Leidos Holdings Inc (LDOS) 2025 Q3 法說會逐字稿

Welcome to Leidos third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 Leidos 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your first speaker, Stuart Davis from Investor Relations. Sir, you may begin.

現在我謹將會議交給第一位發言人，來自投資者關係部的史都華戴維斯。先生，您可以開始了。

Thank you, and good morning, everyone. Joining me on today's earnings conference call are 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.

謝謝大家，大家早安。今天與我一同參加財報電話會議的有執行長湯姆·貝爾和財務長克里斯·凱奇。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，您可以在那裡找到盈利新聞稿和今天電話會議的簡報。

As shown on slide 2, and 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.

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關於可能導致實際結果與預期結果有重大差異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, and today's press release and presentation slides contain a reconciliation between the two.

翻到第三張幻燈片。我們還將討論 GAAP 和非 GAAP 財務指標，今天的新聞稿和簡報中包含了兩者之間的調整表。

And now let me turn the call over to Tom, who will begin on slide 4.

現在我把電話交給湯姆，他將從第 4 張投影片開始。

Thank you, Stuart, and welcome, everyone. Today, I'm pleased to report another excellent quarter of performance for Leidos, including top line growth of 7%, adjusted EBITDA margin of 13.8%, and operating cash flow of $711 million. So far in 2025, we've grown revenue 5%, grown EBITDA 13%, and grown EPS 18%.

謝謝你，斯圖爾特，也歡迎各位。今天，我很高興地宣布 Leidos 又迎來了一個業績優異的季度，包括營收成長 7%，調整後 EBITDA 利潤率為 13.8%，以及經營現金流為 7.11 億美元。截至 2025 年，我們的營收成長了 5%，EBITDA 成長了 13%，每股收益成長了 18%。

These strong results enable us to raise guidance for 2025, marking our second guidance raise of the year. And we've been able to deliver these results despite the headwinds of [those] earlier in the year, and the current government shutdown.

這些強勁的業績使我們能夠上調 2025 年的業績預期，這是我們今年第二次上調業績預期。儘管今年稍早遭遇了種種不利因素，以及目前政府停擺，我們仍然取得了這些成果。

Even through the dynamic market environment of 2025, we've been able to achieve improving strong performance. Regarding the current government shutdown, most of our programs have not been impacted. I see three primary reasons for this fact. Our programs are considered mission essential by our customer, they are funded or they are beyond the scope of discretionary budgets.

即使在 2025 年瞬息萬變的市場環境下，我們也取得了不斷提升的強勁業績。關於目前的政府停擺，我們的大部分項目並未受到影響。我認為造成這種情況主要有三個原因。我們的專案被客戶視為至關重要的任務，要么獲得了資金支持，要么超出了可自由支配預算的範圍。

This, in turn, reflects our business' ongoing alignment to true enduring customer needs, current administration priorities and our ability to thrive in a business environment that rewards outcome-based contracting. Our portfolio matches the moment with solutions that speak directly to many top priorities: Golden Dome, air traffic control modernization, border security, service to veterans, maritime autonomy, et cetera. We have the products and services that match our nation's ongoing needs.

這反過來又反映了我們業務與真正持久的客戶需求、當前政府優先事項的持續一致性，以及我們在獎勵基於結果的合約的商業環境中蓬勃發展的能力。我們的產品組合與時俱進，提供了直接針對許多首要任務的解決方案：金色穹頂、空中交通管制現代化、邊境安全、為退伍軍人服務、海上自主等等。我們擁有能夠滿足國家不斷增長的需求的產品和服務。

And we are accelerating our business pace today, responding to our customers' desire to work with firms that invest in innovation, can deliver real outcomes quickly, have a proven track record of lowering costs, and know how to deliver on time and on cost. Our improved financial performance over the past two years has enabled us to turbocharge our investments in our Leidos Golden Domes.

如今，我們正在加快業務步伐，以滿足客戶希望與那些投資創新、能夠快速交付實際成果、擁有降低成本的可靠記錄、並且知道如何按時按預算交付的公司合作的需求。過去兩年財務表現的改善使我們能夠加大對 Leidos Golden Domes 的投資。

We're accelerating our focus on creating new solutions to vexing problems in areas ranging from air travel to rural health. Our customers' missions have always been our central focus. The founding motivation for Leidos over a decade ago was to shed advisory work to focus on real mission performance.

我們正在加快步伐，致力於為從航空旅行到農村醫療等領域的棘手問題創造新的解決方案。客戶的使命始終是我們工作的核心。十多年前，Leidos 的創立動機是擺脫顧問工作，並專注於實際任務的執行。

And with Leidos' expanded position in defense tech, we're focused on getting innovative solutions into the hands of war fighters in areas like counter UAS, low-cost cruise missiles, hypersonics and autonomous maritime vessels. Leidos' core business model is to make our customers' outcomes smarter and more efficient. We're always working in every program to deploy technology to drive down costs for our customers.

隨著 Leidos 在國防技術領域的地位不斷擴大，我們致力於將創新解決方案送到作戰人員手中，例如反無人機系統、低成本巡航飛彈、高超音速武器和自主海上艦艇等領域。Leidos 的核心商業模式是讓客戶的成果更聰明、更有效率。我們始終致力於在每個專案中運用技術來降低客戶的成本。

For example, this quarter, we rewon a $0.5 billion counterterrorism contract, a contract that had never been re-awarded to an incumbent in large part because of our introduction of automation and AI to deliver smarter customer outcomes. And we continue to demonstrate to our customers our ability to perform for them on outcome-based contracts.

例如，本季度我們重新贏得了價值 5 億美元的反恐合同，該合同此前從未重新授予過任何一家現有承包商，這很大程度上是因為我們引入了自動化和人工智能技術，從而為客戶提供了更智能的結果。我們將繼續向客戶證明，我們有能力根據結果導向合約為他們提供服務。

An example about this -- about which we are very proud is our having delivered on time and under budget, the very complex electronic health record system for the Department of Ore. This performance is a direct reflection of our commitment to a promises made, promises kept culture in action.

舉個例子——我們為此感到非常自豪——我們按時按預算交付了俄勒岡州衛生部非常複雜的電子健康記錄系統。這次表現直接體現了我們對「言出必行」文化的承諾。

Our NorthStar 2030 strategy is now firmly in place in guiding all our actions. With growth pillars that tightly align to our customers' priorities, we are building momentum to drive accelerated growth through 2026 and into the future. As you will recall, our five NorthStar 2030 strategy growth pillars are: Space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services.

我們的「北極星2030」策略現已穩固確立，並將指導我們的所有行動。我們以與客戶優先事項緊密契合的成長支柱為基礎，正在積蓄力量，推動公司在 2026 年及以後實現加速成長。您應該還記得，我們​​的「北極星 2030」策略的五大成長支柱是：太空和海事、能源基礎設施、數位現代化和網路安全、任務軟體以及醫療管理服務。

On our past two quarterly earnings calls, I've highlighted elements of two of these pillars: cyber in Q1, and maritime in Q2. Today, I'd like to highlight our energy infrastructure growth pillar. For more than two decades, Leidos has provided world-class engineering services for commercial electric utilities. The services we provide typically involve the design and placement of high-power transmission lines, electric substations and/or electric distribution infrastructure. And over the past seven years, this business has grown by double-digit CAGRs while also delivering double-digit margins.

在過去的兩次季度財報電話會議上，我重點介紹了其中兩個支柱的要素：第一季的網路安全，第二季度的海事。今天，我想重點介紹一下我們的能源基礎設施成長支柱。二十多年來，Leidos 一直為商業電力公司提供世界一流的工程服務。我們提供的服務通常涉及高壓輸電線路、變電站和/或配電基礎設施的設計和部署。過去七年，該業務實現了兩位數的複合年增長率，同時也實現了兩位數的利潤率。

It now represents more than $600 million worth of Leidos' annual revenues. As you will no doubt know, the United States is amid a sustained robust investment posture in its energy infrastructure. Electric utilities are aggressively expanding the grid to meet growing demand from electrification, reindustrialization and data center growth.

目前，這部分收入佔 Leidos 年收入的 6 億美元以上。想必您也知道，美國正持續大力投資其能源基礎建設。電力公司正在積極擴大電網，以滿足電氣化、再工業化和資料中心發展帶來的日益增長的需求。

At the same time, they are also investing to improve the grid's reliability and resilience against extreme weather events. Following a record investment level in 2024, US utilities plan to invest well over $1 trillion in this area over the next decade, and we are prepared to help. Leidos proprietary engineering and design tools arm our power engineers with the latest data and tools. This ensures they are always the most efficient and effective engineers in the market.

同時，他們也在投資提高電網的可靠性和抵禦極端天氣事件的能力。繼 2024 年創紀錄的投資水準之後，美國公用事業公司計劃在未來十年內在該領域投資超過 1 兆美元，我們已做好準備提供協助。Leidos專有的工程和設計工具為我們的電力工程師提供了最新的數據和工具。這確保他們始終是市場上最有效率、最優秀的工程師。

One such tool our engineers use is our proprietary software product, Skywire, powered by Leidos Trusted Mission AI that makes every step of the design process smarter, more efficient, and more effective for our customers. Simply put, Leidos' Skywire is an AI platform that revolutionizes the efficiency of distribution system engineering.

我們工程師使用的其中一種工具是我們專有的軟體產品 Skywire，它由 Leidos Trusted Mission AI 提供支持，使設計過程的每一步都更智慧、更有效率、更有效，從而更好地服務我們的客戶。簡而言之，Leidos 的 Skywire 是一個人工智慧平台，它徹底改變了配電系統工程的效率。

Over the past 12 months, Skywire has been used to optimize some 18,000 projects for 25 major utilities. And we're now extending the use of this AI technology across the entire value chain from distribution to transmission to create a smarter, safer, and more secure grid. Reduction of project costs enabled by Skywire of 30% is routine. And as we expand the use of these solutions across all of our programs, we're seeing powerful lift in our commercial success. We've increased revenue on more than half of our top accounts by some 50%.

在過去的 12 個月裡，Skywire 已被用於優化 25 家主要公用事業公司的約 18,000 個專案。現在，我們正在將這項人工智慧技術的應用擴展到從配電到輸電的整個價值鏈，以創造一個更智慧、更安全、更可靠的電網。Skywire 使專案成本降低 30% 已成為常態。隨著我們在所有專案中推廣使用這些解決方案，我們的商業成功也得到了顯著提升。我們超過一半的大客戶的收入成長了約 50%。

In addition to Leidos' AI Golden Bolt deployment in this market, we're also deploying other all of Leidos capabilities to the energy market. We're currently proving out the use of advanced analytics in drone fleets to provide real-time grid damage intelligence. Utilities spend billions annually on this need. And through our products and tools, we see opportunity to radically accelerate storm recovery for millions of Americans.

除了 Leidos 在該市場部署 AI Golden Bolt 之外，我們還將 Leidos 的所有其他能力部署到能源市場。我們目前正在驗證在無人機機隊中使用高級分析技術來提供即時電網損壞情報。公用事業公司每年為此花費數十億美元。透過我們的產品和工具，我們看到了大幅加快數百萬美國人災後重建的機會。

We've helped the key customer in the energy sector successfully migrate their mission-critical software applications to the cloud, a long-standing core Leidos competency.

我們幫助能源產業的關鍵客戶成功地將其關鍵任務軟體應用程式遷移到雲端，這是 Leidos 長期以來的核心競爭力。

And we're investing in deploying AI-assisted defensive cyber solutions to protect our customers' grids from cyber attacks. In addition, we're also on the cutting edge of helping our nation expand our power generation means. We're collaborating with small modular and microreactor OEMs to prototype nuclear reactors for a secure military-grade sources of energy as our team leans into this exciting model for energy resilience in America.

我們正在投資部署人工智慧輔助的防禦性網路安全解決方案，以保護客戶的電網免受網路攻擊。此外，我們在幫助國家擴大發電能力方面也處於領先地位。我們正與小型模組化和微型反應器原始設備製造商合作，為安全的軍用級能源開發核反應器原型，因為我們的團隊正致力於這種令人興奮的模式，以提高美國的能源韌性。

So the energy infrastructure pillar of NorthStar 2030 represents a focused robust area of growth for Leidos, our innovative technology offerings differentiate us in a rapidly growing market, and we see multiple channels by which we can grow this line of business for Leidos.

因此，NorthStar 2030 的能源基礎設施支柱代表了 Leidos 一個重點強勁的成長領域，我們創新的技術產品使我們在快速成長的市場中脫穎而出，我們看到了多種管道可以為 Leidos 發展這項業務。

Now turning to other aspects of the business. On Golden Dome, the Department of War is finalizing that program's reference architecture and is evaluating proposals for the $150 billion Shield IDIQ procurement. We're very much in the mix here, and we expect vigorous government reengagement on this subject later this month.

現在轉向業務的其他方面。在金穹頂上，美國戰爭部正在最終確定該計劃的參考架構，並正在評估價值 1500 億美元的「盾牌」IDIQ 採購提案。我們非常關注此事，並預計本月稍後政府將就此議題再次積極介入。

In the meantime, we're having healthy customer conversations about unique Leidos capabilities that could have a critical role in Golden Dome such as interceptor modernization and advanced radar surveillance systems. On air traffic control modernization, the FAA is currently evaluating bids for the prime integrator role, which we no bid due to conflict of interest stipulations contained in that solicitation.

同時，我們正在與客戶就 Leidos 的獨特能力進行良好的溝通，這些能力可能在金穹頂專案中發揮關鍵作用，例如攔截器現代化和先進的雷達監視系統。關於空中交通管制現代化，美國聯邦航空管理局目前正在評估主要整合商角色的投標，由於招標文件中包含利益衝突條款，我們沒有參與投標。

Our focus remains where we see our greatest value add, perpetuation of our position in the development of key systems and technologies that are central to delivering our next-generation air traffic control system. And at the same time, we continue to move out with the FAA to enhance the current system in ways that are aligned to their future blueprint.

我們仍然專注於我們認為最有價值的領域，即鞏固我們在關鍵系統和技術開發方面的地位，這些系統和技術對於交付我們的下一代空中交通管制系統至關重要。同時，我們繼續與美國聯邦航空管理局 (FAA) 合作，以符合其未來規劃的方式改善現有系統。

On airport security modernization, we, along with our TSA customer, are executing a pilot program at the Houston and Sacramento airports to demonstrate the viability and scalability for smarter, safer and more efficient checkpoint operations. Our demonstrated approach includes digitized checkpoints, remote baggage screening and cybersecurity [paradigm]

在機場安保現代化方面，我們與 TSA 客戶一起，正在休士頓和薩克拉門托機場執行試點計劃，以證明更聰明、更安全、更有效率的安檢點操作的可行性和可擴展性。我們已驗證的方法包括數位化檢查站、遠端行李安檢和網路安全。[範例]

And on border security, Customs and Border Protection is moving out quickly to bolster non-intrusive inspection at the border as provided for in the reconciliation law. We've received an order for 24 of our mobile VACIS systems that will deliver very quickly over the coming months.

在邊境安全方面，海關和邊境保護局正在迅速採取行動，根據和解法案的規定，加強邊境的非侵入式檢查。我們已收到 24 套行動 VACIS 系統的訂單，將在未來幾個月內迅速交付。

This progress and pace is reflected in our current bookings tempo. We had a 27% sequential increase in funded backlog, one of the largest in our history, which tells me that our customers are moving out to accomplish missions with pace. Also, as part of our 1.3 times book-to-bill ratio this quarter, we were awarded an extension to one of our core franchise programs to enhance and sustain the MHS Genesis Electronic Health Record for the Department of Ore.

這項進展和速度體現在我們目前的預訂節奏上。我們的已獲資助的積壓訂單環比增長了 27%，這是我們歷史上最大的增長之一，這說明我們的客戶正在快速推進任務的完成。此外，作為本季 1.3 倍訂單出貨比率的一部分，我們獲得了一項核心特許經營計劃的延期，以增強和維持俄勒岡州的 MHS Genesis 電子健康記錄。

We are expanding our contribution under an asset contract to support the ARTEMIS program and loyal duration space exploration. And we received a large award to modernize Kazakhstan's air traffic control system using our Skyline X comprehensive air traffic management system.

我們正在擴大根據資產合約所做的貢獻，以支援 ARTEMIS 計劃和長期太空探索。我們獲得了一項巨額獎金，將利用我們的 Skyline X 綜合空中交通管理系統對哈薩克斯坦的空中交通管制系統進行現代化改造。

We are optimistic about our near-term growth prospects given our $69 billion pipeline of near-term opportunities, which includes $24 billion of bids awaiting adjudication. Regarding capital deployment, this quarter, we repurchased another $100 million worth of shares on the open market, and we accelerated payoff of $450 million on our term loan.

鑑於我們近期擁有價值 690 億美元的專案儲備（其中包括價值 240 億美元的待決投標），我們對近期的成長前景持樂觀態度。在資本部署方面，本季我們在公開市場上回購了價值 1 億美元的股票，並加速償還了 4.5 億美元的定期貸款。

We have also increased our quarterly dividend. This marks our third dividend increase in three years. Shareholders of record on December 15 will receive a dividend of $0.43 per share, a 7.5% increase over our past dividend.

我們也提高了季度股利。這是我們三年內第三次提高股利。12 月 15 日登記在冊的股東將獲得每股 0.43 美元的股息，比我們過去的股息增加 7.5%。

This speaks to our ongoing conviction regarding the earnings and cash generation potential of our business. In addition, given our sharpened strategic focus through our NorthStar 2030 strategy, I'm pleased that we recently completed the divestiture of Varec, a noncore legacy energy asset. Acquired in 2006, the disposition of this asset will allow both Leidos and Varec to advance their respective missions and best maximize long-term value.

這體現了我們對公司獲利和現金流創造潛力的持續信心。此外，鑑於我們透過「北極星 2030」策略加強了戰略重點，我很高興我們最近完成了對 Varec（一項非核心傳統能源資產）的剝離。該資產於 2006 年被收購，此次處置將使 Leidos 和 Varec 都能推進各自的使命，並最大限度地提高長期價值。

Our strong balance sheet position and powerful free cash flow gives us multiple pathways to continue to grow shareholder value. Consistent with our NorthStar 2030 strategy, we will continue to accelerate investments in our growth pillars while we also opportunistically return capital to shareholders.

我們穩健的資產負債表和強勁的自由現金流為我們提供了多種途徑，可以繼續提升股東價值。秉承我們的「北極星 2030」策略，我們將繼續加快對成長支柱領域的投資，同時伺機向股東返還資本。

I'm very pleased that our ongoing 2025 strong performance allows us to, again, improve guidance, reaffirming our guidance on revenue and cash, while increasing our guidance on EBITDA and EPS.

我非常高興，我們持續強勁的 2025 年業績表現使我們能夠再次提高業績預期，重申我們對收入和現金的預期，同時提高我們對 EBITDA 和 EPS 的預期。

Now before I pass the call over to Chris, I wanted to take a moment to give a special shout out to our 47,000-plus Leidoceians, that in a year of profound challenges have shown incredible resilience and focus. Their brilliance has been essential to our success. And the momentum we are building through this, our strategic pivot year, is a testament to their commitment to our customers and their missions. I am truly excited about what lies ahead for this team.

在將電話交給克里斯之前，我想藉此機會特別向我們超過 47,000 名 Leidoceians 致敬，在充滿巨大挑戰的一年中，他們展現出了令人難以置信的韌性和專注力。他們的卓越才華對我們的成功至關重要。而我們透過今年這個策略轉型年所取得的成就，也證明了他們對客戶和自身使命的承諾。我對這支球隊未來的發展充滿期待。

So with that, over to you, Chris.

那麼，接下來就交給你了，克里斯。

Thank you, Tom, and thank you, everyone, for joining us today. With another quarter of strong financial performance on the books, Leidos is demonstrating its ability to navigate complex market dynamics while delivering mission success for our customers, growth opportunities for our employees, and financial rewards for our shareholders. Though we take pride as a team in what we've accomplished, we remain focused on finishing out 2025 strong and setting a path for a successful 2026.

謝謝湯姆，也謝謝各位今天蒞臨。憑藉著另一個季度強勁的財務業績，Leidos 展現了其在應對複雜市場動態的同時，為客戶實現任務成功、為員工創造發展機會、為股東帶來財務回報的能力。雖然我們團隊為所取得的成就感到自豪，但我們仍專注於在 2025 年取得佳績，並為 2026 年的成功鋪平道路。

As Tom indicated, the shutdown impact so far has been modest, and we remain confident in our ability to thrive in the missions we serve despite any near-term uncertainty.

正如湯姆所指出的，到目前為止，政府停擺的影響還算溫和，儘管短期內存在任何不確定性，但我們仍然有信心在我們所服務的使命中蓬勃發展。

With that, let's take a closer look at our third quarter results, starting with the income statement on slide 5. Revenues were $4.47 billion, up 7% in total and 6% organically year-over-year. Our positive momentum enabled us to overcome the moderate headwinds from ongoing government efficiency reviews to post sequential growth of 5%, our best sequential third quarter since coming out of the pandemic in 2020.

接下來，讓我們仔細看看第三季的業績，先來看看第 5 頁的損益表。營收達 44.7 億美元，年增 7%，有機成長 6%。我們積極的發展勢頭使我們能夠克服政府持續效率審查帶來的適度不利因素，實現環比增長 5%，這是我們自 2020 年疫情爆發以來最好的第三季度環比業績。

Each segment improved sequentially with especially robust growth in National Security and Digital and Defense Systems. Bottom line performance remains strong through consistent program execution, AI-driven cost efficiencies, and overall prudent cost management.

各個細分市場逐一改善，其中國家安全、數位和國防系統領域的成長尤為強勁。透過持續的專案執行、人工智慧驅動的成本效率以及整體審慎的成本管理，公司整體業績保持強勁。

Even as we stepped up growth investments as discussed on the Q2 call, and increased legal reserves by $24 million, we still generated $616 million in adjusted EBITDA for the quarter, up 3% year-over-year for an adjusted EBITDA margin of 13.8%. Non-GAAP diluted EPS grew 4% to $3.05 as a lower share count more than offset slightly higher interest expense and tax rate.

即使我們按照第二季度電話會議討論的方式加大了增長投資，並將法律準備金增加了 2400 萬美元，我們本季度的調整後 EBITDA 仍達到 6.16 億美元，同比增長 3%，調整後 EBITDA 利潤率為 13.8%。非GAAP稀釋後每股盈餘成長4%至3.05美元，原因是流通股數量減少抵銷了略微增加的利息支出和稅率。

Digging a little deeper, let's now turn to the segment drivers on slide 6. National Security and Digital revenues increased 8% year-over-year, with 7% coming organically. Record revenue growth was driven by recent contract awards and increased volumes for defense IT and mission support for intelligence customers.

接下來，讓我們更深入地探討第 6 張投影片上的細分市場驅動因素。國家安全和數位業務收入年增 8%，其中 7% 來自內生成長。近期合約的授予以及國防資訊技術和情報客戶任務支援業務量的增加，推動了收入創歷史新高。

The multibillion-dollar classified award this quarter is ramping on plan and will provide healthy growth for several quarters. We also generated $26 million in revenues at attractive margins from the acquisition of Kudu Dynamics. This marks the first full quarter of contribution from Kudu, and we're focused on integrating quickly and unlocking new growth vectors. Non-GAAP operating income margin decreased modestly from 10.5% in the prior year quarter to 10%.

本季度數十億美元的機密項目正在按計劃推進，並將在未來幾季保持穩健成長。我們也透過收購 Kudu Dynamics 獲得了 2,600 萬美元的收入，利潤率也很可觀。這是 Kudu 貢獻的第一個完整季度，我們專注於快速整合並解鎖新的成長途徑。非GAAP營業利潤率從去年同期的10.5%小幅下降至10%。

Margins in the low- to mid-10s is the right near-term ZIP code for National Security and Digital business. Health & Civil revenues increased 6% year-over-year with an uptick on our large infrastructure operations programs as well as continued high volumes within the managed health services business. Medical disability exam volumes helped drive record non-GAAP operating income margin of 25.7%, along with some nonrecurring items across the portfolio, including a prior period incentive award pickup and equitable cost adjustment and an EAC pickup tied to successful deployment of a key fixed price program.

短期內，國家安全和數位業務的利潤率在 10% 到 10% 左右比較合適。醫療和民用業務收入年增 6%，這得益於大型基礎設施營運項目的增加以及醫療管理服務業務的持續高成長。醫療殘障檢查量推動了非GAAP營業收入利潤率創下25.7%的紀錄，此外，投資組合中的一些非經常性項目也發揮了作用，包括前期激勵獎勵的領取和公平成本調整，以及與成功部署一項關鍵固定價格計劃相關的EAC領取。

Commercial & International revenues were essentially flat and non-GAAP operating margin of 8.1% was down 70 basis points on a year-over-year basis. The Security Products business moderately pressured both revenue and fee as product deliveries shifted into Q4, and we increased investments to accelerate our AI deployment.

商業及國際業務收入基本持平，非GAAP營業利益率為8.1%，較去年同期下降70個基點。隨著產品交付轉移到第四季度，安全產品業務對收入和費用都造成了一定程度的壓力，同時我們增加了投資以加速人工智慧的部署。

The energy infrastructure business that Tom highlighted once again led the sector in growth and profitability. Lastly, in Defense Systems, again, is one of our strongest performing segments, growing 11% year-over-year, its seventh consecutive period of high single to low double-digit growth. Growth was paced by increased volumes in Integrated Air Defense, including the indirect fires protection capability Increment two system and multiple radar surveillance systems as well as the small glide munitions and hypersonic missile programs.

湯姆重點提到的能源基礎設施業務再次引領了該行業的成長和獲利能力。最後，國防系統業務再次成為我們表現最強勁的業務板塊之一，年增 11%，連續第七個季度實現個位數高成長或兩位數低成長。成長主要得益於綜合防空領域的產量增加，包括間接火力防護能力第二階段系統和多種雷達監視系統，以及小型滑翔彈藥和高超音速飛彈計畫。

Bottom line performance was consistent with our expectations, with non-GAAP operating margins of 8.9%. This level of profitability is the result of a higher mix of materials in the initial phases of production on multiple programs as well as increased investments to pursue large opportunities like Golden Dome and maritime autonomy. We're still progressing towards sustainable double-digit profitability in Defense Systems.

最終業績符合我們的預期，非GAAP營業利益率為8.9%。這種獲利水準是由於多個項目在生產初期階段採用了更高比例的材料，以及加大投資以追求金穹頂和海上自主等大型機遇。我們在國防系統領域仍朝著實現永續的兩位數獲利目標穩步前進。

Turning to cash flow and the balance sheet on slide 7. In the quarter, we generated $711 million of cash flows from operating activities and $680 million of free cash flow, for a free cash flow conversion ratio of 171%. Q3 was a phenomenal collections quarter as the government prioritized disbursements at the end of their fiscal year, and we aggressively manage working capital, improved DSO by two days and began to deduct some previously capitalized R&D costs.

接下來請看第 7 頁的現金流量表和資產負債表。本季度，我們從經營活動中產生了 7.11 億美元的現金流和 6.8 億美元的自由現金流，自由現金流轉換率為 171%。第三季收款情況非常出色，因為政府在財政年度末優先考慮撥款，而且我們積極管理營運資金，將應收帳款週轉天數縮短了兩天，並開始扣除一些以前資本化的研發成本。

After the $450 million debt paydown and $100 million share repurchase, we ended the quarter with $4.7 billion of debt for a gross leverage ratio of 2 times, and $974 million in cash and cash equivalents. Importantly, we'll now have no debt principal payments due until 2028. And even with the increased dividend, our capital commitment is not changing materially given aggressive share repurchases over the past two years.

在償還 4.5 億美元債務和回購 1 億美元股票後，本季末我們的債務為 47 億美元，總槓桿率為 2 倍，現金及現金等價物為 9.74 億美元。重要的是，到 2028 年之前，我們無需償還任何債務本金。即使股利增加，鑑於過去兩年積極的股票回購，我們的資本投入也不會發生實質變化。

Our strong balance sheet stands as a key tool to unlock shareholder value through capital investments to drive growth, strategic M&A to accelerate our growth pillars in opportunistic share repurchases.

我們強大的資產負債表是我們釋放股東價值的關鍵工具，透過資本投資推動成長，透過策略併購加速成長支柱業務，並透過機會性股票回購實現成長。

Finally, on to the forward outlook on slide 8. Based on our robust performance year-to-date and confidence in our positioning, we're enhancing our 2025 outlook. Consistent with Tom's remarks, we're reaffirming our revenue guidance of $17 billion to $17.25 billion, raising our adjusted EBITDA margin guidance from mid-13s to high 13s, raising our non-GAAP diluted EPS guidance by $0.30 at the midpoint for a new range of $11.45 to $11.75, and we're reaffirming our operating cash flow guidance of approximately $1.65 billion.

最後，我們來看看第 8 張投影片中的未來展望。基於我們今年迄今的強勁業績和對自身市場地位的信心，我們正在提升對 2025 年的展望。與湯姆的演講一致，我們重申營收預期為 170 億美元至 172.5 億美元，將調整後 EBITDA 利潤率預期從 13% 左右上調至 13% 左右，將非 GAAP 稀釋後每股收益預期中位數上調 0.30 美元，新的區間為 11.45 美元至 11.45 美元

Let me provide a little perspective on the guidance. First, with the quarter to go, we left wider ranges around revenue and EPS than usual, a proactive hedge against a less predictable government environment. Second, our team and our diverse portfolio are proving to be exceedingly agile. We've been able to absorb top line hits that could approach 3%, and split nearly equally across government efficiency imperatives and the potential for up to a three-month shutdown and still slightly improved revenue guidance over the year.

讓我從另一個角度來談談這份指導。首先，由於本季尚未結束，我們設定了比平常更寬的營收和每股盈餘預期範圍，這是為了積極應對政府環境的不確定性。其次，我們的團隊和多元化的產品組合都展現了強烈的彈性。我們已經能夠承受接近 3% 的收入損失，這些損失幾乎平均分配在政府提高效率的要求和可能長達三個月的停擺之間，但全年的收入預期仍然略有改善。

Third, we are full steam ahead on funding key investments in the fourth quarter, deepening our conviction in a mission-driven, technology-enabled and inherently profitable future. And fourth, cash flow is a metric that is most impacted by the current environment. We expect all of the additional earnings from the raised guidance to convert to free cash flow, but the timing is uncertain in this environment.

第三，我們將在第四季全力推動關鍵投資，進一步鞏固我們對以使命為導向、以技術為支撐、本質上獲利的未來願景。第四，現金流是受當前環境影響最大的指標。我們預期上調業績預期帶來的額外收益將全部轉化為自由現金流，但在當前環境下，具體時間尚不確定。

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

好了，接線員，我們準備開始回答問題了。

(Operator Instructions) Ken Herbert, RBC.

（操作說明）肯·赫伯特，RBC。

Chris or Tom, maybe just wanted to start on the balance sheet. You've done a really good job with the cash flow in the quarter and getting leverage down. You just called out the organic growth investments, some select M&A and other opportunities or priorities. Specifically, how do we think about M&A in this environment? How are you thinking about it?

克里斯或湯姆，或許只是想先從資產負債表著手。本季現金流控制和降低槓桿率方面做得非常出色。您剛才提到了有機成長投資、一些精選的併購和其他機會或優先事項。具體來說，在這種環境下，我們該如何看待併購？你是怎麼考慮的？

And where are you focused in terms of specific opportunities? And what's the potential that you maybe look to accelerate the pace of acquisitions here?

具體來說，你們關注的重點是什麼？那麼，您是否考慮加快這裡的收購步伐？

Yeah. Thanks, Ken. Yeah, as we've tried to be consistent throughout, we'll always have a shareholder-friendly view of our capital deployment. And so while we didn't have a strategy for Leidos per se, we were very focused on share repurchases and capital deployment, investing in our growth strategies organically.

是的。謝謝你，肯。是的，正如我們一直以來努力做到的那樣，我們始終會以股東利益為先來看待我們的資本部署。因此，雖然我們當時並沒有針對 Leidos 制定具體的策略，但我們非常注重股票回購和資本部署，以有機成長的方式投資於我們的成長策略。

As exemplified by the Kudu acquisition that we announced last quarter, now that we have a very defined growth strategy, NorthStar 2030, with specific growth areas where we know markets are growing, we can be profitable, and we see very good opportunities for us to grow Leidos' top line and bottom line.

正如我們上個季度宣布的對 Kudu 的收購所證明的那樣，現在我們有了非常明確的成長策略 NorthStar 2030，其中包含了我們知道市場正在成長的特定成長領域，我們可以獲利，並且我們看到了非常好的機會來提高 Leidos 的營收和利潤。

We are now focusing on that a little bit more. That's not to say that it's a swing to all inorganic, it's just that now inorganic will be more a part of the playbook now that we've got a defined set of areas where we're willing to play.

我們現在會更加關注這一點。這並不是說我們要完全轉向無機成長，只是既然我們已經明確了願意涉足的領域，那麼無機成長將成為我們策略的一部分。

We'll continue to be judicious. We'll continue to be very prudent. We are focused on a holistic approach to the capital deployment, and we're always going to have the hurdle rates and shareholder value first in mind for how we deploy capital. So whether that's internal, external or share buybacks or dividend increases, we're going to have the same type of a lens.

我們將繼續保持謹慎。我們將繼續保持謹慎的態度。我們專注於採用整體方法進行資本部署，在部署資本時，始終將最低收益率和股東價值放在首位。所以無論是內部調動、外部調動，或是股票回購或股利增加，我們都會用同樣的視角來看。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Congratulations on great results. Maybe if we could talk about Defense Systems because it was one of the highest growers in the portfolio. How do you think about the growth within that segment and just moving past DOGE and potential like issues with civil customers as we've seen from a recent competitor, how does that impact your portfolio?

恭喜取得如此優異的成績。或許我們可以聊聊國防系統，因為它是投資組合中成長最快的股票之一。您如何看待該領域的成長，以及擺脫 DOGE 等潛在問題（就像我們最近從競爭對手那裡看到的那樣），這些會對您的業務組合產生怎樣的影響？

Thanks, Sheila, and appreciate the question. Yeah, we're very, very proud of our Defense Systems business and frankly, I'm happy to highlight some of the opportunities that we see that we're leveraging in that business. We're tracking about 10 different franchise programs that we expect to deliver about $15 billion in potential value over the next five years.

謝謝你，希拉，謝謝你的提問。是的，我們為我們的國防系統業務感到非常非常自豪，坦白說，我很高興能重點介紹我們在該業務中看到的一些我們正在利用的機會。我們正在追蹤大約 10 個不同的特許經營項目，預計這些項目將在未來五年內帶來約 150 億美元的潛在價值。

These are programs like air and base defense systems, counter-UAS systems, hypersonic missiles, our black arrow small cruise missile that you may have read about in the press or heard about and non-kinetic effects for counter UAS areas.

這些項目包括防空和基地防禦系統、反無人機系統、高超音速飛彈、您可能在媒體上讀到或聽說過的「黑箭」小型巡航飛彈，以及反無人機領域的非動能效應。

Also in defense, as we discussed last quarter, we have our maritime area, where we're very bullish on our opportunity to help this administration increase the size and lethality of the US Navy. And I'm very proud that both in Australia and the UK, we have corollary unmanned autonomous vehicle programs that have synergy with what we're doing here in the US.

此外，在國防領域，正如我們上個季度所討論的那樣，我們在海事領域非常有信心，我們有機會幫助本屆政府擴大美國海軍的規模和殺傷力。我非常自豪的是，澳洲和英國都有相應的無人自主車輛項目，這些項目與我們在美國所做的工作具有協同效應。

So all in all, we see a tremendous pivot for our defense business from heavy in the R&D and heavy in the seed corn, if you will, and now really pivoting to LRIP and programs of record, which has always been our plan since we acquired our defense tech business some years ago.

總而言之，我們看到國防業務發生了巨大的轉變，從過去專注於研發和種子業務，轉向低速初始生產和正式項目，這自幾年前我們收購國防技術業務以來一直是我們的計劃。

With that, Chris, do you want to talk a little bit about the shutdown?

克里斯，那你想稍微談談停工這件事嗎？

Yeah, sure, Sheila. Obviously, it's been a year where we've had to overcome a lot of twists and turns. And specific to your question around our [defensive] portfolio, actually, I think it's proving to be quite resilient. Our teams have been able to execute in this environment, exceedingly agile -- in an agile way. And it's mostly impacted our [dig-mode] business, but we still were able to deliver double-digit -- I'm sorry, mid-single-digit growth in our -- in that area in Q3 and on a year-to-date basis.

是啊，當然，希拉。顯然，過去的一年我們經歷了許多曲折和變故。至於你問到的關於我們（防禦型）投資組合的問題，實際上，我認為它展現了相當強的韌性。在這種環境下，我們的團隊能夠以敏捷的方式有效地執行任務。這主要影響了我們的[挖掘模式]業務，但我們仍然能夠在第三季度和年初至今在該領域實現兩位數的增長——抱歉，是中等個位數的增長。

And so that's through driving more IT efficiencies for our customers and on-contract growth. And you look beyond that, you see that of the missions we perform for our veterans benefits administration are mission essential. And those areas, the demand continues to be very robust.

因此，我們透過提高客戶的 IT 效率和合約期間的業務成長來實現這一目標。而且，你再往後看，你會發現我們為退伍軍人福利管理執行的任務至關重要。在這些領域，需求依然非常強勁。

And obviously, our FAA business, we're seeing that we're a central part of the programs we're performing on today and hopefully a big part of the future there, too.

顯然，就我們與美國聯邦航空管理局 (FAA) 的業務而言，我們看到，我們是目前所執行專案的核心部分，並且希望在未來也能成為其中的重要組成部分。

So our portfolio is very well insulated, and we'll continue to be nimble there, but it's been holding up quite nicely in this environment.

因此，我們的投資組合具有很強的抗風險能力，我們將繼續保持靈活，但它在這種環境中表現得相當不錯。

Peter Arment, Baird.

Peter Arment，Baird。

Chris, nice results. Chris, could you talk a little bit about, you've done a great job guys expanding margins in the Health & Civil segment. Just the sustainability. Obviously, the record examinations volume, obviously, being a part of that all, but just how do you think about the business just sustaining these levels going forward?

克里斯，結果不錯。克里斯，你能稍微談談嗎？你們在醫療和民用領域擴大利潤率方面做得非常出色。僅僅是可持續性。顯然，檔案審查量是其中的一部分，但您認為企業如何在未來維持目前的水平？

Yeah. Sure thing, Peter. I mean, again, the team has been knocking it out of the park there. And it's the portfolio that we have differentiated ourselves through innovation and investment -- ongoing investment around the quality and the efficiency of care, timeliness, all of the key metrics to customers really prioritizing.

是的。當然可以，彼得。我的意思是，再說一遍，這支球隊在那方面表現得非常出色。我們透過創新和投資，在產品組合方面實現了差異化——持續投資於護理品質和效率、及時性，以及所有真正以客戶為中心的關鍵指標。

So we've been able to stay ahead of that curve, and we're certainly aware that as they're expanding capacity with other vendors in that environment, we like how we're positioned to sustain a very robust piece of that action.

因此，我們一直能夠保持領先地位，而且我們當然也意識到，隨著他們與該環境中的其他供應商擴大產能，我們很高興我們能夠保持在該行動中佔據非常穩固的地位。

And the team is looking beyond just what's going on in the VBA business. Obviously, we're focused on our growth pillar there, expanding into rural and behavioral health care in other areas, and there's a very robust set of opportunities as we're looking at funding and the federal and state levels through CMS that we're looking to figure out how we can help those customers expand and meet their needs around exam delivery, telehealth, et cetera.

而且，團隊的目光不僅限於 VBA 業務本身。顯然，我們專注於成長支柱，拓展到其他地區的農村和行為健康護理領域，並且隨著我們透過聯邦和州層面的 CMS 尋求資金，我們看到了一系列非常強勁的機會，我們正在努力弄清楚如何幫助這些客戶擴展業務，滿足他們在檢查、遠距醫療等方面的需求。

So this team, I wouldn't bet against them. They've performed time and again, and we have given ourselves the opportunity to really turbocharge the investments in AI and innovation to ensure that we can meet that mission head on and deliver robust margins into the future.

所以，我不會押注這支球隊輸球。他們一次又一次證明了自己的實力，我們也因此有機會真正增加對人工智慧和創新領域的投資，以確保我們能夠正面完成這項使命，並在未來實現穩健的利潤。

Yeah. And Peter, if you don't mind, I'm going to pile on here just to give a little shout out to our customer. This administration has made it a focus to serve our nation's veterans and to work down the backlog of health exams that our veterans need to access the benefits that they deserve. And because we've been investing in this business for years, we have the capacity to serve that need. But we are not stopping there.

是的。彼得，如果你不介意的話，我也想在這裡稍微稱讚我們的客戶。本屆政府已將服務國家退伍軍人作為工作重點，並致力於解決退伍軍人獲得應有福利所需的健康檢查積壓問題。因為我們多年來一直在投資這項業務，所以我們有能力滿足這種需求。但我們不會就此止步。

We're very focused on the insertion of technology into this business so that exams are better, faster, cheaper, and we do it in a way that we can sustain this level of business and profitability for years to come. So we're very bullish on leaning into this environment and continuing to have a very robust Health & Civil business as a part of the Leidos portfolio.

我們非常注重將技術融入這項業務中，使考試更好、更快、更便宜，並且我們以一種能夠在未來幾年內維持這種業務水平和盈利能力的方式來做到這一點。因此，我們非常看好在這種環境下發展，並希望繼續保持強大的醫療保健和民用業務，使其成為 Leidos 投資組合的一部分。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Thank you. I wondered if we could get your view of your submitted bid expectations for next year. I know we're in a shutdown and so forth, but if you could compare and contrast the amount of bids that you're submitting this year and give us an indication for what growth might look like in those numbers as we get into '26?

謝謝。我想了解一下您對明年投標的預期。我知道我們目前處於停工狀態等等，但是如果您能比較一下今年提交的投標數量，並讓我們了解一下到 2026 年這些數字的增長情況，那就太好了？

Yeah. So as we discussed on the call, Tobey, we are very happy with the volume of business that is in our pipeline. We've got, as we said, $69 billion of near-term efforts that we are tracking and that are in the pipeline that we plan to submit against, and $24 billion that is already submitted and just awaiting adjudication.

是的。正如我們在電話會議中討論的那樣，托比，我們對目前正在進行的業務量非常滿意。正如我們所說，我們有 690 億美元的近期項目正在追蹤和推進中，我們計劃就此提交申請；還有 240 億美元的項目已經提交，正在等待裁決。

We're seeing a little slowdown in customer decisions in that pipeline because of the government shutdown. However, we expect as soon as the government shutdown ends, customers are going to return to the workplace and get after those decisions. So we think orders could pick up and pace very dramatically even in this quarter. But certainly, there will be some lag into next year.

由於政府停擺，我們看到客戶在該管道的決策速度略有放緩。然而，我們預計一旦政府停擺結束，顧客就會重返工作崗位，並開始關注這些決定。因此，我們認為本季訂單量可能會大幅成長。但可以肯定的是，這種情況會持續到明年。

So I expect next year to be a big book-to-bill year and a big business development effort with a whole suite of products and services across the whole of Leidos, whether that's FAA or TSA or Department of Homeland Security or the DoD, in the Department of State, everywhere we look we see a buildup, almost a bow wave of needs and opportunities for us to pursue. And our business development team is very actively pursuing them.

因此，我預計明年將是訂單量大幅增長的一年，也是業務拓展的大年，Leidos 將推出一系列產品和服務，覆蓋整個公司，無論是 FAA、TSA、國土安全部、國防部還是國務院，我們所到之處都看到了需求和機遇的積累，幾乎像波浪一樣湧來，等待我們去追求。我們的業務拓展團隊正在積極跟進這些客戶。

Tobey, I'd add, I mean, obviously, early in the year, we had to pivot because there were some things that we were pursuing that got reprioritized by the customer. But since that time, as Tom just talked about, momentum has been building, the activity level has been elevated. And we expect next year to have a submittal year that exceeds this year overall. That's the goal in the plan.

托比，我想補充一點，我的意思是，很明顯，年初的時候，我們不得不做出調整，因為我們正在追求的一些事情被客戶重新確定了優先順序。但正如湯姆剛才所說，從那時起，勢頭一直在增強，活動水平也提高了。我們預計明年提交的申請數量將超過今年。這就是計劃的目標。

And it's a nice mix of -- there are some recompetes out there that we're chasing, of course, but a lot of new work. And with the backdrop against a set of win rates that have continued to hold up quite well, we're very pleased with where those are. It's a good recipe for success.

而且，情況也相當不錯——當然，我們也在爭取一些重新競標的項目，但同時也有很多新的工作。鑑於目前的勝率一直保持良好水平，我們對目前的勝率非常滿意。這是成功的好方法。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Just the health side on the medical exam has been a real nice source of strength. Just can you give us an early preview of how you're thinking about how that holds up next year? And any changes you see in today's environment possibly impacting that positively or negatively? Thank you.

體檢中健康方面的成績真的給了我很大的安慰。能否提前透露您對明年情況的看法？您認為當前環境的任何變化可能會對此產生正面或負面的影響？謝謝。

Hey, Jonathan. So again, the trends have been strong there, of course. And the customer -- I mean, the administration really had a focus on driving down the backlog of aged claims, and we've been slowly chipping away at that all year. The trends are good, but we're not at that goal. So the demand signal we think will remain elevated.

嘿，喬納森。所以，那裡的趨勢當然一直很強勁。至於客戶——我的意思是，政府確實非常重視減少積壓的過期索賠，而我們今年也一直在慢慢解決這個問題。趨勢是好的，但我們還沒有達到目標。因此，我們認為需求訊號將保持在高位。

You may be tracking again that they did introduce a fourth provider in some of the regions, and we're well aware of that. So that's an area that -- you have to stay ahead of the competition through innovation and technology, great performance, good customer satisfaction, and we'll continue to prioritize those things.

您可能再次注意到，他們在某些地區引入了第四家供應商，我們對此非常清楚。所以，在這個領域，你必須透過創新和技術、卓越的業績、良好的客戶滿意度來保持競爭優勢，我們將繼續優先考慮這些方面。

So I'd say, next year is a year that it'd be difficult to add to the capacity that we're seeing right now given that fourth vendor, but sustaining the levels of performance is our expectation and then building off of that by expanding into these other areas that are part of our managed health services platform. So the exam business is in great shape.

所以我認為，考慮到第四家供應商的加入，明年很難在我們目前所看到的產能基礎上增加產能，但我們期望保持目前的績效水平，然後在此基礎上，通過擴展到我們管理式醫療服務平台的其他領域來發展壯大。所以考試產業發展動能良好。

We're already looking ahead to the follow-on, the recompete that happens at the end of 2026. So the team has been shaping towards that for ever since the last contract was awarded. So we're prioritizing this as a really important part of our business, and we're in a great spot.

我們已經開始展望後續比賽，也就是 2026 年底的重新比賽。所以自從上一份合約簽訂以來，這支隊伍就一直朝著這個方向發展。因此，我們將此視為我們業務中非常重要的一部分，並優先考慮，目前我們處於非常有利的位置。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

First, I would just love to clarify what you're assuming for the shutdown impact in 4Q? And then second, would love to just hear a little bit more on where you're focusing investment and how we see that come through the financials? Thanks.

首先，我想確認一下您對第四季停工的影響有何假設？其次，我想更詳細地了解你們的投資重​​點領域，以及我們如何從財務數據中看到這些投資的體現？謝謝。

Yeah. Sure, Gavin. Before I turn it over to Chris to go over the specifics of our guidance and what we're assuming on shutdown, I really do want to foot stop the thanks to the Leidoceans who have been leaning into this environment.

是的。當然可以，加文。在我把麥克風交給 Chris 來詳細介紹我們的指導方針以及我們對停工的假設之前，我真的想藉此機會感謝一下 Leidoceans，感謝他們一直積極適應這種環境。

And it is no small feat that we've been able to overcome the shutdown and DOGE headwinds of 2025 almost holistically. I mean, again, just to put it in perspective, this is our second guidance raise for the year. And we've been able to hold our revenue guidance throughout. That is directly to the spirit of our Leidos teams that have been working to offset programs that have been canceled or curtailed and work for on-contract growth and other wins in other places to make sure that we continue to serve our customers and our communities.

我們幾乎全面地克服了 2025 年的經濟停擺和 DOGE 股票帶來的不利影響，這絕非易事。我的意思是，再次強調，這是我們今年第二次上調業績預期。而且我們一直能夠維持營收預期。這直接體現了我們 Leidos 團隊的精神，他們一直在努力彌補被取消或縮減的項目，並在其他領域努力實現合約成長和其他成功，以確保我們繼續為我們的客戶和社區服務。

So a real big shout out to the team that has been so resilient through the year and a real testament to the diversity of the Leidos portfolio. It's not that we are a one-trick pony, and we're totally beholden to one type of business that has been more affected by DOGE and the shutdown, we're very diverse, and therefore, we have the opportunity to lean on other aspects of the portfolio as the year unfolds.

所以，我要向這支一年來一直保持韌性的團隊致以崇高的敬意，這也真正證明了 Leidos 產品組合的多樣性。我們並非只會一招鮮，也並非完全依賴受狗狗幣和停擺影響較大的某一類業務。我們的業務非常多元化，因此，隨著時間的推移，我們有機會依靠投資組合的其他方面。

Chris, do you want to underscore the guidance?

克里斯，你想強調一下這項指導原則嗎？

Sure. Thanks, Gavin. So Gavin, as we said in our prepared remarks, we left a little wider ranges because of the uncertainty in the environment. We're obviously all hopeful that the shutdown comes to an end here quickly. And I think if that were to be the case, you would see us trending towards the higher end of the guidance ranges that we put out for EPS and revenue.

當然。謝謝你，加文。所以，加文，正如我們在準備好的發言稿中所說，由於環境的不確定性，我們留出了更寬的範圍。我們當然都希望這裡的停工能盡快結束。我認為，如果情況真是如此，你會看到我們的業績朝著我們發布的每股收益和營收預期範圍的上限發展。

But we left a little bit wider range to accommodate the risk that it extends towards the end of the year. I don't expect that to be the case, but there's always that potential. And the one area that, again, probably the least direct control over is cash. If the shutdown goes longer, even if it ends here in the -- late in the fourth quarter, there's always risk that some of the collections do leak into 2026. It will all show up in time, but that's why we didn't change our cash guidance at this point in time.

但我們留出了更大的波動範圍，以應對這種情況可能持續到年底的風險。我不認為這種情況會發生，但總是存在這種可能性。而現金，這可能是我們最難直接控制的領域。如果停擺持續更長時間，即使到第四季末結束，也始終存在一些稅收收入會延至 2026 年的風險。一切都會水落石出，但這就是為什麼我們目前沒有改變現金流預期的原因。

So I think we've accommodated a variety of outcomes. We're hopeful that those more extreme situations aren't in play and that we're able to get back to ordinary course of business here quickly.

所以我覺得我們已經考慮到了各種可能的結果。我們希望那些更極端的情況不會發生，並且我們能夠盡快恢復正常的業務運作。

Regarding technology, yes. I mean, we've stepped up technology. Being in this position, having built the capacity in the business with such high margins and great returns has afforded us the ability and it's perfect timing because this environment the customer is looking for proven solutions to deploy.

就技術而言，是的。我的意思是，我們的技術水平已經提高了。身處這樣的地位，憑藉如此高的利潤率和豐厚的回報，我們在業務中建立了強大的能力，這使我們能夠抓住這個機遇，而且時機也恰到好處，因為在當前的環境下，客戶正在尋找經過驗證的解決方案進行部署。

And so we've been able to lean into investing in prototypes and different kinds of technology and capacity for example, in our Huntsville facilities to meet the moment as it relates to expanding the programs that Tom talked about. Obviously, AI investments are central to a lot of that too.

因此，我們得以加大對原型機、各種技術和產能的投資，例如在我們位於亨茨維爾的工廠，以滿足目前擴大湯姆所談到的項目的需求。顯然，人工智慧投資在其中也扮演著核心角色。

But you're seeing that proliferated across a variety of our business segments in a number of areas, we call it our innovation fund where Leidos is putting a lot of its own resources, not company R&D -- funded R&D into this. And I think those things will really allow us to hit the ground running into '26 on an accelerated basis.

但你會發現，這種現像在我們各個業務部門的多個領域迅速蔓延，我們稱之為創新基金，Leidos 正在投入大量自有資源，而不是公司研發——而是公司資助的研發投入。我認為這些措施將使我們能夠以更快的速度進入 2026 年。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Okay. Just to clarify a little bit more on that last question. When we think about the programs that you're talking about moving from R&D towards production, the capital investment, the capacity to ramp up on the types of opportunities that you're talking about that all exists already.

好的。關於最後一個問題，我再補充說明一下。當我們思考您所說的從研發到生產的計劃時，資本投資，以及抓住您所說的各種機會的能力，所有這些都已經存在了。

And I guess related to that, it looks like this year is probably going to underrun, to some degree, the CapEx forecast that we had back at the beginning of the year. Do we think about that as reflecting some investments that may move to future periods? Or was the initial outlook just a little bit conservative?

我想，與此相關的是，今年的資本支出可能在某種程度上低於我們年初做出的預測。我們是否認為這反映了一些可能轉移到未來時期的投資？或者說，最初的觀點只是稍微保守了一些？

Yeah. Thanks for the question. The -- yes, the majority of the CapEx we need to facilitize for the production programs I mentioned has been made. And at the same time, I do want to say that we've given a little bit more freedom to our defense tech business to make sure they have the resources necessary to continue to facilitize for the customer pull.

是的。謝謝你的提問。是的，我提到的生產計畫所需的資本支出大部分已經到位。同時，我想說的是，我們已經給予國防科技業務更大的自主權，以確保他們擁有必要的資源，並繼續滿足客戶的需求。

We're in a very unique situation where this administration is very focused on lethality for select products and solutions. We meet the moment with our defense business that has very, very specific lethal production programs that are meeting the moment for base defense, counter UAS, small cruise missiles and the like.

我們現在處境非常特殊，本屆政府非常注重某些特定產品和解決方案的致命性。我們透過國防業務來應對這項挑戰，該業務擁有非常、非常具體的致命性生產項目，以滿足基地防禦、反無人機系統、小型巡航飛彈等方面的需求。

And so we're going to be a little bit more comfortable with a higher CapEx rate in our defense business, but on the whole of Leidos, keeping that within CapEx expenditures that you, our investors, have grown accustomed to. So on balance, again, leveraging the portfolio and making sure that we use the portfolio as a strength, we can invest a little bit more in our defense business, while we don't have to invest the same amount of CapEx in other parts of the business.

因此，我們將能夠更輕鬆地接受國防業務中較高的資本支出率，但就整個 Leidos 而言，我們將把資本支出控制在你們投資者已經習慣的範圍內。所以總的來說，再次利用投資組合並確保我們利用投資組合的優勢，我們可以在國防業務上投入更多資金，而不必在業務的其他部分投入同等數額的資本支出。

Chris, anything you would add?

克里斯，你還有什麼要補充的嗎？

Well, and Seth, I mean, to your comment, you're correct. I mean we have underspent the original expectations in '25 on CapEx. Some of that was just good, prudent management along the way. Some of that is expenditures we would have liked to have made, but there's been some delays in customer decisions that would drive the need for those investments, including what's going on with our airborne ISR business in Australia.

嗯，塞思，我的意思是，對於你的評論，你說得對。我的意思是，我們在 2025 年的資本支出低於最初的預期。其中一些原因只是由於一路以來良好的、審慎的管理。其中一些支出是我們原本希望進行的，但客戶的決策出現了一些延誤，導致這些投資的需求無法實現，包括我們在澳洲的空中 ISR 業務目前的情況。

So those are some things that could still take place here as we look into the early part of 2026, but all the while sitting in the affordability envelope that we've laid out for you guys over time. So I think we're in a great position there, have some capacity to step it up if the needs arise, but we'll certainly ensure that those incremental investments, we believe, are going to generate attractive returns for our shareholders.

所以，展望 2026 年初，這些事情仍然有可能發生，但這一切都將保持在我們一直以來為大家設定的可承受範圍內。所以我認為我們目前處於非常有利的地位，如果需要的話，我們有能力加大投入，但我們一定會確保這些新增投資，我們相信，將會為我們的股東帶來可觀的回報。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，坎托·菲茨杰拉德。

As we think about normalizing for shutdown results and the bridge from this year's mid-single-digit organic performance to next year, what are some of the key puts and takes or contracts that you would flag as we think about the building blocks for mid-single-digit organic growth to potentially high single-digit organic growth next year? Thank you.

當我們考慮如何使停工造成的業績正常化，以及如何從今年的個位數中段有機增長過渡到明年時，在思考如何構建明年從個位數中段有機增長到可能的高個位數有機增長的基礎時，您會指出哪些關鍵的買賣點或合約？謝謝。

Yeah. Hey, Colin, I think too early to lay out any specifics on 2026. We obviously have to see when the shutdown ends and how quickly things get back to the ordinary course of business. But as Tom laid out, I think you can expect to see our Defense Systems business leading the way as an area (technical difficulty) a number of programs that could accelerate away and drive growth. Obviously, our energy infrastructure business that was highlighted today is an area that we expect to see strong growth momentum and going into 2026.

是的。嘿，科林，我覺得現在談論 2026 年的具體細節還為時過早。我們顯然需要觀察停工何時結束，以及一切恢復正常運作的速度。但正如湯姆所闡述的那樣，我認為你可以期待看到我們的國防系統業務在這個領域（技術難題）引領潮流，許多項目可能會加速推進並推動成長。顯然，我們今天重點介紹的能源基礎設施業務是我們預計在 2026 年將保持強勁成長勢頭的領域。

We talked about our large award in the intelligence community this quarter that will be ramping going into next year. So there's several things that have momentum behind them, not to mention the additional opportunities that may emerge through Golden Dome funding and air traffic control and of course, border security.

我們討論了本季我們在情報界獲得的一筆巨額獎金，這筆獎金將在明年逐步發放。因此，有幾件事都在蓬勃發展，更不用說透過金色穹頂基金、空中交通管制以及邊境安全可能出現的額外機會了。

Juxtaposed against that, it has been a year of DOGE, and we've navigated that well. And there'll be some programs that ultimately trade out of the portfolio or have ended over the course of the year. We did sell a small business in Barrick that you heard us talk about that's very modest. Think of that as a $40 million top line business.

與此形成鮮明對比的是，今年是狗狗幣（DOGE）的一年，我們也很好地應對了這一局面。而且，有些項目最終會從投資組合中移除，或者在一年中結束。我們確實賣掉了巴里克的一家小型企業，你們之前也聽我們提起過，規模很小。想想看，這可是年營業額 4000 萬美元的業務啊。

And then we're almost through all of the portfolio shaping we've spoken about in the past, specifically our Antarctic support program, and that will ultimately come out of the portfolio in 2026.

然後，我們幾乎完成了過去討論過的所有投資組合調整，特別是我們的南極支持計劃，該計劃最終將於 2026 年從投資組合中移除。

So we're excited about the growth momentum and looking at a number of levers there. But to put all that into a framework on what the growth expectations are for '26 is just little premature for that.

因此，我們對成長勢頭感到興奮，並正在研究多種推動成長的因素。但要將所有這些因素納入對 2026 年成長預期的框架中，現在還為時過早。

A little context also, Colin. As we came out of DOGE and we started to gain traction on the One-BBB law, things like FAA, ATC modernization, Golden Dome, our border security opportunities and airport screening modernization, those were all areas that got tremendous traction.

科林，也請提供一些背景資訊。隨著我們走出 DOGE 的困境，並開始在 One-BBB 法案上取得進展，像 FAA、ATC 現代化、金穹頂、我們的邊境安全機會和機場安檢現代化等領域都取得了巨大的進展。

But then with the government shutdown, there's been a little hiatus there. And as I tried to suggest in my prepared remarks around Golden Dome, we expect as soon as this government shutdown is over, tremendous customer uptake and activity on all of these programs and more. ibecause the future is not waiting. So as soon as the government shuts down is over, we expect tremendous customer interaction to take place. The team is ready for it. We are excited about it.

但由於政府停擺，這方面出現了一段短暫的停滯期。正如我在金頂大廈發表的準備演講中所暗示的那樣，我們預計一旦政府停擺結束，所有這些項目以及更多項目都將迎來巨大的客戶參與度和活躍度。因為未來不等人。因此，一旦政府解除封鎖，我們預期客戶互動將大幅增加。團隊已經做好準備了。我們對此感到非常興奮。

But exactly how those things will unfold and how those cards will come to play is something we're still calculating. And as we come out of the shutdown, we'll put together our '26 plan, and then we'll have something to talk to you about what we expect next year.

但這些事情究竟會如何發展，這些因素會如何發揮作用，我們仍在計算中。隨著疫情封鎖的結束，我們將製定 2026 年計劃，然後我們將和大家談談我們對明年的預期。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

This is Samantha on for Mariana today. Just talk a little bit about your international business, where are we seeing some pockets of strength or some slowness?

這裡是薩曼莎，今天為您報道瑪麗安娜。請您簡單談談貴公司的國際業務，哪些方面發展強勁，哪些方面發展緩慢？

Sure. Well, our international business is focused in Australia and the UK, as you know. In each of those countries, we have a relatively large business and about 2,000 employees. We've got a leadership team in place in both of those countries that we're very proud of and very confident in. And they're both very aggressively figuring out how they expand their business in line with our NorthStar 2030 strategy.

當然。如您所知，我們的國際業務主要集中在澳洲和英國。在這些國家，我們都擁有規模較大的業務和約 2000 名員工。我們在這兩個國家都組建了領導團隊，我們對此感到非常自豪和充滿信心。他們都在積極探索如何根據我們的 NorthStar 2030 策略拓展業務。

This is a point that I make internally all the time. Some people say, oh, international is not a growth area for Leidos, to which I answer, au contraire. We have a domestic homeland defense business in the UK and Australia and we have five growth pillars. And I am very confident and comfortable growing our international business in those two countries and maybe select other countries consistent with those growth pillars. That's the key.

這一點我內部經常強調。有人說，哦，國際市場不是 Leidos 的成長領域，對此我的回答是，恰恰相反。我們在英國和澳洲擁有國內國土防禦業務，我們有五個成長支柱。我非常有信心和能力在這兩個國家發展我們的國際業務，並可能根據這些成長支柱選擇其他國家。這是關鍵所在。

The growth pillars are the key to how we're going to grow Leidos regardless of what country or what Homeland you're discussing growing it in. So we're very bullish about growing our Australia and the UK business. We're going to be opportunistic elsewhere in the world, but not silly because our business is one where you have to be domiciled organic and local. You can't just parachute in and sell more products from a production line in the United States.

無論你討論的是在哪個國家或哪個國度發展，成長支柱都是我們發展 Leidos 的關鍵。因此，我們對在澳洲和英國的業務成長非常樂觀。我們會在世界其他地方尋找機會，但不會愚蠢，因為我們的行業要求你必須紮根於有機和本地市場。你不能空降到美國，然後直接從美國的生產線上銷售更多產品。

And so international remains a part of our growth story, consistent with our NorthStar 2030 growth pillars. I hope that helps.

因此，國際化仍然是我們成長故事的一部分，這與我們的「北極星 2030」成長支柱一致。希望對您有幫助。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Tom, you talked about the franchise program opportunities at your Defense Tech business, and we've seen a lot of defense tech companies raise capital at lofty valuations that don't have the track record of Dynetics. So does it make sense to potentially explore spinning off Dynetics given that it might attract a higher valuation outside of the broader Leidos portfolio?

湯姆，你談到了你國防科技公司的特許經營計劃機會，我們看到很多國防科技公司以很高的估值籌集資金，但它們並沒有像 Dynetics 那樣的業績記錄。那麼，考慮到 Dynetics 在 Leidos 集團之外可能會獲得更高的估值，將其分拆上市是否有意義？

I think the corollary is also true, where we have a golden jewel in our Dynetics and Defense Tech business that has people and analysts get more comfortable with and they see the fact that we're at stake, not just sizzle. They're going to start to value Leidos on the whole a little bit more robustly.

我認為這個推論也成立，我們在動力和國防科技業務中擁有一顆璀璨的明珠，它讓人們和分析師越來越感到安心，他們看到了我們所面臨的風險，而不僅僅是表面的光鮮亮麗。他們會開始更認真地評估 Leidos 的整體價值。

So I'm looking at it at the other side of the straw, if you will, that says, I've got this wonderful asset. It's called Leidos Dynetics in Huntsville, Alabama. We're growing a business around it because we have a defense tech business that is more than just platforms, it's also mission systems.

所以，我現在是從另一個角度來看這個問題，也就是說，我擁有這項寶貴的資產。它位於阿拉巴馬州亨茨維爾，名為 Leidos Dynetics。我們正在圍繞它發展一項業務，因為我們的國防科技業務不僅僅是平台，還包括任務系統。

It's the ability to combine rapid prototyping and rapid fielding of platforms with the software and the smart and the mission systems that makes it effective for our war fighter. And that's the thing that these other people that are getting a lot of press can't do. They may be able to build products quickly and innovatively, but so can we. What we can do that they can't do is put the mission packages on them and make them relevant to the war fighter in the next years.

正是將快速原型製作和平台快速部署與軟體、智慧系統和任務系統結合的能力，才使得我們的作戰人員能夠有效地使用它。而這正是其他那些獲得大量媒體關注的人所做不到的。他們或許能夠快速創新地生產產品，但我們也能做到。我們可以做而他們做不到的是，我們可以把任務包放到這些裝備上，使它們在未來幾年與作戰人員的需求相關。

And so I'm very excited about it. I have no plans to do anything, but invest in it and help sell the story that Leidos should be valued more because we have this crown jewel called Leidos Dynetics.

所以我對此感到非常興奮。我沒有任何計劃，只是打算投資並幫助宣傳 Leidos 應該得到更高估值，因為我們擁有 Leidos Dynetics 這顆璀璨的明珠。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Good morning, and good results, guys. I was wondering if you could comment on recompetes next year. I know you mentioned the VBA contract. But if you could just call out what percentage of sales? And if there are any lumpier recompetes out there that we should be monitoring?

早安，各位，成績不錯。我想問您能否對明年的重新比賽發表一下看法。我知道你提到了VBA合約。但如果你能直接說出銷售額的百分比就好了？如果還有其他更不公平的重新競標情況值得我們關注呢？

Hey Gautam, yes, sure. This is Chris. I probably can't put a percentage on it just yet. We're fine-tuning all of that '26 playing. But I can tell you, there's a couple more significant ones we're paying attention to. Our reserve health readiness program is a large one that we expect could be decided here in the fourth quarter. I referred to an Australian airborne program. That's one where there was an expanded scope opportunity there, but still a key recompete for our commercial international business.

嘿，高塔姆，是的，當然可以。這是克里斯。我可能現在還無法給出一個具體的百分比。我們正在對 26 年的所有比賽進行微調。但我可以告訴你，還有幾個更重要的方面我們正在關注。我們的後備健康準備計畫規模龐大，我們預計可以在第四季做出決定。我指的是澳洲的一個空中作戰計畫。那是一個拓展業務範圍的機會，但對於我們的國際商業業務來說，仍然是關鍵的重新競爭。

Those are two of the larger ones running through the list, I am just eyeballing here of anything else of consequence, we've got a CBP opportunity. But I'd say beyond those two, actually, it lines up to be a pretty nice year, more weighted towards new business and takeaways than recompetes.

以上是名單上比較大的兩個項目，我只是粗略地看一下還有沒有其他重要的事情，我們有一個與美國海關和邊境保護局 (CBP) 合作的機會。但除了這兩件事之外，實際上，今年將會是相當不錯的一年，更專注於新業務和經驗積累，而不是重新競爭。

But of course, those critical franchises we're going to focus on, and we already have, putting our best foot forward on our proposals there.

當然，我們會專注於那些關鍵的特許經營權，而且我們已經在這樣做了，我們會盡全力提出我們的方案。

Thank you. And there are no further questions in the queue at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

謝謝。目前隊列中沒有其他問題了。女士們、先生們，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了。