Leidos Holdings Inc (LDOS) 2025 Q1 法說會逐字稿

Greetings. Welcome to Leidos first-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Leidos 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在，我將把會議交給投資者關係部的 Stuart Davis。斯圖爾特，你可以開始了。

Thank you, and good morning, everyone. I'd like to welcome you to our first quarter fiscal year 2025 earnings conference call. Joining me today are Tom Bell, our CEO; and Chris Cage, our Chief Financial Officer. Today's call is being webcast on the Investor Relations portion of our website, where you'll also find the earnings release and supplemental financial presentation slides that we'll use during today's call.

謝謝大家，早安。歡迎您參加我們的 2025 財年第一季財報電話會議。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。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將在今天的電話會議中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, includes risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

前往簡報的第二張投影片，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。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, during the call, we'll discuss GAAP and non-GAAP financial measures. A reconciliation between the two is included in today's press release and presentation slides.

最後，如幻燈片 3 所示，在通話期間，我們將討論 GAAP 和非 GAAP 財務指標。今天的新聞稿和簡報幻燈片包含了兩人之間的和解。

With that, I'll turn the call over to Tom Bell, who will begin on slide 4.

說完這些，我將把電話轉給湯姆貝爾，他從第 4 張幻燈片開始講解。

Thank you, Stuart, and thank you all for joining us. Today, I am pleased to report a strong Q1 for Leidos, once again delivering above plan revenue, EBITDA and EPS. In this excellent quarter for Leidos, our organic revenue increased 7% year-over-year, adjusted EBITDA margins improved again to 14.2%, and non-GAAP diluted earnings per share rose 30%. This strong start to 2025 builds on the significant momentum we built for our business during 2024. And we continue to push forward with optimism in our outlook.

謝謝你，斯圖爾特，也謝謝大家加入我們。今天，我很高興地報告 Leidos 第一季業績強勁，營收、EBITDA 和 EPS 再次超出計劃。對於 Leidos 來說，這是一個出色的季度，我們的有機收入同比增長 7%，調整後的 EBITDA 利潤率再次提高至 14.2%，非 GAAP 稀釋每股收益增長 30%。2025 年的強勁開局建立在我們 2024 年為業務打造的巨大發展勢頭的基礎之上。我們將繼續以樂觀的態度向前邁進。

We are uniquely positioned in this environment to solve our customers' most vexing challenges by continuing to leverage our investments in and the application of cutting-edge technology.

在這種環境下，我們擁有獨特的優勢，可以透過繼續利用我們的投資和尖端技術的應用來解決客戶最棘手的挑戰。

At the same time, as discussed on previous calls, 2025 was always envisioned to be a pivot year for us as we lock in the gains from our hugely successful 2024, invest in further new business momentum based on our new NorthStar 2030 strategy and actively get after the priorities of our nation's new administration. Given all this, I'm pleased to also announce on this call that we are reaffirming our full-year 2025 guidance at this time.

同時，正如在先前的電話會議上所討論的那樣，2025 年一直被視為我們的關鍵一年，因為我們將鎖定 2024 年取得巨大成功的收益，根據我們新的 NorthStar 2030 戰略投資於進一步的新業務發展勢頭，並積極追隨我們國家新政府的優先事項。考慮到這一切，我很高興在這次電話會議上宣布，我們此時重申我們的 2025 年全年指導。

Since undertaking our year of deep strategic thinking last year, evidence is everywhere that the future we predicted is racing toward us at pace. It manifests itself in the geopolitics we see around us and the challenges our customers are expressing to us and in the administration's rapid actions. So we're excited to be playing offense in 2025 now in full implementation mode on our NorthStar 2030 strategy and leaning into the robust opportunities this environment is presenting.

自從去年我們進行了一年的深入策略思考以來，到處都有證據表明，我們所預測的未來正在快速地向我們走來。它體現在我們周圍的地緣政治、客戶向我們表達的挑戰以及政府的快速行動。因此，我們很高興能夠在 2025 年全面實施我們的 NorthStar 2030 策略，並抓住這一環境帶來的巨大機會。

So let me share with you at a high level our NorthStar 2030 strategy, its growth pillars and their alignment to the new administration's priorities. Last year, we introduced the Leidos brand promise, making smart smarter. That brand promise summarizes in three short words the fact that everything we do, the core of our business model is making customer outcomes smarter and more efficient. That's why we exist. And that's why we can confidently assert that Leidos is the digital mission and solutions leader, serving customers with smarter, more efficient innovations.

因此，請允許我與大家高層次分享我們的 NorthStar 2030 策略、其成長支柱及其與新政府優先事項的一致性。去年，我們推出了 Leidos 品牌承諾，讓智慧更聰明。品牌承諾用三個簡短的字詞概括了我們所做的一切，我們商業模式的核心是讓客戶的結果更聰明、更有效率。這就是我們存在的原因。這就是為什麼我們可以自信地斷言，Leidos 是數位使命和解決方案的領導者，為客戶提供更聰明、更有效率的創新。

Under that entablature, our NorthStar 2030 strategy is supported by five growth pillars, as shown on Slide 5. First, space and maritime, where we will be building off the franchises we have today and further program development to provide commercially-based, rapidly integrated, disruptive hardware products in these two select critical domains to the US military. Second, energy infrastructure. In this growth pillar, we will continue to scale our electrical utility business within Leidos, serving commercial customers nationwide, making our nation's electrical grid more resilient and more secure. And we do this through our core design, engineering, IT and cyber capabilities, further enabled by cutting-edge Leidos AI tools.

在該柱頂之下，我們的 NorthStar 2030 策略由五大成長支柱支撐，如投影片 5 所示。首先是太空和海事，我們將在現有特許經營權的基礎上，進一步開發項目，為美國軍方在這兩個關鍵領域提供商業化、快速整合、顛覆性的硬體產品。第二，能源基礎設施。在這個成長支柱中，我們將繼續擴大 Leidos 內部的電力業務，為全國的商業客戶提供服務，使我們國家的電網更具彈性、更安全。我們透過核心設計、工程、IT 和網路能力實現這一目標，並藉助尖端的 Leidos AI 工具進一步實現這一目標。

Third, digital modernization and cyber. Here, we will continue to leverage proprietary innovative technologies to build repeatable offerings at scale to make our customers' IT infrastructures more efficient, effective and secure. Fourth, highly customized critical-mission software. Here, we turn our deep understanding of our customers' mission to translate vast amounts of customer data into actionable information. And we do this through best-in-class AI deployment, integration, commercial development and productionized software offerings.

第三，數位化現代化和網路化。在這裡，我們將繼續利用專有創新技術來大規模建立可重複的產品，以使客戶的 IT 基礎設施更加高效、有效和安全。第四，高度客製化的關鍵任務軟體。在這裡，我們將對客戶使命的深刻理解轉化為可操作的訊息。我們透過一流的人工智慧部署、整合、商業開發和生產軟體產品來實現這一目標。

And fifth, managed health services. In this growth pillar, we will use our successful medical examination expertise, our existing infrastructure and our robust provider network to expand our health business to serve new populations and offer additional related services. These growth pillars have been carefully chosen as our analysis shows clearly that they are areas where customer needs and spending will continue to grow robustly, Leidos has a proven ability to perform cutting-edge profitable work and Leidos has clear differentiated technical capabilities that can be actively advanced.

第五，管理醫療服務。在這個成長支柱中，我們將利用我們成功的體檢專業知識、我們現有的基礎設施和我們強大的供應商網路來擴展我們的健康業務，以服務新的人群並提供額外的相關服務。這些成長支柱是經過精心挑選的，因為我們的分析清楚地表明，這些領域客戶需求和支出將繼續強勁增長，Leidos 已證明有能力完成尖端盈利工作，並且 Leidos 具有可以積極推進的明顯差異化技術能力。

Our growth pillars are also squarely aligned with the priorities of our new administration, and we are sure they will remain national priorities well into the future. Our confidence is evidenced by recent executive orders and announcements, like the EOs on the electrical grid and maritime dominance as well as orders calling for the modernization of federal technology and software, the President and the VA Secretary having been very vocal in advocating for faster, more comprehensive health care services for veterans, this administration's clear preference to work with firms that solve problems and get things done, not consultants that study problems and publish reports, this administration strive to make the federal outcome smarter and more efficient through technology and this administration's desire for commercial terms focused on outcomes.

我們的成長支柱也與新政府的優先事項完全一致，我們相信它們在未來仍將是國家優先事項。我們的信心體現在最近的行政命令和公告中，例如有關電網和海上主導地位的行政命令以及要求聯邦技術和軟體現代化的命令；總統和退伍軍人事務部部長一直積極倡導為退伍軍人提供更快、更全面的醫療服務；本屆政府明確傾向於與能夠解決問題並完成任務的公司合作，而不是研究問題並發布技術的顧問；本屆政府明確傾向於與能夠解決問題並完成任務的公司合作，而不是研究問題並發布的顧問聯邦政府努力更加重要；

In short, our administration is driving towards federal outcomes that are better, faster, cheaper, right in Leidos' wheelhouse and synonymous with our core business model of making customer outcomes smarter and more efficient.

簡而言之，我們的政府正在努力實現更好、更快、更便宜的聯邦成果，這完全符合 Leidos 的職責，也與我們讓客戶成果更聰明、更有效率的核心業務模式相一致。

So we are now actively advancing our NorthStar 2030 strategy, the right strategy at the right time. We are confident that our business, our strategic investments and our go-to-market engine are all aligned with the needs and pace of our customers. You can see our conviction in how we've allocated capital so far in 2025. We've taken advantage of the current market conditions to significantly speed up our planned 2025 share buyback program by executing a $500 million accelerated share repurchase agreement right out of the gate. This accomplishes the majority of our 2025 share buyback plans.

因此，我們現在正在積極推動我們的NorthStar 2030策略，這是在正確的時間實施的正確策略。我們相信，我們的業務、策略投資和市場進入引擎都與客戶的需求和步伐保持一致。您可以從我們在 2025 年迄今的資本分配方式中看出我們的信心。我們利用當前的市場條件，立即執行了 5 億美元的加速股票回購協議，大大加快了我們計劃的 2025 年股票回購計畫。這實現了我們 2025 年股票回購計畫的大部分內容。

And I'm very pleased to have signed a definitive agreement to acquire a leader in full-spectrum cyber, our first acquisition in 2.5 years, to accelerate one of our aforementioned NorthStar 2030 strategic growth pillars. Cyber has long been a core competency for Leidos. With the largest cyber operation across the federal government, we see firsthand every day the complex destructive and coersive actions from nation-state threats our customers defeat with our help. So with the cyber threat growing, customers needs becoming more complex, proven Leidos success in the cyber market and our tangible ability to double down on technical differentiation, full-spectrum cyber is a key piece of our five North Star 2030 growth pillars.

我很高興簽署了最終協議，收購全頻譜網路領域的領導者，這是我們兩年半以來的首次收購，旨在加速我們前面提到的 NorthStar 2030 策略成長支柱之一。網路一直是 Leidos 的核心競爭力。透過聯邦政府範圍內最大規模的網路行動，我們每天都親眼目睹來自國家威脅的複雜破壞性和脅迫性行動，而我們的客戶在我們的幫助下擊敗了這些行動。因此，隨著網路威脅的不斷增加，客戶的需求變得越來越複雜，Leidos 在網路市場上的成功以及我們加倍技術差異化的切實能力，全方位網路已成為我們五大北極星 2030 成長支柱的關鍵部分。

We've also foreseen the cyber risk from AI adoption that creates even more vulnerabilities and attack surfaces for bad actors. Over the past five years, we've invested more than $75 million of our own R&D to develop patented technologies that change the cyber paradigm. Our pending acquisition brings additional exquisite cyber capabilities to strengthen our cyber growth pillar. Their expertise in vulnerability research, reverse engineering, exploit development and the converging cyber electronic warfare markets are squarely in line with our cyber strategy.

我們也預見了人工智慧應用帶來的網路風險，這將為不法分子帶來更多的漏洞和攻擊面。在過去五年中，我們已投資超過 7,500 萬美元用於自主研發，以開發改變網路範式的專利技術。我們即將進行的收購將帶來更多精湛的網路能力，以加強我們的網路成長支柱。他們在漏洞研究、逆向工程、漏洞開發和整合網路電子戰市場方面的專業知識與我們的網路策略完全一致。

Our acquisition is focused on the DoD and the intelligence communities with deep roots in DARPA as well. This delivers to us a unique, additional, active, value-added role in the cutting-edge future of cybersecurity technologies for national security. Leidos will leverage this acquisition both directly for our customers and in support of enhanced, informed and resilient defensive solutions across our own corporation. The acquisition will add to our deep pool of cyber talent and strengthen our competitive position in the $15 billion worth of pure cyber opportunities in our pipeline and even more across the related network and cloud pursuits.

我們的收購主要針對國防部和情報部門，並且與 DARPA 有著深厚的淵源。這為我們在國家安全的網路安全技術的前沿未來中提供了獨特、額外、積極、增值的角色。Leidos 將利用此次收購直接為我們的客戶服務，並為我們整個公司提供增強的、明智的和有彈性的防禦解決方案。此次收購將擴大我們的網路人才儲備，增強我們在價值 150 億美元的純網路機會以及相關網路和雲端運算領域的競爭地位。

As this is the first acquisition under my watch, I want to make it clear that when I do deploy capital inorganically, this is precisely the kind of move you can expect us to make, focused, technology-rich companies in the wheelhouse of one of our five growth pillars, poised for rapid integration into Leidos with a strong value unlock formula.

由於這是我領導下的首次收購，我想明確表示，當我進行無機資本部署時，這正是您可以期待我們採取的舉措，即專注於我們五大增長支柱之一的、技術豐富的公司，準備通過強大的價值釋放公式快速融入 Leidos。

Another very positive sign for our new NorthStar strategy is the administration's willingness to collaborate with industry to drive better performance across government. I've sought out and secured more meetings with cabinet members and key administration executives in the last month than I was able to secure during the whole of the last administration. And we're seeing significant receptivity in those meetings to big ideas we are bringing forward. One of these big ideas is also one of the administration's highest priorities: establishing our nation's next-generation air traffic control system.

我們的新 NorthStar 策略的另一個非常積極的信號是政府願意與業界合作，以推動整個政府的更好績效。上個月，我尋求並安排的與內閣成員和政府主要官員的會面比上屆政府整個任期內我能安排的會面還要多。我們看到，這些會議對我們提出的偉大想法表現出了很高的接受度。這些偉大構想之一也是政府的最高優先事項之一：建立我國的下一代空中交通管制系統。

Air traffic management in the US is highly fragmented with multiple outdated systems and technologies with an overreliance on human intuition and intervention. We are deeply aligned with the FAA's mission. For years, we have invested millions of dollars to develop and deploy both in the United States and overseas essential capabilities for achieving optimal cost-effective air traffic control outcomes. These investments are fueled by our comprehensive understanding of the complex environment, mission-critical requirements and innovation needs, putting us in a great position to help transform the performance and safety of the US air travel for decades to come.

美國的空中交通管理高度分散，存在著多個過時的系統和技術，過度依賴人類的直覺和介入。我們與美國聯邦航空局的使命高度一致。多年來，我們已投資數百萬美元在美國和海外開發和部署必要能力，以實現最佳成本效益的空中交通管制結果。這些投資源自於我們對複雜環境、關鍵任務要求和創新需求的全面了解，使我們在未來幾十年內能夠更好地幫助改變美國航空旅行的性能和安全。

Additionally, our Defense Systems team is moving out quickly on one of the Pentagon's top priorities: building a next-generation multilayer mission defense shield, or Golden Dome. From the moment that executive order was signed, we have been actively collaborating with key Golden Dome customers and stakeholders.

此外，我們的國防系統團隊正在迅速開展五角大樓的首要任務之一：建造下一代多層任務防禦盾，即「金色穹頂」。自從行政命令簽署的那一刻起，我們就一直積極與 Golden Dome 的主要客戶和利害關係人合作。

With the administration's attention on the significance of the space domain for Golden Dome, Leidos stands very well positioned to contribute meaningfully to this mission.

由於政府高度重視太空領域對金色圓頂的重要性，萊多斯公司完全有能力為這項任務做出有意義的貢獻。

Our space-based sensing and tracking capabilities are deployed and in production for low earth orbit missions across all tranches of the FDA's tracking layer. At the same time, we are working to expand our role within the broader proliferated warfighter space architecture. Golden Dome also requires an underlayer to defend against land and surface launch threats, such as cruise missiles and swarming drones, which can originate from virtually anywhere and strike with limited response time.

我們的基於空間的感測和追蹤能力已部署並投入使用，用於 FDA 追蹤層所有部分的低地球軌道任務。同時，我們正在努力擴大我們在更廣泛的作戰空間架構中的作用。金色穹頂還需要一個底層來防禦陸地和地面發射威脅，例如巡航飛彈和蜂群無人機，它們幾乎可以從任何地方發射，並且響應時間有限。

Notably, we already lead the rapid production and deployment of the Army's latest air and missile defense capability, which plays a vital role in the defense of Guam, a strategic stronghold essential for deterring threats in the Pacific. And we are already getting interest in potential deployments to defend the continental United States and key infrastructure and installations within the US. While we expect greater specificity regarding the Golden Dome opportunity to be outlined in the President's 2026 budget request, early funding signals in both the space and underlayer domain are very encouraging, and again, supportive of our growth pillar.

值得注意的是，我們已經領導了陸軍最新防空和飛彈防禦能力的快速生產和部署，這在保衛關島方面發揮著至關重要的作用，關島是遏制太平洋威脅的關鍵戰略要地。我們已經對保衛美國本土以及美國境內關鍵基礎設施和設施的潛在部署產生了興趣。雖然我們預計總統的 2026 年預算請求將更具體概述金色穹頂的機會，但空間和底層領域的早期資金訊號非常令人鼓舞，並且再次支持我們的成長支柱。

So in summary, I'm thrilled to be out of the blocks with a strong set of Q1 results. We're confirming our 2025 guidance. I'm excited to be in execution mode on 2030 strategy. We're very well positioned as this administration drives its agenda of making government outcomes smarter and more efficient.

總而言之，我很高興能夠取得強勁的第一季業績。我們正在確認 2025 年的指導方針。我很高興能夠參與 2030 戰略的執行。在本屆政府推動使政府成果更加智慧和有效率的議程之際，我們處於非常有利的地位。

I hope you all can feel the productive sense of urgency with which we're approaching this exciting next chapter in our history. Today, more than ever, our mission is compelling, our strategy is clear and our opportunities are growing.

我希望大家能夠感受到我們在邁向歷史上激動人心的下一個篇章時所抱持的緊迫感。今天，我們的使命比以往任何時候都更加引人注目，我們的策略更加明確，我們的機會也日益增加。

With that, I will turn the call over to Chris to walk through our results for the first quarter and our outlook for fiscal year 2025. Chris?

接下來，我將把電話交給克里斯，讓他介紹我們第一季的業績以及 2025 財年的展望。克里斯？

Thank you, Tom, and thanks to everyone for joining us on the call today. Our impressive start to the year is the result of the resiliency and tenacity of our entire team. In the first quarter, we maintained the exceptional level of performance delivered in 2024 while navigating an intensified macro environment. We worked proactively with customers to bring forward innovative ideas and never took our eyes off execution.

謝謝你，湯姆，也謝謝大家今天參加我們的電話會議。我們今年令人印象深刻的開局是我們整個團隊的韌性和毅力的結果。第一季度，我們在應對加劇的宏觀環境的同時，保持了 2024 年卓越的業績水平。我們積極與客戶合作，提出創新理念，並始終專注於執行。

I think that it's clear that the diversity of our portfolio relative to peers benefits us now more than ever, creating fruitful inroads to support a wide range of enduring missions and at the same time, providing insulation from meaningful industry shifts. Execution was strong across the entire portfolio. Three of our segments delivered solid mid- to high single-digit growth and Commercial & International posted double-digit growth for the second straight quarter. This broad-based performance enabled another quarter of exceptional earnings, well above initial expectations.

我認為，很明顯，相對於同行，我們的投資組合的多樣性現在比以往任何時候都更有利於我們，為支持廣泛的持久使命創造了卓有成效的進展，同時也為我們提供了免受重大行業轉變的影響。整個投資組合的執行力非常強勁。我們的三個部門實現了穩健的中高個位數成長，商業和國際部門連續第二個季度實現了兩位數成長。這種廣泛的表現使得該公司又一個季度實現了出色的盈利，遠高於最初的預期。

With that, let's dive into the details, starting with the income statement on slide 7. Revenues for the first quarter were $4.25 billion, up 7% organically year-over-year. Bottom line performance continues to be a key focus, and it shows. Adjusted EBITDA was $601 million for the quarter, up 23% year-over-year, and adjusted EBITDA margin increased 190 basis points to 14.2%. Non-GAAP net income was $391 million and non-GAAP diluted EPS was $2.97, up 25% and 30%, respectively.

讓我們深入了解細節，從投影片 7 上的損益表開始。第一季營收為 42.5 億美元，年比有機成長 7%。底線表現仍然是關注的重點，事實也證明了這一點。本季調整後 EBITDA 為 6.01 億美元，年增 23%，調整後 EBITDA 利潤率增加 190 個基點至 14.2%。非公認會計準則淨收入為 3.91 億美元，非公認會計準則稀釋每股收益為 2.97 美元，分別成長 25% 和 30%。

Turning to the segment drivers on slide 8, National security and digital revenues increased 5% year over year. We're seeing traction on the new contract awards from the second half of 2024 as well as additional tasking on some of our franchise programs. Non-GAAP operating income margin of 10.1% was in line with the prior year quarter. Health & Civil revenues increased 8% year over year and non-GAAP operating income margin was 23.6%.

談到第 8 張投影片上的細分驅動因素，國家安全和數位收入年增 5%。我們看到 2024 年下半年新合約授予的進度以及一些特許經營計劃的額外任務。非公認會計準則營業利益率為 10.1%，與去年同期持平。健康與民用收入年增 8%，非公認會計準則營業收入利潤率為 23.6%。

Continued strong demand in our managed health business, one of the five growth pillars in our NorthStar 2030 strategy, drove the bulk of the revenue and income growth, though the entire portfolio performed ahead of plan.

我們的管理健康業務是我們的 NorthStar 2030 策略的五大成長支柱之一，持續強勁的需求推動了大部分收入和收益的成長，儘管整個投資組合的表現都超出了計劃。

Commercial & International revenues increased 12% year over year from robust deliveries in SES, continued strong performance in commercial energy and increased volumes within the UK business, including reaching a critical milestone on one of the challenged programs from last year. Non-GAAP operating margins were 8.5%, up 20 basis points year over year.

商業和國際收入年增 12%，得益於 SES 的強勁交付、商業能源的持續強勁表現以及英國業務的成長，包括去年其中一個充滿挑戰的項目達到了一個關鍵的里程碑。非公認會計準則營業利益率為 8.5%，較去年同期成長 20 個基點。

Finally, Defense Systems revenues increased 7% over the prior year quarter, driven by increased activity in our space sensing and hypersonic programs. Non-GAAP operating margins of 9.1% expanded by 110 basis points year-over-year from excellent program execution. This portfolio is buzzing with opportunity from a rapidly maturing portfolio of innovative solutions. And in keeping with that outlook, Defense Systems delivered its third straight quarter with a book-to-bill above one.

最後，由於我們的空間感測和高超音速項目活動的增加，國防系統收入比去年同期增長了 7%。非公認會計準則營業利潤率為 9.1%，由於專案執行出色，年成長 110 個基點。這個投資組合充滿了來自快速成熟的創新解決方案組合的機會。按照這個前景，國防系統公司連續第三個季度實現了訂單出貨比超過 1。

Now on to cash flow and the balance sheet on slide 9. In the quarter, we generated $58 million of cash flows from operating activities and $36 million of free cash flow. DSO for the quarter was 62 days, unchanged from a year ago despite modest customer delays from the administration transition.

現在討論投影片 9 的現金流量和資產負債表。本季度，我們從經營活動產生了 5,800 萬美元的現金流和 3,600 萬美元的自由現金流。本季的 DSO 為 62 天，與去年同期相比沒有變化，儘管由於政府過渡導致客戶輕微延誤。

Let me provide a little context around cash performance. The first quarter of 2025 included an extra week of payroll, which hasn't happened since 2019. Also, we made a minor change in our cash accounting treatment effective this quarter. We now exclude outstanding payments from cash and cash equivalents on the balance sheet and statement of cash flows. This presentation is more aligned to industry practice and will enhance the predictability of our cash flow with no change to DSO or the income statement. The new policy had an immaterial impact to cash flow for the quarter, and today's press release has recast 2024 financials for this change.

讓我提供一些有關現金表現的背景資訊。2025 年第一季將額外發放一週工資，這是自 2019 年以來從未發生過的情況。此外，我們對本季的現金會計處理進行了微小的修改。我們現在將未付款項從資產負債表和現金流量表中的現金和現金等價物中排除。該演示更加符合行業慣例，並將在不改變 DSO 或損益表的情況下提高我們現金流的可預測性。新政策對本季的現金流影響不大，今天的新聞稿已根據這項變更重新制定了 2024 年的財務狀況。

To start this year, we made a series of three coordinated moves to solidify our balance sheet and allocate capital aggressively with conviction in our strategy. First, we issued $500 million of 7-year notes and $500 million of 10-year notes with fixed rates of 5.4% and 5.5%, respectively, using the proceeds to repay the $500 million bond due in May. Second, we took advantage of the persistent market dislocation and executed a $500 million accelerated share repurchase agreement. And third, we targeted and signed a definitive agreement to acquire a fantastic company to strengthen our cyber golden boats and our digital modernization and cyber growth pillar.

今年伊始，我們採取了三項協調措施，鞏固資產負債表，並堅定地執行我們的策略，積極配置資本。首先，我們發行了5億美元的7年票據和5億美元的10年票據，固定利率分別為5.4%和5.5%，用所得款項償還5月到期的5億美元債券。其次，我們利用持續的市場混亂，執行了 5 億美元的加速股票回購協議。第三，我們鎖定目標並簽署了最終協議，收購一家優秀的公司，以加強我們的網路金船以及我們的數位現代化和網路成長支柱。

While the additional debt and higher interest rates add about $30 million of interest expense this year, the share repurchase and pending accretive acquisition more than offset the earnings impact and significantly enhance our financial and strategic position for the future.

雖然今年額外的債務和更高的利率增加了約 3000 萬美元的利息支出，但股票回購和即將進行的增值收購足以抵消獲利影響，並顯著增強我們未來的財務和戰略地位。

We ended the quarter with $5.1 billion of debt for a gross leverage ratio of 2.3x. We also had $842 million in cash and cash equivalents at quarter end. Though we still have ample capacity for additional capital deployment, given the current environment, we feel comfortable holding cash in the short term. As we get more clarity through the coming quarters, we expect to further allocate capital, potentially paying down some of our term loans, repurchasing additional shares or completing additional accretive bolt-on acquisitions to generate long-term shareholder value.

本季末我們的債務為 51 億美元，總槓桿率為 2.3 倍。截至季末，我們還擁有 8.42 億美元的現金和現金等價物。儘管我們仍然有足夠的能力進行額外的資本部署，但考慮到當前的環境，我們覺得短期內持有現金是安全的。隨著未來幾季情況更加明朗，我們預計將進一步配置資本，可能償還部分定期貸款、回購更多股份或完成額外的增值性附加收購，以創造長期股東價值。

Moving to the forward outlook on slide 10, Tom and I are confident in the enduring missions we serve for our customers. Most of what we do is essential to the customers, their constituencies and the nation. No legislator wants to see the sensitive systems vulnerable to hackers or veterans unable to receive their benefits. For example, our exceptional Q1 performance derisks the potential unknowns in this volatile environment.

回到第 10 張投影片上的未來展望，湯姆和我對我們為客戶提供的持久使命充滿信心。我們所做的大部分工作對於客戶、他們的選民以及國家都至關重要。沒有立法者希望看到敏感系統受到駭客攻擊或退伍軍人無法領取福利。例如，我們第一季的出色表現降低了這種動盪環境中的潛在未知因素的風險。

So we are reaffirming our initial guidance of revenue between $16.9 billion to $17.3 billion adjusted EBITDA guidance in the mid- to high 12% range, non-GAAP diluted EPS between $10.35 and $10.75 and operating cash flow of approximately $1.45 billion for the year. This guidance does not include the pending cyber acquisition, although we expect the partial year revenue and EPS contribution to be relatively immaterial to 2025 financials.

因此，我們重申最初的預期，即全年收入在 169 億美元至 173 億美元之間，調整後的 EBITDA 預期在 12% 中高範圍內，非 GAAP 稀釋每股收益在 10.35 美元至 10.75 美元之間，經營現金流約為 14.5 億美元。該指引不包括即將進行的網路收購，儘管我們預期部分年度收入和每股盈餘貢獻對於 2025 年財務狀況而言相對不重要。

Consistent with our promises made, promises kept ethos, we take our guidance very seriously. This quarter, we took a clean sheet view of the risks and opportunities in our plan. We believe that our ranges accurately reflect the current realities and contain the foreseeable outcomes.

秉承我們信守承諾的精神，我們非常重視我們的指導。本季度，我們對計劃中的風險和機會進行了全新的審視。我們相信，我們的範圍準確反映了當前的現實並包含可預見的結果。

Relating to the top line, what we have seen so far has confirmed our belief that the year would begin with relatively soft bookings, as is typical with any change in administration. In the first quarter, we generated $2.1 billion of net bookings to end with a total backlog of $46.3 billion. Our strong finish to 2024 sustains a solid 1.3 book-to-bill on a trailing 12-month basis.

就營業收入而言，迄今為止我們看到的情況證實了我們的信念，即今年年初的預訂量將相對疲軟，這是任何管理層變動的典型情況。第一季度，我們的淨預訂量為 21 億美元，最終總積壓訂單量達到 463 億美元。我們為 2024 年的強勁收官奠定了基礎，在過去 12 個月中保持了 1.3 的穩固訂單出貨比。

You'll note that our backlog is up about $3 billion from what we reported last quarter. At the beginning of the year, we adjusted our backlog policy to include the expected value of single-award IDIQs. We believe this approach provides enhanced visibility for investors and more accurately captures the health of the business. Absent the change, this quarter's bookings would have increased slightly. You can find the recast quarterly bookings and backlog for 2024 in our press release.

您會注意到，我們的積壓訂單比上個季度報告的數字增加了約 30 億美元。年初，我們調整了積壓政策，將單一獎項 IDIQ 的預期價值納入其中。我們相信這種方法可以為投資者提供更高的可見度，並更準確地反映業務的健康狀況。如果沒有這項變化，本季的預訂量將會略有增加。您可以在我們的新聞稿中找到 2024 年重新制定的季度預訂量和積壓訂單量。

With a robust opportunity pipeline of $226 billion, including $25 billion proposals submitted and awaiting adjudication, we remain confident in our awards prospects for the back half of the year. But history suggests those wins will be more impactful to 2026 revenue than 2025. The midpoint of our revenue guidance implies $120 million of growth above our Q1 run rate, which is prudent based on current conditions. And as we look beyond this exciting pivot year for Leidos, we're confident in our NorthStar 2030 path ahead.

我們擁有價值 2,260 億美元的強大機會管道，其中包括已提交並等待裁決的價值 250 億美元的提案，我們對今年下半年的獲獎前景充滿信心。但歷史表明，這些勝利對 2026 年收入的影響將比 2025 年更大。我們的營收預期中點意味著比第一季的運行率成長 1.2 億美元，根據目前的情況，這是謹慎的。當我們展望 Leidos 令人興奮的關鍵一年之後，我們對未來的 NorthStar 2030 之路充滿信心。

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

接線員，現在我們可以回答問題了。

(Operator Instructions) Peter Arment, Baird.

（操作員說明）Peter Arment，Baird。

Tom, Chris, nice results. I guess one, Tom, on some of your larger contracts like NGEN and just thinking under like the current contracting environment, we've seen some of the Navy leadership kind of canceling some of your peers' software contracts. I'm just wondering how things are going on that contract, kind of the expected run rate.

湯姆、克里斯，結果不錯。湯姆，我想首先，關於你的一些較大的合同，比如 NGEN，想想當前的合同環境，我們看到一些海軍領導層取消了一些同行的軟體合約。我只是想知道合約的進展如何，預期的運行率是多少。

And then if, Chris, you could just -- thanks for giving us the details on the backlog and what the changes were. But just the Health & Civil segment was the only one that saw a decline, and just maybe if you could just give us a little color around that.

然後，克里斯，如果你能的話——感謝你向我們提供有關積壓的詳細信息以及變化的內容。但只有衛生和民用領域出現了下滑，您能否為我們稍微介紹一下這方面的狀況？

Yes. So first on the macro actions this administration is taking, yes, there's been some impact to our top line revenue in 2025. But I would define it as negligible, Peter. The impact on our revenue is certainly in the very, very, very low 1% range. And so we understand what's happening.

是的。首先，就本屆政府採取的宏觀行動而言，是的，這對我們 2025 年的營業收入產生了一定影響。但是我會將其定義為微不足道的，彼得。對我們收入的影響肯定在非常非常低的 1% 範圍內。這樣我們就明白發生了什麼事。

And at the same time, we're seeing the administration lean into some opportunities. You might remember on the last call, I talked about the opportunity that DISA has with The Defense Enclave services, and we're actually seeing great traction in the DoD for the fourth estate in looking to turn on additional acquisitions and additional modernizations of our IT infrastructure throughout the DoD.

同時，我們看到政府正在抓住一些機會。您可能還記得，在上次電話會議上，我談到了 DISA 與國防飛地服務之間的機遇，實際上，我們看到國防部對第四權力機構抱有巨大吸引力，希望在整個國防部範圍內啟動額外的收購和 IT 基礎設施的額外現代化。

So a little bit of what I would call puts and takes. Certainly, there are some minor takes, but there is more opportunity coming our way, and those are the opportunities we're excited to be leaning into.

這就是我所說的「投入與收穫」。當然，也存在一些小問題，但我們面前還有更多的機會，我們很高興能夠抓住這些機會。

Yes. Peter, and I'll just add. We've been contemplating this backlog change for some time. The team did some good work last year to lay the groundwork. And we do think it enhances your visibility into our book of business and our future revenue stream.

是的。彼得，我只是想補充一下。我們已經考慮這個積壓變化有一段時間了。該團隊去年做了一些很好的工作，奠定了基礎。我們確實認為它增強了您對我們的業務和未來收入來源的了解。

And so we put those single award values into backlog. As it relates to Health & Civil, they recently just won, as you know, the big VBA recompete that went in last year. There's not a lot of large single-award IDIQs in that business area, so they didn't benefit from any adjustment there.

因此，我們將這些單一獎項的價值放入積壓工作中。就健康與民事領域而言，正如您所知，他們最近剛剛贏得了去年舉行的大型 VBA 重新競賽。該業務領域中沒有很多大型單一獎項 IDIQ，因此他們沒有從那裡的任何調整中受益。

And when we look ahead, they've got a couple of large things pending this year. The follow-on to the MHS Genesis is still something we feel very good about, the customer's intent to drive that our way on a sole-source basis. That should be a future booking. And then we've got a Reserve Health Readiness program follow-on, too. So there's some big needle movers out there, but they're well funded and have ample capacity as it relates to supporting trajectory and you see the great start to the year they got off to.

當我們展望未來時，我們會發現他們今年有幾件大事要做。我們對 MHS Genesis 的後續產品仍然感到非常滿意，客戶希望以單一來源的方式推動這項產品的發展。那應該是未來的預訂。然後我們還有一個預備役健康準備計畫後續行動。因此，有一些大的推動者，但他們資金充足，並且有足夠的能力來支持軌跡，你會看到他們今年取得了良好的開端。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

This is Josh Korn on for David today. So wanted to ask specifically about the GSA request that was out about a month or two ago regarding potential contract kind of offerings. I wanted to ask, if you were asked to make any proposals, and if so, what sort of things that you offered.

今天由喬什·科恩 (Josh Korn) 代替大衛 (David) 主持。因此，我想具體詢問一下大約一兩個月前 GSA 提出的有關潛在合約類型產品的請求。我想問一下，是否有人要求您提出任何建議，如果有，您提出了什麼樣的建議。

Sure, Josh. Yes, we were excited to lean into the opportunity to engage the GSA on an active conversation about how we could help them and their charge to make the government smarter and more efficient. And so we actively engaged in both rounds, you might have heard about, two letters and two back and forth between the GSA and we. That's been supplemented with face-to-face meetings and an active e-dialogue in the margins. So I feel very good about the relationship we're building with the GSA.

當然，喬希。是的，我們很高興能藉此機會與 GSA 進行積極的對話，討論我們如何幫助他們以及他們如何讓政府變得更聰明、更有效率。因此，我們積極參與了兩輪談判，您可能已經聽說過，我們和 GSA 之間進行了兩封信函和兩次來回溝通。此外，我們也透過面對面會議和積極的電子對話進行補充。因此，我對我們與 GSA 建立的關係感到非常滿意。

Josh and Stephen are very, very passionate about their role in helping make this government smarter and more efficient. And I believe we're positioning ourselves to be part of the solution, not the problem in so doing.

喬希和史蒂芬非常熱衷於幫助政府變得更有智慧和更有效率。我相信，我們這樣做是為了成為解決方案的一部分，而不是問題本身。

One of the things that we've taken a little bit of issue with is the fact that while we've been lumped into a consulting review, we've never used those words back the GSA. Less than 1% of our revenue could generously be considered consulting revenue. And so all of what we do is mission-critical work that is key to our customers' outcomes, the customers of the GSA, if you will.

我們稍微有點異議的一件事是，雖然我們被納入了諮詢審查，但我們從來沒有用這些話回應過 GSA。我們收入的不到 1% 可以慷慨地視為諮詢收入。因此，我們所做的一切都是關鍵任務工作，對我們客戶的結果至關重要，如果你願意的話，我們也可以稱之為 GSA 的客戶。

And so what we've been doing is leaning into the GSA and saying, here's how we can make your customers the active agencies that use our products and solutions better, faster, cheaper by doing smarter things with technology, aggregating contracts, getting to commercial outcome terms and looking for more efficient ways to deliver services.

因此，我們一直在做的就是依靠 GSA 並說，我們可以這樣讓您的客戶成為使用我們產品和解決方案的活躍機構，透過更聰明地利用技術、匯總合約、達成商業結果條款並尋找更有效的方式來提供服務。

So net-net, we're in the early innings of this ball game, but we're leaning in. And we believe Josh, Stephen and the GSA team are leaning in also. Thanks.

所以，總的來說，我們正處於這場球賽的初期，但我們正在努力。我們相信 Josh、Stephen 和 GSA 團隊也會加入。謝謝。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Great quarter. Maybe if we could talk about, again, focusing on Health & Civil and diving into the budget a little bit more, the skinny budget included funding accelerating for the VA EHR modernization work where Leidos is a sub to Oracle. How are you thinking about the opportunity there just given the news we've had on VA for the last year or so and just the longer-term opportunity for Leidos given the success?

很棒的一個季度。也許我們可以再次討論一下，重點關注健康與民事，並深入研究預算，精簡的預算包括為 VA EHR 現代化工作提供加速資金，其中 Leidos 是 Oracle 的子公司。鑑於我們過去一年左右在 VA 上聽到的新聞以及鑑於 Leidos 的成功，您如何看待那裡的機會以及 Leidos 的長期機會？

Yes. Thanks for that, Sheila. Yes, as you will note in our NorthStar 2030 growth pillars, managed health care and managed health services is one of our growth pillars. And that's because everything we knew would happen with demographics last year as we were undertaking our year of deep strategic thinking and every action and comment by this administration has reinforced our view that better choices, faster choices for veteran services will be a key part of the next years for our nation. So we're leaning into our health business.

是的。謝謝你，希拉。是的，正如您在我們的 NorthStar 2030 成長支柱中看到的，管理式醫療保健和管理式健康服務是我們的成長支柱之一。這是因為，去年，當我們進行深入的策略思考時，我們知道人口統計數據會發生哪些變化，而本屆政府的每一個行動和評論都強化了我們的觀點，即為退伍軍人服務提供更好的選擇、更快的選擇將是我們國家未來幾年的關鍵部分。因此，我們正致力於健康業務。

We're expecting to grow it over the next five years. And the early indications, the volumes coming through the VBA, the volumes of veterans coming through our clinics and having health benefits exams is actually raising and going up and continuing to go at pace.

我們預計未來五年內它將進一步發展。早期跡象表明，通過 VBA 的數量、透過我們的診所接受健康福利檢查的退伍軍人數量實際上正在增​​加，並且還在持續快速增長。

So we are very optimistic. We're bullish about the business. We're bullish about our opportunity to use the core capabilities we have and pivot into more services for more customers. And we expect to be talking a lot about growing our healthcare business over the coming years.

所以我們非常樂觀。我們對這個業務很看好。我們充滿信心，可以利用我們的核心能力為更多客戶提供更多服務。我們預計未來幾年將會更多地討論如何發展我們的醫療保健業務。

Sheila, I'd just add that we've had a long successful partnership with Oracle, of course, on the military health side. And our best proof point is to continue to deliver excellence on that program. And as Tom mentioned, we're a great partner into the VA. You would imagine, over time, there's opportunities for us to expand our offerings into the EHR rollout there, too. But that is something that's not directly within our control.

希拉，我想補充一點，我們與甲骨文在軍事健康方面有著長期成功的合作關係。我們最好的證明就是繼續在該計劃上取得卓越成就。正如湯姆所提到的，我們是 VA 的優秀合作夥伴。您可以想像，隨著時間的推移，我們也有機會將我們的服務擴展到那裡的 EHR 推廣中。但這不是我們能夠直接控制的事情。

But again, at some point in time, you would imagine as they integrate further, we could help them in a more meaningful way. So we'll continue to position for that.

但是，你可以想像，在某個時間點，隨著他們進一步融合，我們可以以更有意義的方式幫助他們。因此，我們將繼續為此做好準備。

Just to follow up quickly on that point, Chris. So are the margins in Q1 reflective of the full year performance? Is that how we should think about it?

克里斯，我只是想快速跟進這一點。那麼第一季的利潤率是否反映了全年的表現？我們該這樣思考嗎？

Well, the margins in Q1 were excellent. We're super pleased with how we got out of the gates as a company. And as it relates to Tom's comment on the managed health services business, the dialogue with the VA on that side is we need to sustain and increase the level of activity going on. We want to continue to work off the backlog. We want to treat the veterans.

嗯，第一季的利潤率非常好。我們對公司的進展感到非常滿意。就湯姆對管理式醫療服務業務的評論而言，與 VA 方面的對話是我們需要維持和提高正在進行的活動水平。我們希望繼續解決積壓問題。我們要治療退伍軍人。

So we're well funded. We're well positioned. We're thinking about the future but delivering in the present for that business. And so I think that we're very capable of delivering at that run rate going forward, certainly.

所以我們的資金充足。我們處於有利地位。我們考慮的是未來，但我們現在正在為該業務提供服務。因此我認為，我們完全有能力在未來實現這樣的運行速度。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Maybe talking through the takeaways of the supplemental defense bill, what are your understanding in terms of that being more FY25 or longer-dated money? And then maybe talk through the opportunities that you see at the segment level, specifically missile defense as well as the maritime domain.

也許透過談論補充國防法案的要點，您對這筆錢是更多的 FY25 還是更長期的錢有什麼理解？然後也許可以談談您在各個領域看到的機遇，特別是導彈防禦和海上領域。

Sure. The bill that is currently working its way through Congress, the reconciliation bill, represents tremendous upside for our customers and for Leidos. FAA modernization is a net-net winner in the reconciliation bill, and we expect to be a major part of helping the Department of Transportation and the FAA be a solution for the challenges of our nation's infrastructure when it comes to air traffic control. Border security is also an area that is getting a lot of attention in the reconciliation bill and the skinny budget that's been published for FY26. So again, we have an active dialogue going on with the Department of Homeland Security around how with technology and the deployment of products we have at already today, we can help secure the border even more.

當然。目前正在國會審議的這項法案，即和解法案，對我們的客戶和 Leidos 來說，代表著巨大的好處。聯邦航空管理局的現代化是和解法案中的淨贏家，我們希望成為幫助交通部和聯邦航空管理局解決我國空中交通管制基礎設施挑戰的重要部分。邊境安全也是和解法案和已公佈的2026財年精簡預算中備受關注的領域。因此，我們正在與國土安全部進行積極的對話，討論如何利用我們現有的技術和產品部署，進一步加強邊境安全。

There is a tremendous amount of energy building around Golden Dome, as I said in my prepared remarks. And frankly, while we talked about the space layer and the underlayer, there are a myriad of programs and solutions -- technology solutions we have in our defense business that can plug into the various aspects of the Golden Dome architecture that will be required to secure the continent of the United States. So net-net, Colin, again, reconciliation, the skinny budget of FY26 points very squarely in the attention of our five growth pillars and gives us great confidence that when we picked these five growth pillars and we picked these subsets of the pillars, we were picking the right decks for us to pivot to, to find new revenue growth in 2026 and beyond. So very, very optimistic about the early signs we're seeing.

正如我在準備好的演講中所說，金色穹頂周圍正積聚著巨大的能量。坦白說，當我們談論空間層和底層時，我們在國防業務中擁有無數的程序和解決方案——技術解決方案，可以融入金色穹頂建築的各個方面，這對於保護美國大陸的安全是必需的。因此，科林，再次，協調，26 財年的精簡預算非常明確地指出了我們對五大增長支柱的關注，並讓我們非常有信心，當我們選擇這五大增長支柱並選擇這些支柱的子集時，我們選擇了正確的平台，讓我們能夠轉向，在 2026 年及以後找到新的收入增長。因此，我們對所看到的早期跡象非常非常樂觀。

And the only thing I'd add, Colin, I mean, Tom mentioned a number of things, didn't even mention maritime, which is another area the team is very excited about. And we're seeing customer demand signal for a couple of our unmanned capabilities at record levels. So the team is actively working opportunities there for medium unmanned undersea vessel, for small vessel as well. So we're excited about seeing those things accelerate as we get into the back half of this year.

我唯一要補充的是，科林，我的意思是，湯姆提到了很多事情，甚至沒有提到海事，這是團隊非常興奮的另一個領域。我們看到客戶對我們的一些無人駕駛功能的需求達到了創紀錄的水平。因此，該團隊正在積極尋找中型無人海底船隻以及小型船隻的研發機會。因此，我們很高興看到，隨著今年下半年的到來，這些事情正在加速發展。

Mariana Perez Mora, Bank of America.

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

So when you think about these opportunities but also the risk of actually having a continued resolution -- long continued resolution into fiscal year '26, where the -- are these -- any of these opportunities are limited by actually the lack of funding, how you think about that? And on the other side, is there any way you could benefit from this administration or the agencies that are actually extending some programs that were supposed to mature or be recompeted within the next like 12 to 24 months and are actually extended by 5 years to good performers? Like do you have any programs like that?

因此，當您考慮這些機會以及實際上持續解決的風險時 - 長期持續解決到 26 財年，這些機會是否實際上因缺乏資金而受到限制，您如何看待這一點？另一方面，您是否可以從本屆政府或各機構受益？這些機構實際上正在延長一些原本應該在未來 12 到 24 個月內成熟或重新競爭的項目，而實際上卻將表現良好的項目延長了 5 年？你有類似的程序嗎？

Well, thank you, Mariana. Yes is the answer to your question. We think we are in a relatively good position to have programs that are continuing from programs that are already in execution mode. So we're not looking for new program starts or new technology investments. These are franchises that we've invested in over the past 5 years and are now up and running.

好吧，謝謝你，瑪麗安娜。是的，這是你問題的答案。我們認為，我們處於相對有利的位置，可以繼續執行已經處於執行模式的程序。因此，我們不尋求啟動新的專案或進行新的技術投資。這些都是我們在過去五年中投資的特許經營權，目前已開始營運。

I mentioned, for instance, IFPC and the underlayer. That is a program of record within the US Army. And so the DoD can continue to exercise options for additional units as opposed to a new start program.

例如，我提到了 IFPC 和底層。這是美國陸軍內部的一個記錄項目。因此，國防部可以繼續選擇增加部隊，而不是啟動新的計畫。

We think the investment we've made in our defense business, in our other businesses and the programs of records we have gives us a tremendous opportunity for customers to hit the easy button and extend them and continue to build on them as opposed to requiring a new start program under a continuing resolution, which as your question suggests, is more difficult. Thanks.

我們認為，我們在國防業務、其他業務和記錄程序方面的投資為客戶提供了一個巨大的機會，讓他們可以輕鬆擴展並繼續構建它們，而不是要求在持續決議下啟動一個新的計劃，正如您的問題所暗示的，這更加困難。謝謝。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Tom, I wonder if you could spend a few more minutes on the situation with the FAA here in the US and air traffic control and the system that we have here in the United States. Maybe talk a little bit about, from your view, what's broken and what it's going to take to get this fixed, quantum of money that might need to get spent, how much time it's going to take. And what kind of capabilities and skill sets are going to be needed to fix this problem?

湯姆，我想知道您是否可以花幾分鐘時間介紹美國聯邦航空局的情況以及美國的空中交通管制和系統。也許您可以從您的角度來看待這個問題，請您談談它出了什麼問題、需要做些什麼來修復它、可能需要花費多少錢以及需要花多少時間。解決這個問題需要什麼樣的能力和技能？

Thanks, Jason. Yes. So I mentioned in my comments that this administration has been very open to meeting with industry and engaging in conversations about what solutions look like. The Department of Transportation and the FAA are a part of that. And so I'm very pleased to say that we've had high-level engagements with those entities, and we've discussed very clearly the challenges and opportunities we see to modernize the air traffic control system in the United States and make it the envy of the world which is, as President Trump has suggested, is his goal.

謝謝，傑森。是的。因此，我在評論中提到，本屆政府非常願意與業界會面並討論解決方案。交通部和聯邦航空局是其中的一部分。因此，我很高興地說，我們已經與這些實體進行了高層接觸，我們非常清楚地討論了我們看到的挑戰和機遇，以實現美國空中交通管制系統的現代化，並使其成為世界羨慕的對象，正如特朗普總統所說，這是他的目標。

The Department of Transportation is keen to do that within this presidential term. And we are, again, very well positioned with about 10, 12 programs that we do for the FAA now that are both systems that manage air traffic over the oceans, missions that -- systems that manage our traffic over land, systems that manage air traffic when it's on the ground and the terminals that the air traffic controllers use. So we are positioned throughout the life cycle and throughout the mission of air traffic control both in the United States and globally.

交通運輸部渴望在本屆總統任期內實現這一目標。我們目前為美國聯邦航空管理局 (FAA) 實施了大約 10 到 12 個項目，處於非常有利的地位，這些項目既包括管理海上空中交通的系統，也包括管理陸地交通的系統，還包括管理地面空中交通的系統以及空中交通管制員使用的終端。因此，我們在美國和全球的空中交通管制的整個生命週期和整個任務中都處於定位狀態。

We're a key technology provider for NATS in the UK, which is a very successful country-wide air traffic control system. And we also deploy elements of this system globally for something called Skyline, which is in service in the multiple countries around the world. So we feel like we're in a great position. The, obviously, Congress and the White House are also poised to fund this. That is the first thing you need.

我們是英國 NATS 的主要技術供應商，NATS 是一個非常成功的全國性空中交通管制系統。我們還在全球部署了該系統的元素，稱為 Skyline，它已在全球多個國家投入使用。因此我們感覺我們處於一個很好的位置。顯然，國會和白宮也準備為此提供資金。這是您需要的第一件事。

You need determination that you want to do it. And the second thing is you need funding to do it. I'll leave the quantum of that up to the administration.

你需要下定決心去做這件事。第二件事是你需要資金來實現這一點。我將把這一數量留給政府來決定。

But suffice to say, as the country puts their system together and their thoughts together about what the future system looks like, I'm very, very sure Leidos is going to be a part of that solution both in pieces and overarching architecture. Thanks, Jason.

但可以說，隨著國家將他們的系統整合在一起，並對未來系統的外觀進行思考，我非常非常肯定 Leidos 將成為該解決方案的一部分，無論是部分還是整體架構。謝謝，傑森。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

This is [Tyler] for Toby. Back to that quarter of 12% growth in the Commercial & International segment. Can you just discuss some of the drivers of this and maybe the sustainability of this going forward?

我是 [Tyler]，為 Toby 服務。回到商業和國際領域成長 12% 的那個季度。您能否討論一下造成這種情況的一些驅動因素以及未來這種情況的可持續性？

Yes. Thanks, Tyler. And no, it's something we're really excited to see from the team. They've been working very hard towards that goal. And there's a number of things that are going well in that portfolio.

是的。謝謝，泰勒。不，這是我們非常高興從團隊中看到的事情。他們一直在為實現這一目標而努力工作。該投資組合中的許多項目都進展順利。

I mentioned in the remarks earlier that on the UK side, the team was able to cover from some challenges we encountered last year and get a critical program on the right track, achieve a milestone that provided some uplift on growth and profitability. We have been working, of course, on the security solution side for the last couple of years to get that business poised for a successful future. A lot of gains have been made there.

我之前在評論中提到，在英國方面，團隊能夠克服我們去年遇到的一些挑戰，並使關鍵項目走上正軌，實現一個里程碑，為成長和盈利能力帶來一些提升。當然，過去幾年我們一直致力於安全解決方案的工作，為該業務的成功未來做好準備。那裡已經取得了許多進展。

And as Tom trailed earlier, we're really excited about the opportunities in the ports and borders space. But core service and maintenance uplift in the portfolio have driven some growth there. And then finally, one of our key growth pillars in commercial energy is in that portfolio. That has been a strong grower now for multiple years. It continues that pace.

正如湯姆之前所說的，我們對港口和邊境領域的機會感到非常興奮。但產品組合中核心服務和維護的提升推動了該領域的一些成長。最後，我們的商業能源業務的一個關鍵成長支柱就是該投資組合。多年來，該公司一直保持強勁成長勢頭。它繼續保持這種步伐。

So those are the elements that we're seeing taking off, and the future continues to have more prospects internationally for things like AUKUS and other uplift. But the team has made great progress, and we're excited to see that momentum continue.

這些都是我們正在看到的正在起飛的元素，未來在國際上，AUKUS 和其他提升等方面將繼續擁有更多的前景。但團隊已經取得了巨大的進步，我們很高興看到這種勢頭繼續下去。

Yes. The second straight quarter of double-digit growth is wonderful, but it's only a down payment on what we expect from this sector and the segment going forward. The fact is every element within Commercial & International is very robustly positioned for the future. Chris just mentioned at the end, AUKUS. As I've said on previous calls, the needs of AUKUS Pillar 2 are exactly in line with the capabilities Leidos brings to fore.

是的。連續第二季實現兩位數成長固然令人欣喜，但這只是我們對該產業以及未來細分市場預期的初步體現。事實上，商業和國際領域內的每個元素都為未來做好了非常穩健的準備。克里斯最後提到了 AUKUS。正如我在之前的電話會議中所說的那樣，AUKUS Pillar 2 的需求與 Leidos 所提供的功能完全一致。

So we're leaning into AUKUS, both in the United States and over in the UK and Australia.

因此，我們傾向於 AUKUS，無論是在美國還是在英國和澳洲。

Energy is one of our growth pillars. It's a critical vulnerability. Everybody knows that critical infrastructure in the United States is in a challenged position right now. And especially as energy demands grow, the grid resilience and the need for us to secure our electrical grid is going to grow with it. So energy is a huge area of focus for us and a huge growth area for Leidos.

能源是我們的成長支柱之一。這是一個嚴重的漏洞。眾所周知，美國的關鍵基礎設施目前正面臨挑戰。特別是隨著能源需求的成長，電網彈性和我們保護電網的需要也將隨之成長。因此，能源是我們關注的重點領域，也是 Leidos 的一個巨大的成長領域。

And last but not least, SES, ports and border security, airport security. We were talking about the FAA before, but we weren't talking about the airports themselves. We play a key role in securing ports, borders and airports.

最後但同樣重要的是，SES、港口和邊境安全、機場安全。我們之前談論過美國聯邦航空局，但我們並沒有談論機場本身。我們在保障港口、邊境和機場安全方面發揮關鍵作用。

And so everything in the Commercial & International business is poised for robust growth as this administration sets about its priorities. And we're very optimistic that Vicki and her team can continue to turn in great growth quarters as we go out of 2025 and into the future.

因此，隨著本屆政府確定優先事項，商業和國際業務的一切都將實現強勁成長。我們非常樂觀地認為，在走出 2025 年並邁向未來之際，Vicki 和她的團隊能夠繼續實現良好的成長。

Scott Mikus, Melius Research.

米庫斯（Scott Mikus），Melius Research。

So a quick question on the decision to reaffirm the guide. Chris, if I add back about $0.35 of charges you booked in 2024, the EPS guide is essentially flat. And if I annualize your first quarter results, your EPS would be 10% above the high end of the guidance range. So the question I've been receiving from clients this morning is given the decision to reaffirm the guidance and the 0.5 book-to-bill this quarter, are the core fundamentals of the business expected to significantly deteriorate over the next few quarters or is the guidance just extremely conservative due to DOGE and all the executive orders from the new administration?

因此，我想問一下關於重申指南的決定。克里斯，如果我加上你在 2024 年預訂的約 0.35 美元的費用，每股盈餘指南基本上持平。如果我將您的第一季業績按年化，您的每股收益將比指導範圍的高端高出 10%。因此，今天早上我從客戶那裡收到的問題是，鑑於決定重申本季度的指導和 0.5 的訂單出貨比，預計未來幾季業務的核心基本面是否會顯著惡化，還是由於 DOGE 和新政府的所有行政命令，指導只是極其保守？

Yes. Thanks for that, Scott. No, there's nothing in the core business performance that we're concerned about as it relates to fundamentals. I think those have been proven to the opposite, right? Multiple quarters in a row where the team continues to drive improvement.

是的。謝謝你，斯科特。不，我們關心的核心業務表現與基本面無關。我認為這些已經被證明是相反的，對嗎？連續多個季度，團隊不斷推動改善。

Our highest margin quarter when it wasn't even highest Health & Civil margin quarters. So you see uplift in other parts of the portfolio, national security and digital, C&I, defense are all showing strength.

儘管這甚至不是醫療衛生和民用工程利潤率最高的季度，但卻是我們利潤率最高的季度。因此，您會看到投資組合的其他部分有所提升，國家安全和數位、商業與工業、國防都表現出強勁勢頭。

It's more the latter where we're positioned for helping our customers accelerate. As we see the opportunity set ahead of us, as we've laid out NorthStar 2030 and our strategy pillars, we want to make sure we've got capacity to provide jump-start in critical areas where there is a unique opportunity here in the coming months to capture significant positions on meaningful priorities of the administration and in addition to partnering with critical agencies like the GSA to make sure we're part of the solution for the future.

我們更傾向於後者，以幫助我們的客戶加速發展。當我們看到擺在我們面前的機會時，正如我們制定的 NorthStar 2030 和戰略支柱一樣，我們希望確保我們有能力在關鍵領域提供快速啟動，在未來幾個月內，我們將有一個獨特的機會在政府有意義的優先事項上佔據重要地位，並與 GSA 等重要機構合作，確保我們成為未來解決方案的一部分。

So with one quarter in the books and looking ahead to the landscape that's robust with opportunities, that's why it's now not the time to lean into increasing our guidance. It's really run the business very successfully, create capacity to invest for the future. And we're excited about where that takes us this year.

因此，鑑於已經過去一個季度並且展望未來充滿機會的前景，現在並不是增加指導的時候。它確實非常成功地經營了業務，創造了投資未來的能力。我們對今年的進展感到非常興奮。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Tom, maybe, or Chris, as you look at the recompetes you have coming up for the remainder of this year has anything changed in response to all the executive orders and DOGE and focus on cost? Have you seen any pronounced change in expected contract terms, or basically, within contract structures, the risk you might be expected to take on these contracts?

湯姆，也許吧，或者克里斯，當你回顧今年剩餘時間即將面臨的重新競爭時，對於所有行政命令和 DOGE 以及對成本的關注，有什麼變化嗎？您是否看到預期合約條款有任何明顯變化，或者基本上在合約結構中，您可能承擔的合約風險有任何明顯變化？

Yes. So the pipeline for this year, you know how this business works, has been set for some time. And we are awaiting adjudication for some $26 billion worth of contracts that are already submitted. We haven't yet seen customers leaning into changing commercial terms and/or leaning into the opportunity of outcome-based contracting, but we expect that. I'm sure you saw the letters coming out of the administration this past Friday about revising the FAR and leaning into commercial terms.

是的。因此，您知道這個業務如何運作，今年的管道已經確定了一段時間了。我們正在等待已提交的價值約 260 億美元的合約的裁決。我們尚未看到客戶傾向於改變商業條款和/或傾向於基於結果的合約機會，但我們預計會發生這種情況。我相信您已經看到了政府上週五發出的關於修改《聯邦採購條例》並傾向於商業條款的信函。

That's something we welcome. We believe in outcome-based contracting. We believe in sharing risks and rewards. And we feel like we make better outcomes when we're challenged to insert technology so that customer outcomes are better, faster and cheaper. So we haven't seen that yet, but I fully anticipate it.

我們對此表示歡迎。我們相信基於結果的合約。我們相信風險共擔，回報共享。當我們面臨引入技術的挑戰時，我們感覺我們會取得更好的結果，使客戶的結果更好、更快、更便宜。所以我們還沒有看到這一點，但我完全預料到了。

And we're spending a significant amount of effort in Leidos, making sure we're prepared for that. And we are leaning into those environments to make our customers' outcomes better, faster, cheaper. And Leidos is a winner, a net winner in that environment.

我們在 Leidos 投入了大量的精力，以確保我們為此做好了準備。我們正依靠這些環境來使我們的客戶獲得更好、更快、更便宜的成果。在這樣的環境下，Leidos 是一個贏家，一個淨贏家。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

When you piece together the many cross currents going on at your customers and everything you're doing at Leidos specifically, do you feel like you can rule out having a year where revenue is down over the next three years or can we not roll that out, and that is possible given everything that's going on?

當您將客戶面臨的諸多矛盾以及您在 Leidos 所做的一切具體情況綜合起來時，您是否認為可以排除未來三年內某一年收入下降的可能性，或者我們是否可以避免這種情況，考慮到目前發生的一切，這是有可能的？

Gee, Noah, you're asking me to say never say never. And I have to start with that, right? You're asking about three years, and the future is never certain enough to be able to say it's absolutely impossible. But at the same time, I'll say I don't envision it and I don't really see it as a high probability. The growth pillars we've identified as a part of NorthStar 2030 are very in line with the administration's needs and the customer missions that are mission-critical. And so we're very confident that these are going to grow robustly.

哎呀，諾亞，你要我說永不說永不。我必須從那裡開始，對嗎？你問的是三年，但未來永遠無法確定到足以說這是絕對不可能的。但同時，我要說的是，我沒有預見到這種情況，我也不認為這種情況發生的可能性很高。我們在 NorthStar 2030 中確定的成長支柱非常符合政府的需求和關鍵的客戶使命。因此，我們非常有信心這些將會強勁成長。

And I'll foot stomp. We picked these five because we know customer needs are growing. We know we can make good money leaning into opportunities in those areas. And we know we have technical differentiation that allows us to be more successful than our competitors in those areas. And every indication from this administration supports the selection of those pillars for our growth engines. And even if it wasn't areas of the Leidos portfolio that are not selected for growth, we see a status quo maintenance of the growth trajectory they've been on.

我會跺腳。我們之所以選擇這五家公司，是因為我們知道客戶的需求正在成長。我們知道，我們可以利用這些領域的機會賺很多錢。我們知道，我們擁有技術差異化，這使得我們在這些領域比競爭對手更成功。本屆政府的每一個跡像都支持選擇這些支柱作為我們的成長引擎。即使 Leidos 投資組合中的某些領域沒有被選中實現成長，我們也看到它們目前的成長軌跡得以維持。

So as we lean into the next three to five years in the whole plan of NorthStar 2030, the macro plan and what we think is absolutely achievable is holding on to the profitability of Leidos that we've established this business is capable of and now growing top line robustly through the selection of these five pillars. So my plan and my expectation is over the next years, you're going to see revenue increasing better than peers and profitability holding at what you're used to now. We'll continuously update that for you. And I bet I'll be smiling when I do.

因此，當我們展望 NorthStar 2030 整個計劃的未來三到五年時，宏觀計劃和我們認為絕對可以實現的目標是保持 Leidos 的盈利能力，我們已經確定這項業務有能力實現盈利，並且現在通過選擇這五大支柱實現營收的強勁增長。所以我的計劃和期望是，在未來幾年，你會看到收入成長比同業更好，獲利能力維持在目前的水平。我們將持續為您更新。我敢打賭當我這麼做的時候我一定會微笑。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Just wanted to clarify the comments on the sub-1% of revenue impacts from the new administration initiatives and the GSA contract review. Have you already taken that out of backlog? And does the GSA review complete?

只是想澄清有關新管理舉措和 GSA 合約審查對 1% 以下收入影響的評論。你已經將其從積壓工作中剔除了嗎？GSA 審核完成了嗎？

Yes. Gavin, no, we haven't taken those contracts out of backlog. There have been some impacts as it relates to those related contract actions, de-scopes, those types of things. Unrelated to Tom's comment on 1% is consulting.

是的。加文，不，我們還沒有將這些合約從積壓工作中剔除。這給相關合約行動、範圍縮小等事情帶來了一些影響。與湯姆關於 1% 諮詢的評論無關。

Now, some of those consulting-related efforts may or may not continue into the future depending upon the priorities going forward of our customers. And I would say the conversations with the GSA remain ongoing, right? We've -- as Tom indicated, we've put forward, we think, compelling ideas around where value can be created and savings can be generated, and we eagerly await ongoing discussions with them.

現在，其中一些與諮詢相關的工作可能會或可能不會持續下去，這取決於我們客戶未來的優先事項。我想說與 GSA 的對話仍在繼續，對嗎？正如湯姆所指出的，我們已經提出了我們認為可以創造價值和節省成本的令人信服的想法，我們熱切期待與他們進行持續的討論。

And I'll foot stomp what Chris said in his comments, which is the likelihood of revenue impacts and profitability have been included in our forward guidance. And so the reiteration of our guidance for 2025 assumes some possible degradation of revenue.

我完全同意克里斯在他的評論中所說的話，那就是收入影響和盈利能力的可能性已經包含在我們的前瞻性指引中。因此，我們重申對 2025 年的指導，認為收入可能會下降。

Gautam Khanna, TD Securities.

道明證券的 Gautam Khanna。

I was wondering if you could elaborate on the Health & Civil profitability in the quarter because it was very strong. Maybe if you could just -- was there anything about utilization that was particularly unusual in the quarter in the medical exams business? And if you could also just comment broadly on what you're seeing in that business given the VA itself is trying to reduce headcount and how that might evolve, how that might impact the business, if at all, in terms of --

我想知道您是否可以詳細說明本季度的醫療和民用業務盈利能力，因為它的盈利能力非常強勁。也許您可以問一下—本季體檢業務的使用率是否有特別不尋常的情況？如果你能大致評論一下你在 VA 本身試圖減少員工人數的情況下看到的情況，以及這種情況將如何發展，這將如何影響業務，如果有的話，--

Yes. Okay. Well, great quarter by the team. And it was more than just the managed health side of the business. We saw strong performance in some of our civilian areas as well, quite honestly.

是的。好的。嗯，球隊本季表現非常出色。而且這不僅僅是業務管理健康方面的問題。坦白說，我們在一些民用領域也表現出色。

And so very pleased across the portfolio and excited about -- we mentioned the FAA a number of times a day, that's a cornerstone piece of our civil business as we look to the future. We did have an excellent quarter overall as a company on our EAC performance. And again, that's just what we're capable of with good program management. So some of those benefits did accrue to the Health & Civil segment. And we don't, as a matter of course, expect that level of net EAC write-ups to continue, although we strive to make it so.

我們對整個投資組合感到非常高興和興奮——我們每天都會多次提到美國聯邦航空局，這是我們未來民用業務的基石。總體而言，我們公司本季的 EAC 表現確實非常出色。再說一遍，這正是我們透過良好的專案管理所能做到的。因此，其中一些好處確實惠及了衛生和民事部門。當然，我們並不期望 EAC 淨增值水準能夠持續下去，儘管我們努力實現這一點。

As it relates to the VBA business, the volume -- the indications are the customer wants to sustain, if not increase volumes. And that's the goal. We haven't yet seen any impacts from VA staffing reductions on the VBA side that have created any bottlenecks for that workflow. So we're encouraged that, that momentum can continue. It will be an ongoing process to work actively with them.

就 VBA 業務而言，數量——跡象表明客戶希望維持甚至增加數量。這就是我們的目標。我們尚未看到 VA 人員減少對 VBA 方面造成任何影響，從而為工作流程帶來任何瓶頸。因此，我們很高興看到這種勢頭能夠持續下去。與他們積極合作將是一個持續的過程。

But the investments we've made in our throughput capacity, optimizing our processes just have allowed us to continue to scale up our throughput. So we're well positioned to do that. And so the expectation is, yes, we can continue to sustain that level of performance as we look to the future.

但是，我們在生產能力和流程優化方面所做的投資使我們能夠繼續擴大生產能力。因此，我們已做好準備來做到這一點。因此，我們的期望是，展望未來，我們可以繼續保持這種水準的表現。

And could you guys quantify the size of the EAC?

你們能能量化一下 EAC 的規模嗎？

Well, they'll be in the Q. You'll see that later today, Gautam, so enjoy.

好吧，他們會在 Q 中。今天晚些時候你就會看到，Gautam，所以享受吧。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

I just want to go back to one of the comments you made during your prepared remarks, Tom, about repo, suggesting that the $500 million ASR completed most of the shares -- or most of the company's outlook for repo for the year. So maybe if you could just articulate on capital deployment and level set us on if the $1 billion or kind of the guidance that you gave at the start of the year is still the right expectation for repo, which is in line with 2024.

湯姆，我只想回到您在準備好的發言中就回購問題所做的評論之一，即 5 億美元的 ASR 完成了大部分股份——或者說是公司今年回購前景的大部分內容。因此，如果您可以清楚地說明資本部署情況，並告訴我們您在年初給出的 10 億美元或類似的指導是否仍然是回購的正確預期，這與 2024 年一致。

Yes. Thanks for that. So very happy that we were able to get out of the blocks fast with the $500 million accelerated share repurchase program. Given prudence for the next months and the acquisition that we've made, the inorganic acquisition, we'll probably not move out with additional share repurchases in the near term. But as the year unfolds and we get back into the back end of the year, that's when capital deployment for share repurchases could be back in place.

是的。謝謝。非常高興我們能夠透過 5 億美元的加速股票回購計畫迅速擺脫困境。考慮到未來幾個月的謹慎以及我們已經進行的收購（無機收購），我們可能不會在短期內進行額外的股票回購。但隨著時間的推移，我們回到年底，股票回購的資本部署可能會恢復到位。

So as Chris said, we'll be looking at the environment in the six months of the back end of the year and looking at whether or not there's another inorganic play we want to make, whether or not share repurchases are the thing we want to do or other shareholder-friendly capital deployments.

因此，正如克里斯所說，我們將關註今年下半年的環境，並研究是否還有我們想要進行的另一項無機投資，是否是我們要做的事情，股票回購或其他對股東有利的資本配置。

Yes. Colin, I would just add, obviously, the back half of the year is when most of the cash flow is generated in the business. And so while we have a lot of cash on hand and our leverage is comfortably below targets, we'll continue to be building capacity as we get into Q3 and beyond. So to Tom's point, we'll remain flexible, but we'll have plenty of course, firepower to to do a number of things as the year unfolds.

是的。柯林，我只想補充一點，顯然，下半年是公司產生大部分現金流的時候。因此，儘管我們手頭上有大量現金，而且我們的槓桿率遠低於目標，但我們將在進入第三季及以後繼續建立產能。所以正如湯姆所說，我們會保持靈活性，但當然，隨著時間的推移，我們會有足夠的火力去做一些事情。

Got it. And then we were at the back end of the call, but maybe talking a little bit about selling pieces of the portfolio. We saw that one of your competitors was able to get roughly 30x EBITDA handle on their defense products business. And so the question is kind of how do you think about being opportunistic on pieces that look really good today?

知道了。然後我們在通話的後期，可能談論了一點關於出售投資組合部分的事情。我們發現，您的一個競爭對手能夠在其國防產品業務上獲得約 30 倍的 EBITDA 收益。所以問題是，您如何看待對當今看起來非常好的作品的機會主義？

Well, we're going to be opportunistic about all parts of the portfolio in the current environment. The whole concept of the year, deep strategic thinking, included looking at the portfolio for whether or not there were chronic underperformers in the portfolio. And there's possibly a small divestment we make in the coming months here or there.

好吧，在當前環境下，我們將對投資組合的所有部分都採取機會主義的態度。今年的整個概念，深刻的策略思考，包括檢視投資組合中是否存在長期表現不佳的資產。我們未來幾個月可能會在這裡或那裡進行小規模的撤資。

But nothing large, nothing that would be notable because, frankly, all the parts of the Leidos portfolio are well situated for the environment we're facing into. So minor divestments are possible, but I like the portfolio we're playing in the cards we have. And we think we're well positioned to serve our customers through it.

但沒有什麼大的變化，也沒有什麼值得注意的變化，因為坦白說，Leidos 投資組合的所有部分都非常適合我們面臨的環境。因此，小規模的撤資是可能的，但我喜歡我們現有的投資組合。我們認為我們有能力透過它為客戶提供服務。

And this concludes our question-and-answer session. I would now like to turn the conference back to Stuart Davis for any closing remarks.

我們的問答環節到此結束。現在我想將會議交還給史都華戴維斯，請他作結語。

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

謝謝接線員今天早上的幫助，也感謝大家今天早上抽出的時間以及對 Leidos 的關注。我們期待很快再次向您更新資訊。祝你有美好的一天。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。