府正在迅速推進其效率議程。

And Leidos is positioned to be a major contributor to the success of that agenda.

而 Leidos 將成為該議程成功的主要貢獻者。

Building on the bold vision of our NorthStar 2030 strategy and in light of the new administration's priorities and the core competencies I've outlined, we've developed a set of fast-paced initiatives in the spirit of those to make our customers' outcomes smarter and more efficient.

基於我們 NorthStar 2030 策略的大膽願景，並考慮到新政府的優先事項和我所概述的核心競爭力，我們本著這些精神制定了一系列快節奏的舉措，旨在使我們的客戶的成果更加智能、高效。

And over the next 90 days, we will continue executing a purposeful campaign we've already begun to work with our customers, administration officials, and elected representatives on these initiatives for a smarter, more efficient US government now.

在接下來的 90 天裡，我們將繼續執行一項已經開始的有目的的活動，與我們的客戶、政府官員和民選代表就這些舉措展開合作，以建立一個更聰明、更有效率的美國政府。

Now is the time for us to act with pace in this new landscape.

現在是我們在這個新形勢下迅速採取行動的時候了。

We are exceptionally well placed to be a critical part of the solution, and so seizing this opportunity remains our top corporate priority.

我們處於非常有利的位置，可以成為解決方案的關鍵部分，因此抓住這個機會仍然是我們公司的首要任務。

As a result, we look forward to holding our Investor Day this summer.

因此，我們期待今年夏天舉辦投資者日。

I'm super excited about our proven track record of performance in dynamic environments, our strong foundation for executing a successful 2025 and beyond, our bold vision for Leidos, and our NorthStar 2030 strategy and our outstanding outlook.

我對我們在動態環境中經過驗證的表現記錄、為實現 2025 年及以後的成功奠定的堅實基礎、對 Leidos 的大膽願景以及我們的 NorthStar 2030 戰略和出色的前景感到非常興奮。

With that, I'm going to pass the call over to Chris to walk through our 2024 results and give you our enhanced financial outlook for 2025.

說完這些，我將把電話轉給克里斯，讓他介紹我們 2024 年的業績，並為您提供我們對 2025 年的增強財務前景。

Chris?

克里斯？

Thanks, Tom, and good morning, everyone.

謝謝，湯姆，大家早安。

I'd like to echo Tom's remarks on the remarkable journey we've been on.

我想贊同湯姆對我們經歷的非凡旅程的評論。

This team has rallied to over-deliver at every turn this quarter, this year, and over the past three years.

本季、今年以及過去三年，這支團隊團結一致，每次都超額完成任務。

These accomplishments are rooted in a meaningful cultural transformation in how we manage and operate our business, which enabled us to deliver outstanding results while building a path to a better future.

這些成就源自於我們管理和經營業務方式的有意義的文化轉型，這使我們能夠在建立更美好未來的道路的同時取得卓越的成果。

We delivered industry-leading margins.

我們實現了業界領先的利潤。

And we invested to strengthen internal functions, enhance technical capabilities, double down on business development, and reward our employees.

我們也進行投資以加強內部職能、提高技術能力、加倍推動業務發展並獎勵員工。

Now let me walk you through our financial performance for the fourth quarter and full year.

現在讓我向您介紹我們第四季和全年的財務表現。

Please turn to slide 6.

請翻到幻燈片 6。

Revenue for the quarter was nearly $4.37 billion for a robust organic growth rate of 9.7%, although the quarter did include an extra week as part of the normal periodic true-up of our 4-4-5 financial calendar.

本季營收接近 43.7 億美元，有機成長率強勁達到 9.7%，儘管本季確實包括了一周額外時間，作為我們 4-4-5 財務日曆的正常定期調整的一部分。

For the year, total revenue grew 7.9% to $16.66 billion or $212 million above the high end of our prior guidance range.

全年總營收成長 7.9%，達到 166.6 億美元，比我們先前預期的高點高出 2.12 億美元。

Adjusted EBITDA was $508 million for the fourth quarter, and adjusted EBITDA margin of 11.6% was up 20 basis points year over year.

第四季調整後 EBITDA 為 5.08 億美元，調整後 EBITDA 利潤率為 11.6%，較去年同期成長 20 個基點。

The fourth-quarter margin includes the cost of enhancing some of our employee benefits in light of our strong performance, which rippled through the segment margins as well.

鑑於我們強勁的業績，第四季的利潤率包括提高部分員工福利的成本，這也對部門利潤率產生了影響。

On a full-year basis, adjusted EBITDA was $2.15 billion.

全年調整後的 EBITDA 為 21.5 億美元。

And adjusted EBITDA margin increased 210 basis points to 12.9%, putting us right at the upper end of the high 12% guide from last call.

調整後的 EBITDA 利潤率增加了 210 個基點，達到 12.9%，正好處於上次預測的 12% 高位區間的上限。

Our margins have benefited from a fundamental shift in our portfolio.

我們的利潤率受益於我們產品組合的根本轉變。

Currently, 43% of our portfolio is fixed price, up from 39% in 2023.

目前，我們的投資組合中有 43% 是固定價格，高於 2023 年的 39%。

As Tom touched on, we view the move to more outcome-based procurement as a continued area of opportunity for Leidos.

正如湯姆所提到的，我們認為轉向更基於結果的採購對於 Leidos 來說是一個持續的機會領域。

Non-GAAP net income was $316 million for the quarter and $1.4 billion for the year, which generated non-GAAP diluted EPS of $2.37 and $10.21, respectively.

本季非公認會計準則淨收入為 3.16 億美元，全年非公認會計準則淨收入為 14 億美元，分別產生非公認會計準則稀釋每股收益 2.37 美元和 10.21 美元。

For the year, non-GAAP diluted EPS was up an impressive 40%, almost $3 above 2023 and $0.21 above the high end of our prior guidance range.

今年，非 GAAP 稀釋每股收益大幅上漲 40%，比 2023 年高出近 3 美元，比我們先前預期範圍的高點高出 0.21 美元。

The primary driver of the robust EPS growth in 2024, the best in our history, was consistently strong EBITDA generation.

2024 年每股盈餘強勁成長（創歷史新高）的主要驅動力是持續強勁的 EBITDA 成長。

Growth was propelled further by our capital deployment, as lower share count and interest expense more than offset a slightly higher tax rate.

我們的資本配置進一步推動了成長，因為較低的股份數量和利息支出抵消了略高的稅率。

Turning now to an overview of our segment results and key drivers.

現在來概述我們的分部業績和關鍵驅動因素。

In the interest of time, I'll focus on the quarterly figures on slide 7.

為了節省時間，我將重點放在第 7 張投影片上的季度數據。

The full-year comparisons are shown on slide 8.

投影片 8 顯示了全年的比較情況。

National Security and Digital revenue growth accelerated to 5.5%, spurred by strong business development results in the last two quarters.

受過去兩季強勁的業務發展業績推動，國家安全和數位收入成長加速至 5.5%。

Segment operating income margin slipped a bit to 9.7%, with normal variations in profitability across multiple fixed price programs.

分部營業利潤率略為下滑至 9.7%，多個固定價格計畫的獲利能力有正常變動。

Still, margin of 10.2% for the year was above initial expectations.

儘管如此，今年 10.2% 的利潤率仍高於最初的預期。

And we look for profitability to continue to increase through repeatable offerings and higher-margin growth pillars.

我們希望透過可重複的產品和更高利潤的成長支柱來繼續提高獲利能力。

Health and Civil revenues and profitability remained strong.

衛生和民用收入和獲利能力依然強勁。

Revenues were up 16.4% from the prior-year quarter, and non-GAAP operating margin was 21.6%.

營收較去年同期成長 16.4%，非 GAAP 營業利潤率為 21.6%。

These results were driven by high demand in our managed health services, as well as excellent program execution across the portfolio.

這些結果得益於我們對管理醫療服務的高需求，以及整個投資組合的優秀專案執行。

With the VBA MDE recompete in hand, we remain confident in our ability to win our fair share by continuing to bring innovative solutions to the VA to more efficiently serve our veterans.

在獲得 VBA MDE 重新競爭資格後，我們仍然有信心透過繼續為 VA 帶來創新解決方案以更有效地為我們的退伍軍人服務來贏得公平的份額。

Commercial and International revenues increased 12.3% year over year, with growth across all business areas.

商業和國際收入年增 12.3%，所有業務領域均成長。

Non-GAAP operating margin for the quarter was 7.9%, down 80 basis points from the prior-year quarter due to a product mix within SES and increased investments in growth.

本季非公認會計準則營業利潤率為 7.9%，較去年同期下降 80 個基點，原因是 SES 內部的產品組合和成長投資增加。

Building off this strong top-line finish and sunsetting the challenges faced this year in the UK, we fully expect margins to improve and stabilize going forward.

基於這項強勁的營收表現和今年在英國面臨的挑戰，我們完全預期未來利潤率將會改善和穩定。

Lastly, Defense Systems revenues increased 6.7%, spurred by this year's wins like DIABLO and wide field of view tranche 2, as well as additional production on our IFPC Enduring Shield program.

最後，國防系統收入增加了 6.7%，這得益於今年的 DIABLO 和廣視野第二部分等勝利，以及我們的 IFPC Enduring Shield 計劃的額外產量。

Segment non-GAAP operating margin was 3.5%, which included a $21 million write-off associated with an airborne surveillance asset and investments in our proliferated low-earth orbit space architecture.

分部非公認會計準則營業利潤率為 3.5%，其中包括與機載監視資產相關的 2,100 萬美元註銷以及對我們不斷擴張的低地球軌道空間架構的投資。

So a short-term pause on the margin momentum built in the second and third quarters, we believe this provides a cleaner and more focused foundation as we enter 2025.

因此，我們相信，第二季和第三季利潤率成長動能的短期暫停，將為我們進入 2025 年提供更清晰、更專注的基礎。

Turning now to cash flow and the balance sheet on slide 9.

現在轉到投影片 9 上的現金流量和資產負債表。

Operating cash flow for the quarter was $299 million. DSO

本季營運現金流為2.99億美元。指定儲存系統辦公室

for the quarter was 59 days, in line with the third quarter of 2024.

本季的租賃時間為 59 天，與 2024 年第三季持平。

For the year, operating cash flow was $1.39 billion, $42 million above our prior guidance.

全年營運現金流為 13.9 億美元，比我們之前預期高出 4,200 萬美元。

Netting out capital expenditures, free cash flow was $213 million in the quarter and $1.24 billion for the year, which was up 30% compared to 2023.

扣除資本支出後，本季自由現金流為 2.13 億美元，全年自由現金流為 12.4 億美元，較 2023 年成長 30%。

In the fourth quarter, we repurchased $406 million worth of shares and paid $53 million in dividends.

第四季度，我們回購了價值 4.06 億美元的股票，並支付了 5,300 萬美元的股息。

As Tom mentioned, we significantly exceeded our $500 million annual share repurchase commitment, keeping our promise to deploy capital in a shareholder-friendly manner.

正如湯姆所提到的，我們大大超出了每年 5 億美元的股票回購承諾，兌現了以股東友好的方式部署資本的承諾。

As of quarter-end, we had $943 million in cash and cash equivalents, $4.7 billion in debt, and a leverage ratio of 2.2 times gross debt-to-adjusted EBITDA.

截至季末，我們擁有 9.43 億美元的現金和現金等價物、47 億美元的債務，槓桿率為總債務與調整後 EBITDA 的 2.2 倍。

Our healthy balance sheet and financial performance led S&P to enhance our investment-grade rating to BBB flat and Moody's to change their outlook to positive, with the potential to upgrade to Baa1 within the next 12 months.

我們健康的資產負債表和財務表現促使標準普爾將我們的投資等級評級上調至 BBB，穆迪也將評級展望調整為正面，並有可能在未來 12 個月內升級至 Baa1。

These moves strengthen our position as we prepare for the maturation of a $500 million bond this May.

在我們準備在今年 5 月到期 5 億美元債券之際，這些措施加強了我們的地位。

We are still weighing our options.

我們仍在權衡我們的選擇。

But given our below-target leverage, our current intention is to refinance this debt.

但考慮到我們的槓桿率低於目標，我們目前打算為這筆債務進行再融資。

Now on to the forward outlook on slide 10.

現在討論第 10 張投影片上的前瞻性展望。

Coming off a record-breaking 2024, we're even more confident in our market positioning and pathways for profitable growth.

在創下破紀錄的 2024 年之後，我們對我們的市場定位和獲利成長途徑更有信心。

Recent wins create a strong growth footing, and our pipeline is robust.

最近的勝利創造了強勁的成長基礎，我們的產品線十分強大。

We submitted $8.3 billion of proposals in the quarter and have $25.6 billion of bids awaiting adjudication.

我們在本季提交了價值 83 億美元的提案，還有 256 億美元的投標等待裁決。

With broad-based momentum building, we are confident in our ability to navigate any macro uncertainties from a position of strength.

隨著廣泛勢頭的增強，我們有信心憑藉實力應對任何宏觀不確定性。

Getting to the specifics, for 2025, we expect revenues between $16.9 billion and $17.3 billion, reflecting growth of up to 4% over fiscal year 2024, consistent with our prior messaging of low single-digit growth, but off of a much higher 2024 baseline.

具體來說，我們預計 2025 年的營收將在 169 億美元至 173 億美元之間，比 2024 財年增長高達 4%，這與我們之前所說的低個位數增長一致，但基於 2024 年的高基線。

Our guidance accounts for the ongoing continuing resolution and a continued pivot away from low-margin work.

我們的指導考慮了持續的解決方案和繼續擺脫低利潤工作的趨勢。

We anticipate fairly balanced revenue growth across the segments.

我們預期各部門的營收成長將相當均衡。

We're guiding 2025 adjusted EBITDA margin in the mid- to high 12 range, stronger than our prior expectations.

我們預計 2025 年調整後 EBITDA 利潤率將在 12% 左右的中高水平，高於我們先前的預期。

We remain committed to margin expansion over the long term and see potential for higher profitability in all of our segments over time.

我們仍然致力於長期提高利潤率，並看到隨著時間的推移，我們所有部門的獲利能力都有可能提高。

We're guiding non-GAAP diluted EPS between $10.35 and $10.75, which assumes an effective tax rate of 23.5% to 24%, and share repurchase activity roughly consistent with last year.

我們預期非 GAAP 稀釋每股盈餘在 10.35 美元至 10.75 美元之間，假設有效稅率為 23.5% 至 24%，股票回購活動與去年大致一致。

In terms of cash, we expect operating cash flow of approximately $1.45 billion.

現金方面，我們預計營運現金流約為 14.5 億美元。

From a free cash flow perspective, we're targeting capital expenditures of approximately $230 million or about 1.3% of revenues.

從自由現金流的角度來看，我們的目標資本支出約為 2.3 億美元，約佔收入的 1.3%。

This generation provides plenty of capital to allocate while also funding growth investments.

這一代人提供了充足的資本可供分配，同時也為成長投資提供資金。

With that, operator, we're ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Matt Akers, Wells Fargo.

（操作員指示）富國銀行的馬特·埃克斯 (Matt Akers)。

Hey, guys.

嘿，大家好。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

Hey, Matt.

嘿，馬特。

One thing that came up on a couple of the other conference calls this quarter, maybe some of the disruption around the new administration, some of the DOGE efforts.

本季在其他幾次電話會議上還談到了一件事，可能是新政府帶來的一些混亂，以及 DOGE 的一些努力。

I think there was a period where they could sort of try to pause federal spending at this point a couple of weeks ago.

我認為幾週前有一段時間他們可以嘗試暫停聯邦支出。

Just curious if you saw any disruption, I guess, kind of in Q1 so far; and if so, if that's kind of behind us or you're still keeping an eye on that.

我只是好奇到目前為止，您是否在第一季看到了任何中斷？如果是這樣，如果這已經過去或你仍在關注這件事。

Thanks for the question, Matt.

謝謝你的提問，馬特。

Good to hear your voice.

很高興聽到你的聲音。

The short answer is, not really.

簡短的回答是，事實並非如此。

There's been some, let's call it, disturbances in the force, perturbations, customers that are obviously trying to understand the environment themselves.

存在一些，我們稱之為力量幹擾、擾動，客戶顯然正在試圖自己了解環境。

And that caused some day-long -- two-day-long pauses in contracting vehicles, but then that picked right back up.

這導致簽約車輛暫停了一天到兩天，但隨後情況又恢復了。

So we think our customers are adapting to the current environment.

因此我們認為我們的客戶正在適應當前的環境。

They're figuring themselves out, and they're proceeding at pace.

他們正在摸索，並且正在穩步前進。

And, Matt, the only thing I'd add is that we did take the opportunity to carefully evaluate our portfolio and come up with a playbook should those disruptions last longer.

馬特，我唯一想補充的是，我們確實藉此機會仔細評估了我們的投資組合，並制定了應對這些幹擾持續更長時間的應對方案。

As Tom mentioned, we haven't seen that.

正如湯姆所提到的，我們還沒有看到這種情況。

But we stand ready to maneuver in this environment adroitly.

但我們已準備好巧妙地應對這種環境。

Okay.

好的。

Thank you.

謝謝。

Mariana Perez Mora, Bank of America.

美國銀行的瑪麗安娜·佩雷斯·莫拉 (Mariana Perez Mora)。

Good morning, everyone.

大家早安。

Hey, Mariana.

嘿，瑪麗安娜。

So my question is about a focus on border security and the Iron Dome.

所以我的問題是關於邊境安全和鐵穹防禦系統的重點。

You guys have like capabilities across the board from like screening solutions to like counter UAS or like air defense systems.

你們擁有全面的能力，從篩選解決方案到反無人機或防空系統。

Like, how do you see that playing out and where Leidos can actually have an opportunity from this project?

例如，您如何看待這一結果以及 Leidos 實際上可以從這個專案中獲得哪些機會？

Thanks, Mariana.

謝謝，瑪麗安娜。

Yeah, both that you mentioned are, again, right in our wheelhouse.

是的，您提到的兩點都在我們的掌控之中。

And in fact, just yesterday afternoon, I was up on Capitol Hill working one of them.

事實上，就在昨天下午，我還在國會山莊處理其中一項工作。

I won't tell you which one.

我不會告訴你是哪一個。

But both of them are areas where we've prepared some big ideas that we have been putting forward to the administration and to the senior stakeholders.

但對於這兩個領域，我們都準備了一些大想法並提交給政府和高層利害關係人。

As you say, Iron Dome and the executive order on Iron Dome play to everything we do.

正如你所說，鐵穹防禦系統和有關鐵穹防禦系統的行政命令對我們所做的一切都有影響。

All the capabilities that are requested in Iron Dome for America, from space surveillance and understanding to counter effects for incoming cruise missiles and hypersonic weapons, is right in our wheelhouse of what we do.

美國「鐵穹」系統所要求的所有能力，從太空監視與理解到對抗來襲巡航飛彈和高超音速武器的效果，都在我們的掌控之中。

So that's one of the reasons we are really focused on it.

這就是我們真正關注它的原因之一。

Because the Space Development Agency has asked for RFI responses within 30 days.

因為空間發展局要求在 30 天內對 RFI 做出回應。

And our team is laser-focused on answering that mail with compelling, really adroit, to use Chris' word, again, opportunities to satisfy that need quickly and affordably for our customers.

我們的團隊全神貫注於以令人信服、非常巧妙的方式回覆這些郵件，再次引用克里斯的話，為我們的客戶提供快速、經濟地滿足這一需求的機會。

On border security, obviously, border security is a huge area of focus for this administration.

在邊境安全方面，顯然邊境安全是本屆政府關注的重點領域。

And it plays again right to our wheelhouse, from the equipment at airports to the equipment on borders and the equipment necessary to see low-altitude UAVs coming across borders.

它再次發揮了我們的重要作用，從機場的設備到邊境的設備，再到監控低空無人機跨越邊境所需的設備。

Everything I just spoke of is, again, right in Leidos' wheelhouse.

我剛才談到的一切，再次重申一下，都是 Leidos 的職責所在。

So again, another reason we're so optimistic that this environment and this administration's priorities present tremendous opportunities for Leidos' growth in the future.

因此，我們如此樂觀的另一個原因是，這種環境和政府的優先事項為 Leidos 未來的發展提供了巨大的機會。

We're focused on seeding that field with our ideas, the ideas we've had for a long time for better, faster, cheaper solutions to these customer challenges.

我們專注於用我們的想法來播下這一領域的種子，這些想法是我們長期以來的構想，旨在為這些客戶挑戰提供更好、更快、更便宜的解決方案。

And we're finding now in this environment, a very, very receptive set of stakeholders who want to hear from us and are eager to advance that conversation at pace.

我們現在發現，在這種環境下，利害關係人非常樂意聽取我們的意見，並渴望快速推進這場對話。

So very exciting times, indeed.

這確實是令人興奮的時刻。

Thank you so much.

太感謝了。

Sheila Kahyaoglu, Jefferies.

傑富瑞 (Jefferies) 的 Sheila Kahyaoglu。

Good morning, guys, and thank you.

大家早安，謝謝大家。

Tom or Chris, just lots of focus on profitable growth.

湯姆或克里斯都十分關注獲利成長。

A lot of that is driven by your health segment and the fixed price exposure there, which is fairly high.

其中很大一部分是由您的健康部門及其固定價格風險推動的，該風險相當高。

Maybe can you talk about VBA since you've tackled those head on.

既然您已經正面解決了這些問題，也許您可以談談 VBA。

The VBA recompete was awarded earlier this year.

VBA 重新競賽於今年早些時候頒發。

How we think about that next phase of the program, both the top-line and bottom-line contribution and what the additional provider, if it changes the outlook at all?

我們如何看待該計劃的下一階段，包括營業收入和淨利潤的貢獻，以及額外的提供者，如果它能改變前景的話？

Thanks, Sheila.

謝謝，希拉。

Yes, we're very excited to have booked that substantial award for the continuation of our work there.

是的，我們非常高興獲得這項重大獎項以支持我們繼續在那裡開展工作。

And as I said in my prepared comments, the award we received gives us the confidence we can liquidate that up that order profitably in line with what we held out to you last quarter.

正如我在準備好的評論中所說的那樣，我們獲得的獎勵使我們有信心，我們可以按照上個季度向您提供的金額，有利可圖地清算該訂單。

Yes, there is a new entrant into a few of those regions.

是的，其中一些地區已經出現了新進入者。

That's a participant we dealt with in one of the regions already.

這是我們在某個地區處理過的一位參與者。

Obviously, we're looking forward to our scope, our scale, our technology to continue to allow us to have the volume and the profitability of that business that has satisfied our customers to date.

顯然，我們期待我們的範圍、規模和技術能夠繼續讓我們擁有迄今為止令客戶滿意的業務量和盈利能力。

And so over time, we'll have to adjust to a playing field that changes.

因此，隨著時間的推移，我們必須適應不斷變化的競爭環境。

But for 2025 and 2026, we feel very confident in our ability to execute that program along the lines that we have held out.

但對於 2025 年和 2026 年，我們對按照我們堅持的路線執行該計劃的能力非常有信心。

I will say, though, this.

但我會這麼說。

NorthStar 2030 and its growth pillars don't just rely on our growing our medical exam business.

NorthStar 2030 及其成長支柱不僅依賴我們不斷成長的醫療檢查業務。

The growth pillars, as I said in my prepared remarks, are all about where we know strong customer demand is growing, robust profitability exists, and Leidos' differentiation is evident and accelerating.

正如我在準備好的發言中所說，成長支柱都是關於我們所知的強勁客戶需求正在增長、強勁的盈利能力以及 Leidos 的差異化明顯且正在加速。

Those are the three things that we picked our growth pillars for.

這就是我們選擇成長支柱的三個因素。

Those are the areas in Leidos we're now investing differentially in.

這些就是我們目前在 Leidos 進行差異化投資的領域。

Because we know that's going to bring us differential top-line and bottom-line results across a wider suite of capabilities within Leidos.

因為我們知道，這將為我們帶來 Leidos 內部更廣泛的功能範圍內的差異化頂線和底線結果。

And so we're very excited about NorthStar 2030, its growth pillars, broadening the number of programs that are high top-line growth and bottom line growth.

因此，我們對 NorthStar 2030 及其成長支柱感到非常興奮，它擴大了高營收成長和高利潤成長的專案數量。

And very excited about that.

我對此感到非常興奮。

Chris, anything you'd like to add?

克里斯，您還有什麼要補充嗎？

Yeah.

是的。

I mean, Sheila, obviously, the teams have been building towards this recompete for some time, and we've been innovating and investing to drive efficiencies into our process.

我的意思是，希拉，顯然，團隊已經為這次重新競爭做準備一段時間了，我們也一直在創新和投資，以提高流程的效率。

So we won a competitive position.

因此我們贏得了競爭地位。

As Tom mentioned, another new entrant, that's fine because the demand signal is very robust.

正如湯姆所提到的，另一個新進入者，這很好，因為需求訊號非常強勁。

And this has always been a game around who can deliver outcomes timely with high quality and stand ready to take on increased capacity.

這一直是一場爭奪誰能按時高品質地交付成果並準備承擔更大產能的比賽。

And that's where Leidos has been positioned.

這正是 Leidos 的定位。

So team has done excellent work there.

所以團隊在那裡做出了出色的工作。

And we're already looking ahead a couple of years down the road to make sure we're a step ahead for the follow-on.

而且，我們已經開始展望未來幾年，以確保我們在後續工作中能夠領先一步。

Inevitably, in this business, there's always a follow-on.

不可避免的是，在這個行業裡，總是會有後續事件。

So you always got to continue to prepare for that.

所以你必須時時為此做好準備。

But for this year, it gives us a great platform to continue the momentum that you've seen out of the health business, and that's our expectation.

但就今年而言，它為我們提供了一個很好的平台來延續您在健康業務中看到的勢頭，這是我們的期望。

Great.

偉大的。

Thank you.

謝謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Hi, good morning, guys.

大家早安。

Hi.

你好。

Hey, you guys, obviously, guided 2025 and have a longer-term view as well with the NorthStar road map.

嘿，你們顯然透過 NorthStar 路線圖指導了 2025 年，並​​且也有更長遠的眼光。

I was wondering if you could opine directionally on bookings this year and maybe the growth reacceleration in '26 and beyond.

我想知道您是否可以對今年的預訂量以及26年及以後的成長重新加速發表一些看法。

Where do you think we end up kind of mean reverting back to, given the strong performance last year creates a tough compare for this year, but kind of more regularly looking at beyond '25 organic growth and however else you want to take it?

鑑於去年的強勁表現為今年帶來了艱難的比較，您認為我們最終會回歸到何種水平，但會更定期地關注 25 年以後的有機增長，以及您希望如何看待它？

Thanks, Gautam.

謝謝，Gautam。

And good to hear your voice, and pleasure to meet you.

很高興聽到您的聲音，很高興認識您。

Thanks for initiating coverage of us.

感謝您開始對我們的報道。

Let's see.

讓我們來看看。

Obviously, we're very proud of the December quarter.

顯然，我們對 12 月季度感到非常自豪。

We printed a 1.7 book-to-bill ratio.

我們印製的訂單出貨比為1.7。

And typically, the weakest quarter gives us tremendous wind in our sales coming into 2025 and 2026.

通常情況下，最疲軟的季度會為我們 2025 年和 2026 年的銷售帶來巨大的推動力。

And the 1.4 on the whole year, our best year since 2020, again, gives us a great confidence.

全年業績達到 1.4，這是我們自 2020 年以來最好的一年，這再次給了我們很大的信心。

The business development team at Leidos has been fundamentally retooled.

Leidos 的業務開發團隊已經進行了徹底的改組。

We have a new approach to how we are pursuing market opportunities and positioning Leidos for win.

我們採用了新方法來尋求市場機會並讓 Leidos 成功。

That includes technologies like AI in our proposal activities.

其中包括我們提案活動中的人工智慧等技術。

And so we're deploying AI internally and externally to have better outcomes.

因此，我們在內部和外部部署人工智慧以獲得更好的結果。

And I think that's what you're seeing.

我想這就是你所看到的。

So while our chief growth officer will be retiring in a couple of months -- and we thank him for helping us win back our chutzpah in this area -- we're going to be not missing a beat and continuing to improve our performance.

因此，雖然我們的首席成長長將在幾個月後退休——我們感謝他幫助我們重新贏得這一領域的勇氣——但我們不會錯過任何一個節拍，並繼續提高我們的業績。

Now obviously, right now, we're dealing with a continuing resolution.

顯然，現在我們正在處理一個持續的解決方案。

So any time you have a continuing resolution situation, that suppresses the amount of orders we see coming out immediately.

因此，只要您遇到持續解決的情況，我們立即看到的訂單數量就會受到抑制。

But we're very hopeful that as the reconciliation package and the budget package moves its way through the administration and the Congress, that this year will normalize and new orders will start to come in.

但我們非常有希望，隨著和解方案和預算方案在政府和國會的推進，今年的情況將恢復正常，新訂單也將開始湧入。

And we're very excited about the future.

我們對未來充滿期待。

The key to our longer-term top-line and bottom-line growth is the quality of these wins that I articulated. 2024 has a bunch of programs with very long legs and very long opportunities for single-award IDIQs to have new task orders for many years to come.

我們長期營收和淨利潤成長的關鍵在於我所闡述的這些勝利的品質。 2024 年有一系列項目，這些項目具有很長的周期，單一獎項的 IDIQ 在未來許多年內都有很大的可能獲得新的任務訂單。

And so it's not just winning awards.

所以這不僅僅是贏得獎項。

It's also then on contract growth, another area where we in Leidos have been investing in our expertise at unlocking on contract growth within program officers.

還有合約成長，這是我們 Leidos 一直投資的另一個領域，利用我們的專業知識來解鎖專案官員的合約成長。

Chris, anything you'd like to add?

克里斯，您還有什麼要補充嗎？

I would -- obviously, you're trying to get at the heart of the matter, Gautam, and looking ahead to our Investor Day.

我會 — — 顯然，你正試圖抓住問題的核心，高塔姆，並展望我們的投資者日。

And we feel the story will be compelling.

我們覺得這個故事將會很引人入勝。

And those financial expectations are set.

這些財務預期已經確定。

We've spent time building that up.

我們花了很多時間來建立它。

And you can believe that we see the pace of activity accelerating as it relates to our growth.

你可以相信，我們看到活動的步伐隨著我們的成長而加快。

And when we have an opportunity to sit down with you all and go through that, I think you'll see our momentum that Tom just talked about on business development, coupled with our ample capacity from a cash generation and quality balance sheet perspective.

當我們有機會與大家坐下來討論這個問題時，我想你們會看到湯姆剛才談到的業務發展勢頭，以及我們從現金創造和優質資產負債表角度獲得的充足產能。

We are very well positioned to build significant momentum over the next four years.

我們已做好準備，在未來四年內實現巨大發展勢頭。

Thank you, guys.

謝謝你們。

Louie DiPalma, William Blair.

路易·迪帕爾馬、威廉·布萊爾。

Good morning.

早安.

Hey, Louie.

嘿，路易。

Hi, Louie.

你好，路易。

Hi.

你好。

You discussed several positive wins for the Dynetics Leidos business with IFPC Enduring Shield and common-hypersonic glide body.

您討論了 Dynetics Leidos 業務透過 IFPC Enduring Shield 和通用高超音速滑翔體所取得的幾項積極成果。

I was wondering what is taking place with MACH-TB 2.0?

我想知道 MACH-TB 2.0 發生了什麼事？

Kratos put out an announcement, and they listed you as a teammate.

奎托斯發布了一則公告，將你列為隊友。

And I was wondering, did you transition from being the prime on that program to a subcontractor?

我想知道，您是否從該專案的負責人轉變為分包商？

Yes.

是的。

On MACH-TB 2.0, we're sub to Kratos and happy to do that.

在 MACH-TB 2.0 中，我們支持 Kratos 並且很樂意這麼做。

And yes, you're right.

是的，你是對的。

We were prime on 1.0. But there's ceiling available still to us on 1.0, and so we're not letting go of our opportunity to serve our customer there.

我們是 1.0 版的佼佼者。但是 1.0 版本對我們來說仍然存在上限，因此我們不會放棄在那裡為客戶提供服務的機會。

And there's significant role work share that exists for us as a sub to Kratos on 2.0. So we know Kratos very well.

在 2.0 版本中，我們作為 Kratos 的替代者承擔了重要的角色工作。所以我們非常了解奎托斯。

We like working with them.

我們喜歡和他們一起工作。

And we feel this relationship will help us advance this capability for our nation at pace.

我們感到，這種關係將幫助我們快速提升國家在這方面的能力。

And in the end, that's what it's all about.

而最終，這就是一切的意義。

Great.

偉大的。

Thanks.

謝謝。

And on your April earnings call, you indicated that you secured a multibillion-dollar classified takeaway that was under protest.

在四月的財報電話會議上，您表示，您獲得了一項價值數十億美元的分類外賣交易，但這項交易遭到了抗議。

Can you update the investors on the call on the amount of awards that are under protest?

您能否在電話會議上向投資者通報抗議的獎勵金額？

And was this specific contract put into backlog over the past two quarters?

這個具體合約在過去兩季是否積壓了？

So the answer is, we prefer not to indicate how much is under protest because talking about protests isn't our jam.

所以答案是，我們不願意指出有多少人遭到抗議，因為談論抗議不是我們的事。

But the answer to your second question is, no, we don't put contracts under protest in our backlog.

但是對於你的第二個問題，答案是，不，我們不會將受到抗議的合約列入積壓訂單中。

Those are still waiting in abeyance.

那些仍在等待中。

Okay.

好的。

So that particular contract still hasn't been adjudicated?

那麼，那份特定的合約還沒有裁決嗎？

Correct.

正確的。

Okay.

好的。

Thanks.

謝謝。

And one last one, if I may, for your Enduring Shield IFPC system, it's obviously gaining traction.

最後，如果可以的話，我想說一下您的 Enduring Shield IFPC 系統，它顯然越來越受歡迎。

Is that system viable to be deployed domestically?

該系統可以在國內部署嗎？

And then it seems that it's meant for cruise missiles and counter drones.

然後它似乎適用於巡航導彈和反無人機。

But do you think that there's a market for that domestically, or is it better suited overseas?

但您認為國內有這個市場嗎，或者它更適合海外？

And if it's not viable domestically, what products in your portfolio could fit into the Iron Dome initiative?

如果在國內不可行，你們的產品組合中哪些產品可以適應鐵穹計畫？

I know that you provide the sensors for the proliferated warfare space architecture.

我知道你們為日益擴張的戰爭空間架構提供了感測器。

So that is definitely suited.

所以這絕對是適合的。

But what else could be applicable?

但還有什麼可以適用呢？

Thanks.

謝謝。

Yeah.

是的。

Thanks for that, Louie.

謝謝你，路易。

So the answer is, of course, it can be deployed along any border that you are worried about cruise missiles or unmanned vehicles being a threat.

因此答案當然是，它可以部署在任何你擔心巡航飛彈或無人駕駛車輛構成威脅的邊境。

So domestically, internationally, any countries, borders.

因此，無論是國內或國際，任何國家，都有邊界。

And yes, that is a big part of our Iron Dome value proposition to our customers.

是的，這是我們向客戶提出的鐵穹價值主張的重要組成部分。

Thanks, Louie.

謝謝，路易。

Thanks.

謝謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Thanks for the question.

謝謝你的提問。

It's great to be back.

回來真是太好了。

Can you level set us on what you're assuming for FY26 budget request?

您能否就您對 FY26 預算請求的假設為我們做出說明？

Feedback from DTC that we're getting is that it looks like 10% nominal is probably a good base case.

我們從 DTC 得到的回饋是，10% 的名目利率可能是一個很好的基本情況。

With [SAS] leadership looking for $200 billion year-on-year increase.

[SAS] 領導階層希望實現年增 2000 億美元。

So maybe talk us through kind of what you're expecting in terms of top line for FY26 request, and how you think about that flowing through to your programs?

因此，您可以向我們介紹您對 FY26 請求的最高限額的期望，以及您認為這將如何影響您的計劃？

Thanks.

謝謝。

Thank you, Colin, and welcome back.

謝謝你，科林，歡迎回來。

I appreciate you reinitiating guidance on us.

感謝您再次給予我們指引。

The answer is I don't expect anything at this point.

答案是，目前我不期待任何事。

And I know that sounds a little bit cavalier.

我知道這聽起來有點輕率。

But we're in a world where there are many different agendas moving, and exactly where the DoD budget ends up is one of those factors.

但我們所處的世界有許多不同的議程在推進，而國防部預算的最終走向就是其中一個因素。

I think there is bipartisan support that the world isn't getting to be a safer place and that the defense budget needs to go up.

我認為兩黨都一致認為世界並未變得更安全，國防預算需要增加。

But we're focused not only on what top-line growth that gives us in new opportunities but also helping unlock savings in the rest of the defense budget portfolio.

但我們關注的不僅是能為我們帶來新機會的營收成長，也包括幫助釋放國防預算組合中其他部分的節餘。

I mentioned in my prepared remarks the Defense Enclave Services opportunity to not only make these DAFAs more cybersecure and more resilient, better user experience, but unlock tremendous savings for the new Secretary of Defense to deploy for growth in weapons that are the pointy end of the spear.

我在準備好的發言中提到，國防飛地服務不僅可以讓這些 DAFA 更加網路安全、更具彈性、提供更好的使用者體驗，還可以為新任國防部長節省大量資金，用於發展尖端武器。

And so we're focused not only on the top line and what it will be for '26, '27.

因此，我們關注的不僅是營收表現，還有2026年和2027年的業績。

But we're also focused on unlocking savings that can be reinvested by the new Secretary of Defense and this administration in that future to augment whatever top-line growth they get.

但我們也致力於釋放儲蓄，以便新任國防部長和本屆政府未來能夠進行再投資，以促進其實現的收入成長。

We'll know more about what exactly we expect in '26 and '27 in six months or so.

大約六個月後，我們會更清楚 26 年和 27 年的具體預期。

But obviously, between now and then, we're focused on our growth pillars.

但顯然，從現在到那時，我們將專注於我們的成長支柱。

We know that those growth pillars are independent of specific top-line growth because they are enduring existing customer demand that we know is growing over time.

我們知道，這些成長支柱與特定的營業額成長無關，因為它們是持久的現有客戶需求，我們知道這些需求會隨著時間的推移而成長。

So we feel very good about the strategy we've laid out to grow in '25, '26, '27, and '28.

因此，我們對 25、26、27 和 28 年制定的成長策略感到非常滿意。

Thanks.

謝謝。

I want to keep it to one.

我想將其保留為一個。

But just picking on that FY26, '27 comment, are you suggesting that the proposal is going to be a two-year budget deal like we've seen in the past?

但是，僅僅針對 FY26、'27 的評論，您是否暗示該提案將像我們過去看到的那樣成為一份兩年期的預算協議？

There are people on Capitol Hill that are talking about that.

國會山莊有人正在談論此事。

But I'm not basing my expectations that that will come to pass.

但我並不期望這會發生。

We'll see.

我們將會看到。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯（Gavin Parsons）。

Thanks, guys.

謝謝大家。

Good morning.

早安.

In terms of the long-term kind of EBITDA and cash flow outlook when the VBA contract transitions to its next iteration, will you be able to still grow EBITDA and free cash flow through that contract transition?

就 VBA 合約過渡到下一個版本時的長期 EBITDA 和現金流前景而言，您是否仍能夠透過合約過渡來增加 EBITDA 和自由現金流？

Hey, Gavin.

嘿，加文。

Chris here.

這裡是克里斯。

So absolutely.

絕對是這樣。

But as Tom talked about, I mean, we're already building momentum in other areas to complement what happens with VBA.

但正如湯姆所說的，我的意思是，我們已經在其他領域積聚力量來補充 VBA 的進展。

And that mission is not going away.

這項使命不會消失。

But we imagine that there'll be an opportunity to continue to innovate there to drive more efficiency and automation through the whole delivery chain.

但我們想像，將有機會繼續創新，以提高整個交付鏈的效率和自動化程度。

But absolutely, our expectations will be growing EBITDA over the time horizon as we've been alluding to.

但絕對的是，正如我們一直提到的，我們預期 EBITDA 會在一段時間內不斷成長。

We'll give you our point of view through 2028 on where we see the business going.

我們將向您提供我們對 2028 年業務發展方向的看法。

But the growth pillars are robust.

但成長支柱依然強勁。

And there are plenty of other areas that will build momentum in the health and civil business along with our other segments.

並且還有許多其他領域也將與我們的其他部門一起在健康和民用業務中累積動力。

Great.

偉大的。

Thank you.

謝謝。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

Good morning.

早安.

I have a question on the guide.

我對本指南有一個疑問。

In 2024, you did $10.21 in EPS.

2024 年，您的每股收益為 10.21 美元。

And if my math is correct, I think you had a $0.20 impact from the 2Q charge, the UK business, and roughly an $0.11 impact from the asset write-down this quarter.

如果我的計算是正確的話，我認為第二季的費用、英國業務對您產生了 0.20 美元的影響，而本季的資產減記對您產生了約 0.11 美元的影響。

So if I add those back, the guidance implies almost no underlying EPS growth.

因此，如果我將這些加回去，該指引意味著幾乎沒有潛在的每股盈餘成長。

I'm just kind of wondering, is that conservatism based on the change in administration, or any sort of color you can provide?

我只是有點好奇，這種保守主義是基於政府變動而產生的，還是您能提供任何一種色彩？

Yeah.

是的。

Hey, Scott, thanks for that.

嘿，斯科特，謝謝你。

And you're right.

你說得對。

Of course, we don't expect some of those things to repeat.

當然，我們不希望某些事情重演。

Of course, running a business of this size and complexity, you always have to allow for the fact that there's things in the portfolio you have to manage through.

當然，經營如此規模和複雜程度的企業，你總是必須考慮到你必須管理投資組合中的某些事物。

I would say that as the year unfolds, we want to give ourselves the opportunity to invest in the pivot year for the future while delivering great performance.

我想說，隨著新年的到來，我們希望給自己機會，在實現出色業績的同時，投資未來的關鍵一年。

And if that allows an opportunity to increase those expectations over time, we will.

如果這能讓我們有機會隨著時間的推移提高這些期望，我們就會這麼做。

I mean, I think the other thing I'd point you to, we trailed the debt that we do expect that we'll be refinancing.

我的意思是，我想指出的另一件事是，我們落後於我們預計將進行再融資的債務。

And the interest rate environment is a little bit higher.

利率環境稍微高一些。

So we'll see a small headwind on interest and taxes that factor into the EPS guide as well.

因此，我們會看到利息和稅收方面會遭遇小幅阻力，這也會影響每股盈餘指南。

But yeah, so I think you smoothed it out.

但是是的，所以我認為你已經把它解決了。

The only other thing I'd add, we had an excellent year on EACs on balance, aside from those two larger things that you pointed out.

我唯一想補充的是，除了您指出的兩件大事之外，總體而言，我們在 EAC 方面度過了非常出色的一年。

And the goal of the team is to continue to do that.

而球隊的目標就是繼續這樣做。

But there's always variability in the portfolio you have to allow for.

但你總是必須考慮到投資組合中存在的變化。

Okay.

好的。

And then, Tom, you mentioned that the new administration wants to increase privatization.

然後，湯姆，你提到新政府希望加強私有化。

So although a new competitor has been added to the VBA contract in some of your regions, do you think that that increased competition could be offset by a greater share of exams being outsourced?

那麼，儘管在您所在的某些地區，VBA 合約中增加了新的競爭對手，但您是否認為，透過增加外包考試份額可以抵消日益激烈的競爭？

Well, that will be up to the new administration and the new cabinet level appointees and agency, the people running the agencies.

嗯，這將取決於新政府和新內閣級別的任命者和機構，以及管理這些機構的人員。

What we're focused on is making sure we maintain and grow our market penetration by providing excellent service to veterans, allowing us to have availability for more veterans faster and cheaper.

我們的重點是確保透過為退伍軍人提供優質服務來維持和擴大我們的市場滲透率，使我們能夠更快、更便宜地為更多退伍軍人提供服務。

And we're excited about that.

我們對此感到非常興奮。

If opportunities present themselves for increased privatization in any of our markets, we will be there very eager to help our customers think that through.

如果我們的任何市場出現了進一步私有化的機會，我們將非常樂意幫助我們的客戶考慮這一點。

Thanks for taking the questions.

感謝您回答這些問題。

You bet.

當然。

Seth Seifman, JPMorgan.

摩根大通的塞思‧塞夫曼 (Seth Seifman)。

Hey, thanks very much, and good morning, everyone.

嘿，非常感謝，大家早安。

I wanted to ask about the growth pillars you think about for NorthStar 2030, Tom, and how you -- the extent to which you think about the challenge of getting not just growth but profitable growth when you've got some new competitors coming into the space with very low cost of capital that are evaluated primarily on their ability to deliver very fast growth and kind of the extent to which you're thinking at all or how you're thinking about the challenge that poses to delivering profitable growth.

湯姆，我想問您對 NorthStar 2030 的成長支柱的看法，以及當您面對一些新的競爭對手以非常低的資本成本進入該領域時，您如何看待不僅是增長而且是盈利性增長所面臨的挑戰，而這些競爭對手的評估主要基於他們實現快速增長的能力，以及您是如何看待實現盈利性增長所帶來的挑戰的。

Yeah.

是的。

Thanks, Seth.

謝謝，塞斯。

We certainly are aware of these new entrants into the marketplace, and we welcome them.

我們當然知道這些新進入者，並且我們歡迎他們。

And in fact, we work with them in many occasions.

事實上，我們在很多場合都與他們合作過。

So we see them as part of the ecosystem that we're eager to work with to deploy better, faster, cheaper solutions for our customers.

因此，我們將它們視為生態系統的一部分，我們渴望與其合作，為我們的客戶部署更好、更快、更便宜的解決方案。

That being said, our growth pillars, again, are all founded on areas we know we have differentiated capability and we know we can accelerate away from the pack.

話雖如此，我們的成長支柱再次建立在我們知道我們具有差異化能力的領域，我們知道我們可以加速脫穎而出。

So we are looking at growth pillars where we know we have something others don't.

因此，我們正在尋找成長支柱，我們知道我們擁有別人所沒有的東西。

And yes, others might have low cost of capital and ability to build it over time, but we have these capabilities now.

是的，其他人可能擁有較低的資本成本和隨著時間的推移而建立的能力，但我們現在擁有這些能力。

And so we're very focused in our growth pillars around those markets and those customer needs and those areas where we know we have a differentiated capability.

因此，我們非常專注於圍繞這些市場、這些客戶需求以及這些我們知道我們具有差異化能力的領域的成長支柱。

And we're very excited about our ability to accelerate away from the pack in those areas.

我們對自己在這些地區加速領先於其他隊伍的能力感到非常興奮。

So not overly concerned and at the same time, looking for us to deploy our unique brand of partnership.

因此不要過度擔心，同時尋求我們部署獨特的合作品牌。

We're always open to partners.

我們始終歡迎合作夥伴。

We've always been open to partners, and we'll remain open for partners as we try to solve our customers' problem in different ways.

我們始終對合作夥伴持開放態度，並且我們將繼續對合作夥伴保持開放態度，並嘗試以不同的方式解決客戶的問題。

Great.

偉大的。

That's very helpful.

這非常有幫助。

Thanks.

謝謝。

Thanks, Seth.

謝謝，塞斯。

David Strauss, Barclays.

巴克萊銀行的戴維·施特勞斯（David Strauss）。

Hi, good morning.

嗨，早安。

This is Josh Korn, on for David.

我是喬許‧科恩 (Josh Korn)，代替大衛。

Thanks for taking the question.

感謝您回答這個問題。

Sure.

當然。

I wanted to ask you, you mentioned earlier a pivot away from low-margin work next year.

我想問您，您之前提到明年將不再從事低利潤的工作。

I just wanted to dig in a little bit on what exactly does that mean?

我只是想深入了解這到底是什麼意思？

And are there implications for mix by contract type?

這對合約類型組合有何影響？

What sort of work does that involve?

這涉及哪些工作？

Thanks.

謝謝。

Yeah.

是的。

Thanks for the question, Josh.

謝謝你的提問，喬希。

And yes, the corollary to our growth pillars is areas where we're going to de-emphasize in the portfolio.

是的，我們成長支柱的必然結果是，我們將在投資組合中不再強調某些領域。

We're not turning and walking away from any business we have today because of our robust financial results we've been able to print inside Leidos.

由於我們已經在 Leidos 內部取得了強勁的財務業績，我們不會放棄目前的任何業務。

We have the ability to continue to invest in all areas of the business, while we overinvest in these growth pillars that I've mentioned.

我們有能力繼續對業務的所有領域進行投資，同時我們對我提到的這些成長支柱進行過度投資。

That being said, we're also looking at areas where we're not going to continue to invest and over time, allow to

話雖如此，我們也在尋找不再繼續投資的領域，並隨著時間的推移，允許

[a trip].

[一次旅行]。

Nothing -- no knee jerks here, nothing, no student body left kind of moves.

沒有什麼——這裡沒有任何下意識的反應，沒有什麼，沒有任何學生團體採取任何行動。

Over time, we'll simply leave that work for other people on recompetes.

隨著時間的推移，我們就會將這項工作留給其他人重新競爭。

And so look for a gentle, purposeful approach to investing in the growth areas, continuing to invest in areas we know where we can grow as we always have, and then de-emphasizing some of these areas that are low-margin work and really not something that our customer rewards our innovation, our technology, and our ability to make their outcomes smarter and more efficient.

因此，我們要尋求一種溫和、有目的的方法來投資成長領域，繼續像往常一樣在我們知道可以成長的領域進行投資，然後淡化一些低利潤領域的工作，這些領域實際上並不是我們的客戶獎勵我們的創新、我們的技術和我們使他們的成果更聰明、更有效率的能力的領域。

So that's the long-term playbook over the next three years.

這是未來三年的長期計畫。

Yeah, Josh, you can think of things like infrastructure support services, big O&M jobs, things like that.

是的，喬希，你可以考慮基礎設施支援服務、大型營運和維護工作之類的事情。

If we're not technically differentiated, you'll see us shift our focus, as Tom mentioned, to the things where there are better opportunities for Leidos.

如果我們在技術上沒有差異化，你會看到我們像湯姆提到的那樣，將重點轉移到對 Leidos 有更好機會的事情上。

And the pipeline there, it remains very robust.

那裡的管道仍然非常強勁。

And better top-line and bottom-line growth.

並實現更好的營業額和利潤成長。

Great.

偉大的。

Thank you.

謝謝。

I'll

患病的

(inaudible)

（聽不清楚）

Thanks, Josh.

謝謝，喬希。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Good morning, Tom, Chris.

早上好，湯姆、克里斯。

Nice results.

效果不錯。

Thank you.

謝謝。

Tom, just to circle back kind of on this whole cost plus versus fixed price, and it was mentioned earlier.

湯姆，我們來回顧整個成本加成與固定價格的對比，我們之前提到過。

I think Chris mentioned 43% of Leidos is now a fixed price but a large percentage of that is in health and civil.

我認為克里斯提到 43% 的 Leidos 現在是一個固定價格，但其中很大一部分用於健康和民用。

How do you think about when you look at your other National Security segments and Defense about opportunities to grow your fixed price mix there just given the environment of DOGE?

在 DOGE 環境下，您如何看待其他國家安全部門和國防部門增加固定價格組合的機會？

Thanks.

謝謝。

Well, we are always open to and eager for outcome-based contracting, whether that's fixed price or whether that's privatization, whether that's paying for a service at a fixed rate.

嗯，我們始終對基於結果的合約持開放態度並渴望這樣做，無論是固定價格還是私有化，無論是按固定費率支付服務費用。

There's different tunes you can play within that song.

您可以在那首歌中演奏不同的曲調。

But we're -- I'm eager to grow that.

但是我們—我渴望發展這一點。

I think we excel at that today.

我認為今天我們在這方面表現出色。

I think we've got a demonstrated track record of providing dramatic cost reductions for our customers and great profitability and revenue growth for our shareholders.

我認為我們在為客戶大幅降低成本以及為股東帶來巨大獲利和收入成長方面有著良好的記錄。

And so the Leidos team is all about that.

這就是 Leidos 團隊的全部目標。

That's because we can unlock technology.

這是因為我們可以解鎖技術。

When we own the outcomes, we own the inputs and the technologies that we can deploy into these areas that allow us to differentially serve our customers and have better results for them.

當我們擁有成果時，我們就擁有了投入和技術，我們可以將這些投入和技術部署到這些領域，使我們能夠為客戶提供差異化服務，並為他們帶來更好的結果。

And so we're very excited about it and leaning into it.

因此，我們對此感到非常興奮並傾向於此。

DOGE, the administration, I'm very happy that the conversations have begun around increased privatizations and increased opportunities for outcome-based contracting.

DOGE，政府，我很高興已經開始討論增加私有化和增加基於結果的承包機會。

Because I think that's an area that Leidos can excel.

因為我認為這是 Leidos 可以擅長的領域。

Yeah, we've seen some of it, Peter, in the defense space, less than we'd like, but in our digital modernization business, for example, cost per user or a cost per person on the network.

是的，彼得，我們在國防領域看到了一些這樣的情況，雖然比我們希望的要少，但在我們的數位現代化業務中，例如每個用戶的成本或網路上每人的成本。

And of course, some of the things we talked about in our defense systems area in support of Iron Dome, and some of those opportunities will ultimately be a fixed price production outcome.

當然，我們在國防系統領域討論過的一些支持鐵穹防禦系統的事情以及其中一些機會最終將以固定價格生產。

So again, we're up for it.

因此，我們再次表示願意這麼做。

We invested robustly in our program execution capabilities.

我們對我們的專案執行能力投入了巨額資金。

And so this is a direction that we want to be on.

這是我們想要的方向。

Appreciate all the color.

欣賞所有的色彩。

Thanks, guys.

謝謝大家。

Thank you, Peter.

謝謝你，彼得。

Thank you.

謝謝。

There are no further questions in the queue.

隊列中沒有其他問題。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the conference back to Stuart Davis for any closing remarks.

現在我想請史都華戴維斯作最後總結。

Thank you, operator, for your assistance on today's call.

接線員，感謝您在今天的通話中提供的幫助。

And thank you, all, for your time and interest in Leidos.

感謝大家對 Leidos 的時間和關注。

We look forward to updating you again soon.

我們期待很快能再次向您提供最新消息。

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.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。