Leidos Holdings Inc (LDOS) 2025 Q4 法說會逐字稿

Greetings. Welcome to Leidos fourth-quarter fiscal year 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

問候。歡迎參加 Leidos 2025 財年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker, Stuart Davis from Investor Relations. Stuart, 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。斯圖爾特，你可以開始了。

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

謝謝接線員，大家早安。歡迎各位參加我們2025財年第四季及全年業績電話會議。今天和我一起出席的有我們的執行長湯姆貝爾和我們的財務長克里斯凱奇。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，您也可以在那裡找到我們今天使用的收益報告和補充財務簡報。

Turning to slide 2 of the presentation. Today's discussion contains forward-looking statements based on the environment as we currently see it and as such, does include risks and uncertainties. Please refer to our press release for more information on the specific risk factors that could cause actual results to differ materially.

現在翻到簡報的第二張投影片。今天的討論包含基於我們目前所見環境的前瞻性陳述，因此確實存在風險和不確定性。有關可能導致實際結果與預期結果存在重大差異的具體風險因素的更多信息，請參閱我們的新聞稿。

Finally, as shown on slide 3, we'll discuss GAAP and non-GAAP financial measures. A reconciliation between the 2 is included in today's press release and presentation slides. With that, let me turn the call over to Tom Bell.

最後，如幻燈片 3 所示，我們將討論 GAAP 和非 GAAP 財務指標。今天的新聞稿和簡報中包含了雙方達成和解的內容。那麼，現在讓我把電話交給湯姆貝爾。

We'll begin on slide 4.

我們將從第4張投影片開始。

Thank you, Stuart, and good morning, everyone. I'm pleased you've been able to join us to discuss another strong quarter for Leidos, capping off an outstanding 2025. Of course, 2025 was a very dynamic year, the complexities of DOGE early and the longest US government shutdown towards the end. But despite these challenges, we were able to deliver on our promises.

謝謝你，斯圖爾特，大家早安。很高興您能加入我們，共同探討 Leidos 又一個強勁的季度業績，為輝煌的 2025 年畫上圓滿的句號。當然，2025 年是一個非常多變的年份，狗狗幣的複雜性在年初就顯現出來，而美國政府又在年底經歷了史上最長的停擺。儘管面臨這些挑戰，我們還是兌現了我們的承諾。

Importantly, first, to our customers, and as a result to our shareholders. We're pleased to have recorded 2025 revenue toward the top of our guidance, and earnings and cash ended the year above our guidance. 2025 adjusted EBITDA margin was 14.1%, a year-over-year increase of 120 basis points. Non-GAAP diluted earnings per share grew by 17% and free cash flow grew by 26%. Q4 revenue was $4.2 billion, a year-over-year decrease of 3.6%.

首先，這對我們的客戶至關重要，因此也對我們的股東至關重要。我們很高興2025年營收接近預期上限，且全年獲利和現金流都超乎預期。 2025年調整後EBITDA利潤率為14.1%，年增120個基點。非GAAP稀釋後每股盈餘成長17%，自由現金流成長26%。第四季營收為 42 億美元，年減 3.6%。

But normalized for the extra week in our fourth quarter of 2024 and the six-week government shutdown in 2025, Q4 revenue would have grown approximately 4%. Chris will give you all the details on our financials later on this call.

但考慮到 2024 年第四季多出的一周以及 2025 年長達六週的政府停擺，第四季的營收將成長約 4%。克里斯稍後會在電話會議上詳細介紹我們的財務狀況。

In addition to those financials, another significant highlight of our fourth quarter was net bookings of $5.6 billion, delivering a book-to-bill ratio of 1.3 times. This matched the 1.3 book-to-bill ratio we also delivered in the third quarter of 2025. And our year-over-year funded backlog is up 15%.

除了上述財務數據外，我們第四季的另一個重要亮點是淨預訂金額達到 56 億美元，訂單出貨比為 1.3 倍。這與我們 2025 年第三季實現的 1.3 訂單出貨比相符。我們的年度資金支持積壓項目增加了 15%。

This momentum illustrates our NorthStar strategy's strong alignment with administration priorities and enduring trends. Let me mention a few of our key awards in the quarter. The Air Force awarded us a five-year $2.2 billion contract to deploy Leidos' passive radar systems for base defense against fixed and rotary wing aircraft and cruise missiles.

這一勢頭表明，我們的北極星戰略與政府的優先事項和持久趨勢高度契合。讓我提一下本季我們獲得的一些主要獎項。美國空軍授予我們一份為期五年、價值 22 億美元的合同，用於部署 Leidos 的被動雷達系統，以防禦固定翼飛機、旋翼飛機和巡航飛彈。

This award validates years of investment in our ALPS and Murata systems that detect threats without emitting a signal. Our continued IRAD investment in this powerful technology is precisely what the administration is asking for, and Leidos is pleased that the US.

該獎項是對我們多年來在 ALPS 和 Murata 系統上的投資的肯定，這些系統能夠在不發出信號的情況下檢測威脅。我們對這項強大技術的持續 IRAD 投資正是政府所要求的，Leidos 對此感到欣慰。

Air Force has recognized our capabilities with this order. Leidos also won a new six-year $455 million Air Force Cloud One next Architecture and Common Shared Services program. Leveraging our experience in zero trust, automation and multi-cloud brokering, we will deliver the ubiquitous, secure commercial grade technology, the Department of War requires across the globe wherever the mission calls.

空軍透過這份訂單認可了我們的能力。Leidos 還贏得了新的為期六年、價值 4.55 億美元的空軍 Cloud One 下一代架構和通用共享服務計劃。憑藉我們在零信任、自動化和多雲代理方面的經驗，我們將提供美國戰爭部在全球範圍內所需的無處不在、安全的商用級技術，無論任務需要在哪裡執行。

And we secured positions on two key 10-year IDIQs, the Missile Defense Agency's $151 billion Shield program supporting Golden Dome and the Defense microelectronic activities, $25 billion program to modernize military technology through advanced engineering and prototyping. Though neither of these IDIQs are counted in our backlog numbers, both vehicles provide streamlined access for Leidos to bring innovative solutions to top priority national security missions.

我們獲得了兩個關鍵的 10 年無限期交付/無限期數量 (IDIQ) 合約的席位，分別是導彈防禦局價值 1510 億美元的「盾牌」計劃（支持金穹頂）和國防部微電子活動計劃（價值 250 億美元，旨在透過先進的工程和原型設計實現軍事技術的現代化）。雖然這兩項 IDIQ 協議均未計入我們的積壓訂單數量，但這兩項協議都為 Leidos 提供了簡化的途徑，使其能夠為國家安全最高優先級的任務帶來創新解決方案。

I'm also especially pleased with the building blocks of profitable growth we are assembling. We are maintaining a productive working relationship with this administration, increasing the rate of investment in our growth pillars and realigning our organization to best implement our NorthStar 2030 strategy. 2025 has proven that our efforts to anticipate the uniquely challenging national security environment we are in, we are spot on.

我也對我們正在建立的獲利成長基石感到格外滿意。我們與本屆政府保持著富有成效的工作關係，加大對成長支柱領域的投資力度，並調整組織架構，以更好地落實「北極星2030」戰略。 2025年已經證明，我們為應對當前獨特且充滿挑戰的國家安全環境所做的努力是完全正確的。

Our customers need a new kind of national security company that delivers cutting-edge hardware and software combined to tackle challenges quickly and at scale. They need the best commercial tech integrated into those solutions from undersea to space to cyber, and they need industry partners that can secure the homeland while enabling global operations to secure the piece.

我們的客戶需要一種新型的國家安全公司，該公司能夠提供尖端的硬體和軟體，以快速、大規模地應對挑戰。他們需要將最先進的商業技術整合到從海底到太空再到網路空間的各種解決方案中，他們需要能夠保障國土安全並支援全球行動以保障世界安全的產業合作夥伴。

Leidos brings the speed, scale, security and portfolio that uniquely responds to today's environment. We are redefining what it means to be a national security company, and we are excited to be accelerating outcomes. So we are now firmly in strategy execution mode for our NorthStar 2030 strategy with a strong bias for velocity and a strong productive sense of urgency.

Leidos 具備速度、規模、安全性和產品組合，能夠獨特地應對當今環境。我們正在重新定義國家安全公司的意義，我們很高興能夠加速取得成果。因此，我們目前正全力執行「北極星 2030」策略，並高度重視速度和緊迫感。

As evidence of this, let me recap a couple of the bigger steps we've taken in line with our NorthStar 2030 strategy. In May, we acquired Kudu Dynamics, bringing exquisite cyber capabilities to our cyber growth pillar and providing deep differentiators across the company.

為了證明這一點，讓我回顧一下我們根據「北極星 2030」策略採取的幾個較大步驟。5 月，我們收購了 Kudu Dynamics，為我們的網路成長支柱帶來了卓越的網路能力，並為公司帶來了深遠的差異化優勢。

Kudu represents a highly focused, technology-rich company through which we had a clear strategy to drive increased Leidos value. The acquisition is already performing exceptionally well, generating rapid growth, providing entry into new markets and sustaining robust profitability. And we have taken steps to tightly align our business around our energy growth pillar. In October, we divested Varec, a noncore legacy energy asset. And last month, we agreed to acquire ENTRUST Solutions Group.

Kudu 代表著一家高度專注、技術雄厚的公司，我們透過該公司製定了明確的策略來提升 Leidos 的價值。此次收購目前已取得非常優異的業績，實現了快速成長，進入了新市場，並保持了強勁的獲利能力。我們已採取措施，使我們的業務與能源成長支柱緊密結合。10 月份，我們剝離了 Varec，一項非核心的傳統能源資產。上個月，我們同意收購 ENTRUST Solutions Group。

ENTRUST is a top energy engineering firm with a consistent track record of growth and strong profitability. Together, we have the scale to be a power engineering and design leader in the US. And with the deals clear cross-sell revenue opportunities and cost synergies, along with the deployment of our powerful AI-enabled tools, we will increase our competitiveness in this high-growth market. These actions improve our business mix while maintaining our strong balance sheet. And in keeping with our strategy, we are also investing organically in support of our national security priorities.

ENTRUST 是一家頂尖的能源工程公司，擁有持續成長和強勁盈利能力的良好記錄。我們合併後，擁有成為美國電力工程和設計領域領導者的規模。憑藉這些交易帶來的明確的交叉銷售收入機會和成本協同效應，以及我們強大的AI賦能工具的部署，我們將提高我們在這高成長市場的競爭力。這些舉措在改善我們業務組合的同時，也維持了我們穩健的資產負債表。同時，為了配合我們的策略，我們也在加大對國家安全優先事項的投資。

In 2025, we invested $312 million in IRAD and capital expenditures to fund amazing innovations and develop radical solutions. As a result, programs like IFPC, wide field of view and maritime autonomy are ready to scale up to meet customer demand. In fact, we've increased our investments in solutions in each of the last three years and that will continue in 2026. As I said earlier, regarding the US Air Force Award, the administration is looking to partner with firms that are willing and able to lean into innovation and put their money behind their technical prowess.

2025 年，我們投資 3.12 億美元用於內部研發和資本支出，以資助驚人的創新和開發顛覆性的解決方案。因此，像 IFPC、廣角視野和海上自主這樣的專案已經準備好擴大規模，以滿足客戶需求。事實上，在過去三年中，我們每年都增加了對解決方案的投資，這種情況將在 2026 年繼續下去。正如我之前所說，關於美國空軍獎，政府希望與那些願意並且能夠大力投入創新，並為其技術實力提供資金支持的公司合作。

We are currently negotiating several important, exciting co-investment opportunities with this administration around critical war fighting and national needs where we have unique capabilities in the defense tech and mission systems space. So to continue to seize on the opportunities in front of us, we will triple our capital expenditure investments this year to $350 million.

我們目前正在與本屆政府就幾個重要的、令人興奮的共同投資機會進行談判，這些機會圍繞著關鍵的戰爭作戰和國家需求展開，我們在國防技術和任務系統領域擁有獨特的能力。因此，為了繼續抓住擺在我們面前的機遇，我們今年的資本支出投資將增加兩倍，達到 3.5 億美元。

This will be used to make key capitalized investments, expand production capacity and expand and upgrade our classified facilities. These investments are for key national priority high-return projects for our customers that we expect to accelerate our growth in the near term. And we will accomplish all this while holding on to the profitability that we've proven for this business over the recent years.

這將用於進行關鍵的資本投資，擴大生產能力，以及擴大和升級我們的機密設施。這些投資將用於我們客戶的關鍵國家優先高回報項目，我們預計這些項目將在短期內加速我們的成長。而且，我們將在保持近年來該業務已證明的盈利能力的同時，實現所有這些目標。

With our NorthStar 2030 strategy in place and gaining traction, organic and inorganic investments will become more prevalent in our capital management strategy. Also, I'm pleased to advise that I have realigned our organization to best execute our growth strategy. Form follows function. We will continue to operate in five sectors that roll up into four reporting segments. And we believe this NorthStar 2030 organizational construct will best align how we report financial performance in line with our NorthStar strategy and business priorities.

隨著我們的 NorthStar 2030 策略的實施和推進，有機和非有機投資將在我們的資本管理策略中變得更加普遍。另外，我很高興地通知大家，我已經調整了我們的組織架構，以便更好地執行我們的成長策略。形式服從功能。我們將繼續在五個行業領域開展業務，這些領域合併為四個報告部門。我們相信，NorthStar 2030 的組織架構將使我們報告財務表現的方式與 NorthStar 策略和業務重點保持一致。

Defense, led by Cindy Gruensfelder, takes our portfolio of defense tech programs and adds Department of War programs in the areas of force protection, mission software and logistics that were formally in our national security sector. This will better enable Cindy to prosecute integrated defense efforts like Golden Dome and C5ISR.

國防部由辛迪·格倫斯費爾德領導，負責管理我們的國防技術項目組合，並增加了以前屬於我們國家安全部門的戰爭部項目，涉及部隊保護、任務軟體和後勤等領域。這將使辛迪能夠更好地推進「金色穹頂」和「C5ISR」等綜合防禦工作。

This segment will continue to house our space and maritime growth pillar. Homeland brings together all Leidos' business that play a key role in securing the Homeland, the number one priority of this administration. It combines our commercial and international business with our homeland security work and air traffic management portfolio previously in National Security and Health and Civil respectively.

該板塊將繼續承載我們的航太和海事成長支柱。國土安全部匯集了 Leidos 所有在保障國土安全方面發揮關鍵作用的業務，而國土安全正是本屆政府的首要任務。它將我們的商業和國際業務與我們之前分別隸屬於國家安全和衛生及民用領域的國土安全工作和空中交通管理組合結合起來。

This segment also includes our energy infrastructure growth pillar for a more resilient American energy infrastructure and our mission software for key customers like the FAA. With Vicki Szymanski retiring, Roy Stevens will lead Homeland. Intelligence sharpens our focus on innovative technologies and services for the US intelligence community. This sector leads full-spectrum cyber growth pillar and aggressively advances mission software for our IC customers.

這部分還包括我們為建立更具韌性的美國能源基礎設施而推出的能源基礎設施成長支柱，以及我們為美國聯邦航空管理局等重要客戶開發的任務軟體。隨著維姬·希曼斯基退休，羅伊·史蒂文斯將領導國土安全部。情報工作使我們更加專注於為美國情報界提供創新技術和服務。該部門引領全方位網路安全成長支柱，並積極推動我們情報界客戶的任務軟體開發。

Serving our intelligence agencies and making sure that we have the smartest government on the face of the earth is a real passion for me. And that passion is shared by Jason O'Connor, a long time Leidosion who also spearheaded the Kudu acquisition and has stepped up to lead our intelligence sector. Digital modernization, led by Steve Hall, continues as a stand-alone growth pillar, delivering IT modernization services and solutions for all customers, while also providing CIO and CISO functions for Leidos.

為我們的情報機構服務，確保我們擁有地球上最聰明的政府，是我的一大熱情所在。傑森·奧康納也擁有同樣的熱情，他長期在 Leidosion 工作，也主導了對 Kudu 的收購，並已晉升為情報部門的負責人。在史蒂夫霍爾的領導下，數位現代化繼續作為一個獨立的成長支柱，為所有客戶提供 IT 現代化服務和解決方案，同時也為 Leidos 提供 CIO 和 CISO 職能。

Steve and his team are embracing our AI-first philosophy to exploit AI for a more efficient Leidos and for more effective solutions to our customers. For financial reporting, the intelligence and digital modernization sectors roll up into the intelligence and digital segment.

史蒂夫和他的團隊正在實踐我們以人工智慧為先的理念，利用人工智慧來提高 Leidos 的效率，並為我們的客戶提供更有效的解決方案。在財務報告方面，情報和數位現代化領域合併為情報和數位部門。

And last, but certainly not least, health is led by Liz Porter. Liz is sharpening our focus on accelerating our managed health services growth pillar. Managed health is of keen importance to Leidos and the nation and we are positioning to expand this business by improved access to rural care and growing our health footprint with both the Department of War and the Veterans Administration. I've also made two other changes to our leadership team.

最後，但同樣重要的是，健康版塊由 Liz Porter 負責。Liz正在幫助我們更專注於加速發展我們的醫療管理服務支柱產業。醫療管理對 Leidos 和國家都至關重要，我們正在透過改善農村地區的醫療服務，並擴大我們在戰爭部和退伍軍人事務部的醫療影響力，來拓展這項業務。我還對領導團隊進行了另外兩項調整。

First, Ted Tanner has joined us to be our new Chief Technology Officer. A veteran of multiple Silicon Valley start-ups, Ted brings a proven track record of bold innovation. He has led the development of AI and machine learning capabilities for the Department of War, intelligence and civilian agencies. Ted embraces the hardest problems, brings clarity to complexity, elevates the teams around him and delivers outcomes that matter. Ted succeeds Jim Carlini, whose leadership laid the technical foundation on which we are building our robust future. I've asked Jim to remain at Leidos as a special adviser to me on national security and other matters.

首先，Ted Tanner 已加入我們，擔任我們的新技術長。泰德曾任職於多家矽谷新創公司，擁有大膽創新的卓越表現。他曾領導美國戰爭部、情報機構和民事機構的人工智慧和機器學習能力開發工作。泰德勇於接受最棘手的問題，能夠化繁為簡，提升團隊能力，並取得有意義的成果。Ted 接替了 Jim Carlini 的職位，Jim Carlini 的領導為我們建立強大的未來奠定了技術基礎。我已經邀請吉姆留在雷多斯公司擔任我的特別顧問，負責國家安全和其他事務。

Will Johnson, another long time, Leidosion, has taken on a new role as our Enterprise Transformation Leader. I'm charging Will with driving significant outcomes in workplace efficiency through business process reengineering, unlocked via the power of technology, particularly AI. Will's mission is to deliver measurable transformational cost reduction outcomes for us and then help transfer them into our customer solutions.

威爾·約翰遜，另一位在 Leidosion 工作多年的老員工，已擔任公司企業轉型領導者的新職位。我委派威爾透過業務流程重組，利用科技（尤其是人工智慧）的力量，在提高工作場所效率方面取得顯著成果。Will 的使命是為我們帶來可衡量的變革性成本降低成果，然後幫助將這些成果轉化為我們的客戶解決方案。

So in summary, 2025 was another very positive year for Leidos. And given that, what's past is prologue, I am convinced that 2026 will be a year that traction from our strategic action becomes even more evident. We will lock in the cultural and financial gains from 2023, '24 and '25, demonstrate the power of NorthStar 2030 strategy, its growth pillars and our alignment with this administration's priorities and propel ourselves into 2027 with even stronger success and momentum.

總而言之，2025 年對於 Leidos 來說又是一個非常積極的年份。有鑑於此，過去是序章，我確信 2026 年將是我們的策略行動更大成效的一年。我們將鞏固 2023 年、2024 年和 2025 年在文化和經濟方面取得的成果，展現「北極星 2030」戰略的力量、其增長支柱以及我們與本屆政府優先事項的一致性，並以更強勁的成功和勢頭邁向 2027 年。

With that, now I'll pass the call over to Chris for a deeper look at our 2025 results and our financial guidance for 2026. Chris?

接下來，我將把電話交給克里斯，讓他更深入了解我們 2025 年的表現和 2026 年的財務預期。克里斯？

Thanks, Tom, and good morning, everyone. As Tom highlighted, 2025 was an outstanding year for Leidos, marking the third straight year of double-digit non-GAAP earnings and cash flow growth. We are focused on and delivering sustainable growth over the long term.

謝謝你，湯姆，大家早安。正如湯姆所強調的，2025 年對 Leidos 來說是傑出的一年，標誌著該公司連續第三年實現了兩位數的非 GAAP 收益和現金流增長。我們專注於實現長期可持續成長。

Also, as Tom mentioned, despite external market pressures, performance exceeded initial projections across nearly all key metrics, enabling us to raise guidance twice this year and exceed the top end of our margin, earnings and cash flow ranges this quarter. Our performance stands as a testament to the strength of our differentiated portfolio, the precision of our NorthStar 2030 strategy, and the discipline and agility of our entire team.

此外，正如湯姆所提到的，儘管面臨外部市場壓力，但幾乎所有關鍵指標的業績都超過了最初的預期，這使我們能夠在今年兩次提高業績預期，並在本季度超過利潤率、收益和現金流預期的上限。我們的業績證明了我們差異化產品組合的實力、北極星 2030 策略的精準性，以及我們整個團隊的紀律性和敏捷性。

Please turn to slide 5. For the year, revenues of $17.2 billion were up 3.1%. For the quarter, revenues of $4.2 billion were down 3.6%. Year-over-year comparisons include the impact of two major factors, the five-week government shutdown in 2025 and an extra work week in 2024 as part of our 4-4-5 financial calendar. These impacts were concentrated in the fourth quarters and the extra work week is about twice as impactful as the shutdown.

請翻到第5張投影片。該年度營收為 172 億美元，成長 3.1%。本季營收為 42 億美元，下降 3.6%。同比比較包括兩個主要因素的影響，即 2025 年為期五週的政府停擺和 2024 年作為我們 4-4-5 財務日曆的一部分而增加的一周工作時間。這些影響主要集中在第四季度，而額外加班一週的影響大約是停工的兩倍。

Together, these two factors decreased revenue growth by about 7 percentage points for the quarter and 2 percentage points for the year. The underlying business grew strongly across the entire portfolio with especially robust demand in integrated air defense, intelligence community mission support, energy infrastructure and full spectrum cyber.

這兩個因素加在一起，導致本季營收成長率下降了約 7 個百分點，全年營收成長率下降了約 2 個百分點。整個業務組合的基礎業務均實現了強勁增長，其中綜合防空、情報界任務支援、能源基礎設施和全方位網路安全方面的需求尤為強勁。

Adjusted EBITDA margin for the fourth quarter was 13.2%, up 160 basis points year-over-year. On a full year basis, adjusted EBITDA margin increased 120 basis points to 14.1%, exceeding the top end of our high 13s guidance from the last call. Our margin expansion journey has meaningfully changed how we view what is possible and that change permeates the entire company.

第四季調整後 EBITDA 利潤率為 13.2%，較去年同期成長 160 個基點。全年來看，調整後的 EBITDA 利潤率成長了 120 個基點，達到 14.1%，超過了我們上次電話會議中給出的 13% 以上的預期上限。我們的利潤率擴張之路從根本上改變了我們對可能性的看法，這種改變滲透到整個公司。

The sectors are more focused on program execution with six consecutive quarters of positive net EACs and all of our functional organizations are continually pursuing operating efficiencies. Non-GAAP diluted EPS was $2.76 for the quarter and $11.99 for the year. In 2025, non-GAAP diluted EPS was up 17%, $1.78 above 2024 and $0.24 above the high end of our prior guidance range. The primary driver of the robust EPS growth was consistently strong EBITDA. Growth was propelled further by accretive capital deployment. We retired 4.4% of our diluted share count over the year, which contributed about $0.50 EPS.

各部門更重視專案執行，連續六個季度實現淨EAC為正，我們所有職能部門都在不斷追求營運效率。本季非GAAP稀釋後每股收益為2.76美元，全年為11.99美元。2025 年，非 GAAP 稀釋後每股收益成長 17%，比 2024 年高出 1.78 美元，比我們先前預測範圍的上限高出 0.24 美元。強勁的每股盈餘成長的主要驅動力是持續強勁的 EBITDA。資本增值部署進一步推動了成長。我們今年回購了 4.4% 的稀釋股份，這貢獻了約 0.50 美元的每股盈餘。

Turning now to an overview of our segment results on slide 6. I'm proud that all four segments contributed to our strong results. Every segment grew revenues for the year and improved margins for the quarter and the year. Looking at the year over year revenue comparisons, the extra work week and shutdown had roughly the same impact on the sector as the company as a whole with one exception.

現在請看第 6 頁投影片，了解我們各業務區的績效概況。我為我們所取得的優異成績感到自豪，這四個業務板塊都做出了貢獻。所有業務板塊的年收入均有所增長，季度和年度利潤率均有所提高。從同比收入比較來看，額外一週的工作時間和停工對該行業的影響與對整個公司的影響大致相同，只有一個例外。

Commercial International was unaffected by the shutdown and the extra work week lowered growth by about 5 points for the quarter and 1 point for the year. National Security and digital showed strong and consistent underlying growth. In addition to contributions from Kudu, we had sustained uplift from the robust business development results over the past year.

Commercial International 未受此次停工的影響，額外一週的工作使該季度的成長下降了約 5 個百分點，全年的成長下降了約 1 個百分點。國家安全和數位領域展現出強勁且持續的潛在成長。除了 Kudu 的貢獻外，過去一年強勁的業務發展成果也為我們帶來了持續的成長。

Segment non-GAAP operating income margins rose 160 basis points in the quarter, and 20 basis points for the year, reflecting a more profitable business mix and excellent execution. Health and Civil revenues were up a bit for the year and down a bit for the quarter, absent the extra work week and shutdown.

本季分部非GAAP營業利潤率上升160個基點，全年上升20個基點，反映出業務組合獲利能力增強與執行力優異。如果不計額外一週的工作時間和停工期，衛生和民用部門的收入全年略有增長，季度略有下降。

The managed health services business was a moderate headwind in the quarter and a moderate tailwind for the full year. And volumes on DHMSM were lower as the electronic health record transition to a sustainment phase.

本季度，醫療管理服務業務構成中等程度的不利因素，但全年來看，則構成中等程度的有利因素。隨著電子健康記錄過渡到維持階段，DHMSM 的交易量有所下降。

Health and Civil non-GAAP operating margins increased 80 basis points in the quarter and 170 basis points for the year as the result of strong program and cost management as well as technology-driven efficiencies. Accounting for the extra work week, commercial and international revenues grew nicely in the quarter and the year. Segment growth was led by improved performance in the UK and increased engineering support for commercial utilities which offset the Varec divestiture.

由於強有力的專案和成本管理以及技術驅動的效率提升，醫療保健和民用業務的非GAAP營業利潤率在本季度增長了80個基點，全年增長了170個基點。考慮到額外一周的工作時間，本季和本年度的商業和國際收入均實現了良好成長。業務成長主要得益於英國市場業績的改善以及對商業公用事業的工程支援力度加大，從而抵消了Varec剝離業務的影響。

Segment non-GAAP operating margins jumped 180 basis points in the quarter and 230 basis points for the year, with better performance across the C&I portfolio driven by strong execution and business mix in the UK and Australia, operational gains in SES and increased use of AI to accelerate grid engineering execution within commercial energy.

本季度，分部非GAAP營業利潤率躍升180個基點，全年躍升230個基點，C&I業務組合表現更佳，這得益於英國和澳大利亞強勁的執行力和業務組合、SES的運營收益以及在商業能源領域更多地使用人工智能來加速電網工程執行。

Lastly, Defense Systems remained aligned with administration priorities and sustained robust revenue growth throughout 2025. Q4 performance was bolstered by accelerated production of small (inaudible) munitions and IFPC Increment 2 systems as well as preparing for 2026 production on a range of systems. Segment non-GAAP operating margins rose 680 basis points in the quarter and 160 basis points for the year as we moved into the production phase on several key programs.

最後，國防系統始終與政府優先事項保持一致，並在 2025 年保持了強勁的收入成長。第四季業績得益於小型（無聲）彈藥和 IFPC Increment 2 系統的加速生產，以及為 2026 年一系列系統的生產所做的準備。由於我們幾個關鍵項目進入生產階段，本季分部非GAAP營業利潤率上升了680個基點，全年上升了160個基點。

Turning now to cash flow and the balance sheet on slide 7. Cash generation is a hallmark of Leidos, and we generated record fourth quarter and full year operating cash flows of $495 million and $1.75 billion, respectively. Outperforming our cash flow guidance by $100 million reflects our commitment to profitable growth and $150 million in cumulative Section 174 cash tax savings, of which $75 million was realized in Q4. Netting out capital expenditures, free cash flow for the quarter was $452 million or 127% of non-GAAP net income.

現在來看第 7 頁的現金流量表和資產負債表。現金流是 Leidos 的一大特點，我們第四季和全年營運現金流分別創下 4.95 億美元和 17.5 億美元的紀錄。現金流超出預期 1 億美元，這反映了我們對獲利成長的承諾，以及累積 1.5 億美元的第 174 條款現金稅收節省，其中 7,500 萬美元在第四季度實現。扣除資本支出後，該季度的自由現金流為 4.52 億美元，佔非 GAAP 淨收入的 127%。

For the year, free cash flow was $1.63 billion for a 104% conversion rate. In the fourth quarter, we repurchased $305 million worth of shares and paid $55 million in dividends to end the year with $1.1 billion in cash and cash equivalents, $4.6 billion in debt and a leverage ratio of 1.9 times gross debt to adjusted EBITDA.

該年度自由現金流為 16.3 億美元，轉換率為 104%。第四季度，我們回購了價值 3.05 億美元的股票，並支付了 5,500 萬美元的股息，使公司年底的現金及現金等價物達到 11 億美元，債務達到 46 億美元，槓桿率為總債務與調整後 EBITDA 比率的 1.9 倍。

As Tom mentioned, we're excited to take advantage of our balance sheet to further the strategy through the acquisition of ENTRUST. We plan to pay the all-cash purchase price of $2.4 billion with $500 million of cash on hand, $500 million in commercial paper that we will pay down during 2026 and $1.4 billion in new bonds. We expect the transaction to close in Q2, subject to regulatory approval and other customary closing conditions.

正如湯姆所提到的，我們很高興能夠利用我們的資產負債表，透過收購 ENTRUST 來推進這項策略。我們計劃以 24 億美元的全現金收購價支付這筆款項，其中 5 億美元為手頭現金，5 億美元為商業票據（我們將在 2026 年償還），14 億美元為新債券。我們預計該交易將在第二季完成，但需獲得監管部門批准並滿足其他慣例成交條件。

At the time of close, our pro forma gross leverage will be 2.6 times, comfortably below our 3 times target, affording us the capacity to capitalize on organic growth and potential future M&A opportunities in line with NorthStar 2030.

交易完成時，我們的備考總槓桿率為 2.6 倍，遠低於我們 3 倍的目標，使我們能夠根據 NorthStar 2030 計劃，利用內生增長和潛在的未來併購機會。

Now on to the forward outlook on slide 8. In 2025, our diversified portfolio proved resilient in evolving market conditions. As Tom said, 2026 will be the year that the impact of concentrating corporate investments and shaping the portfolio towards the growth pillars shows clear dividends as we accelerate growth throughout the year and further separate from the pack in 2027. Getting to the specifics, for 2026, we expect revenues between $17.5 billion and $17.9 billion, reflecting growth of up to 4% over 2025.

接下來請看第 8 張投影片，了解未來展望。2025年，我們多元化的投資組合在不斷變化的市場環境中展現了強大的韌性。正如湯姆所說，2026 年，集中企業投資並按照成長支柱調整投資組合的影響將顯現出明顯的成效，我們將在全年加速成長，並在 2027 年進一步拉開與競爭對手的差距。具體來說，我們預計 2026 年的營收將在 175 億美元至 179 億美元之間，比 2025 年成長高達 4%。

We expect revenue growth will build throughout the year ending with sustained momentum approaching double digits. We're guiding to mid-13s adjusted EBITDA margin in 2026. This level normalizes some of the onetime benefits of 2025 and secures a sustainable baseline. We expect to continue to invest to accelerate our growth pillars, of whole high level of program execution, maintain strong cost management and drive indirect cost efficiencies through the enterprise transformation initiative. We expect non-GAAP diluted earnings per share between $12.05 and $12.45 which assumes interest expense of approximately $200 million and an effective tax rate of about 24%.

我們預計全年營收將持續成長，並在年底保持接近兩位數的持續成長動能。我們預計 2026 年調整後 EBITDA 利潤率將達到 13% 左右。這一水準使 2025 年的一些一次性收益正常化，並確保了可持續的基準線。我們期望繼續投資以加速我們的成長支柱，全面高水準地執行項目，保持強大的成本控制，並透過企業轉型計劃推動間接成本效率。我們預期非GAAP稀釋後每股盈餘在12.05美元至12.45美元之間，假設利息支出約為2億美元，實際稅率約為24%。

We're also assuming a weighted average share count of approximately $129 million. We expect another robust year of operating cash flow at $1.75 billion despite a $90 million year-over-year headwind from Section 174 timing. Free cash flow will be down a bit as we triple our CapEx spend to $350 million. This guidance does not include any accommodation for the ENTRUST acquisition. We plan to update the guidance post close, likely on our first quarter call.

我們也假設加權平均股數約為 1.29 億美元。儘管受第 174 條款實施時間的影響，年比減少 9,000 萬美元，但我們預計今年的營運現金流量仍將保持強勁成長，達到 17.5 億美元。由於我們的資本支出增加兩倍，達到 3.5 億美元，自由現金流將略有下降。本指南不包含對 ENTRUST 收購的任何安排。我們計劃在財報季結束後更新業績指引，可能會在第一季財報電話會議上進行。

In 2026, we'll be operating in our new segment structure, and to help your modeling, we recast 2024 and 2025 financials in the new structure and filed them with our press release. Let me spend a few minutes outlining these segments and how we see them performing in '26.

2026 年，我們將採用新的業務分部架構進行營運。為了幫助您進行建模，我們已根據新的結構重述了 2024 年和 2025 年的財務數據，並將其與新聞稿一起提交。讓我花幾分鐘時間概述這些部分以及我們對它們在 2026 年表現的預期。

The largest intelligence and digital was $5.7 billion in revenues in 2025 at 10.1% non-GAAP operating income margin. In 2026, we see mid- to high single-digit revenue growth at steady margins. This trajectory is supported by a full year of Kudu, the continued phase-in of several large cyber and IT awards and an increasing velocity in our bid pipeline.

2025 年，最大的智慧和數位業務收入為 57 億美元，非 GAAP 營業利潤率為 10.1%。2026年，我們預計營收將實現中高個位數成長，利潤率保持穩定。這一發展軌跡得益於 Kudu 專案的全面實施、多個大型網路和 IT 專案持續推進以及投標流程的加速推進。

Longer term, we expect to sustain mid-single-digit growth with opportunities for margin improvement. Last year, the Health segment generated $4.7 billion in revenues, with non-GAAP operating income margin of 25.5%.

從長遠來看，我們預計將保持中等個位數的成長，並有機會提高利潤率。去年，健康業務部門創造了 47 億美元的收入，非 GAAP 營業利潤率為 25.5%。

In 2026, we expect modestly lower revenue and margin from the additional vendor on the VBA MDE work and continued transition on DHMSM. Beyond 2026, we see health inflecting to growth and sustaining robust profitability above 20% as administration priorities to unlock make market opportunities in rural and behavioral health as well as enhanced automation to deliver better, faster and cheaper solutions for our veterans.

2026 年，我們預計 VBA MDE 工作中新增供應商帶來的收入和利潤率將略有下降，並且 DHMSM 的持續過渡也將帶來收入和利潤率的下降。展望 2026 年後，我們認為醫療保健將成為經濟成長的動力，並保持 20% 以上的強勁盈利能力，作為政府的優先事項，旨在釋放農村和行為健康領域的市場機遇，並加強自動化，為我們的退伍軍人提供更好、更快、更便宜的解決方案。

Homeland delivered $3.1 billion in revenues with non-GAAP operating income margins of 9.2% in '25. We expect growth to track the corporate average and keep that pace through the decade as global imperatives unfold.

2025 年，國土安全部實現了 31 億美元的收入，非 GAAP 營業利潤率為 9.2%。我們預計成長將與企業平均水準保持一致，並隨著全球情勢的發展，在未來十年內保持這一成長。

While margins are likely to be relatively stable in '26, this portfolio's blend of fixed price work and commercial exposure provides a clear opportunity for margin expansion over the longer term. In 2025, defense accounted for $3.7 billion of revenues, with non-GAAP operating income margin of 10.1%. We anticipate revenue growth above our corporate range in '26 with a modest decline in margins as some high-margin airborne programs (inaudible).

雖然 2026 年利潤率可能相對穩定，但該投資組合中固定價格工作和商業風險敞口的組合，為長期利潤率擴張提供了明顯的機會。2025 年，國防收入為 37 億美元，非 GAAP 營業利益率為 10.1%。我們預計2026年營收成長將高於公司預期，但由於部分高利潤率的航空項目，利潤率將略有下降。（聽不清楚）

Looking further out, this segment with its more robust investment profile, offers significant opportunity for growth and margin expansion through 2030 as increased Homeland defense opportunities come online.

從長遠來看，隨著國土安全防禦領域機會的增加，到 2030 年，該領域憑藉其更穩健的投資前景，將帶來巨大的成長和利潤率擴張機會。

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

好了，操作員，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Hey, thanks very much and, good morning, I wanted to ask, starting off, you could talk a little bit about the investment areas that you're expecting to put additional CapEx and the way that, that supports, I assume, supports some of the ramp in the defense business? And to the extent that, that may or may not be related to the co-investment opportunities you talked about with DoD?

嗨，非常感謝，早安。我想先問一下，您能否談談您計劃在哪些領域增加資本支出，以及這些支出將如何支持（我猜想）國防業務的成長？而這是否與您和國防部討論的共同投資機會有關，目前尚不清楚？

Sure. Let me start by saying yes and we are investing in potential co-development opportunities with the Department of War, but it's not exclusively with the Department of War. The Department of Transportation, the FAA has significant program opportunities, as I'm sure you are all aware. And we are very keen on investing in our health business to ensure that we continue to accelerate away from the pack in that important business to Leidos.

當然。首先我要說的是，是的，我們正在投資與戰爭部潛在的合作開發機會，但並非只與戰爭部合作。如大家所知，交通部下屬的聯邦航空管理局（FAA）有許多重要的專案機會。我們非常熱衷於投資我們的健康業務，以確保我們在這個對 Leidos 至關重要的業務領域繼續加速發展，並遙遙領先於其他競爭對手。

So, yes, as I said in my prepared remarks, Seth, we are negotiating several framework agreements with the Department of War when it comes to co-investment opportunities for exciting franchise programs for Leidos going forward. But that's not where all of that CapEx and all of that investment is going. We're investing in all the growth pillars now that we have a sound key strategy to grow this company into the future.

是的，正如我在準備好的演講稿中所說，塞思，我們正在與美國戰爭部就一些框架協議進行談判，這些協議涉及未來 Leidos 激動人心的特許經營項目的共同投資機會。但這並不是所有資本支出和投資的最終去向。現在我們已經有了穩健的關鍵策略，可以推動公司未來的發展，因此我們正在對所有成長支柱進行投資。

Yes, Seth, I mean, and just to dive a little deeper and certainly, in the defense area, that is the area that over the last few years, we've continued to ramp up our level of investment, and you're seeing the results of that with the increasing growth rates.

是的，塞思，我的意思是，更深入地探討一下，當然，在國防領域，過去幾年我們一直在加大投資力度，而不斷提高的增長率也證明了這一點。

Looking ahead to '26, certainly, our maritime growth pillar is an area where you'll see an expansion of some of our facility space there. What we're doing in Integrated Air Defense, the (inaudible) award is, again, a reinforcement that we have products that the government wants and how do we ramp up our production capacity hypersonics, et cetera. So there's a number of programs there that will support that investment, and we're looking forward to realizing the returns on those.

展望 2026 年，可以肯定的是，在我們的海事成長支柱領域，您將會看到我們在那裡的一些設施空間的擴張。我們在綜合防空領域所做的工作，（聽不清楚）獎項再次表明，我們擁有政府想要的產品，以及我們如何提高高超音速武器等的生產能力。因此，有許多項目將支持這項投資，我們期待著獲得這些投資的回報。

Great. And then maybe just as a quick follow-up, a little bit more model oriented. You talked about growth accelerating through the year, exiting double-digit, approaching double digit, so strong exit rate, but I guess the implication is much softer growth in the beginning of the year. Kind of how should we think about the early part of the year and which of the segments are seeing that weakness?

偉大的。然後，或許可以快速跟進一下，稍微專注於模型方面。您提到全年成長加速，最終達到兩位數，接近兩位數，所以最終增速強勁，但我想這意味著年初的成長要溫和得多。我們該如何看待年初的情況，以及哪些細分市場出現了疲軟？

Yes, Seth. So I mean I think the pattern is right. I mean lower growth in the first half of the year, acceleration in the back half of the year. Some of the things that we've been talking about over the last several quarters, we haven't seen any significant money yet put towards some of the Golden Dome initiatives, the FAA modernization, et cetera, those are catalysts that can help propel the second half. We've got some new program wins that we'll be starting up.

是的，塞思。所以我覺得這個模式是正確的。我的意思是上半年成長放緩，下半年加速成長。過去幾季我們一直在討論的一些事情，我們還沒有看到任何大量資金投入到一些「金穹頂」計畫、FAA現代化等等，而這些都是可以推動下半年發展的催化劑。我們贏得了一些新的項目，即將啟動。

Tom talked about a couple of those. So you'll see that pattern increase in the back half of the year. And then we've got a very robust business development pipeline. Obviously, we're pleased with the 1.3 in Q4, back-to-back quarters of 1.3 book-to-bill and the team. That's despite the fact that we saw a lot of slippage into 2026 from the award pipeline. So you'll see some of those across a number of the business segments drive growth in the second half of next year.

湯姆談到了其中幾個例子。所以你會看到這種趨勢在下半年愈演愈烈。此外，我們也擁有非常強大的業務拓展管道。顯然，我們對第四季度 1.3 的業績感到滿意，連續兩個季度訂單出貨比達到 1.3，並且對團隊的表現也很滿意。儘管我們看到許多獎項的頒發計劃推遲到了 2026 年。因此，你會看到其中一些因素將在明年下半年推動多個業務領域的成長。

Yeah. And just to put a little context on that, Seth, we saw about $7 billion in awards slipped from Q4 into this quarter. And our, we have now $20 billion of pending awards and a $49 billion of backlog. So we have high proposal activity. Yes, there is a lag probably because of that long government shutdown we discussed in the fourth quarter. But we expect those awards to start coming in, and that will feed growth through the end of the year as those programs get on to execution. Thanks, Seth.

是的。塞思，為了更好地說明情況，我們看到大約有 70 億美元的獎金從第四季度滑落到本季度。目前，我們有 200 億美元的待決項目和 490 億美元的積壓項目。因此，我們的提案活動非常活躍。是的，存在滯後，這可能是由於我們在第四季度討論過的政府長期停擺造成的。但我們預計這些獎項將陸續到位，隨著這些項目進入執行階段，這將推動公司在年底前實現成長。謝謝你，塞思。

Great, thank you.

太好了，謝謝。

John Godden, Citi.

約翰‧戈登，花旗集團。

Hey guys, thanks for taking my question. I wanted to pick up on those last comments around book-to-bill. When I think of what we've seen from other services players, we've seen a dip and then an expectation of a bounce in book-to-bill. You guys have performed very well. So there's no dip. But despite that, it sounds like you still think that the award activity and the bookings backdrop is going to accelerate from here based on what you just said. And I was just hoping you can maybe elaborate on that and shed some additional color on what the shape of that might be through the year?

各位好，感謝你們回答我的問題。我想就之前關於帳目結算的評論做個補充說明。當我回顧其他服務商的情況時，我們看到訂單出貨比先是下降，然後預期會反彈。你們表現得非常出色。所以沒有下跌。但即便如此，根據你剛才所說，你似乎仍然認為獎勵活動和預訂情況將從現在開始加速成長。希望您能詳細說明一下，並進一步說明這一年的發展趨勢？

Thanks, John, certainly. Well, first of all, let's put this in context. We've been investing in our growth segment and our growth function for the better part of 2.5, 3 years now. We recognize that this was an area where we needed to make sure we had the best-in-class capabilities to help our customers understand how Leidos can make their solutions better, faster and cheaper. And so we've been investing in this function.

謝謝約翰，當然。首先，讓我們把這件事放在背景中來看。在過去的2.5到3年裡，我們一直在投資我們的成長部門和成長職能。我們意識到，在這個領域，我們需要確保擁有業內一流的能力，以幫助我們的客戶了解 Leidos 如何使他們的解決方案更好、更快、更便宜。因此，我們一直在投資這項功能。

We've brought in a lot of new leadership. And so the 1.3 book-to-bill ratio in both the third and fourth quarters of last year is no accident. It's no, it's not happenstantial. It's the purposeful effect of a purposeful plan to invest in our growth function and then the manifestation of those efforts coming through the past.

我們引進了許多新的領導階層。因此，去年第三季和第四季的訂單出貨比均為 1.3，絕非偶然。不，這不是偶然事件。這是有目的的計劃投資於我們的成長職能所產生的有意效果，也是過去這些努力的體現。

Yes, as I just said to Seth, we still see a robust pipeline, an order backlog, and we expect those orders to continue. We're very happy with both our recompete win rate and our takeaway win rate. And so we feel very good about the capacity we have built in our growth function and we expect that to continue to pay dividends.

是的，正如我剛才對塞思說的那樣，我們仍然看到強勁的訂單管道和積壓訂單，我們預計這些訂單將繼續增加。我們對我們的複賽勝率和外帶勝率都非常滿意。因此，我們對公司在成長職能方面所建立的能力感到非常滿意，並期望這將繼續帶來回報。

Yeah, John, I would only add that, I mean, looking at the trends here, the next 12-month pipeline of submittal activity is the highest point of the year in the fourth quarter. So we've seen that [crescendo] and looking at the percentage of activity, we expect the bulk of that three-fourth of that to be geared towards new business and takeaway. So there is some recompete turf to protect, but that's, again, like we like to see a smaller percentage in next year's bid pipeline, and all of our segments have a robust number of opportunities that they're pursuing.

是的，約翰，我只想補充一點，我的意思是，從目前的趨勢來看，未來 12 個月的提交活動量將在第四季度達到一年中的最高點。所以我們已經看到了這種[漸強]現象，並且從活動百分比來看，我們預計其中四分之三的大部分將用於新業務和外賣。所以，我們需要保護一些重新競爭的領域，但我們希望明年投標項目中重新競爭的比例能降低一些，而且我們所有的業務部門都有大量的機會正在尋求。

Thank you, John.

謝謝你，約翰。

That's fantastic. Thank you.

太棒了。謝謝。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Yeah, thanks. Good morning guys.

嗯，謝謝。各位早安。

Good morning.

早安.

Yes. I wanted to just ask you about the VA medical exam recompete. What your expectations are for how the terms might change? What you guys are doing to maybe sustain the profitability of it because typically recompetes got to sharpen the pencil. And any view on timing, any updates on that? Thank you.

是的。我只是想問一下關於退伍軍人事務部體檢複檢的事情。您對條款可能如何變化有何預期？你們正在採取哪些措施來維持獲利能力？因為通常情況下，重新競爭的企業必須提高利潤。關於時間安排，您有什麼看法？有什麼最新進展嗎？謝謝。

Sure. Well, first of all, we're very proud of Liz and Larry and the LQTC and health business that we run. We've got a fantastic execution machine there that has helped our customer decreased backlog of veterans awaiting exams by almost 60%. And so we are very proud of what we've been able to do to serve that customer and serve this nation.

當然。首先，我們為 Liz 和 Larry 以及我們經營的 LQTC 和健康事業感到非常自豪。我們擁有一套非常有效率的執行機制，幫助我們的客戶將等待考試的退伍軍人積壓數量減少了近 60%。因此，我們為我們能夠服務客戶和服務國家所做的一切感到非常自豪。

Certainly, as we announced health as being one of our growth pillars, we have no intention to see this market space despite, as Chris mentioned in his commentary, the entry of the fourth vendor and the possibility of a work share reallocation.

當然，正如我們宣布健康是我們的成長支柱之一，儘管克里斯在他的評論中提到，第四家供應商的進入以及工作份額重新分配的可能性，但我們並不打算忽視這個市場空間。

That being said, we see volume continuing to go up. And therefore, we think we have everything to compete and win for to continue to serve our customers best in this nation's veterans best. We have, as we've said, two prime focuses for how we're going to grow our health business. One is rural health transformation and the other is behavioral and integrated health exams and services.

儘管如此，我們看到成交量仍在持續上升。因此，我們認為我們擁有競爭和贏得一切的機會，繼續為我們的客戶和這個國家的退伍軍人提供最好的服務。正如我們所說，我們發展健康業務有兩個主要重點。一是農村健康改革，二是行為及綜合健康檢查及服務。

But on your specific question on the medical disability exams, we do see that in the middle of this year, we expect an RFP in a bid for the next phase of that program. Details at this point are pretty light about exactly what the customer is looking for, but we're actively engaged with them as we speak. And as we've been saying for a number of years now, we continue to invest differentially in our medical disability exam business to make sure that we can make sure veteran exams are done better, are done faster and are done less expensively for the veterans administration.

但關於您提出的醫療殘疾檢查的具體問題，我們預計今年年中將發布一份招標書，以啟動該計劃的下一階段。目前我們對客戶的具體需求了解甚少，但我們正在積極與他們溝通。正如我們多年來一直強調的那樣，我們將繼續增加對醫療殘疾鑑定業務的投入，以確保退伍軍人事務部能夠以更好、更快、更經濟的方式完成退伍軍人鑑定工作。

And we expect those will be the three things that the Veteran Benefit agency wants to see. They want to see costs come down. They want to see the number of veterans that get services go up and they want to see the efficiency and effectiveness of those exams be less mistake prone.

我們預計這三點正是退伍軍人福利機構希望看到的。他們希望看到成本下降。他們希望看到獲得服務的退伍軍人人數增加，也希望看到這些考試的效率和效果減少出錯的幾率。

And so that's everything we're focused on and what we expect to see. We'll update you as the year goes on. As we say, we expect a recompete and a bid somewhere in the summer and we'll keep you very well informed on that. Chris, anything to add?

所以，這就是我們關注的重點，也是我們期望看到的結果。我們會隨著時間的推移向您報告最新情況。正如我們所說，我們預計今年夏天會重新進行競標並提交投標書，我們將及時向您通報相關情況。克里斯，還有什麼要補充的嗎？

Just two quick points, Gautam, I might add. Number one, we just recompeted the program and look at our performance, right? So we've proven that every time we can sharpen the pencil, we can deliver for the customer and for Leidos and our shareholders.

高塔姆，我還要補充兩點。第一，我們剛剛重新參加了比賽，看看我們的表現，對吧？因此，我們已經證明，只要我們精益求精，就能為客戶、Leidos 公司和我們的股東帶來回報。

Number two, if you go back to my prepared remarks, we kind of gave a horizon view in looking at health beyond '26, robust profitability above 20%. That certainly contemplates how we envision this recompete unfolding over time, right? This is an area that we can sustain very attractive returns in and we're excited to demonstrate that.

第二，如果你回顧我準備好的發言稿，我們展望了 2026 年以後的健康狀況，以及超過 20% 的強勁獲利能力。這當然涉及到我們如何設想這場重新競爭會如何隨著時間的推移而展開，對吧？這是一個我們可以持續獲得非常可觀回報的領域，我們很高興能夠證明這一點。

Thank you, Goutham.

謝謝你，高瑟姆。

Thank you.

謝謝。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱。

Hey, thank you so much for the question. Maybe turning to the FY26 growth guidance as well as margin. Perhaps if you could talk us through where you are forecasting the greatest degree of conservatism? And what are the key milestones that you need to see in order to lift both growth and margin guidance? And then essentially, as we think of that bridging into next year, is it fair to assume any outperformance of this year's guidance is a higher basis for next year? Or are there any kind of onetime things in nature that might pull in this year versus next year? Thank you.

嘿，非常感謝你的提問。或許可以參考2026財年的成長預期以及利潤率。或許您能跟我們詳細說說您預測保守程度最高的地區是哪些？那麼，為了提高成長和利潤率預期，您需要看到哪些關鍵里程碑？那麼，當我們考慮如何將這種情況延續到明年時，是否可以合理地假設，今年業績的任何超額完成都將為明年奠定更高的基礎？或者說，自然界是否存在一些一次性的現象，可能會對今年的產量產生比明年更高的影響？謝謝。

Yeah. Hey, Colin, this is Chris. The conservatism, like the way you frame that. I mean there's certainly a lot of irons in the fire and a lot of make market opportunities that we're chasing. Clearly, defense has demonstrated a robust track record.

是的。嘿，科林，我是克里斯。保守主義，就像你描述它的方式一樣。我的意思是，我們確實有很多項目正在進行中，也有很多市場機會正在追逐。顯然，國防領域已經展現了強大的實力。

That's probably the area that some decisions get made if a Beautiful Bill funding rolls out, Golden Dome activities accelerate, especially maritime, you could see that growth trend pick up more quickly. So there are some opportunities there that we're just monitoring. And then the FAA one, as Tom mentioned, the teams are ready to execute. We've put in very compelling offers to the customer. We built demonstration ready capabilities.

如果「美麗法案」的資金到位，一些決策可能會在這個領域做出，金穹頂的活動將會加速，尤其是海事活動，你可能會看到成長趨勢更快地加快。所以，那裡有一些機會，我們正在密切關注。至於 FAA 的那項，正如 Tom 所提到的，各團隊已經準備好執行了。我們向客戶提供了非常有吸引力的解決方案。我們已具備簡報就緒的能力。

We are ready to go. So those things could be pulled forward and we could see some uplift. On the margin front, I think the commentary we just had on health certainly is the area that we built into what we believe the business will be running at from a reduced volume and accommodated that. If that plays out a little differently, there could be some upside there. So we think we factored all that in.

我們準備出發了。所以這些事情可能會提前發生，我們可能會看到一些好轉。在利潤率方面，我認為我們剛才對健康狀況的評論肯定是我們認為業務將在銷量減少的情況下運行並做出相應調整的領域。如果事情的發展略有不同，或許會有一些好處。所以我們認為我們已經把所有這些因素都考慮進去了。

As it relates to one-timers, none of those are contemplated in the guide that we've rolled out. So as we deliver over the course of the year, I do believe that points the direction of how the momentum will carry into '27 and beyond for NorthStar 2030.

至於一次性交易，我們發布的指南中都沒有考慮到這些情況。因此，隨著我們在這一年中不斷取得成果，我相信這將預示著 NorthStar 2030 的發展勢頭將如何延續到 2027 年及以後。

That's great, Chris. Thank you.

太好了，克里斯。謝謝。

Thanks.

謝謝。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Thank you. In the sort of product and defense tech area, I was wondering if you could give us an update on the areas that you think have hit their stride with sort of programs of record and areas that are still developing that may demonstrate some progress here in '26 in that direction? Thank you.

謝謝。在產品和國防技術領域，我想請您介紹一下您認為哪些領域已經取得了長足發展，並有正式的專案記錄，以及哪些領域仍在發展中，可能會在 2026 年在這方面取得一些進展？謝謝。

Yeah, sure. Thank you, Tobey. Let's see. Well, first, let's start with IFPC. We were awarded a $4.1 billion IDIQ to ramp production, and that is going well. We have a target procurement of some 317 systems to be delivered by 2030. And we think that with the readying of the defense industrial base, FMS possibilities and of course, Golden Dome, that is a very good bet for us to continue to grow.

當然可以。謝謝你，托比。讓我們來看看。好，首先，讓我們從IFPC開始。我們獲得了價值 41 億美元的無限期交付/無限期數量 (IDIQ) 合同，用於提高產量，目前進展順利。我們的目標是在 2030 年前採購約 317 套系統。我們認為，隨著國防工業基地的準備就緒、對外軍售的可能性，當然還有金色穹頂，這對我們來說是一個非常好的選擇，我們將繼續發展壯大。

So we're very bullish on IFPC. You see the customer investing in a second interceptor that solidifies their seriousness of the system as a whole. And as the lead systems integrator for that, we sit in service to our customer to make sure that, that system is all that they want it to be.

所以我們非常看好IFPC。你可以看到客戶投資了第二個攔截器，這鞏固了他們對整個系統的重視程度。作為該系統的首席系統整合商，我們竭誠為客戶服務，確保系統完全符合他們的期望。

Hypersonics was mentioned earlier. Obviously, we, the Department of War is fast tracking some six tech priorities to include scaled hypersonics. So that shows you that they're serious about it. And our recent awards of Silicon and (inaudible) OTAs those mirror the Army's success of the Dark Eagle program. And so we're very happy with where that program is going from here.

前面已經提到過高超音速技術。顯然，我們戰爭部正在加速六項技術優先事項，其中包括規模化高超音速武器。這說明他們是認真的。我們最近授予的矽谷和（聽不清楚）OTA，反映了陸軍「黑暗雄鷹」計畫的成功。因此，我們對該專案未來的發展方向非常滿意。

I mentioned in my prepared remarks, the [A badge] award although we can't say much more about that. Again, Homeland Security and base defense are where those programs excel, and both of those things are very high priorities for the Department of War.

我在事先準備好的發言稿中提到了[A級徽章]獎，但我們不能透露更多細節。國土安全和基地防禦是這些計畫的優勢所在，而這兩方面也是戰爭部高度重視的領域。

Wide field of view in the space area, we are very bullish on our opportunities to serve the space forces needs there. They are, they have a budget climbing towards $40 billion, and we are a vital partner for the technical contributions across the Space Development Agency and all their tranches to date. So we've been accelerating internal investment there.

我們在太空領域擁有廣闊的視野，我們對滿足太空部隊的需求充滿信心。他們的預算正在逼近 400 億美元，而我們是航太發展局及其迄今為止所有階段技術貢獻的重要合作夥伴。因此，我們一直在加快對該地區的內部投資。

The FDA's tranche zero mission has been successful, and we are a key part of that. We've delivered two tranche one payloads to Northrop with the remaining ones coming this year, following a successful critical design review, which we published in the press. We remain on track to deliver 18 satellites for the FDA for Tranche 2 by the end of the year. And we're positioning for growth with, for Tranche 3 and for Tranche 4 to make sure that our payloads that are serving this nation now in space continue to do so into the future. What I'm not talking about is the two IDIQs I mentioned, the Shield IDIQ and the Microelectronics IDIQ.

FDA 的零批次任務取得了成功，而我們是其中的關鍵一環。我們已經向諾斯羅普公司交付了第一批兩批有效載荷，其餘的則將於今年交付。此前，我們成功完成了關鍵設計評審，並在媒體上公佈了評審結果。我們仍按計畫在年底前為 FDA 交付第二批 18 顆衛星。我們正在為第三批和第四批貨物的成長做好準備，以確保我們目前在太空為國家服務的有效載荷在未來能夠繼續為國家服務。我說的不是我提到的那兩個 IDIQ，即 Shield IDIQ 和 Microelectronics IDIQ。

Again, these are areas where we've been investing in us being in those IDIQs gives us the opportunity to help the customers serve the nation through task orders therein, and we are very bullish about that. And so we're very excited about several of the framework agreements that we have in negotiation and conversation with the Department of War to, as I said earlier, continue to build programs of records for our defense business. So we're very bullish on being a defense tech company, and we're very excited about the opportunities for us to continue to grow that business under Cindy's leadership.

再次強調，這些領域是我們一直在投資的領域，參與這些 IDIQ 協議使我們有機會透過其中的任務訂單來幫助客戶服務國家，我們對此非常樂觀。因此，我們對與美國戰爭部正在談判和商討的幾項框架協議感到非常興奮，正如我之前所說，這些協議將繼續為我們的國防業務建立記錄項目。因此，我們對成為國防科技公司充滿信心，並且對在辛迪的領導下繼續發展這項業務的機會感到非常興奮。

Yes. Tobey, I'd only add, Tom had a robust list there and there's others. Maritime certainly is one of those areas with our SEDAR product, ADC Mark V. What we're talking about with medium unmanned surface vessels. Those are the ones that have more runway and variance for the UK and Australia customer as well. So excited about the prospects in our maritime part of the portfolio there is too.

是的。托比，我只想補充一點，湯姆那裡有一份很長的名單，還有其他人。海事領域無疑是我們 SEDAR 產品 ADC Mark V 的應用領域之一。我們正在討論的是中型無人水面艦艇。這些產品也為英國和澳洲的客戶提供了更大的發展空間和更多選擇。我也對我們投資組合中海事部分的前景感到非常興奮。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Yes, thank you. Good morning, Tom and Chris. Maybe if you could address capital allocation. I think you said you'll be gross leverage about 2.6 times on a pro forma basis after ENTRUST. How are you thinking about incremental M&A opportunities this year? Where are your priorities? And what does the guidance imply for buybacks this year?

是的，謝謝。湯姆和克里斯，早安。或許你可以考慮一下資本配置方面的問題。我想你說過，在 ENTRUST 之後，以備考基準計算，你的總槓桿率將達到 2.6 倍左右。您如何看待今年的併購增量機會？你的首要任務是什麼？那麼，該指引對今年的股票回購有何啟示？

Yeah, thanks. So first of all, again, this is a long arc that I think if you go back to the earnings calls past, I've transmitted pretty clearly that while we we're searching for our growth strategy. We would have a capital deployment strategy that was very shareholder-friendly. We still have a rigorous return on investment capital analysis for any investment and any outflow of Leidos dollars, and we will continue to do that.

嗯，謝謝。首先，再次強調，這是一個漫長的過程，我認為如果你回顧過去的財報電話會議，我已經很清楚地傳達了這一點，那就是我們正在尋找成長策略。我們將採取對股東非常友善的資本部署策略。對於任何投資和 Leidos 的任何資金流出，我們仍然會進行嚴格的投資回報資本分析，我們將繼續這樣做。

But now with our NorthStar 2030 strategy in hand and we've been firmly in strategy execution mode, meeting the moment also of this administration, we are very well poised to deliver on and invest in those growth pillars that we've discussed.

但現在，我們制定了「北極星 2030」戰略，並一直堅定地執行該戰略，同時順應了本屆政府的指示，我們完全有能力實現並投資於我們討論過的那些增長支柱。

So we've increased investment over the last three years. We will continue to increase investment. And yes, inorganic and organic investments will be the lion's share of how we deploy our capital in the near term. That being said, we will continue our dividend program, and we will look opportunistically for other shareholder-friendly deployments of capital as the need arises. Chris?

因此，過去三年我們增加了投資。我們將繼續增加投資。是的，在短期內，無機和有機投資將佔據我們資本部署方式的絕大部分。即便如此，我們仍將繼續執行分紅計劃，並在必要時尋找其他有利於股東的資本部署機會。克里斯？

Yes. I mean, Ken, to get to your specific question on the repos, we haven't baked any into the guide that we gave you for this year. I mean, you can see that with ENTRUST coming online, there's a lot of capital going to that. But we have more capacity, and the priorities are what Tom laid out, and we'll monitor things as the year unfolds.

是的。肯，我的意思是，關於你提出的具體倉庫問題，我們今年發給你的指南中還沒有包含任何相關內容。我的意思是，你可以看到，隨著 ENTRUST 上線，很多資金都投入了這個項目。但我們有能力做得更多，優先事項也按照湯姆所製定的方案執行，我們將隨著時間的推移密切關注事態發展。

Thank you.

謝謝。

Thank you.

謝謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning Tom and Chris. Tom, we've seen a lot of software stocks come under pressure year-to-date because of concerns that AI could drive down the cost for companies to develop software internally. We also hear from defense companies that AI will accelerate the shift towards outcome-based contracting. But are you concerned that AI could cause a race to the bottom on price, particularly for digital modernization programs?

早上好，湯姆和克里斯。湯姆，由於擔心人工智慧可能會降低公司內部開發軟體的成本，我們看到今年以來許多軟體股都面臨壓力。我們也從國防公司了解到，人工智慧將加速轉向基於結果的合約模式。但您是否擔心人工智慧可能會導致價格競相壓低，尤其是在數位現代化專案方面？

Thanks. Yes, Scott, I see and hear and certainly see the stock market effect of the fear of AI overtaking the world and understand why some people might say that. But for us, the proliferation of AI isn't frat, it's a force multiplier for everything we've always wanted to do. So we continue to lean into all commercial technologies.

謝謝。是的，史考特，我看到了，也聽到了，當然也看到了人們對人工智慧統治世界的恐懼對股市的影響，我理解為什麼有些人會這麼說。但對我們來說，人工智慧的普及並非兒戲，而是我們一直以來想要實現的一切的倍增器。因此，我們將繼續大力發展所有商業技術。

It is part of the business model that has made Leidos successful, and we don't see AI as being any different. We want to look at it, understand it, exploit it and be able to serve our customers with it no matter which model of AI, they want to embrace.

這是 Leidos 成功商業模式的一部分，我們認為人工智慧也不會例外。我們希望研究它、了解它、利用它，並能夠用它來為我們的客戶服務，無論他們想要採用哪種人工智慧模型。

That is why Will Johnson and our (inaudible) business embrace AI internally. We are very keen to make sure that we are the beta tester of how AI makes organizations faster and more efficient. And we expect that beta testing AI internally to Leidos will not only deliver bottom line results for us but also help us prototype and then deliver top line benefits for our customers as they seek to exploit AI to make their operations more efficient.

這就是為什麼威爾·約翰遜和我們（聽不清楚）公司在內部擁抱人工智慧的原因。我們非常渴望成為人工智慧如何讓組織更快、更有效率的測試者。我們預計，在 Leidos 內部進行 AI 測試不僅會為我們帶來實際的收益，還會幫助我們為尋求利用 AI 提高營運效率的客戶打造原型，並最終為他們帶來實際的好處。

So ultimately, we see AI as an opportunity to help our customers shift budgets away from maintenance and into high-value mission outcomes which is, of course, the business we're in, making their outcomes smarter and more efficient. I hope that helps, Scott.

因此，最終我們認為人工智慧是一個機會，可以幫助我們的客戶將預算從維護轉移到高價值的任務成果上，這當然也是我們所從事的業務，即讓他們的成果更聰明、更有效率。希望這對你有幫助，斯科特。

Yes, it does. And then a quick question. You noted the backlog figures do not include anything from the Golden Dome IDIQ or the Microelectronics IDIQ. But does the guide assume that you will receive task orders this year that would convert to revenue? Or is that purely upside to the guide?

是的，確實如此。然後還有一個問題。您指出，積壓訂單資料不包括金穹頂無限期交付合約或微電子無限期交付合約中的任何訂單。但該指南是否假設您今年會收到能夠轉化為收入的任務訂單？或者說，這完全是該指南的優點？

Yeah. We don't ever include IDIQs. We only include the task orders when they come in. Of course, our business development and our sectors all want to assume that they get task orders that deliver revenue and profit in the year, and that's what they hunt for every year.

是的。我們從來不採用無限期交付/無限期數量合約（IDIQ）。我們只在收到任務訂單後才將其納入統計。當然，我們的業務拓展部門和各個業務部門都希望獲得能夠帶來收入和利潤的任務訂單，這也是他們每年努力的目標。

And Scott, just, I mean, as with any annual guide that we put out, there always is some element of new business that has to be won throughout the year. Whether that comes from Golden Dome or comes from the robust number of other submittals that we have in the pipeline, it can be any number of those sources. But yes, if Golden Dome ramps up in any material way, we see upside from that.

史考特，我的意思是，就像我們發布的任何年度指南一樣，總有一些新業務需要在這一年中爭取。無論是來自 Golden Dome，還是我們正在處理的其他大量提交項目，都可能是這些來源中的任何一個。但是，如果金穹頂的建設有任何實質進展，我們確實看到了其中的利好。

Golden Dome, FAA, the microelectronics all of them. There's a ton of opportunities out there where we're poised to exploit over the coming months.

金頂、美國聯邦航空管理局、微電子技術等等。未來幾個月，我們將抓住大量機會。

Thank you.

謝謝。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Good morning, Tom, Chris Stuart. Thanks for taking my question.

早上好，湯姆，克里斯·斯圖爾特。謝謝您回答我的問題。

Good morning.

早安.

You've highlighted Maritime as an area that could be potential for this year incrementally. Just can you talk a little bit about where the government is and the progress in identifying programs and when we might expect to actually hear something on some of these? Thank you.

您已將海事領域列為今年可能具有發展潛力的領域。您能否談談政府目前的情況，以及在確定專案方面取得的進展，還有我們什麼時候才能聽到一些專案方面的消息？謝謝。

Yes. Thank you. Yes, the Department of Navy has a well-understood and publicized MUSV program for a large quantity of medium unmanned surface vehicles. We have had robust dialogue with the Department of NATO, the Department of the Navy and IndoPaycom, the combatant commanders who want to have this capability.

是的。謝謝。是的，海軍部有一個廣為人知且公開的中型無人水面艦艇（MUSV）計劃，旨在建造大量此類艦艇。我們與北約部、海軍部和印太支付公司（IndoPaycom）等作戰司令部進行了深入對話，他們都希望擁有這種能力。

And what we are actually talking about, Jonathan, is not only how we can help make sure that there are vessels built but the critical key sauce for Leidos that we've been talking and has been exciting customers greatly is the payload and mission packages that makes those vessels effective in a war scenario.

喬納森，我們真正要討論的不僅是如何確保艦艇的建造，而且我們一直在談論並令客戶非常興奮的Leidos的關鍵要素是有效載荷和任務包，這些要素使這些艦艇在戰爭場景中有效發揮作用。

And so what our secret sauce is, is not only how we can partner with private equity and shipyards around the United States to either retrofit or new build unmanned surface vessels. Frankly, that's not hard. The hard part is how do you make those vessels effective in the battle of the future, what IndoPaycom and other combatant commanders are anxious about.

因此，我們的秘訣不僅在於我們如何與美國各地的私募股權公司和造船廠合作，對無人水面艦艇進行改造或新建。坦白說，這並不難。困難在於如何使這些艦艇在未來的戰鬥中發揮作用，這也是印太司令部和其他作戰指揮官所擔憂的問題。

And that's where Leidos' long-term investments in our R&D, in C5ISR, in space really give us a differentiator in terms of how that vessel becomes effective for the combatant commander. Now as far as timing, we are eager also. The dialogue in the Department of Navy is robust. We expect them to come forward with their firm plans soon, but we're still waiting. I hope that helps, Jonathan.

而這正是 Leidos 在 C5ISR 和太空領域的研發長期投資真正讓我們在如何使艦艇對作戰指揮官有效方面具有差異化優勢的地方。至於時間安排，我們也同樣期待。海軍部內部的對話十分活躍。我們預計他們很快就會公佈具體計劃，但我們仍在等待。希望這對你有幫助，喬納森。

Thank you very much. Good luck with the year.

非常感謝。祝你新的一年一切順利。

Thank you.

謝謝。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Thank you. Morning.

謝謝。早晨。

Hey Gavin.

嘿，加文。

I really appreciate all the guidance by segment. If I wrap all that up, can you hold and expand the mid-13% EBITDA margin beyond '26?

我非常感謝各環節的指導。如果我把所有這些都總結起來，您能否將 EBITDA 利潤率維持在 13% 左右，並使其在 2026 年之後繼續增長？

Yeah. I think we dropped some bread crumbs for you there, Gavin, to see that the best is yet to come on margins in our newly formed Homeland segment. and certainly with additional upside in defense. So those are the areas that I would point to on a longer-term horizon where we would expect some additional margin expansion opportunities.

是的。加文，我覺得我們已經給你留下了一些線索，讓你看到我們新成立的國土安全板塊的利潤率還有很大的提升空間，國防板塊肯定還有更大的上漲潛力。因此，從長遠來看，我認為這些領域可能會有一些額外的利潤率擴張機會。

I mean clearly, we've talked a lot about health today and the work that they've done, the great work that they've done to demonstrate the value they're bringing to the veterans agency. So the expectation is, yes, we're not done with margins, but consolidate the gains we've made, reprioritize, fund the critical investments for growth and then deliver exceptional results on that in '27 and beyond.

我的意思是，很明顯，我們今天談了很多關於健康以及他們所做的工作，他們為證明他們為退伍軍人機構帶來的價值所做的出色工作。因此，我們的預期是，是的，我們還沒有完成利潤率目標，而是要鞏固我們已經取得的成果，重新調整優先事項，為成長的關鍵投資提供資金，然後在 2027 年及以後取得卓越的成果。

And don't negate the effects of our transformation office. We're very bullish about that being able to help Leidos become more efficient. And as a result, obviously, there could be some margin uplift there as our overheads come down. And as the year goes on, as we bring in ENTRUST, we expect that to be margin accretive. So we're very excited about the portfolio that's laying out for the year to come.

也不要忽視我們轉型辦公室所取得的成果。我們非常看好這能幫助 Leidos 提高效率。因此，很顯然，隨著營運成本的降低，利潤率可能會有所提升。隨著今年的推進，隨著 ENTRUST 的引入，我們預計這將提升利潤率。因此，我們對來年的投資組合感到非常興奮。

Operator, it looks like we have time for one more question.

接線員，看來我們還有時間再問一個問題。

Greg konrad, Jefferies.

Greg Konrad，傑富瑞集團。

Good morning. I just wanted to follow up on the investment conversation. I mean, you talked about 3x CapEx in '26 and continuing to increase investment. I mean, how do you think about that stepping up beyond this year? How much of that is kind of in backlog and scaling versus future decisions? And then with that, how do you think about cash on cash returns because with some of these deals, we've seen better working capital offset those investments? Thanks.

早安.我只是想繼續討論投資方面的話題。我的意思是，你談到了 2026 年資本支出成長 3 倍，並將繼續增加投資。我的意思是，你覺得今年之後的發展前景如何？其中有多少是積壓工作和規模擴張方面的事項，又有多少是未來的決策？那麼，您如何看待現金報酬率呢？因為在某些交易中，我們看到更好的營運資本抵銷了這些投資。謝謝。

Yeah, Greg. So I mean we haven't mapped out the '27 and beyond yet. I mean, clearly, the items we're investing in this year are to scale up, for the most part, scale-up capabilities that are in hand, programs that we're executing on or see a clear line of sight demand for expansion, and we're finding ways to accommodate a higher ramp up on those than perhaps was previously contemplated.

是的，格雷格。我的意思是，我們還沒有製定 2027 年及以後的計劃。我的意思是，很顯然，我們今年投資的項目主要是為了擴大規模，主要是擴大我們現有的能力，擴大我們正在執行的項目，或者擴大我們有明確需求的項目，我們正在尋找方法來適應比之前設想的更高的增長速度。

And you're right, as you think about with any investment outlay that we make, clearly, how do we get cash back in the door to make the cash-on-cash return more attractive. ENTRUST will be an example of that. How do we bring cash in from that business more rapidly, find ways to optimize their working capital performance.

你說得對，就像我們進行任何投資支出一樣，很明顯，我們需要考慮如何才能獲得現金回報，使現金回報率更具吸引力。ENTRUST 就是一個例子。我們如何更快地從該業務中獲得現金流，找到優化其營運資本績效的方法？

I think that's a strength of Leidos and an area that Tom alluded to, our transformation office, one of the initial things they're going to be taking on are ways that we can look to even streamline our DSO process. And if we could take a day or two out of there, that really moves the needle for Leidos. So we're going to be focused on that heavily.

我認為這是 Leidos 的優勢所在，也是 Tom 提到的一個領域，我們的轉型辦公室，他們最初要處理的事情之一就是如何進一步簡化我們的 DSO 流程。如果我們能抽出一天兩天時間，對 Leidos 來說真的會很有幫助。所以我們會重點關注這一點。

We're going to be looking to realize attractive returns and all the investments that we make. But I don't think that you would say the $350 million of CapEx is the new normal going beyond this year. It was situation dependent. We have the capacity to do that if the business case is there, but not necessarily what we see on an enduring basis.

我們將力求實現所有投資的可觀回報。但我認為，3.5億美元的資本支出不會成為今年以後的新常態。這要視具體情況而定。如果商業理由充分，我們有能力這樣做，但這並不一定能長期持續下去。

Thank you.

謝謝。

Thank you.

謝謝。

And I would now like to hand the conference back over to Stuart Davis for closing remarks.

現在我謹將會議交還給史都華戴維斯，請他作閉幕致詞。

Operator, I appreciate your assistance on this morning's call, and thank you all for tuning in this morning and your interest in Leidos. We look forward to updating you again soon. Have a great day.

接線員，感謝您今天早上在電話會議中的協助，也感謝大家今天早上收聽會議並對 Leidos 感興趣。我們期待盡快再次向您報告最新情況。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。