Leidos Holdings Inc (LDOS) 2025 Q2 法說會逐字稿

Greetings. Welcome to Leidos second quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Stuart Davis from Investor Relations. Stuart, you may now begin.

問候。歡迎參加 Leidos 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在我想將會議交給你們的第一位發言人，來自投資者關係部的 Stuart Davis。斯圖爾特，你現在可以開始了。

Thank you, and good morning, everyone. Joining me on today's earnings conference call our CEO, Tom Bell; and CFO, Chris Cage. Today's call is being webcast on the Investor Relations portion of our website, where you can find the earnings press release and the presentation slides for today's call. As shown on slide 2, our discussion today will contain forward-looking statements based on the environment as we currently see it and thus includes risks and uncertainties. Our press release contains more information on the specific risk factors that could cause actual results to differ materially from anticipated results.

謝謝大家，早安。參加今天的收益電話會議的還有我們的執行長湯姆貝爾 (Tom Bell) 和財務長克里斯凱奇 (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，您可以在其中找到今天電話會議的收益新聞稿和簡報幻燈片。如投影片 2 所示，我們今天的討論將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。我們的新聞稿包含更多有關可能導致實際結果與預期結果大不相同的具體風險因素的資訊。

Turning to slide 3. We'll also discuss both GAAP and non-GAAP financial measures. In today's press release and presentation slides contain a reconciliation between the two. And now let me turn the call over to Tom, who'll begin on slide 4.

翻到幻燈片 3。我們還將討論 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。現在，讓我將電話轉給湯姆，他從第 4 張幻燈片開始。

Thank you, Stuart, and thank you all for joining us today. I'm pleased to speak to you all against the backdrop of our truly differentiated Q2 results. We've recorded robust revenue growth, 4.8% year to date, record profitability, 15.2% EBITDA margin this quarter and robust operating cash flow, up 28% this quarter. These results are especially gratifying, given the dynamic market environment through which we are navigating.

謝謝你，斯圖爾特，也謝謝大家今天的到來。我很高興在我們真正差異化的第二季業績背景下與大家交談。我們實現了強勁的營收成長，今年迄今成長了 4.8%，獲利能力創歷史新高，本季 EBITDA 利潤率為 15.2%，經營現金流強勁，本季成長了 28%。考慮到我們所處的動態市場環境，這些結果尤其令人欣慰。

Behind this performance is our proactive enactment of intelligent austerity measures, a team that is leaning into our unparalleled customer understanding and engaging customers as their partner to create smarter and more efficient outcomes. Our wrapping technology, AI and all our golden bolts, even more aggressively around all our products and services to enhance our customers' effectiveness and completely aligning all of Leidos around our NorthStar 2030 Strategy. It is because of this, that I'm also pleased to be able to raise our full year guidance for 2025.

這項業績的背後是我們積極主動地實施智慧緊縮措施，我們的團隊依靠我們無與倫比的客戶理解，並將客戶視為他們的合作夥伴，以創造更智慧、更有效率的成果。我們的包裝技術、人工智慧和所有黃金螺栓更加積極地圍繞著我們所有的產品和服務，以提高客戶的效率，並使整個 Leidos 完全圍繞我們的 NorthStar 2030 策略。正因為如此，我很高興能夠提高我們 2025 年的全年業績預期。

As you will recall, our NorthStar 2030 Strategy is comprised of five growth pillars: space and maritime, energy infrastructure, digital modernization and cyber, mission software and managed health services. Our determined ongoing engagement with customers continues to validate these NorthStar 2030 growth pillars.

大家可能還記得，我們的 NorthStar 2030 策略由五大成長支柱組成：太空和海洋、能源基礎設施、數位現代化和網路、任務軟體和管理醫療服務。我們與客戶持續的堅定合作將繼續驗證 NorthStar 2030 的成長支柱。

In fact, the significant multiyear funds provided by the One Big Beautiful bill speak directly to our NorthStar 2030 growth pillars and our core Leidos capabilities. With the One Big Beautiful bill now law and the administration's priority is now clear, our customers are moving out to execute programs for essential missions right in our wheelhouse. These include our space and maritime growth pillar, supporting a wide range of needs in the Golden Dome initiative.

事實上，「One Big Beautiful」法案提供的大量多年期資金直接體現了我們的 NorthStar 2030 成長支柱和我們的核心 Leidos 能力。隨著「One Big Beautiful」法案成為法律，政府的優先事項也變得明確，我們的客戶正在我們的掌控下執行重要任務的計劃。其中包括我們的太空和海洋成長支柱，支持金頂計畫的廣泛需求。

Our mission software growth pillar, along with our global air traffic control experience being tightly aligned to the FAA's ambition for a brand-new air traffic control system. The TSA embarking on an ambitious airport screening modernization effort, which is tightly aligned to our capabilities in our airport security business.

我們的任務軟體成長支柱以及我們的全球空中交通管制經驗與美國聯邦航空局對全新空中交通管制系統的期望緊密結合。TSA 正在進行一項雄心勃勃的機場安檢現代化工程，這與我們的機場安檢業務能力緊密相關。

The Department of Homeland Security receiving significant additional funding validating our ongoing investments in our ports and border security business as well as our cutting-edge counter drone capabilities and the drive for improved health outcomes and better service to our nation's veterans, speaking directly to our managed health services growth pillars.

國土安全部獲得大量額外資金，證明了我們在港口和邊境安全業務以及尖端反無人機能力方面的持續投資，以及為改善健康狀況和為我國退伍軍人提供更好服務的動力，這直接關係到我們管理的醫療服務的增長支柱。

All in all, it's indeed a very exciting time for all of Leidos.

總而言之，對於所有 Leidos 來說，這確實是一個非常令人興奮的時刻。

Now I'd like to take a few minutes on this call to highlight the maritime component of our space and maritime growth pillar. Over the coming years, the US Navy plans to rapidly deploy a larger integrated fleet of manned and unmanned vehicles, a direction that closely aligns with our strengths in maritime autonomy.

現在，我想利用這次電話會議的幾分鐘時間，重點介紹我們的太空和海事成長支柱中的海事部分。未來幾年，美國海軍計劃迅速部署更大規模的有人駕駛和無人駕駛綜合艦隊，這一方向與我們在海上自主方面的優勢緊密結合。

This enhanced battle force will not only prepare the US for future challenges, but also revitalize the US shipbuilding industrial base. Leidos' full life cycle maritime capabilities are unmatched to meet this need. Leidos is the only company that possesses world-renowned naval architecture capabilities, proven experience fielding successful autonomous maritime vessels, demonstrated capabilities in state-of-the-art maritime autonomy AI and experience in designing and integrating packaged mission payloads. So Leidos is in a pole position to support the expansion of the US Navy with an autonomous maritime fleet.

這支增強的戰鬥力不僅將幫助美國應對未來的挑戰，還將振興美國造船工業基礎。Leidos 的全生命週期海上能力無與倫比，可以滿足這項需求。Leidos 是唯一一家擁有世界知名的船舶建築能力、成功部署自主海事船舶的豐富經驗、最先進的海事自主 AI 能力以及設計和整合打包任務有效載荷經驗的公司。因此，Leidos 在支援美國海軍透過自主海上艦隊擴張方面處於有利地位。

The fiscal 2025 reconciliation bill allocated robust funding for autonomous vessels along with related autonomy and battle management software. Let me highlight a few examples of the role Leidos is already playing in this area. First, the US Navy has contracted Leidos to survey commercial ships for future potential conversion to high-performance mission-ready, autonomous, medium unmanned surface vessels.

2025 財政年度的和解法案為自主船舶以及相關的自主和戰鬥管理軟體分配了強勁的資金。讓我重點介紹一下 Leidos 在這一領域已經發揮的作用的幾個例子。首先，美國海軍已與 Leidos 簽訂合同，對商用船舶進行調查，以便未來將其改裝為高性能、可執行任務、自主、中型無人水面艦艇。

Second, the US Marines have a desire to scale up production of Leidos' low profile, small unmanned surface vessel, [Cspector], to support expeditionary warfare particularly in the Indo-Pacific. US Marines currently have three-- in operation and have praised its low-profile approach and capacity for missions in contested environments.

其次，美國海軍陸戰隊希望擴大萊多斯低調小型無人水面艦艇（Cspector）的生產，以支持遠徵戰爭，特別是在印度-太平洋地區的遠徵戰爭。美國海軍陸戰隊目前有三架該型直升機投入使用，並對其低調的作戰方式和在對抗環境中執行任務的能力表示讚揚。

And third, a classified customer has contracted with Leidos to procure one dozen --, our low-cost attritable unmanned underwater vessel to augment their arsenals. The customer has expressed an intent to acquire an additional 70 -- next year with additional units to follow. This opportunity further positions Leidos as a leader within the subsea warfare domain critical to our nation's defense strategy.

第三，一家機密客戶已與 Leidos 簽訂合同，採購一打——我們的低成本可消耗無人水下航行器，以增強其武器庫。客戶已表示有意購買另外 70 台——明年還將購買更多台。這次機會進一步鞏固了萊多斯在對我們國家國防戰略至關重要的海底戰爭領域的領導地位。

We have invested in maritime autonomy for decades. And as a result, our Leidos Autonomous Vessel Architecture or LAVA, is the most trusted and reliable maritime autonomy on the market. LAVA has demonstrated its endurance, long-range capacity and precision while sailing more than 120,000 nautical miles. This includes our fleet of Leidos built MUSPs that transited the Pacific from San Diego to Australia and back last year. This journey marked a huge advancement in maritime autonomy and reinforced our leadership in this crucial domain.

幾十年來，我們一直致力於海洋自治。因此，我們的 Leidos 自主船舶架構（LAVA）是市場上最值得信賴且最可靠的海上自主船舶架構。LAVA 在航行超過 120,000 海裡的過程中展示了其續航能力、遠程能力和精度。其中包括我們由 Leidos 建造的 MUSP 艦隊，它們去年穿越太平洋從聖地亞哥前往澳大利亞並返回。這次航行標誌著海上自治的巨大進步，並鞏固了我們在這一關鍵領域的領導地位。

We are continuing to invest in technology to improve the performance and interoperability of our nation's maritime capabilities. Our team is adding our proven battle management software, Alpha Mosaic software originally developed to optimize battlefield and aerospace strategies to our maritime command to control capabilities.

我們將繼續投資技術，以提高我國海上能力的效能和互通性。我們的團隊正在將我們成熟的戰鬥管理軟體 Alpha Mosaic 軟體添加到我們的海上指揮控制能力中，該軟體最初開發用於優化戰場和航空航天戰略。

Simultaneously, our NATO allies are increasingly acknowledging their escalating maritime threats and therefore, the imperative to modernize and prepare their maritime forces. This collective global focus presents a nearly $4 billion pipeline for Leidos over the coming years.

同時，我們的北約盟友越來越意識到他們面臨的海上威脅不斷升級，因此，必須對其海上力量進行現代化和準備。這種全球性的關注將為 Leidos 未來幾年帶來近 40 億美元的投資機會。

Across all these opportunities, the new administration's playbook is clear. Leveraging technology and AI to disrupt old models, drive out costs and deliver more efficient solutions. We share that passion and are thrilled to have a receptive customer eager for technology adoption. For some time, Leidos has been deploying trusted mission AI to our own business to lead our own positive disruption. We've been putting AI to work for us for years.

對於所有這些機會，新政府的策略非常明確。利用科技和人工智慧來顛覆舊模式、降低成本並提供更有效率的解決方案。我們也有同樣的熱情，並且很高興有這樣一位渴望採用該技術的客戶。一段時間以來，Leidos 一直將值得信賴的任務 AI 部署到我們自己的業務中，以引領我們自己的積極變革。多年來，我們一直在利用人工智慧為我們服務。

And the results are extremely encouraging. Our AI work is on track to save more than 0.5 million labor hours by the end of this fiscal year, and we're just getting started.

結果非常令人鼓舞。我們的人工智慧工作預計在本財年結束前節省超過 50 萬個工時，而這只是個開始。

Let me give you a few examples of this work in action. In our growth office, we're using generative AI to help write better proposals faster. In this regard, we've already achieved some 20% greater efficiency on tasks common to every large proposal. In finance, we're using advanced automation to expedite our cash flow process and, as a result, have decreased invoice build and delivery time for select customers by almost 40%, while driving down error rates. And we've enabled over 1,000 software developers with AI-powered coating tools.

讓我給你舉幾個這項工作的實際例子。在我們的成長辦公室，我們正在使用生成式人工智慧來幫助更快地編寫更好的提案。在這方面，我們已經在每個大型提案的共同任務上實現了約 20% 的效率提升。在財務方面，我們正在使用先進的自動化技術來加快現金流處理速度，從而將特定客戶的發票產生和交付時間減少了近 40%，同時降低了錯誤率。我們已為 1,000 多名軟體開發人員提供了人工智慧塗層工具。

For these coders, we've seen over a 30% reduction in the time it takes for them to deliver ready to test code. And using these same Leidos AI tools deployed at the FAA, we've seen a 60% increase in development productivity.

對於這些程式設計師，我們發現他們交付可測試程式碼所需的時間減少了 30% 以上。使用在 FAA 部署的相同的 Leidos AI 工具，我們看到開發生產力提高了 60%。

This brings me to my final point today. The government is now transitioning from policy to productivity. This administration came in with a clear objective to drive efficiencies and attack the status quo. And as discussed on our last call, that's fertile ground for Leidos and core to our business model. Now I am pleased to report that we continue to have success positioning Leidos as part of the solution, not the problem, as this administration moves quickly to make government outcomes smarter and more efficient.

這就是我今天要講的最後一點。政府現在正從政策轉向生產力。本屆政府的明確目標是提高效率和改變現狀。正如我們上次電話會議所討論的那樣，這是 Leidos 的沃土，也是我們商業模式的核心。現在我很高興地報告，我們繼續成功地將 Leidos 定位為解決方案的一部分，而不是問題，因為本屆政府正在迅速採取行動，使政府成果更加聰明、更有效率。

And it's apparent to me through the myriad of cabinet level engagements I've had to date that this administration is seeking to work with agile, forward-leading solution providers like Leidos. Our customer decision environment is also improving. Our 0.9 book-to-bill ratio in the second quarter was a strong snapback from Q1.

透過迄今為止我參加的無數次內閣級別的接觸，我發現本屆政府正在尋求與 Leidos 這樣敏捷、前瞻性的解決方案提供者合作。我們的客戶決策環境也在改善。我們第二季的訂單出貨比為 0.9，較第一季強勁回升。

And more than half of these awards were for new and takeaway business. Late in the second quarter, we were notified that we were also awarded another multibillion dollar takeaway within the intelligence community. But as happens, that contract wasn't definitized for several weeks.

其中超過一半的獎項是頒發給新店和外帶業務的。第二季末，我們收到通知，我們也獲得了情報界另一筆數十億美元的獎勵。但事實上，該合約幾週後仍未最終確定。

Had the contract been finalized in June instead of July, our Q2 book-to-bill ratio would have been 1.3 and our backlog would have increased 4%. Looking ahead, our pipeline of opportunities remains robust, and we expect much greater awards pace in the back half of this year.

如果合約在 6 月而不是 7 月敲定，我們第二季的訂單出貨比將為 1.3，而積壓訂單將增加 4%。展望未來，我們的機會管道依然強勁，我們預計今年下半年的獎項授予速度將大大加快。

It also bears mentioning today that I am encouraged by the first fruits of our Kudu acquisition. As a result of fast integration of Kudu into our business, we've already added $400 million in pipeline opportunities that neither company was pursuing separately. And we are convinced that with the combined Leidos Kudu capabilities, we've now driven up probability of winning on another $2 billion of near-term submits.

今天也值得一提的是，我們對 Kudu 收購的首批成果感到鼓舞。由於 Kudu 快速融入我們的業務，我們已經增加了 4 億美元的通路機會，而這兩家公司都沒有單獨追求過這些機會。我們堅信，憑藉 Leidos Kudu 的綜合實力，我們目前已提高了贏得另外 20 億美元短期提交的機率。

Given our improving market backdrop, we are confident in our ability to deploy capital to activate our strategy and benefit our shareholders. As we execute our NorthStar 2030 Strategy, we will continue to be on the lookout for constructive acquisitions that support our growth pillars and offer a compelling return on capital.

鑑於市場環境不斷改善，我們有信心部署資本來啟動我們的策略並使我們的股東受益。在執行 NorthStar 2030 策略的過程中，我們將繼續尋找能夠支持我們的成長支柱並提供可觀資本回報的建設性收購。

And at the same time, our confidence in future cash flows enables us to remain multifaceted in our capital deployment philosophy. So consistent with earlier indications, we will undertake additional share repurchases and debt paydown during the back half of this year.

同時，我們對未來現金流的信心使我們能夠保持多方面的資本配置概念。因此，根據早先的跡象，我們將在今年下半年進行額外的股票回購和債務償還。

So in summary, we are fully executing our NorthStar 2030 Strategy. We're seen as part of the solution in the drive for smarter and more efficient government outcomes. And our customers have the funding and the conviction to move forward boldly in areas that speak to Leidos core capabilities.

總而言之，我們正在全面執行我們的 NorthStar 2030 策略。我們被視為推動更聰明、更有效率的政府成果的解決方案的一部分。我們的客戶擁有資金和信念，可以在體現 Leidos 核心能力的領域大膽前進。

With that, before we take your questions, I'll turn the call over to Chris to run through our financial details of the quarter, and our improved 2025 outlook. Chris?

因此，在我們回答您的問題之前，我將把電話轉給克里斯，讓他介紹我們本季的財務細節，以及我們對 2025 年的展望。克里斯？

Thank you, Tom, and welcome to everyone joining the call this morning. With the first half of 2025 in the books, we've shown what our differentiated and diversified portfolio can achieve. Over that period, each segment expanded margins and delivered mid- to high single-digit growth. And we think the best is still yet to come for Leidos. From the 30,000-foot view, the second quarter looks like Leidos just being Leidos, another quarter of beating expectations to deliver top-tier earnings and cash flow growth.

謝謝你，湯姆，歡迎大家參加今天早上的電話會議。隨著 2025 年上半年的到來，我們已經展示了差異化和多元化投資組合所能取得的成就。在此期間，每個部門的利潤率均有所擴大，並實現了中高個位數的成長。我們認為，Leidos 的未來還遠未到來。從 30,000 英尺的高度來看，第二季度 Leidos 看起來就像 Leidos 一樣，另一個季度超出預期，實現頂級盈利和現金流增長。

But this quarter was anything, but business as usual. On the May call, we estimated the 2025 revenue impact from administration efficiency actions to be about 1%. That remains true today, and that impact is spread roughly evenly across the second, third and fourth quarters. Complicating our growth story, the procurement process was severely constrained in the first several months of the new administration. We've been able to overcome those obstacles by obsessively delivering on the administration's innovation and efficiency agenda.

但本季的情況卻與往常不同。在 5 月的電話會議上，我們估計行政效率行動對 2025 年收入的影響約為 1%。今天情況依然如此，而且影響大致均勻地分佈在第二、第三和第四季。新政府上任後的頭幾個月，採購流程受到了嚴重限制，這讓我們的成長故事變得更加複雜。透過堅持不懈地執行政府的創新和效率議程，我們已經能夠克服這些障礙。

For example, many customers are looking to drive down IT costs as part of their efficiency imperative. After initially focusing on canceling contracts and reducing scope, we've now seen a pivot to consolidating contracts to increase accountability and lower the all-in cost of the government. We've offset a large part of our DOGE headwinds by using our scale, breadth of capabilities and unmatched contract portfolio to aid our customers in developing new requirements onto our existing contracts where we have expansive scope and ceiling.

例如，許多客戶都希望降低 IT 成本，以提高效率。在最初專注於取消合約和縮小範圍之後，我們現在看到了轉向合併合約以增強問責制並降低政府的總成本。我們利用我們的規模、廣泛的能力和無與倫比的合約組合來幫助我們的客戶在我們現有的合約中開發新的要求，這些合約具有廣泛的範圍和上限，從而抵消了 DOGE 的大部分不利因素。

With that as a backdrop, let's take a closer look at this quarter's performance, starting with the income statement on slide 5. Revenues for the second quarter were $4.25 billion, up 3% year over year and up sequentially despite the headwinds from award delays and ongoing contract reviews. Profitability was where the urgency and discipline of the team shown brightest.

以此為背景，讓我們仔細看看本季的表現，從投影片 5 的損益表開始。第二季度營收為 42.5 億美元，儘管面臨授標延遲和正在進行的合約審查等不利因素，但同比增長 3%，環比增長。獲利能力是團隊緊迫感和紀律性最明顯體現的地方。

Adjusted EBITDA was $647 million for the quarter, up 16% year over year and adjusted EBITDA margin increased 170 basis points to 15.2%. Non-GAAP diluted EPS grew 22% to $3.21, well surpassing last quarter's record high of $2.97. Our EBITDA margin in the quarter was our best ever by 100 basis points.

本季調整後 EBITDA 為 6.47 億美元，年增 16%，調整後 EBITDA 利潤率增加 170 個基點至 15.2%。非公認會計準則 (Non-GAAP) 攤薄每股收益成長 22% 至 3.21 美元，遠超上季創下的 2.97 美元的歷史最高紀錄。本季我們的 EBITDA 利潤率創歷史新高，比上季高出 100 個基點。

Let me unpack that a little to give you some more insight into how we accomplish that level of profitability and what is likely to be sustainable going forward. The core drivers were our contract portfolio, solid execution and efficient operations, which we should maintain for the foreseeable future. The second quarter included an $8 million benefit from EAC adjustments, which is actually $3 million to $4 million less than our average quarterly performance.

讓我稍微解釋一下這個問題，以便讓您更深入地了解我們如何實現這種盈利水平以及未來可能實現的可持續發展。核心驅動力是我們的合約組合、穩健的執行和高效的運營，我們應該在可預見的未來保持這些。第二季包括 EAC 調整的 800 萬美元收益，實際上比我們的平均季度業績少 300 萬至 400 萬美元。

And as Tom described, we're heavily focused on leveraging the power of AI and automation to drive down indirect expenses to improve profitability and competitiveness. However, we did have some favorable onetime items that lifted earnings in the quarter. Most notably, we received a $25 million insurance reimbursement for legal costs and an $8 million tax refund from prior year state tax filings.

正如湯姆所描述的，我們非常注重利用人工智慧和自動化的力量來降低間接費用，從而提高獲利能力和競爭力。然而，我們確實有一些有利的一次性項目提高了本季的收益。最值得注意的是，我們獲得了 2500 萬美元的法律費用保險補償，以及 800 萬美元的前一年州稅退稅。

Equally important, for the first two quarters of 2025, we proactively metered spending throughout the company, which was appropriate for these unprecedented times. Given the uncertainty surrounding the new administration in a host of new EOs, we maintain tight controls on our indirect expenses.

同樣重要的是，在 2025 年的前兩個季度，我們主動計量了整個公司的支出，這對於這個前所未有的時期來說是合適的。鑑於新政府在一系列新行政命令中存在的不確定性，我們對間接支出實施嚴格控制。

As the customer environment is beginning to settle and the pace of procurement is now picking up, we expect to return to a more normal level of spending and also aggressively invest to capture market share.

隨著客戶環境開始穩定，採購步伐加快，我們預計支出將恢復到更正常的水平，並積極投資以佔領市場份額。

Turning to the segment drivers on slide 6. It is clear that each of our segments contributed to our impressive results. National security and digital revenues increased 3% year over year. Several contract awards from the second half of 2024 are now ramping, and we're seeing additional tasking on large franchise programs like this. Building upon the award momentum, this segment was the primary bookings driver in the quarter.

前往投影片 6 上的細分驅動程式。顯然，我們的每個部門都為我們令人印象深刻的業績做出了貢獻。國家安全和數位收入年增3%。2024 年下半年的幾份合約授予現在正在增加，我們看到像這樣的大型特許經營項目正在面臨額外的任務。憑藉獎項的推動力，該部門成為本季預訂量的主要推動力。

So we look for growth to sustain despite some continued dose headwinds for select digital modernization programs. Non-GAAP operating income margin of 10.4% was unchanged from the prior year quarter.

因此，儘管部分數位化現代化計畫仍面臨一些持續的阻力，但我們仍希望能夠維持成長。非公認會計準則營業利益率為 10.4%，與去年同期持平。

With the late May close, the top and bottom line contribution from Kudu was minimal as expected. The team has done a great job with the integration so far, and we're very excited about the opportunities this acquisition is unlocking. Health and Civil revenues increased 1% year over year, and non-GAAP operating income margin was 24.9%. Sustaining the high levels of performance was enabled by the continued high throughput of medical disability exams and our team maintaining its laser focus on delivering excellence and innovation.

隨著 5 月下旬收盤，Kudu 的營收和利潤貢獻如預期般微乎其微。到目前為止，團隊在整合方面做得非常出色，我們對此次收購帶來的機會感到非常興奮。衛生和民用收入年增 1%，非公認會計準則營業收入利潤率為 24.9%。我們之所以能維持高水準的表現，是因為醫療殘障檢查持續高吞吐量，而且我們的團隊始終專注於提供卓越和創新。

In Commercial Internationals, revenue increased 1% year over year from continued demand in SES steady performance in our commercial energy business and improved execution on contract growth within our UK business. Top line growth was tempered by last year's hardware refresh in our Australian IT line of business. Non-GAAP operating income margins were 8.5%, up 780 basis points year over year, stemming from the anniversary of the write-downs on UK programs in the prior year quarter, and a more favorable product mix within SES.

在商業國際業務方面，由於 SES 的持續需求、商業能源業務的穩定表現以及英國業務合約成長執行情況的改善，營收年增 1%。去年，我們澳洲 IT 業務線的硬體更新抑制了營收成長。非公認會計準則營業利潤率為 8.5%，比去年同期成長 780 個基點，這源自於去年同期英國計畫減記週年紀念日，以及 SES 內部更有利的產品組合。

Last, but certainly not least, Defense Systems revenue saw the highest growth, increasing 10% year over year from increased volumes on FDA wide field of tranche two and integrated air defense programs like IPIC Increment two, and the electronic warfare mission support program called out in the earnings press release. Non-GAAP operating margins of 9.8% were down from Q2 of 2024, but up sequentially. We continue to track towards sustainable double-digit margins in our Defense Systems business.

最後，但同樣重要的一點是，國防系統收入實現了最高增長，同比增長 10%，這得益於 FDA 範圍內第二批項目和綜合防空計劃（如 IPIC 增量二）以及收益新聞稿中提到的電子戰任務支持計劃的數量增加。非公認會計準則營業利潤率為 9.8%，低於 2024 年第二季度，但較上季上升。我們的國防系統業務將繼續實現可持續的兩位數利潤率。

As we look ahead, we are confident in our differentiated capabilities to support key priorities like Golden Dome and Maritime.

展望未來，我們有信心憑藉差異化能力支持金頂和海事等重點項目。

Moving on to the cash flow -- to cash flow and the balance sheet on slide 7. We -- in the quarter, we generated $486 million of cash flows from operating activities and $457 million of free cash flow for a free cash flow conversion of 110%. During the quarter, we completed two major capital deployment activities. First, we closed the Kudu Dynamics acquisition for preliminary purchase consideration of $291 million, net of $29 million of cash acquired. And second, we finalized the $500 million accelerated share repurchase on May 20, retiring over 3.6 million shares at an average price of $138.44.

繼續討論現金流量－第 7 張投影片上的現金流量和資產負債表。本季度，我們從營運活動中產生了 4.86 億美元的現金流和 4.57 億美元的自由現金流，自由現金流轉換率為 110%。本季度，我們完成了兩項重大資本部署活動。首先，我們以 2.91 億美元的初步收購對價（扣除 2,900 萬美元的現金）完成了對 Kudu Dynamics 的收購。其次，我們在 5 月 20 日完成了 5 億美元的加速股票回購，以平均 138.44 美元的價格回購了超過 360 萬股股票。

These actions are perfect examples of what we're looking for as we use our balance sheet to grow shareholder value. Opportunistically putting about half of our operating cash flow for the year to work to turbocharge our access to a fast-growing market and to take down shares at very attractive prices, sets us up well going forward.

這些行動正是我們利用資產負債表來增加股東價值的完美例證。我們將抓住機會，將今年大約一半的營運現金流用於增強我們進入快速成長的市場的能力，並以極具吸引力的價格收購股票，這為我們未來的發展奠定了良好的基礎。

We ended the quarter with $5.1 billion of debt for a gross leverage ratio of 2.2 times and $930 million in cash and cash equivalents. The strength of our balance sheet offers ample capacity for additional capital deployment, aligned with the strategic priorities that Tom laid out. We will continue to monitor the market and appropriately balanced debt paydown, capability-focused M&A and additional share repurchases.

本季末，我們的債務為 51 億美元，總槓桿率為 2.2 倍，現金和現金等價物為 9.3 億美元。我們的資產負債表實力雄厚，為額外資本部署提供了充足的能力，這與湯姆提出的策略重點一致。我們將繼續關注市場並適當平衡債務償還、以能力為重點的併購和額外的股票回購。

Finally, on to the forward outlook on slide 8. As you all are aware, the customer environment during the first half of the year has been somewhat unsettled. While some disruption may continue, as Tom outlined, awards are picking up and the administration is clearly moving forward. We now have greater clarity and conviction about the near and long-term future for Leidos. As a result, we're very pleased to raise and narrow our guidance for the year across all metrics.

最後，我們來看看第 8 張幻燈片上的展望。大家知道，今年上半年的客戶環境有些不穩定。正如湯姆所概述的，儘管一些混亂可能會繼續存在，但獎項正在增加，政府顯然正在向前邁進。我們現在對 Leidos 的近期和長期前景有了更加清晰的認識和信心。因此，我們非常高興地提高並縮小了今年所有指標的指導範圍。

On revenue, we're raising the low end of our range by $100 million and the midpoint by $25 million for a new range of $17 billion to $17.25 billion. So Tom and I are confident in the trajectory of funding and ongoing contract reviews, we have experienced some revenue reductions, and we believe it's prudent to account for some potential customer delays and other unknowns.

在收入方面，我們將範圍的低端提高 1 億美元，中間值提高 2500 萬美元，新的範圍為 170 億美元至 172.5 億美元。因此，湯姆和我對資金走勢和正在進行的合約審查充滿信心，我們經歷了一些收入減少，我們認為考慮一些潛在客戶的延誤和其他未知因素是謹慎的。

Our performance today gives us high confidence in our ability to deliver on margins and earnings. We are raising our adjusted EBITDA margin guidance from mid to high 12s range to mid-13s. As a result, we now expect non-GAAP diluted EPS between $11.15 and $11.45. So we are narrowing the range by $0.10 and increasing the midpoint by $0.75.

我們今天的表現讓我們對實現利潤和獲利的能力充滿信心。我們將調整後的 EBITDA 利潤率預期從 12% 左右上調至 13% 左右。因此，我們目前預計非公認會計準則稀釋每股收益在 11.15 美元至 11.45 美元之間。因此，我們將區間縮小了 0.10 美元，並將中間值上調了 0.75 美元。

These ranges reflect a return to more normal indirect spending and an uptick in investments we plan to make for the rest of the year to drive future growth and capitalize on the administration's priorities that are highlighted in and funded by the One Big Beautiful bill.

這些範圍反映了間接支出恢復到更正常的水平，以及我們計劃在今年剩餘時間內進行的投資增加，以推動未來增長並利用政府在“一個大美麗”法案中強調和資助的優先事項。

Lastly, we are raising our operating cash flow guidance by $200 million from $1.45 billion to $1.65 billion. The increase reflects about $50 million from better EBITDA performance and $150 million from the tax changes in the One Big Beautiful bill that allow us to immediately deduct some previously capitalized R&D costs.

最後，我們將經營現金流預期提高 2 億美元，從 14.5 億美元提高至 16.5 億美元。這一增長反映了 EBITDA 業績改善帶來的約 5000 萬美元，以及 One Big Beautiful 法案中稅收變化帶來的 1.5 億美元，這些變化允許我們立即扣除一些先前資本化的研發成本。

All in all, the team has again showcased its drive and agility through dynamically evolving high tempo times. We remain confident in our outlook for 2025 and beyond as we execute our NorthStar 2030 Strategy. With that, operator, we're ready to take questions.

總而言之，團隊再次透過動態變化的高節奏展現了其動力和敏捷性。在實施 NorthStar 2030 策略的同時，我們對 2025 年及以後的前景充滿信心。接線員，現在我們可以回答問題了。

(Operator Instructions) Tobey Sommer, Truist.

（操作員指示）Tobey Sommer，Truist。

Thank you. I was hoping you could speak to the potential financial impact on the company if the new GSA initiative to purchase commercial software and services directly from vendors rather than integrators? Maybe talk about it from a pass-through perspective, which sometimes occurs or when it's embedded in contracts. That would be helpful. Thank you.

謝謝。我希望您能談談如果新的 GSA 計劃直接從供應商而不是整合商購買商業軟體和服務，會對公司產生哪些潛在的財務影響？也許可以從傳遞的角度來談論它，這種情況有時會發生，或者當它嵌入在合約中時。那將會很有幫助。謝謝。

Sure thing, Tobey. Thanks, Tom here. I'll start and maybe hand it over to Chris for some additional details. We see -- generally speaking, we see the GSA taking a bigger role in government procurement as positive for the market and for the industry. They're a professional procurement organization, and they tend to meet their schedules and have consistent outcomes.

當然可以，托比。謝謝，我是湯姆。我會開始，也許將其交給克里斯以獲取一些額外的細節。我們認為——總體而言，我們認為 GSA 在政府採購中發揮更大的作用對市場和行業都有好處。他們是一家專業的採購組織，他們往往能夠按時完成任務並獲得一致的成果。

So that's good for us. And they also prefer commercial behavior, which again, is right in our wheelhouse. Frankly, we love outcome-based commercial contracts, and we're thrilled to engage with this administration throughout to increase that level of exposure for Leidos. So generally speaking, we see ourselves as what the GSA is looking for more of, not less of.

這對我們來說是件好事。他們也更喜歡商業行為，而這正是我們所能掌控的。坦白說，我們喜歡基於結果的商業合同，我們很高興能與本屆政府合作，以提高 Leidos 的曝光度。所以整體來說，我們認為自己是 GSA 所期望的人才，而不是人才不足的人才。

And we think we have a good opportunity to grow our business as a result, specifically to what you're talking about from a hardware software standpoint, Chris will maybe talk more about the details of it, but -- we're not a value-add reseller.

我們認為我們有一個很好的機會來發展我們的業務，特別是從硬體軟體的角度來說，克里斯可能會更多地談論它的細節，但是 - 我們不是增值經銷商。

We're not a consultant. We don't make our money by buying hardware and software and passing it through on contracts. Our jam is Mission Systems. And so anything that lets us buy hardware and software or the government hardware and software more efficiently leaves more budget space for Mission Systems, which is really where we have our value add.

我們不是顧問。我們並不是透過購買硬體和軟體並透過合約轉讓來賺錢。我們的主題是任務系統。因此，任何能夠讓我們更有效地購買硬體和軟體或政府硬體和軟體的東西都會為任務系統留下更多的預算空間，而這才是我們真正增加價值的地方。

So generally speaking, this is a trend we're excited about tracking closely, staying very close in contact with the GSA and are optimistic about our chances in this environment. Chris?

所以總的來說，我們很高興密切追蹤這一趨勢，與 GSA 保持密切聯繫，並對我們在這種環境下的機會感到樂觀。克里斯？

Yes. Thanks, Tom. And Tobey, I would just add, I mean, certainly, we meet our customers where they are, right? So depending upon how they want to procure, we're ready to support. But as Tom said, procuring costs, hardware, software is not how we add value.

是的。謝謝，湯姆。托比，我只想補充一點，我的意思是，我們當然會在客戶所在的地方與他們會面，對嗎？因此，根據他們想要採購的方式，我們準備好提供支援。但正如湯姆所說，採購成本、硬體、軟體並不是我們增加價值的方式。

It's -- Today, I'd say it's on the order of several $100 million on average that gets passed through to customers. Sometimes it's part of a bundled solution, and I don't see that changing. They want a particular mission outcome. But oftentimes, if we are buying hardware or software as pass-through on a cost-plus or T&M basis, those margins are very low and sometimes they're zero.

今天，我想說平均有幾億美元被轉交給客戶了。有時它是捆綁解決方案的一部分，我認為它不會改變。他們想要一個特定的任務結果。但很多時候，如果我們以成本加成或 T&M 的方式購買硬體或軟體，利潤率就會非常低，有時甚至為零。

So again, it's not a meaningful contributor to Leidos' value add, not a meaningful contributor to our earnings or cash. And so we can flex certainly either way depending upon how that situation evolves. But we'll continue to stand ready to support our customers. And as Tom mentioned, more dependable procurements are good for everybody, and that's the path that GSA is on.

所以，它對 Leidos 的增值沒有顯著貢獻，對我們的收益或現金也沒有顯著貢獻。因此，我們可以根據情勢的發展採取相應的措施。但我們將繼續隨時準備為我們的客戶提供支援。正如湯姆所提到的，更可靠的採購對每個人都有好處，而這正是 GSA 所走的路。

Thank you.

謝謝。

Jonathan Siegmann, Stifel.

喬納森·西格曼（Jonathan Siegmann），Stifel。

Thanks for taking my question. Good morning. Great, appreciate all the comments on the big beautiful bill and the great exposure you have to these areas. Just love to hear a little bit on how you think about what these demand signals being so strong, the opportunities for you to invest organically in the business, in particular, in a marine time space. You guys have been really efficient in building a great business on a capital-light model, but just broadly, where are the opportunities today to invest organically? Thank you.

感謝您回答我的問題。早安.太好了，感謝大家對這張美麗的鈔票的評論以及您對這些地區的關注。我很想聽聽您對這些如此強烈的需求訊號的看法，以及您在該業務上進行有機投資的機會，特別是在海洋時間空間方面。你們在輕資本模式下有效率地建立了偉大的企業，但從廣義上講，當今有機投資的機會在哪裡？謝謝。

Yes. Thanks, Jonathan. Yes, we're very excited about all the opportunities in the big beautiful build. And like I said in my prepared remarks, all the priorities of this administration speak to our growth pillars, and core Leidos competencies and capabilities. So we're very excited about it.

是的。謝謝，喬納森。是的，我們對這個宏偉建築中的所有機會感到非常興奮。正如我在準備好的發言中所說的那樣，本屆政府的所有優先事項都體現了我們的成長支柱以及 Leidos 的核心競爭力和能力。所以我們對此感到非常興奮。

From FAA air traffic control modernization, a huge opportunity for Leidos going forward. TSA screening modernization, a huge opportunity for Leidos going forward, especially if you bundle both of those and think about the airport of the future, we're very excited about the receptivity of this administration to big ideas like that, the airport of the future and taking air travel to a whole new level of customer experience.

從美國聯邦航空管理局的空中交通管制現代化來看，這對 Leidos 來說是一個巨大的未來機會。TSA 篩選現代化對 Leidos 來說是一個巨大的發展機遇，特別是如果將這兩者結合起來並考慮未來的機場，我們對本屆政府接受這樣的大創意、未來的機場以及將航空旅行提升到一個全新的客戶體驗水平感到非常興奮。

Border Security, obviously, is a huge area of focus for this administration and a huge funded area in the Big Beautiful Bill and Golden Dome is a big area that our defense systems is very plugged into with general [boot lines] coming on board and ramping up that whole program and the shape and structure of how that's going to defend our Homeland in the future.

顯然，邊境安全是本屆政府關注的重點領域，而大美麗法案和金色穹頂中一個獲得巨額資助的區域是我們的防禦系統高度重視的領域，將軍們也加入進來，加強整個計劃，並確定未來如何保衛我們的國土的形式和結構。

So we're very excited about the whole range of opportunities that the Big Beautiful Bill gives us. Specifically on Maritime, thank you for asking about it. We're exceptionally excited about that because we started talking to the [EndoPaycom] Command over a year ago, about the demands of that command in the endo Pacific and the requirement for unmanned autonomous vehicles. So we've been frankly, investing in and driving prototypes of unmanned vessels.

因此，我們對《美麗大法案》給我們的各種機會感到非常興奮。具體來說，關於海事，感謝您的詢問。我們對此感到非常興奮，因為我們一年多前就開始與 [EndoPaycom] 司令部進行交談，討論該司令部在太平洋地區的要求以及對無人駕駛汽車的需求。所以坦白說，我們一直在投資和推動無人船的原型。

We actually have deployed our LAVA autonomous vehicle architecture on over 10 vehicles that are in the water. And we have a program that we're bringing forward to the Navy that we think combines the need for a quick build of very agile maritime autonomous vessels with the rebuilding of the maritime industrial base in the United States.

實際上，我們已經在 10 多艘水中航行的車輛上部署了 LAVA 自動駕駛車輛架構。我們有一個正在向海軍提出的計劃，我們認為該計劃將快速建造非常靈活的海上自主船舶的需求與重建美國的海上工業基礎結合起來。

That doesn't mean to the specific question you asked that we're going to get into the shipbuilding business or the shipyard business. We think there is ample shipyards in America that can satisfy the need for these medium and small USVs, that's the network we're tapping into to enable them to be a part of the solution around the whole of the nation as opposed to us buying and/or building shipyards. I hope that helps with the context. Chris, anything to add?

對於您提出的具體問題，這並不意味著我們將進入造船業或船廠業。我們認為美國有足夠的造船廠可以滿足這些中型和小型 USV 的需求，這就是我們正在利用的網絡，使它們成為全國解決方案的一部分，而不是我們購買和/或建造造船廠。我希望這對上下文有幫助。克里斯，還有什麼要補充的嗎？

Yes. Just a couple of points there, beyond maritime, right? First of all, to what Tom said, demonstration ready, pilot ready, this environment begs for what can you show me that you can feel now. And so again, with the guidance that we've laid out for the rest of the year and looking to the second half, part of the reason why we're not running it the same level of elevated earnings as we do see a rich set of investment opportunities that the teams are bringing forward to position ourselves in this environment. We're super excited about that.

是的。除了海事之外，還有幾點要注意，對嗎？首先，正如湯姆所說，演示已準備就緒，試點已準備就緒，這種環境需要您向我展示什麼，您現在可以感受到什麼。因此，再次重申，根據我們為今年剩餘時間制定的指導方針以及對下半年的展望，我們沒有實現同樣的盈利增長水平，部分原因是我們確實看到各團隊為在這種環境中定位自己而提出的一系列豐富的投資機會。我們對此感到非常興奮。

Secondly, Tom and I just toured upgrades to our Huntsville campus within the last few weeks. And I'll tell you, it's very impressive. The team have laid out a number of improvements to increase throughput and capacity on a number of our product lines there, many of which are positioned to accelerate as part of One Big Beautiful bill. So -- and again, to your point, doing all of that in a capital-light environment. So I think we're well positioned there. Thanks, Jonathan.

其次，湯姆和我剛剛在過去幾週參觀了我們亨茨維爾校區的升級工程。我可以告訴你，這非常令人印象深刻。該團隊已經制定了一系列改進措施來提高我們在那裡的多條產品線的產量和產能，其中許多產品線都將作為「One Big Beautiful」法案的一部分進行加速。所以——再說一遍，正如你所說，所有這些都是在輕資本環境中完成的。所以我認為我們在這方面處於有利地位。謝謝，喬納森。

Thank you.

謝謝。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Thanks very much. Good morning. Wanted to follow up talking a little bit about the opportunities and the reconciliation bill. And I wonder if you could maybe rightsize us on the scanning business and how you view the opportunities there, maybe the size of the business now and then when you think about the nonintrusive border equipment, the TSA and airport equipment, how you think about the scale of opportunities, kind of your ability to capture them in the competitive environment and the time frame for capturing them?

非常感謝。早安.想跟進談論一些有關機會和和解法案的情況。我想知道您是否可以調整我們的掃描業務規模，您如何看待這個領域的機會，當您考慮非侵入式邊境設備、TSA 和機場設備時，您現在的業務規模如何，您如何看待機會的規模，您在競爭環境中抓住這些機遇的能力以及抓住這些機遇的時間框架？

Yes. Thanks, Seth. And across the spectrum of the Big Beautiful Bill, like I was just speaking, we see ample opportunities. Let me run down a few numbers for you. In the billions of near-term addressable funding that we've identified core to Leidos' capabilities, $1 billion to $2 billion in the FAA modernization supplemented by annual appropriations going forward, $2 billion to $3 billion in autonomous ship building, as I was just speaking with to Jonathan, there's $2 billion to $3 billion we estimate in nonintrusive inspection and border surveillance equipment.

是的。謝謝，塞思。正如我剛才所說，在整個《美麗大法案》中，我們看到了充足的機會。讓我給你列舉幾個數字。我們已經確定了數十億美元的近期可尋址資金，這些資金是 Leidos 能力的核心，其中 10 億至 20 億美元用於 FAA 現代化改造，並輔以未來年度撥款，20 億至 30 億美元用於自主船舶建造，正如我剛才與喬納森交談時所說，我們估計非侵入式檢查和邊境設備監控將耗資 20 億美元。

So a very big market there, $4 billion to $5 billion in Counter-UAS capabilities ground-based radars, low-cost missiles, hypersonics and other things that will play back into the Golden Dome.

因此那裡的市場非常大，反無人機能力地面雷達、低成本飛彈、高超音速武器和其他東西的市場規模在 40 億到 50 億美元之間，這些都將回饋到「金色圓頂」上。

And don't forget about the capacity for a large rural health transformation push through the VA that speaks right back to our wheelhouse of how we've positioned our health and civil business to serve our nation's veterans and meet them where they are. So we're -- we are very excited about the range of opportunities that the reconciliation bill gives us.

並且不要忘記，透過退伍軍人事務部推動大規模農村醫療衛生轉型的能力，這直接體現了我們如何定位我們的醫療衛生和民事業務，為我們國家的退伍軍人提供服務，並在他們所在的地方與他們會面。因此，我們對和解法案為我們帶來的一系列機會感到非常興奮。

And specific to your question, when it comes to border security, obviously, it was one of this administration's biggest thrust coming into office. We've had multiple engagements with Department of Homeland Security. We feel as if we have a very receptive audience in the Department of Homeland Security around our capabilities that are ready to feel now.

具體到您的問題，談到邊境安全，顯然這是本屆政府上任以來最大的努力之一。我們曾與國土安全部有過多次合作。我們感覺國土安全部對我們的能力非常接受，並且已經準備好接受它了。

As Chris was saying before, they're not interested in PowerPoints and promises. They're interested in seeing capabilities demonstrated and products that are in production. We have those products for surveillance and for counter UAS and for ensuring the safe venues in 2026 and beyond.

正如克里斯之前所說，他們對 PowerPoint 和承諾不感興趣。他們有興趣了解所展示的功能和正在生產的產品。我們有用於監視和反無人機系統以及確保 2026 年及以後場館安全的產品。

And so the Department of Homeland Security, Customs and Border Patrol, these are people we're very actively speaking to right now and are very receptive to what Leidos has to offer. Chris, anything you'd like to add?

因此，我們現在正在積極地與國土安全部、海關和邊境巡邏隊這些人溝通，他們也非常樂意接受 Leidos 提供的幫助。克里斯，您還有什麼要補充的嗎？

I think I'd just to answer one part of your question there, Seth. I mean, that's on the order of a $600 million business for us. I mean it's an integrated [SCS] business with ports and borders and aviation equipment. But as you know, the ports and borders piece goes back decades. That's our heritage, and we've been serving CBP, TSA, other customers for a long, long time and look to continue to expand our offerings to those customers here going forward.

我想我只想回答你問題的一部分，塞思。我的意思是，這對我們來說是一筆價值 6 億美元的生意。我的意思是，這是一個集港口、邊境和航空設備於一體的綜合性[SCS]業務。但如你所知，港口和邊境問題可以追溯到幾十年前。這是我們的傳統，我們長期以來一直為 CBP、TSA 和其他客戶提供服務，並希望在未來繼續為這些客戶提供更多服務。

Thank you very much.

非常感謝。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning guys, and great quarter, good performance. I wanted to ask a specific question maybe on health. How do we think about just health growth going forward, whether it's the rural health program, Tom, you just mentioned a minute ago. Maybe give us an update on DMS and VBA? And how do we think about the contribution from incentive fees in the quarter and how we should be thinking about it going forward?

大家早安，本季表現非常好，表現也很好。我想問一個關於健康的具體問題。我們如何看待未來的健康成長，無論是農村健康計劃，湯姆，你剛才提到了。也許能為我們提供有關 DMS 和 VBA 的最新消息？我們如何看待本季激勵費用的貢獻以及我們應該如何看待未來的貢獻？

Yes. Thanks, Sheila, and thanks for joining the call this morning. Let's see. On health and Civil, we've seen record volumes of about 5,000 cases per day in June. So there's a huge volume going through that business, and we are earning more than our 25% share of a four-way provider down there.

是的。謝謝，希拉，感謝您今天早上參加電話會議。讓我們來看看。在衛生和民事方面，6 月每天的案件數量創下了歷史新高，約 5,000 起。因此，該業務的交易量巨大，我們在那裡的四路供應商中所佔的份額超過 25%。

So we're very excited about the volume of business we're doing through our health and civil business and our ability to serve our nation's customers. As -- the better you do, the more referrals, you get the more capacity you have, the more referrals you get. And so this is where, based on our performance, we're excelling.

因此，我們對透過健康和民用業務開展的業務量以及為國家客戶提供服務的能力感到非常興奮。因為－你做得越好，你獲得的推薦就越多，你的能力就越強，你獲得的推薦就越多。因此，根據我們的表現，這就是我們表現出色的地方。

The team is laser-focused on driving our performance to be best-in-class. And as we've talked about in the past, we're investing in technology, both in the brick-and-mortar clinics that we operate and the software that creates a very cohesive scheduling dance between the patient, the clinetician and the clinic itself and also our deployment of technology for the rural exams.

團隊全心全意致力於推動我們的表現達到一流水平。正如我們過去所談到的，我們正在投資技術，既包括我們運營的實體診所，也包括能夠在患者、臨床醫生和診所之間建立緊密聯繫的排程系統的軟體，以及我們為農村檢查部署的技術。

As you asked, the rural exams are an area where we think we are leading the pack in the deployment of our mobile clinics, where, again, through sophisticated scheduling software, we're able to deploy those units to meet the veterans where they are so that we serve them in ways that satisfy them.

正如您所問，我們認為我們在農村體檢領域部署流動診所處於領先地位，同樣，透過複雜的調度軟體，我們能夠部署這些單位前往退伍軍人所在地與他們會面，以便以他們滿意的方式為他們提供服務。

So we think this business is going well. The VA Secretary has said he wants to reduce backlog by [60,000] by the end of the year. So that would be 125 claims a day. So we think there's -- there's a tremendous amount of work through this year and well into next year as we seek to differentiate ourselves to continue to serve our veterans in that way. Chris, do you have anything?

所以我們認為這項業務進展順利。退伍軍人事務部部長表示，他希望在今年年底將積壓案件減少 [60,000] 件。因此每天索賠數量為 125 起。因此，我們認為，今年以及明年我們還有很多工作要做，因為我們力求脫穎而出，繼續以這種方式為我們的退伍軍人服務。克里斯，你有什麼事嗎？

Sheila, I would just hit on a couple of other points too. Team has done a great work on DMSO, as you know. And after the second quarter, we were successful in securing that extension that we had previewed previously for another year, and that just speaks to the strong performance that we've delivered for that customer. And now as you're probably aware, they've come out and asked about or put out an RFI to talk about how to consolidate the DoD and VA EHR record systems. So that's out there. And obviously, our teams are looking to ensure that we position ourselves to support those efforts going forward.

希拉，我還想談其他幾點。如您所知，團隊在 DMSO 方面做出了巨大的貢獻。第二季之後，我們成功地將先前預告的續約期限延長了一年，這證明了我們為該客戶提供了出色的表現。現在您可能已經知道，他們已經出來詢問或發布了 RFI 來討論如何整合國防部和 VA EHR 記錄系統。這就是事實。顯然，我們的團隊正在努力確保我們能夠支持這些未來的努力。

And then looking ahead to the pipeline, there's still plenty of things that we're positioning for with the Navy fleet plan -- line. There are several procurements on the horizon that are already kind of in our pipeline capture teams and looking to how we grow that business going forward. But opportunity-rich environment, again, great funding that we see on the rural and behavioral side, sending a strong demand signal and we've proven to be somebody that the customer can count on to deliver successfully with high performance.

展望管道建設，我們仍在為海軍艦隊規劃線進行大量定位。我們的通路捕獲團隊已著手進行幾項即將進行的採購，並正在研究未來如何發展這些業務。但是，機會豐富的環境，以及我們在農村和行為方面看到的大量資金，發出了強烈的需求信號，事實證明我們是客戶可以信賴的、能夠以高性能成功交付的公司。

Thank you.

謝謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Good morning. This is Josh Korn on for David. I wanted to follow up on, I think it was Seth's question. You mentioned border security and the procurement funding for unmanned Marine and UAS, but wanted to ask specifically about the funding and the reconciliation for O&M. Do you have any benefit from the additions to those funds?

早安.我是喬許‧科恩 (Josh Korn)，代表大衛 (David) 報道。我想跟進一下，我認為這是塞斯的問題。您提到了邊境安全和無人海軍陸戰隊和無人機系統的採購資金，但想具體詢問資金和 O&M 的協調。這些資金的增加為您帶來了什麼好處嗎？

For O&M funding, I'd say that, again, as that all sorts itself out, there's certainly ongoing programs and efforts that we benefit from, from O&M funding. And so that supports the deployed fleet of equipment that we already have in place and upgrades and enhancements to those particular units as it relates to software, expanded sustainment efforts, it's unclear yet whether any of those funds will be able to be redirected to buying incremental equipment on the O&M side as it relates to the CBP in ports and borders, if that's where you're asking that. But very pleased about all of the opportunities around the reconciliation bill.

對於 O&M 資金，我想說，隨著一切順利解決，我們肯定會從 O&M 資金中受益於正在進行的專案和努力。因此，這支持了我們已經部署的設備群，以及與軟體、擴大維持工作相關的特定設備的升級和增強，目前還不清楚這些資金是否能夠重新用於購買與港口和邊境的 CBP 相關的 O&M 方面的增量設備，如果您問的是這個的話。但我對和解法案帶來的所有機會感到非常高興。

And our teams have dissected that, and as Tom gave you a good walk down, we see a rich environment across many parts of our portfolio.

我們的團隊已經對此進行了分析，正如湯姆向您詳細介紹的那樣，我們看到我們投資組合的許多部分都呈現出豐富的環境。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Good morning. Tom, Chris, Stuart, nice results. Tom, could you comment a little bit on the recently there was a very large multibillion dollar award to a competitor when they were consolidating IT contracts with the DoD and around AI. And just whether that was something that could have an impact on your business or is not an impact to your business, just consents about this competitive landscape changing as it's a very dynamic environment as you kind of highlighted multiple times?

早安.湯姆、克里斯、史都華，成績不錯。湯姆，你能否就最近他們在與國防部整合人工智慧方面的 IT 合約時向競爭對手頒發了數十億美元的巨額獎勵發表一些評論？這是否會對您的業務產生影響，或者不會對您的業務產生影響，只是同意這種競爭格局正在發生變化，因為這是一個非常動態的環境，正如您多次強調的那樣？

Yes. Thanks, Peter. Yes. Sir. We read the news, too, and that's an eye-watering number $10 billion IDIQ. And that's very impressive. But -- as you all know, that's where the game begins, not where it ends. It's no surprise to us that this administration is very interested in commercial technology and outcome-based.

是的。謝謝，彼得。是的。先生。我們也讀了新聞，這是一個令人瞠目結舌的數字：100 億美元 IDIQ。這非常令人印象深刻。但是——眾所周知，這是遊戲的開始，而不是結束。本屆政府對商業技術和基於成果的政策非常感興趣，這對我們來說並不奇怪。

And so we don't see that net-net as a huge new competition for us, but rather an opportunity for us to also be that commercial disruptor we've always been. As we've talked about in the past calls, Leidos' core is making government outcomes smarter and more efficient. That's still our core today. We're disrupting ourselves.

因此，我們並不認為這對我們來說是一個巨大的新競爭，而是一個機會，讓我們能夠像往常一樣成為商業顛覆者。正如我們在過去的電話會議中談到的，Leidos 的核心是讓政府成果更加聰明、更有效率。這至今仍是我們的核心。我們正在擾亂自己。

We don't feel like anybody knows how to deploy AI or AI tools better and more effectively than we do. And so we're looking forward to continuing to use AI in our products and solutions for our customers' benefits in ways that are trusted by our customers. You'll recall that in past calls, we've featured on trusted mission AI. And we still think that, that is a key calling card for Leidos that we continue to lean on. The ability for our customers to trust the AI they are deploying in their products and in their solutions and in their systems is key.

我們覺得沒有人比我們更了解如何更好、更有效地部署人工智慧或人工智慧工具。因此，我們期待繼續在我們的產品和解決方案中使用人工智慧，以客戶信賴的方式為客戶謀福利。您可能還記得，在過去的電話會議中，我們曾討論過可信任任務 AI。我們仍然認為，這是我們繼續依賴的 Leidos 的關鍵名片。我們的客戶是否能夠信任他們在產品、解決方案和系統中部署的人工智慧是關鍵。

And we continue to get great receptivity in our customers to the conversations we have about using all the commercial tools available in a way that also allows them to trust the outcomes that the products are giving them. So yes, eye watering number, good on them, but that doesn't frighten me away from the market.

我們繼續在客戶中引起強烈反響，他們希望我們能夠使用所有可用的商業工具，並且能夠信任這些產品所帶來的成果。所以是的，這個數字令人瞠目結舌，對他們來說很好，但這並沒有嚇跑我，讓我遠離市場。

Appreciate the call, thanks.

感謝您的來電，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. My question is going to be about dynamics. We received $265 million of work at this last month for indirect fire protection capabilities and a couple of other awards. This business was growing slower than expected. But then when you bought it, could you please like tell us like how is that going? What type of margins they are generating? And how do you think about growth ahead? -- especially as Golden Dome shapes up.

大家早安。我的問題是關於動態的。上個月，我們收到了價值 2.65 億美元的間接火力防護能力工程以及其他一些獎項。該業務的成長速度低於預期。但是當您購買它時，您能告訴我們情況怎麼樣嗎？他們產生了什麼類型的利潤？您如何看待未來的發展？ ——尤其是隨著金色穹頂的逐漸成型。

Sure. Thank you, Mariana. And yes, the Dynetics acquisition was a very intelligent acquisition back in the day. Perhaps it took a little longer than we might have hoped to fully integrate it and get it running. But as Chris kind of mentioned in his comments, we feel like now we've got a leadership team there that is very focused on results, and it's matching the moment of Golden Dome and all the needs for counter UAS capability and surveillance that Dynetics has invested in for years.

當然。謝謝你，瑪麗安娜。是的，Dynetics 的收購在當時是一次非常明智的收購。也許我們花費的時間比我們希望的要長一些，才能完全整合並運行它。但正如克里斯在評論中提到的那樣，我們覺得現在我們已經有一個非常注重結果的領導團隊，並且它與金頂的時刻以及 Dynetics 多年來投資的反無人機能力和監視的所有需求相匹配。

And so maybe a little less robust and uptake after the acquisition. But now some four or five years later, it is really firing on all cylinders.

因此，收購之後其強勁程度和接受度可能會有所下降。但現在四、五年過去了，它確實正全速發展。

And as you allude to, earning IDIQs, earning production awards, the FPIC program, a real key to the defense of -- and Homeland Defense going forward, Golden Dome, the connectivity right there. And at the space layer, when you think about Golden Dome, the whole tranche two of our satellite programs is really right in the wheelhouse of constant surveillance.

正如您所提到的，獲得 IDIQ、獲得生產獎勵、FPIC 計劃，是國防和國土防禦未來發展的真正關鍵，以及金色穹頂，那裡的連結性。而在太空層面，當你想到金色穹頂時，我們的整個第二批衛星計畫其實都處於持續監視的掌控之中。

So feel really good about the Dynetics acquisition and us bringing it to fruition. Just like Kudu and other acquisitions we've done in the past, they're very much part of the portfolio to meet the moment of a diversified Leidos, which is match fit to help our customers going forward. Chris, anything to add?

因此，對於 Dynetics 的收購以及我們將其付諸實踐感到非常高興。就像 Kudu 和我們過去進行的其他收購一樣，它們是投資組合的重要組成部分，以滿足多元化 Leidos 的需求，這有助於幫助我們的客戶向前發展。克里斯，還有什麼要補充的嗎？

Well, I mean, thanks for the question, Mariana. I appreciate you noticing. I mean, as Tom mentioned, it's been a journey, but they have made tremendous progress, second best quarter of organic growth since we've reorganized them. We've seen double-digit margins in certain quarters, and we're certainly on a path to get there and exceed that on a sustainable basis. -- Increment two is a program that's accelerating.

嗯，我的意思是，謝謝你的提問，瑪麗安娜。感謝您的關注。我的意思是，正如湯姆所提到的，這是一個旅程，但他們取得了巨大的進步，自從我們重組以來，他們的有機成長達到了第二好的季度。我們在某些季度看到了兩位數的利潤率，而且我們肯定正在朝著這個目標前進，並以可持續的方式超越這一目標。 ——增量二是一個正在加速的計畫。

But beyond that, we see runway to scaling up our hypersonics capabilities under the common hypersonic glide body GPS contract, that's moving forward, and there'll be more funding there. Other programs of record, including Air Shield and progress on our small cruise missile initiative with Black Arrow.

但除此之外，我們看到，在通用高超音速滑翔體 GPS 合約下，我們的高超音速能力正在擴大，而且將會有更多的資金投入。其他記錄在案的項目包括「空盾」計畫以及我們與「黑箭」合作的小型巡航飛彈計畫的進度。

So exciting times ahead, a number of capabilities that are maturing and a leadership team there that's just really knocking it out of the park.

令人興奮的是，未來有許多能力正在日趨成熟，領導團隊也正在取得巨大成功。

Thank you. And if I may, I want to do a follow-up on the -- opportunities that you mentioned related to the One Beautiful Bill. You talked about ports and borders and --. But how should we think about the SES offered to noninterested machines as well as CVP also -- capability?

謝謝。如果可以的話，我想跟進您提到的與“美麗法案”相關的機會。你談到了港口和邊界，--.但是，我們應該如何看待為不感興趣的機器提供的 SES 以及 CVP 能力呢？

Yes. So on the -- we're alluding to that, Mariana. I mean the -- equipment for border crossing, that's absolutely part of what the team is envisioning being fielded as part of that demand signal complemented by other capabilities that have emerged, as Tom alluded to on air defense and situational awareness for radar systems, et cetera.

是的。所以——我們指的是這一點，瑪麗安娜。我的意思是——過境設備，這絕對是團隊設想的一部分，作為需求信號的一部分，並輔以已經出現的其他能力，正如湯姆提到的防空和雷達系統的態勢感知等。

So -- but the core nonintrusive inspection offering is well deployed on the Southern and Northern Border, there's opportunities to expand that footprint going forward here and the team looks to capture significant share as those awards come forward in the fall.

因此——但核心的非侵入式檢查服務已在南部和北部邊境得到良好部署，未來有機會擴大這一範圍，並且隨著秋季這些獎項的頒發，該團隊希望獲得相當大的份額。

And is that a driver of the favorable mix at SCS? Or what is driving that improving profitability?

這是 SCS 良好組合的驅動因素嗎？或者說是什麼推動了獲利能力的提升？

Good old elbow grease and great management. I got to give credit to the team that's been in there for the last 12 to 18 months and really have improved our global service footprint, solidified our supply chain issues. Yes, ports and borders is an area that we think is an attractive market. So as that scales up, that certainly bodes well for the future of that business accelerating profitability as well.

出色的努力和出色的管理。我必須對過去 12 到 18 個月一直在那裡工作的團隊表示感謝，他們確實改善了我們的全球服務覆蓋範圍，鞏固了我們的供應鏈問題。是的，我們認為港口和邊境是一個有吸引力的市場。因此，隨著規模的擴大，這無疑預示著該業務未來獲利能力的加速提升。

Thank you so much.

太感謝了。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Hey, thank you for the question. Last call, I think the comments that the team provided suggested continued growth in margin expansion over a multiyear period. Maybe refreshing that view, how does the company think about growth acceleration from -- kind of underlying guide midpoint of 4% growth ex efficiency headaches.

嘿，謝謝你的提問。最後，我認為團隊提供的評論表明利潤率將在多年內持續成長。或許可以刷新這種觀點，公司如何看待成長加速——從 4% 成長的潛在指導中點開始，消除效率方面的困擾。

And then maybe focusing on the civil portion of that specifically, like how does the team accelerate civil growth? And then in terms of the margin expansion comment that you provided last quarter, is it still fair to assume margin expansion from the updated guidance midpoint this year?

然後也許特別關注民事部分，例如團隊如何加速民事發展？然後，就您上個季度提供的利潤率擴大評論而言，從今年更新後的指導中點開始假設利潤率擴大是否仍然公平？

Thank you, Colin. Let me start with a little bit on the environment and the booking environment that we're seeing. As I said in my prepared remarks, we had a strong snapback from a low book-to-bill ratio of Q1 to a strong Q2. That gives us a trailing 12-month book-to-bill of [1.3], so nothing to be ashamed of there and a very, very exciting pipeline. We see that our pipeline over the next 12 months is some $70 billion of opportunities, and that's up $3 billion year on year.

謝謝你，科林。首先讓我簡單介紹一下我們所看到的環境和預訂環境。正如我在準備好的發言中所說，我們從第一季的低訂單出貨比強勁反彈至第二季的強勁表現。這樣一來，我們過去 12 個月的訂單出貨比為 [1.3]，因此沒有什麼可羞愧的，而且這是一個非常非常令人興奮的管道。我們看到，未來 12 個月內，我們的投資機會總額約為 700 億美元，比去年同期增加了 30 億美元。

And also important in that statistic is about 3/4 of that is takeaway work, not recompete for work we already have, but new work for the future. So we see the administration moving on to get after spending the money that has now been committed as a part of the multiyear funding and the reconciliation bill and the fiscal '26 budget. And so we expect a strong order intake over the next two quarters. In specific, there is a little bit of a lag from a profitability standpoint, but over to you, Chris.

在這個統計數據中同樣重要的是，其中約有 3/4 是外送工作，不是重新競爭我們已經擁有的工作，而是未來的新工作。因此，我們看到政府在花掉已承諾的多年期資金、和解法案和 26 財年預算中的資金後，又繼續採取行動。因此，我們預計未來兩季的訂單量將強勁成長。具體來說，從盈利能力的角度來看，存在一點滯後，但這取決於你，克里斯。

Yes, Colin, that was a multipart detailed question, so let me attempt to address those points. Yes, when we sat here last quarter, we didn't envision raising our full year margin guidance to mid-13%. Very pleased to be able to do that. The team has done a great job. Not ready yet today to say onwards and upwards from there, but we're very pleased with that performance.

是的，科林，這是一個由多部分組成的詳細問題，所以讓我嘗試解答這些問題。是的，當我們上個季度坐在這裡時，我們並沒有想到將全年利潤率預期提高到 13% 左右。非常高興能夠做到這一點。該團隊表現出色。今天我們還沒準備好繼續前進，但我們對這一表現感到非常滿意。

And I think you can see what we're capable of with what we just delivered in Q2. So the business has a lot of gas in the tank. And as we alluded to, defense systems isn't where we see it going to in the end game. Commercial International improved substantially, but there's more room to move up there.

我想您可以從我們在第二季交付的產品中看到我們的能力。因此，該業務擁有很大的發展潛力。正如我們所提到的，防禦系統並不是我們想像中的最終目標。商業國際業務大幅改善，但仍有更大的上升空間。

So there's still ample levers and parts of the portfolio to drive margin improvement. But sustaining the mid-13s is -- becomes our objective here that we'll focus on moving forward.

因此，仍有足夠的槓桿和部分投資組合來推動利潤率的提高。但維持 13 秒左右的成績已成為我們的目標，我們將專注於繼續前進。

And as it relates to growth, I mean, Tom just talked about opportunity-rich environment in this health and civil space, specifically managed health services is our core growth pillar, but the opportunities in the FAA are part of that growth story as well. So we'll give you a lot more color on '26 as we get into the fall and next earnings call, but you can see the momentum is building.

至於成長，我的意思是，湯姆剛才談到了這個健康和民用領域中充滿機會的環境，特別是管理健康服務是我們的核心成長支柱，但 FAA 中的機會也是這個成長故事的一部分。因此，當我們進入秋季和下一次收益電話會議時，我們會為您提供有關 26 年的更多細節，但您可以看到勢頭正在增強。

Thanks I appreciate the question thanks.

謝謝，我很感謝你的提問。

Thank you.

謝謝。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Thanks guys, good morning. I'm just following up on the bookings question. It seems like total book-to-bill pretty healthy here funded maybe has been trending a little lighter. Any dynamics to call out there and a little bit more on what you're expecting into government fiscal year end, which is typically pretty strong?

謝謝大家，早安。我只是在跟進預訂問題。看起來這裡的總訂單出貨比相當健康，資金可能趨勢稍微輕鬆一些。有什麼動態可以指出嗎？您對政府財政年度結束時的預期是什麼？通常來說，政府財政年度末的情況會非常強勁。

Yes. Thanks for that, Gavin. I mean, first of all, pleased that year over year backlog is up $5 billion. Feel good about that. Tom talked about the momentum building, the big award that came in just after Q2 was over. So nice tailwind going into Q3. And I mentioned also solidifying our follow-on extension for our MHS Genesis work. So that momentum is building pipeline as rich.

是的。謝謝你，加文。我的意思是，首先，很高興看到積壓訂單較去年同期增加了 50 億美元。對此感覺很好。湯姆談到了勢頭的增強，以及第二季結束後獲得的大獎。進入第三季度，順風順水。我還提到了鞏固我們 MHS Genesis 工作的後續擴展。因此，這種勢頭正在使管道建設變得更加豐富。

Funding dynamics, certainly, there's -- we expect that to grow, and there's been some procurement slowdowns and a move towards more incremental funding in certain customer environments that hasn't slowed us down. We expect the air to clear there and things to move forward on priority programs. And obligations can be lumpy at times. We also had a nice modification in our VBA business to get that funding here in the third quarter as well. So that's a nice uptick in the funding environment for that particular program.

資金動態當然存在——我們預計它會成長，而且在某些客戶環境中出現了一些採購放緩和轉向更多增量資金的趨勢，但這並沒有減慢我們的速度。我們期望那裡的氣氛能夠變得明朗，優先項目能夠取得進展。有時義務可能會很繁重。我們也對 VBA 業務進行了很好的修改，以便在第三季獲得資金。因此，這對於該特定項目的融資環境來說是一個良好的提升。

So I just think it's a symptom of what we've seen in the environment, some slowdowns, some pause take stock, incremental reviews, some of that log jam is breaking up, and we'll see that funded backlog position accelerate as we move forward.

所以我認為這只是我們在環境中看到的一個症狀，一些經濟放緩，一些暫停盤點，增量審查，一些僵局正在打破，隨著我們前進，我們將看到資金積壓狀況加速。

Yes. I would just foot stop that last part of what Chris said. It's no surprise. We've been talking about it for six months that there was a certain constraint of outflow of cash from this administration during the last six months. But now all that is breaking free.

是的。我只是想停止克里斯所說的最後部分。這並不奇怪。六個月來我們一直在談論這個問題，過去六個月本屆政府的現金流出受到了一定的限制。但現在這一切都被解放了。

So as we think about our funded backlog, it's not a concern for Chris and I, we have line of sight to where the funding is coming from. We think we have a good unparalleled customer understanding, working with those customers. And we feel very confident that the money is going to flow to the contracts that represent the great needs that our customers have for our products and services. So not a concern issue for me right now as I sit here in August of 2025.

因此，當我們考慮我們的資金積壓時，這不是克里斯和我關心的問題，我們可以清楚地知道資金來自哪裡。我們認為，透過與這些客戶合作，我們對客戶有著無與倫比的了解。我們非常有信心，這些資金將流向那些代表客戶對我們的產品和服務的巨大需求的合約。所以，對我來說，這不是一個現在值得擔心的問題，因為現在已經是 2025 年 8 月了。

Great thank you.

非常感謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yeah. Thanks good morning guys. I was wondering just big picture, it sounds like the aggressive DOGE engagement with industry is starting to wane a bit. Is that -- would you say that's true? I mean, are we not seeing any kind of continued -- I don't know what the right word is, aggressiveness or kind of heavy-handedness by the new government with the industry. And then as a follow-up, if I could just ask if the medical exam fourth supplier has finally staffed up in all four regions, not just the three?

是的。謝謝大家早安。我只是想知道總體情況，聽起來 DOGE 與業界的積極合作開始減弱。那——你會說那是真的嗎？我的意思是，我們難道沒有看到新政府對該行業採取任何持續的東西——我不知道該用什麼詞來形容，咄咄逼人還是強硬手段。然後作為後續問題，我是否可以問一下，體檢第四家供應商是否最終在所有四個地區（而不僅僅是三個地區）都配備了員工？

Yes, sure. Thanks. I'll take a little bit of both and then turn it over to Chris. First of all, we track and have been tracking for six months very aggressively all the disruptions from contracts that are not only DOGE, but DOGE related. So stop works, terminations, descopes and even what we call DOGE inspired pricing reviews.

是的，當然。謝謝。我會接受兩者的一點，然後將其交給克里斯。首先，我們追蹤並且已經非常積極地追蹤了六個月的所有合約中斷，這些合約不僅是 DOGE，而且是與 DOGE 相關的。因此，請停止工作、終止、取消範圍，甚至停止我們所說的受 DOGE 啟發的定價審查。

And if you track that over time over the last six months, while there was a reasonably high slope in that curve during the first half of those six months. Here in the last three months, that's been flat. So we haven't seen increases. And in fact, that's just gross disruptions, not net disruptions. As Chris said, the team has done a great job of taking gross disruptions and then turning lemons into lemonade by working with customers to understand how we still can serve them for products and services that they've just got to have.

如果你追蹤過去六個月的時間，你會發現在這六個月的前半段，曲線的斜率相當高。過去三個月來，這一數字一直持平。因此我們還沒有看到成長。事實上，這只是整體中斷，而不是淨中斷。正如克里斯所說，團隊透過與客戶合作，了解我們如何繼續為他們提供所需的產品和服務，在處理嚴重干擾並將檸檬變成檸檬水方面做得非常出色。

And so we're -- I wouldn't call it done. I still think that cost efficiency is alive and well as a part of this administration. I think now the cabinet level secretaries all have an impetus to save money and have better outcomes. But as I've been saying for six months, Leidos' core business model is making government outcomes smarter and more efficient. So we see that tide turning from simply slash and burn to now constructive conversations about what better looks like and how more efficient looks like and what smarter looks like, and that's right in Leidos' wheelhouse.

所以我們——我不會說它已經完成了。我仍然認為成本效益是本屆政府有效運作的一部分。我認為現在內閣級的部長都有節省資金並取得更好成果的動力。但正如我六個月來一直在說的那樣，Leidos 的核心商業模式是讓政府成果更加聰明、更有效率。因此，我們看到潮流從簡單的砍伐和焚燒轉變為現在關於什麼是更好、什麼是更有效率、什麼是更聰明的建設性對話，而這正是 Leidos 所擅長的。

As far as the fourth vendor, we estimate that our share loss due to the fourth vendor so far is less than 1% of our volume. So -- it's not my place to understand what's happening in their business, but it's not affecting our top line or bottom line of that business yet. Chris, anything to add to that?

就第四家供應商而言，我們估計迄今為止因第四家供應商而造成的份額損失還不到我們銷售的 1%。所以——我沒有資格了解他們的業務狀況，但這還不會影響我們的業務收入或利潤。克里斯，還有什麼要補充的嗎？

I think you nailed it, Tom.

我認為你成功了，湯姆。

Michelle, it looks like we're coming up right on top of the hour. So I think we have time for one more question.

米歇爾，看起來我們正要到達整點。所以我想我們還有時間再回答一個問題。

Ken Herbert, RBC Capital Markets.

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

Yeah, good morning, Tom, Chris and Stuart. Thanks for squeezing me in here. Maybe just to follow up, Chris, on the comment you made earlier in the call. It sounds like you took a fairly aggressive or disciplined approach to sort of costs in the first half of the year.

是的，早上好，湯姆、克里斯和史都華。謝謝你把我擠到這裡。克里斯，也許只是為了跟進一下你之前在通話中提出的評論。聽起來您在上半年對成本採取了相當積極或嚴謹的態度。

As things are normalizing here, it sounds like you're opening up the spigot a little bit as you really try and take -- be sure you can take advantage of the opportunity set. Is it possible to maybe quantify how we should think about that first half, second half cost dynamic and what that might imply to the margin outlook in the second half in particular?

隨著事情逐漸正常化，聽起來你正在稍微打開水龍頭，真正嘗試並抓住機會——確保你能利用好這個機會。我們是否可以量化應該如何看待上半年和下半年的成本動態，以及這對下半年的利潤前景有何影響？

Well, I'm probably not going to get that specific for you, Ken, but I would tell you, you're absolutely right. I mean as soon as we saw the environment has shifted, we laid out a plan with Tom, myself and some members of our team of where we could dial back to preserve, obviously, the core operations of the company, invest in our people where appropriate, but to be fiscally conservative.

好吧，肯，我可能不會向你具體解釋清楚，但我可以告訴你，你完全正確。我的意思是，一旦我們看到環境發生了變化，我們就和湯姆、我以及我們團隊的一些成員制定了一個計劃，我們可以調整以保留公司的核心業務，在適當的情況下投資於我們的員工，但在財務上要保守。

And that added up to a substantial amount of savings that we had line of sight on for the year. We've delivered on four or five months of that savings profile to date. And now we see that it's time to go back to more normal operations for most of that given where we are in the environment and the opportunities that are coming forward.

這樣一來，我們全年就省了一大筆錢。到目前為止，我們已經實現了四、五個月的儲蓄目標。現在，考慮到我們所處的環境和即將到來的機遇，我們看到大多數企業應該恢復更正常的營運。

It's tens of millions of dollars of incremental investment, absolutely that we're planning to outlay here in the second half. And the idea is keep flooding our [debts], quite honestly. So we'll be smart and prudent around that, but we obviously want to turbocharge our AI adoption, again, those demo-ready capabilities in maritime in the defense systems space and with software. Those are our priorities and investing in our golden boats. But I think it was just the right thing to do given the uncertainty on the horizon.

這是我們計劃在下半年投入的數千萬美元的增量投資。坦白說，這樣做的目的是讓我們的債務不斷增加。因此，我們會對此保持明智和謹慎，但我們顯然希望進一步加強人工智慧的應用，再次強調，希望在海上國防系統領域和軟體方面實現那些可演示的功能。這些是我們的優先事項，也是我們投資金船的重點。但我認為，考慮到未來的不確定性，這是正確的做法。

And again, it kind of also speaks to our ability to flex our business model when needed. And we'll look to maintain some of those savings on certain areas that we didn't miss a beat on here going forward. So really excited about how the team responded to those dynamics.

再一次，這也說明了我們在需要時調整商業模式的能力。我們希望在某些領域保持一些節省，我們以後不會錯過任何機會。我對團隊如何應對這些動態感到非常興奮。

Yes. And just to foot stop that last point, really, kudos to the team for how they reacted to the austerity measures we put in place earlier this year. There wasn't a peak of complaint about it. Everybody got it. In fact, I think there was a positive culturally within Leidos that everybody understood, this was a serious issue we were dealing with to face into this environment and make sure Leidos was seen as part of the solution, not the problem.

是的。最後再說一點，我們真的要對團隊對我們今年早些時候實施的緊縮措施的反應表示讚賞。對此並沒有太多的抱怨。每個人都明白了。事實上，我認為 Leidos 內部有一種積極的文化，每個人都明白，這是我們正在處理的一個嚴重問題，我們必須面對這個環境，並確保 Leidos 被視為解決方案的一部分，而不是問題。

So really was positive, we'll now dial back those austerity measures, but as Chris says, we're not going to take our foot totally off the brake. We're just going to release a little pressure.

所以真的是積極的，我們現在將撤回那些緊縮措施，但正如克里斯所說，我們不會完全放鬆煞車。我們只是想釋放一點壓力。

Thank you.

謝謝。

This concludes our question-and-answer session, and I would like to hand the conference back to Stuart Davis for closing remarks.

我們的問答環節到此結束，我想將會議交還給斯圖爾特·戴維斯作結束語。

I want to thank you, Michelle. Appreciate your help on this morning's call and obviously thank all of those who are able to join us this morning for your interest in Leidos. We look forward to updating you again soon. Have a great day.

我想謝謝你，米歇爾。感謝您在今天早上的電話中提供的幫助，當然也感謝所有今天早上能加入我們並對 Leidos 感興趣的人。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 participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。