Leidos Holdings, Inc. (LDOS) 2026 Q1 法說會逐字稿

Welcome to Leidos' first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Stuart Davis from Investor Relations. Stuart, you may begin.

歡迎參加 Leidos 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者——投資人關係部的 Stuart Davis。Stuart，請開始。

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，大家早安。今天與我一同參與財報電話會議的有執行長 Tom Bell，以及財務長 Chris Cage。今天的電話會議將在我們網站的投資人關係專區進行網路直播，您可在該處找到財報新聞稿以及今天會議的簡報投影片。

As shown on slide 2, our discussion today will contain forward-looking statements based on the environment as we currently see it and thus includes risks and uncertainties. Our press release contains more information on the specific risk factors that could cause actual results to differ materially from anticipated results. 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.

如投影片第 2 頁所示，我們今天的討論將包含以前瞻性陳述為主，係基於我們目前所見的環境，因此包含風險與不確定性。我們的新聞稿載有更多關於可能導致實際結果與預期結果出現重大差異之特定風險因素的資訊。接著看投影片第 3 頁，我們也將討論 GAAP 與非 GAAP 財務衡量指標，而今天的新聞稿與簡報投影片包含兩者之間的調節表。

Now let me turn the call over to Tom, who'll begin on slide 4.

現在我把電話會議交給 Tom，他將從投影片第 4 頁開始。

Thank you, Stuart. And good morning, everyone. Today, I'm pleased to report a very strong start for Leidos in 2026. First quarter revenue was up 4% year on year to $4.4 billion. And profitability remained excellent to start 2026 with adjusted EBITDA of 14%. As a result of this strong core performance and the immediately accretive nature of our Entrust acquisition, we are raising our 2026 guidance for revenue by $500 million, non-GAAP diluted EPS by $0.05, and operating cash flow by $50 million.

謝謝你，Stuart。各位早安。今天我很高興向各位報告，Leidos 在 2026 年有一個非常強勁的開局。第一季營收年增 4%，達到 44 億美元。獲利能力在 2026 年開局也維持優異，調整後 EBITDA 為 14%。由於核心業務表現強勁，以及我們收購 Entrust 具備立即增厚獲利（immediately accretive）的特性，我們上調 2026 年指引：營收上調 5 億美元、非 GAAP 稀釋後 EPS 上調 0.05 美元、營運現金流上調 5,000 萬美元。

Execution of our North Star 2030 growth strategy is now in full swing. And these strong Q1 results set the stage for our multi-year growth trajectory beginning this year. Chris will go through our Q1 financials in detail later on this call.

我們的 North Star 2030 成長策略執行現已全面展開。這些強勁的第一季成果，為自今年開始的多年期成長軌跡奠定舞台。稍後在本次電話會議中，Chris 將更詳細說明第一季財務表現。

What I'd like to spend my time with you on this morning is the story behind these Q1 numbers and the fact that they represent another proof point that Leidos is built to thrive. Our scale, our unparalleled customer understanding, our ongoing corporate investments in our golden bolts, our market-leading exploitation of AI, they are all allowing us to quickly adapt to this changing market dynamics and rapidly deploy learnings to all of our customers and all of our businesses.

今天早上我想與各位分享的是這些第一季數字背後的故事，以及它們再次證明 Leidos 具備蓬勃發展的體質。我們的規模、對客戶無與倫比的理解、在「黃金螺栓」（golden bolts）上的持續企業投資、以及我們在 AI 應用上的市場領先優勢，都讓我們能快速因應不斷變化的市場動態，並將學習成果迅速部署到所有客戶與所有業務之中。

We are driving our business and executing our North Star 2030 growth strategy through a few simple principles. The first is increasing our investments in our five growth pillars. Our growth pillars, markets where we see robust revenue growth to deliver superior top- and bottom-line results remain Defense Tech, Managed Health, Digital Infrastructure and Cyber, Energy Resilience, and Mission Software.

我們以幾項簡單原則推動業務並執行 North Star 2030 成長策略。第一項原則是加大對五大成長支柱的投資。我們的成長支柱——也就是我們看到營收可望強勁成長、以帶來更優異營收與獲利表現的市場——包括：國防科技（Defense Tech）、管理式健康（Managed Health）、數位基礎建設與資安（Digital Infrastructure and Cyber）、能源韌性（Energy Resilience）、以及任務軟體（Mission Software）。

The second principle is continuing to make Leidos faster, leaner, and more focused, ensuring that speed is king at Leidos. And the third principle is leveraging our scale through technology insertion and learning across our whole business. Here are some examples of how we're delivering against this strategy in 2026. In defense, we're capitalizing on years of technological investment to work with the Department of War as one of their key disruptors able to reliably produce at scale.

第二項原則是持續讓 Leidos 更快、更精實、更聚焦，確保在 Leidos「速度為王」。第三項原則是透過技術導入與全公司範圍的學習，發揮我們的規模優勢。以下是我們在 2026 年如何落實這項策略的一些例子。在國防領域，我們正運用多年來的技術投資成果，與戰爭部（Department of War）合作，成為其關鍵的顛覆者之一，並能以規模可靠量產。

We are currently pursuing accelerated procurement agreements, such as framework agreements, to field a number of Leidos advanced products and capabilities. Let me illustrate a few for you this morning. Munitions is a clear area of focus by the Department of War and one of historical strength for Leidos.

我們目前正推動加速採購協議，例如框架協議（framework agreements），以部署多項 Leidos 的先進產品與能力。今天早上我舉幾個例子說明。彈藥（Munitions）是戰爭部明確的重點領域，也是 Leidos 歷來的強項之一。

Following a string of successful flight tests of our small cruise missile, now designated the AGM-190A by our customer, we are working with the Department of War to accelerate production of the SCM itself, progress work on derivatives of this product, and field iterations of this technology for even more challenging warfighter needs. All in all, we can clearly see a path to production runs of thousands of these products in this decade alone.

在我們的小型巡弋飛彈完成一連串成功的飛行測試後，客戶已將其命名為 AGM-190A。我們正與戰爭部合作，加速 SCM 本體的生產、推進該產品衍生型的研發工作，並部署此技術的迭代版本，以滿足更具挑戰性的作戰人員需求。整體而言，我們清楚看到在本十年內，這些產品的產量可達數千枚的生產路徑。

We are also working to respond to the US Navy for a marketplace acquisition approach to produce MUSVs and mission payloads at scale quickly. Our offering combines Leidos Gibbs & Cox expertise, commercial boatyard capability, Leidos proven LAVA software, integrated command and control, our exquisite C5ISR and counter C5ISRT to deliver real-world scaled effects for the US Navy.

我們也正回應美國海軍，採取市場化採購方式，以快速、大規模生產 MUSV 與任務載荷。我們的方案結合了 Leidos Gibbs & Cox 的專業、商用船廠能力、Leidos 經驗證的 LAVA 軟體、整合式指揮與控制、我們精密的 C5ISR 與反制 C5ISRT 能力，為美國海軍提供可在真實世界中擴大量產的作戰效果。

Related to this, you probably saw recent press reports about one of Leidos' existing MUSVs, the Seahawk MUSV being operationally, not experimentally, deployed as part of the Theodore Roosevelt Carrier Strike Group. This is the US Navy's first and only medium unmanned surface vehicle to reach this level of customer confidence, relevance, and actual deployment. We're also conducting advanced discussions regarding scaling production of Leidos' Air Shield high-power microwave counter-UAS technology.

與此相關，您可能已看到近期媒體報導：Leidos 現有的一艘 MUSV——Seahawk MUSV——已作為西奧多・羅斯福號航母打擊群的一部分進行作戰部署，而非僅供實驗用途。這是美國海軍第一艘、也是唯一一艘達到此等客戶信心、相關性與實際部署水準的中型無人水面載具。我們也正就擴大 Leidos「Air Shield」高功率微波反無人機（counter-UAS）技術的產能，進行深入討論。

That technology consistently outperforms all competitors in range and lethality. In addition to these framework agreements and other agreements, we've begun serial production of our ALPS product under our $2.2 billion ABADS-MD contract. ALPS is a Leidos-developed passive sensing system that delivers persistent wide-area awareness at a fraction of legacy costs.

該技術在射程與殺傷力方面持續優於所有競爭對手。除這些框架協議與其他協議外，我們已在 22 億美元的 ABADS-MD 合約下，開始對我們的 ALPS 產品進行序列化生產。ALPS 是 Leidos 自主研發的被動式感測系統，能以傳統方案成本的一小部分，提供持續性的廣域態勢感知。

In fact, you may have noticed last month at a Department of War Golden Dome update that our ALPS program was highlighted as a key sensor in forming the Golden Dome architecture. Quoting General Guetlein himself, quote, the testing of the Army's advanced long-range persistent surveillance radar is tangible proof of our progress, end quote. This is a powerful customer validation of ALPS' ready-now role in enabling a layered, integrated defense network.

事實上，您可能注意到上個月在戰爭部「Golden Dome」更新中，我們的 ALPS 計畫被強調為建構 Golden Dome 架構的關鍵感測器。引用 Guetlein 將軍本人的話，引用：「陸軍先進長程持續監視雷達的測試，是我們進展的具體證明。」結束引用。這是客戶對 ALPS「立即可用」（ready-now）角色的有力驗證，證明其能促成分層、整合式防禦網路。

All this momentum is translating directly into strong demand across our entire Defense Tech portfolio. In total, we've earned over $9 billion of awards for our Defense Tech business in the last 15 months alone. We can see clearly a path to another $8 billion in our next 12-month pipeline. In Health, we are injecting real-world digital sophistication into mission-critical care with excellent customer impact.

所有這些動能正直接轉化為我們整個國防科技產品組合的強勁需求。總計而言，僅在過去 15 個月內，我們的國防科技業務已取得超過 90 億美元的得標金額。我們也清楚看到，在未來 12 個月的商機管線中，還有另外 80 億美元的路徑可期。在健康領域，我們正將真實世界的數位化成熟度注入攸關任務的照護服務中，並帶來極佳的客戶影響。

A standout example here is our recent $456 million Military OneSource award. This program provides confidential counseling, financial planning, tax assistance, career coaching, and more to military personnel and their families. This directed award is a testament to Leidos' superior and repeatable digital innovations. By applying the predictive analytics from our Military and Family Life Counseling program to this customer's Military OneSource needs, we are shifting the focus from reactive care to proactive force readiness.

其中一個突出的例子是我們近期取得的 4.56 億美元 Military OneSource 得標案。該計畫為軍人及其家屬提供保密諮商、財務規劃、稅務協助、職涯教練等服務。這項指名授標（directed award）證明了 Leidos 卓越且可複製的數位創新能力。透過將我們「軍人與家庭生活諮商」（Military and Family Life Counseling）計畫中的預測分析，應用到該客戶的 Military OneSource 需求上，我們正把重點從被動式照護轉向主動式戰力準備。

This award is in the wheelhouse of our managed health growth pillar and grows our strategic moat in this market. By harmonizing these programs, MFLC and Military OneSource, we give the customer optionality to sync these ecosystems into a single high-efficiency care delivery model. We are embedding Leidos into the mission's digital DNA, ensuring long-term customer stickiness and proving our disruptive value across the managed health market.

這項得標符合我們「管理式健康」成長支柱的核心定位，並擴大我們在此市場的策略護城河。透過整合 MFLC 與 Military OneSource 這兩個計畫，我們讓客戶可選擇將這些生態系同步整合為單一的高效率照護交付模式。我們正把 Leidos 嵌入任務的數位 DNA，確保長期的客戶黏著度，並在管理式健康市場中證明我們的顛覆性價值。

Elsewhere in health, we've secured a first-of-its-kind award for a pilot program called My Service Treatment Record. Here, we've been selected to exclusively develop an AI-driven tool to automate the medical re-record transfer for service members from the Department of War to the Department of Veterans Affairs. As the architects of MHS GENESIS, Leidos was uniquely qualified to aggregate Department of War data at speed and scale necessary to expedite this transfer, a transfer that today is manual, paper-intensive, frustratingly slow, and laborious.

在健康領域的其他方面，我們取得了一項首創的試點計畫得標案，名為「My Service Treatment Record」。在此案中，我們被選為獨家開發一套 AI 驅動工具，用以自動化軍人醫療紀錄從戰爭部轉移至退伍軍人事務部（Department of Veterans Affairs）的流程。作為 MHS GENESIS 的架構設計者，Leidos 具備獨特資格，能以所需的速度與規模彙整戰爭部資料，以加速這項轉移——而該轉移目前仍是人工、紙本密集、令人挫折地緩慢且費工。

This new platform acts as another strategic entry point into the broader disability examinations mission. It allows us to further stitch together fragmented legacy systems with a seamless end-to-end digital thread. With the ability to automate everything from record retrieval to claim submission, we are directly advancing both the Department of War and the VA's digital-first initiatives.

這個新平台也成為我們切入更廣泛傷殘鑑定任務的另一個策略入口。它讓我們能以無縫的端到端數位串接，進一步把分散的傳統系統縫合在一起。憑藉自動化從紀錄擷取到申請提交的全流程能力，我們正直接推進戰爭部與退伍軍人事務部的「數位優先」（digital-first）倡議。

In turn, this ensures Leidos and our technology are deeply embedded in both our customers' long-term operational roadmap. Also, of note, in our ongoing Veterans Benefits Exam business, I'm pleased to report that our disability exam volume remained high through the first quarter and customer satisfaction, veteran satisfaction with their treatment at Leidos QTC clinics remains best in class. We are very much looking forward to working with the customer on our continued leading role providing these mission-critical services to our nation's veterans, beginning with an industry day later this month.

進而確保 Leidos 與我們的技術深度嵌入兩個客戶的長期營運路線圖中。另外值得一提的是，在我們持續進行的退伍軍人福利體檢（Veterans Benefits Exam）業務中，我很高興報告：第一季的傷殘鑑定檢查量仍維持高檔，且退伍軍人對其在 Leidos QTC 診所接受服務的滿意度仍屬同業最佳。我們非常期待與客戶合作，持續在為我國退伍軍人提供這些攸關任務的服務上扮演領先角色，並將從本月稍晚的產業日活動開始。

These wins and our robust ongoing business give us confidence in our health growth pillar and its sustainable growth through the decade. I'd like to take a minute to also update you on the three substantial portfolio moves we've undertaken in the last 12 months. Most recently, I was very pleased to have announced our intent to strengthen our nation's homeland defense by agreeing to combine our SES business into a joint venture with Analogic.

這些勝利以及我們持續強勁的既有業務，讓我們對健康成長支柱及其在未來十年可持續的成長充滿信心。我也想花一點時間向各位更新我們在過去 12 個月所進行的三項重大投資組合調整。最近，我非常高興宣布，我們已同意將我們的 SES 業務與 Analogic 合併成立一家合資企業，以強化我國的國土防衛。

Our joint venture will create a focused American leader in this critical global market. And through our significant minority interest in this JV, our shareholders will continue to participate in the market upside this JV will help unlock. Regarding our Kudu acquisition of last year, the non-kinetic effects you probably read about in Operation Absolute Resolve and Operation Epic Fury reinforce just how critical these capabilities are to our customers' missions.

我們的合資企業將在這個關鍵的全球市場中打造一家聚焦的美國領導者。透過我們在該合資企業中的重要少數股權，我們的股東也將持續參與該合資企業所能釋放的市場上行空間。至於我們去年收購 Kudu 一案，您可能在「絕對決心行動」（Operation Absolute Resolve）與「史詩之怒行動」（Operation Epic Fury）中讀到的非動能效果，更加凸顯這些能力對客戶任務的重要性。

That demand is exactly what we foresaw in acquiring Kudu to combine with our existing business. The combination of Kudu's elite offensive cyber tools with our robust signal processing capabilities and our established defensive cyber leadership has created the integrated toolkit that our customers increasingly rely on. It also aligns directly with the recently published National Cyber Strategy.

這樣的需求正是我們在收購 Kudu 並與既有業務結合時所預見的。Kudu 的菁英進攻型網路工具，結合我們強大的訊號處理能力與既有的防禦型網路領導地位，已打造出客戶日益仰賴的整合式工具組。同時也與近期發布的《國家網路戰略》（National Cyber Strategy）直接一致。

Leidos' full-spectrum cyber capacity is delivering against surging demand. We currently see a total cyber pipeline valued at $24 billion, a 21% increase since the acquisition of Kudu. The acquisition has also accelerated our use of AI technology to deliver cyber mission software and operations with unprecedented velocity.

Leidos 的全光譜網路能力正因應激增的需求而交付成果。我們目前看到的網路業務總管線價值為 240 億美元，自收購 Kudu 以來增加 21%。此次收購也加速了我們運用 AI 技術，以前所未有的速度交付網路任務軟體與作業。

And speaking of velocity, we executed a quick, clean close of Entrust this past March, just two months after we announced the acquisition itself. That speed sets us up to accelerate delivery for our customers at a time when demand for energy infrastructure services is expanding every day. And closing this deal rapidly allows us to quickly gain the top- and bottom-line efficiencies we envisioned for this transaction this year.

談到速度，我們在今年 3 月完成了對 Entrust 的快速且順利的交割，距離宣布收購僅兩個月。這樣的速度使我們能在能源基礎設施服務需求日益擴大的當下，加速為客戶交付。同時，快速完成交易也讓我們能在今年迅速取得我們為此交易所設想的營收端與成本端效率。

Integration is ahead of schedule, the cultural alignment is seamless, and the financial upside is already surfacing in our consolidated numbers. Strategically, this combination expands our business's breadth and depth and is already producing new opportunities. For instance, as a result of our combined prowess, we've received our first energy generation plant RFP, and we've been selected to perform detailed design for Canada's largest battery electrical storage facility.

整合進度超前，文化契合無縫銜接，財務上行效益也已在我們的合併數字中浮現。從策略面來看，這項結合擴大了我們業務的廣度與深度，並已帶來新的機會。例如，憑藉雙方合併的實力，我們已收到第一份能源發電廠的 RFP（招標需求書），並獲選為加拿大最大的電池儲能設施進行詳細設計。

Building on this momentum, our team is focused on targeting a refreshed order pipeline of $10 billion. This represents growth of 230% post-close made possible by rapidly bringing our teams together to prosecute the market as one. And on the operational side, we've deployed Leidos' AI tool, Skywire, across the new organization. Teams are already seeing significant opportunity to deliver high-quality services and solutions to more customers faster and cheaper.

在此動能之上，我們的團隊正聚焦於鎖定更新後的 100 億美元訂單管線。這代表交割後成長 230%，得益於我們迅速整合團隊、以單一團隊之姿開拓市場。在營運面，我們已在新組織全面部署 Leidos 的 AI 工具 Skywire。各團隊已看到顯著機會，能以更快、更低成本向更多客戶交付高品質服務與解決方案。

This is exactly what our North Star 2030 strategy is all about. Our Kudu and Entrust acquisitions provide us tremendous accelerants in high-growth markets where scale and technology unite to deliver superior top- and bottom-line returns. We aren't just looking at acquisitions to drive growth. I'm also pleased to announce that we are balancing these strategic moves with a surgical venture-stage investment to ensure Leidos stays at the forefront of the market's innovation curve.

這正是我們「North Star 2030」策略的核心。Kudu 與 Entrust 的收購，為我們在高成長市場提供了強大的加速器，在這些市場中，規模與技術結合可帶來更優異的營收與獲利回報。我們並非只依靠收購來推動成長。我也很高興宣布，我們在推進這些策略動作的同時，亦以精準的創投階段投資來取得平衡，確保 Leidos 持續站在市場創新曲線的最前沿。

We have committed a multi-year $100 million investment in a marquee PE firm with a proven track record in the federal technology space. This partnership gives us early access to a vetted pipeline of high-growth disruptors with mission-ready capabilities in AI, advanced cyber, and autonomy, to name a few. By continuing to be at the forefront of technological breakthroughs of all types, we ensure our customers have the technology they need tomorrow integrated into the Leidos growth pillars today.

我們已承諾在一家在聯邦科技領域具備卓越實績的知名私募股權（PE）公司進行多年期 1 億美元投資。此合作關係讓我們能及早接觸一條經過篩選的高成長顛覆者管線，這些公司具備可直接投入任務的能力，涵蓋 AI、先進網路與自主系統等領域。透過持續站在各類技術突破的前沿，我們確保客戶明天所需的技術，今天就能整合進 Leidos 的成長支柱之中。

To close out my prepared remarks this morning, I'd also like to spend a moment on AI and what it means for Leidos. As I've said on past calls, we are not reacting to AI. AI is nothing new to Leidos. We are scaling with AI. AI is not a threat to our business model. It's an accelerant of our business model because at our core, Leidos exists to make customers' outcomes smarter and more efficient, and AI allows us to do just that, work faster at greater scale with higher impact.

在結束我今天上午的事先準備發言之前，我也想花點時間談談 AI 以及它對 Leidos 的意義。正如我在過去的電話會議中所說，我們不是在因應 AI；AI 對 Leidos 而言並不新。我們是在與 AI 一起擴張。AI 不是對我們商業模式的威脅，而是我們商業模式的加速器，因為 Leidos 的核心使命是讓客戶成果更聰明、更有效率，而 AI 讓我們能做到這一點——以更快速度、更大規模與更高影響力完成工作。

What AI is doing in very practical terms is simply compressing the bottom of the solution value chain. It's making it easier to do things that were historically hard to do, but it does not obsolete things that are hard to get. So things like routine development, basic analytics, data integration, AI is compressing the time to deliver these results, and that compression is of great value to us. We welcome it and are exploiting it because it frees up our highly specialized talent to focus where we create the most value, leveraging the multitude of things we have that are the very things that are hard to get.

就非常實務的層面而言，AI 所做的其實是壓縮解決方案價值鏈的底部。它讓過去很難做到的事情變得更容易，但並不會讓那些難以取得的事物變得過時。因此，像是例行開發、基礎分析、資料整合等，AI 正在縮短交付這些成果所需的時間，而這種壓縮對我們極具價值。我們歡迎並加以運用，因為它讓我們高度專業的人才得以把精力投入在我們創造最大價值之處，運用我們所擁有的眾多、正是「難以取得」的關鍵要素。

Solving our customers' most complex mission-critical problems with deep customer understanding, the right people with the right specialty security clearances, real-world regulatory permission, Leidos privileged access to our customers' digital infrastructure at scale, et cetera. AI makes us faster, and AI makes us more efficient. And all these shifts reinforce, they don't erode the digital advantages that Leidos enjoys.

例如，以深度客戶理解來解決客戶最複雜、最關鍵任務的問題；具備正確專業安全許可的人才；真實世界中的法規許可；Leidos 以規模化方式對客戶數位基礎設施的特權存取權，等等。AI 讓我們更快，也讓我們更有效率。而所有這些轉變都在強化，而非削弱，Leidos 所享有的數位優勢。

Our market position in highly cleared environments, our deep regulatory experience, our access to proprietary data, and most importantly, the trust we've built with customers over decades, these are not disrupted by AI, they are amplified by it. In our markets, real costs are not measured in dollars. They are measured in risk, mission accomplishment risk. As AI increases the clock speed of our customers' mission execution, that risk only grows.

我們在高度機密環境中的市場地位、深厚的法規經驗、對專有資料的存取權，最重要的是我們數十年來與客戶建立的信任，這些不會被 AI 顛覆，反而會被 AI 放大。在我們的市場中，真正的成本不是以美元衡量，而是以風險衡量——任務達成風險。隨著 AI 提升客戶任務執行的時脈速度，這種風險只會增加。

So in turn, this only further strengthens our position as the trusted mission AI experts, the sober, cerebral, experienced, relatable experts deploying AI for our customers' success in ways they know they can trust. As part of this, as I've just alluded to, is an often underappreciated advantage for Leidos in this booming world of AI. The sheer scale of our federal digital infrastructure business.

因此，這反過來只會進一步鞏固我們作為值得信賴的任務型 AI 專家的地位——以冷靜、理性、經驗豐富且能與客戶共鳴的專家形象，為客戶成功部署 AI，並以客戶知道可以信任的方式來落地。作為其中一環，正如我剛才提到的，在這個蓬勃發展的 AI 世界裡，Leidos 還有一項常被低估的優勢：我們聯邦數位基礎設施業務的龐大規模。

Our digital infrastructure business, the very large, privileged position we enjoy today in our customer's digital ecosystem, is not a vulnerability in an AI world, it's a strength. Because that ecosystem is foundational to how our customers are and will adopt AI securely and effectively. Every day, more than any other company, we deliver open, secure, repeatable, and mission-critical solutions for our customers.

我們的數位基礎設施業務——也就是我們如今在客戶數位生態系中所享有的巨大且具特權的地位——在 AI 世界裡不是弱點，而是優勢。因為該生態系是客戶如何、以及將如何安全且有效採用 AI 的基礎。每天，我們比任何其他公司都更能為客戶交付開放、安全、可重複且任務關鍵的解決方案。

Capabilities we're currently grouping into four offerings. UpHold, our cyber and resilient networks product suite. InSight, our secure cloud and data product suite. ForWard, our customer digital experience product suite. And HeadWay, our information advantage product suite. Taken together, these product suites strengthen Leidos' position as the scaled, trusted integrator of AI-enabled mission systems in our customers' environments for their mission success.

我們目前將這些能力歸納為四項產品/服務：UpHold，我們的網路與韌性網路產品套件；InSight，我們的安全雲與資料產品套件；ForWard，我們的客戶數位體驗產品套件；以及 HeadWay，我們的資訊優勢產品套件。綜合而言，這些產品套件強化了 Leidos 作為可規模化、值得信賴的整合者的地位，能在客戶環境中整合 AI 賦能的任務系統，協助其任務成功。

That's why we believe we are uniquely positioned to continue to lead in this market, and that's why we continue to see scalable growth in this business. So Leidos is out of the blocks in 2026 playing offense. We are very excited about where we are today and where we are taking this business tomorrow, all guided by our clear North Star 2030 growth strategy.

這就是為什麼我們相信自己具備獨特優勢，能持續在此市場領先，也因此我們持續看到這項業務具備可規模化的成長。因此，Leidos 在 2026 年一開始就採取進攻姿態。我們對當前的位置以及明天要把這項業務帶往何處都感到非常振奮，而這一切都由我們清晰的 North Star 2030 成長策略所引導。

I'll now turn the call over to Chris to review our Q1 financial performance and provide an update outlook on the rest of 2026. And then I'll look forward to your questions. Chris?

接下來我將把電話會議交給 Chris，請他回顧我們第一季的財務表現，並更新 2026 年其餘期間的展望。之後我也期待回答各位的問題。Chris？

Thank you, Tom, and thank you everyone for joining us today. We are off to an impressive start in 2026. Now more than ever, we see our matchless portfolio as a key to driving superior performance and value creation over the coming years. Let's jump right into the results, starting with the income statement on slide 5.

謝謝你，Tom，也謝謝各位今天加入我們。我們在 2026 年有一個令人印象深刻的開局。比以往任何時候，我們都更清楚看到我們無可匹敵的投資組合，是推動未來數年卓越表現與價值創造的關鍵。讓我們直接進入結果，先從第 5 頁投影片的損益表開始。

Revenues were $4.4 billion, up 4% in total and 3% organically year over year, with especially robust growth in the Intelligence and Digital and homeland segments. Revenues grew year over year as customers accelerated mission execution, especially for innovative products and solutions supporting the intelligence community, commercial energy infrastructure, and domestic and international air traffic management. Bottom-line performance remained strong. Adjusted EBITDA was $614 million for the first quarter, up 2% year over year, for an adjusted EBITDA margin of 14%.

營收為 44 億美元，總體年增 4%，有機年增 3%，其中特別強勁的成長來自 Intelligence and Digital 與 homeland 兩個部門。隨著客戶加速任務執行，營收較去年同期成長，尤其是在支援情報界、商業能源基礎設施，以及國內與國際空中交通管理的創新產品與解決方案方面。獲利端表現仍然強勁。第一季調整後 EBITDA 為 6.14 億美元，年增 2%，調整後 EBITDA 利潤率為 14%。

Non-GAAP diluted EPS grew 5% to $3.13, driven by higher adjusted EBITDA, lower share count, and a lower tax rate. Changes in estimates at completion were a modest headwind in the quarter, yet profitability remained high through prudent cost management, excellent award and incentive fee performance, and a $15 million insurance reimbursement for previously recorded legal expenses. Digging a little deeper, let's turn now to the segment drivers on slide 6.

非 GAAP 稀釋後每股盈餘成長 5% 至 3.13 美元，主要受惠於較高的調整後 EBITDA、較低的流通股數，以及較低的稅率。完工估計變動在本季帶來些許逆風，但在審慎的成本管理、優異的獎項與激勵費表現，以及針對先前已入帳之法律費用取得 1,500 萬美元保險理賠的支持下，獲利能力仍維持高檔。再深入一點，接下來我們看第 6 頁投影片的各事業部門驅動因素。

Intelligence and Digital revenues increased 7% year over year, with 6% coming organically. Revenue growth was driven by recent contract awards and increased volumes for intelligence community mission support, as well as $22 million from the acquisition of Kudu Dynamics. Non-GAAP operating income margin increased from 9.7% in the prior year quarter to 10.2%, which is excellent performance for this portfolio.

情報與數位（Intelligence and Digital）營收年增 7%，其中 6% 來自有機成長。營收成長主要由近期合約得標、情報社群任務支援的量能提升所帶動，另有 2,200 萬美元來自收購 Kudu Dynamics。非 GAAP 營業利益率由去年同期的 9.7% 提升至 10.2%，對此投資組合而言是非常出色的表現。

For Health, we sustained our excellent performance on the top and bottom line. Revenues were unchanged from a year ago. Profitability was relatively stable across periods. Homeland revenues increased 6% year over year, given surging demand for energy infrastructure engineering services and domestic and international air traffic control systems. Non-GAAP operating margin of 8.5% compared to 9.4% in the prior year quarter reflected changing customer requirements on a fixed-price program.

在健康（Health）方面，我們在營收與獲利兩端皆維持優異表現。營收與去年同期持平；獲利能力在各期間相對穩定。國土安全（Homeland）營收年增 6%，受惠於能源基礎設施工程服務需求激增，以及國內與國際空中交通管制系統需求。非 GAAP 營業利益率為 8.5%，相較去年同期的 9.4%，反映固定價格專案中客戶需求的變化。

Lastly, Defense revenues of $883 million were up slightly compared to the prior year quarter, as strong growth in integrated air defense systems offset the wind down of some airborne surveillance programs. Due to a scheduled delay on a fixed-price development program, defense non-GAAP operating margin was 8.3% compared to 9.8% in the prior year quarter.

最後，國防（Defense）營收為 8.83 億美元，較去年同期小幅增加；整合式防空系統的強勁成長抵銷了部分空中監視專案的收尾影響。由於固定價格研發專案出現排程延遲，國防部門非 GAAP 營業利益率為 8.3%，相較去年同期的 9.8%。

Turning to cash flow and the balance sheet on slide seven. In the quarter, we generated $301 million of cash flows from operating activities and $270 million of free cash flow. Operating cash performance was exceptionally strong for the first quarter, building off of a record Q4. DSO was 59 days after normalizing for the impact of the Entrust acquisition.

接著看第 7 頁投影片的現金流與資產負債表。本季我們來自營運活動的現金流入為 3.01 億美元，自由現金流為 2.70 億美元。第一季的營運現金表現格外強勁，延續第四季創紀錄的表現。在將 Entrust 收購案影響正常化後，DSO 為 59 天。

With strong EBITDA generation, proactive collections, and disciplined working capital management, Leidos is a cash machine, and we are turning that into long-term shareholder value. Our Entrust acquisition is a confident move in one of our five strategic growth pillars. We had planned to fund the purchase price of $2.4 billion with $500 million of cash on hand, $500 million in commercial paper, and $1.4 billion of new bonds.

憑藉強勁的 EBITDA 產生能力、主動催收，以及嚴謹的營運資金管理，Leidos 是一部「現金機器」，而我們正將其轉化為長期股東價值。收購 Entrust 是我們五大策略成長支柱之一上的自信布局。我們原先規劃以 24 億美元的收購價金，透過 5 億美元手上現金、5 億美元商業本票，以及 14 億美元新發行債券來籌資。

With our robust cash generation over the last two quarters, we borrowed less and have begun to pay it off sooner than anticipated. And our commercial paper balanced to $300 million at the end of the first quarter, which we'll pay off throughout 2026. We were also able to repurchase $200 million of stock in the open market as part of our balanced capital deployment strategy. We ended the quarter with $6.3 billion of debt, $457 million in cash and cash equivalents, and a gross leverage ratio of 2.6 times. This provides us with ample capacity to continue to invest in line with our North Star 2030 strategy.

由於過去兩季現金創造能力強勁，我們借款金額較少，且已開始比原先預期更早償還。此外，第一季末商業本票餘額為 3 億美元，我們將在 2026 年期間逐步償還。我們也能在公開市場回購 2 億美元股票，作為我們均衡資本配置策略的一部分。本季末我們的負債為 63 億美元，現金及約當現金為 4.57 億美元，總槓桿比率為 2.6 倍。這使我們具備充足的能力，持續依循 North Star 2030 策略進行投資。

Finally, on to the forward outlook on slide 8. As Tom mentioned, we're raising our 2026 guidance for revenues, earnings, and cash. Specifically, we're increasing revenue guidance by $500 million to a new range of $18 billion to $18.4 billion. Maintaining our adjusted EBITDA margin guidance at mid-thirteens, raising our non-GAAP diluted EPS guidance of by $0.05, yielding $12.10 to $12.50, and increasing our operating cash flow guidance by $50 million to approximately $1.8 billion. For context, I'll address three major aspects of our forward outlook: the organic view, the quarterly cadence, and the longer-term view.

最後，來看第 8 頁投影片的前瞻展望。如 Tom 所提，我們上調 2026 年的營收、獲利與現金指引。具體而言，我們將營收指引上調 5 億美元至 180 億至 184 億美元的新區間；調整後 EBITDA 利潤率指引維持在 10% 中段（mid-teens）；非 GAAP 稀釋後 EPS 指引上調 0.05 美元至 12.10 至 12.50 美元；並將營運現金流指引上調 5,000 萬美元至約 18 億美元。為了提供脈絡，我將從三個面向說明前瞻展望：有機成長觀點、季度節奏，以及較長期的觀點。

First, the raises to revenue, earnings, and cash guidance primarily reflect our Entrust acquisition. After only a little more than a month post-close, we've enhanced our outlook and now expect the deal to be accretive to non-GAAP EPS and cash in 2026, with substantially more accretion as deal synergies are realized in 2027 and beyond. Our view of the rest of Leidos for 2026 is largely unchanged from where we initially guided in February.

第一，營收、獲利與現金指引的上調，主要反映我們收購 Entrust 的影響。在完成交割後僅略多於一個月，我們已強化展望，並預期該交易將在 2026 年對非 GAAP EPS 與現金流具增益（accretive），且隨著交易綜效在 2027 年及之後逐步實現，增益幅度將顯著擴大。至於 Leidos 其餘業務在 2026 年的看法，基本上與我們 2 月初次提供指引時大致相同。

Our forward guidance does not incorporate any impact from the pending joint venture we announced in our Security Products business, which we anticipate closing sometime in the back half of the year. Until then, SES and General Automation assets and liabilities will appear as held for sale on the balance sheet, and there will be no change to the income statement as the materiality threshold for discontinued operations will not be met. Once the deal closes, we will no longer show revenue from our minority position, and our share, roughly 40% of the joint venture net income, will be reflected as equity method income within our operating income.

我們的前瞻指引未納入我們在 Security Products 業務中所宣布、尚待完成的合資企業之任何影響；我們預期將在今年下半年某個時間完成交割。在此之前，SES 與 General Automation 的資產與負債將在資產負債表上列為待出售（held for sale），且由於未達停業單位（discontinued operations）的重大性門檻，損益表將不會有變動。一旦交易完成，我們將不再呈列來自少數股權部位的營收，而我們約 40% 的合資企業淨利份額，將以權益法投資收益（equity method income）的形式，列入營業利益之內。

Second, we see Q2 as the likely low point this year in revenue growth and margin. At this point, we view Q1 revenue overperformance as a pull forward from the second quarter as opposed to a notable market re-acceleration, which we still expect in the second half of the year. There are many encouraging signs, like the framework discussions that Tom Bell described, procurement is still recovering from the protracted government shutdown.

第二，我們認為第二季可能是今年營收成長與利潤率的低點。就目前而言，我們將第一季營收超預期視為自第二季提前拉貨（pull forward），而非市場明顯再加速；我們仍預期下半年會出現再加速。已有許多令人鼓舞的跡象，例如 Tom Bell 所描述的框架性討論；採購活動仍在從漫長的政府停擺中復甦。

We're pleased with the solid book-to-bill ratio of 0.8 in the quarter and 1.1 times for the trailing 12 months. And we expect awards to pick up significantly over the course of the year. On the bottom line, we won't have the benefit of the insurance reimbursement in benefit in Q2. More important, near-term growth investments will rise given our ability to lock in franchise positions on a number of compelling opportunities, including the Military OneSource award and My Service Treatment Record pilot in the Health segment and the multiple potential product lines within the Defense business. We're excited about the long-term upside these opportunities can create.

我們對本季 0.8 的接單出貨比（book-to-bill）以及過去 12 個月累計 1.1 倍的表現感到滿意，並預期今年獎項/得標將在全年過程中顯著回升。在獲利端，第二季將不再享有保險理賠帶來的利益。更重要的是，短期成長投資將增加，因為我們有能力在多項具吸引力的機會上鎖定「特許經營」式的有利地位，包括健康事業部的 Military OneSource 得標與 My Service Treatment Record 試點，以及國防業務內多條潛在產品線。我們對這些機會可帶來的長期上行空間感到振奮。

And third, we remain extremely bullish on the long-term outlook for the business. As we shape our portfolio towards the growth pillars, we're enhancing the financials of the business, reducing unnecessary complexity while maintaining virtuous diversity. In the case of the security products joint venture, we are preserving significant upside for our shareholders. We've talked about optionality in the past. Now you can see how that looks in action.

第三，我們對業務的長期展望仍極度看多。隨著我們將投資組合朝成長支柱方向調整，我們正在改善公司的財務體質，在維持良性多元化的同時，降低不必要的複雜度。以安全產品合資案為例，我們正為股東保留可觀的上行空間。我們過去談過「選擇權價值」（optionality）；現在各位可以看到它如何在實務中發揮作用。

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

以上，接線員，我們準備開始回答問題。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（接線員指示）Sheila Kahyaoglu，Jefferies。

Maybe a lot to digest there. Maybe if we could just talk about profitability and the impact within defense contracting 150 basis points. How much of it was from the fixed price program? How do you expect that to trend? Maybe if you could give us an update on key programs and dynamics within defense.

資訊量可能有點大。或許我們可以談談獲利能力，以及國防承包業務中 150 個基點的影響。其中有多少是來自固定價格專案？你們預期這會如何走勢？也請你們更新一下國防領域內的關鍵專案與動態。

Hey, Sheila. It's Chris. Yes, the defense profitability that was kind of reflecting the development stage program on our space Wide Field of View Tranche 1, which we're all in on getting that program delivered this year and on track to do so. We're really encouraged about the new programs that we've been awarded and are ramping up. When you think of things like our IFTC program, which we're continuing to win the next slots for our Pounds program, our ABADS program.

嗨，Sheila。我是 Chris。是的，國防的獲利能力主要反映我們太空 Wide Field of View Tranche 1 專案仍處於研發階段；我們正全力以赴，確保該專案今年交付，並按計畫推進。我們也對近期得標、正在加速爬坡的新專案感到非常振奮。像是我們的 IFTC 專案，我們持續在 Pounds 專案贏得下一批次席位，以及我們的 ABADS 專案等。

Those all have superior economic profiles with them, as those programs ramp up in larger quantities this year you'll see that defense level profitability continue to trend positively over the course of the year. The business is on track. We're really excited about the growth prospects there and the team's laser-focused on the pricing and bidding strategies to make sure we can deliver solid profitability with that.

這些專案的經濟性（economic profiles）都更優；隨著今年這些專案以更大數量規模爬坡，你會看到國防層級的獲利能力在全年持續呈現正向趨勢。整體業務進展如期。我們對那裡的成長前景非常興奮，團隊也高度聚焦於定價與投標策略，以確保我們能交付穩健的獲利能力。

Great. I'll just stop there. Thank you.

很好。我就先到這裡。謝謝。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

This is Joshua Korn on for David. wanted to ask if I think last quarter you discussed a tripling of CapEx this year to $350 million. You talked about some growth investments in the remarks. With only $31 million of CapEx in Q1, is that still the plan? What does that look like as the year goes on?

我是 Joshua Korn，代替 David 發問。我想問一下，我記得上季你們提到今年資本支出（CapEx）將增加到三倍、達到 3.5 億美元。你們在發言中也談到一些成長投資。但第一季 CapEx 只有 3,100 萬美元，這仍然是計畫嗎？隨著今年推進，會是什麼樣的節奏？

Thanks, Josh. Yeah. We did earmark a sizable increase in our CapEx for this year, anticipating the need to invest. That need hasn't risen in the first quarter to a level that we might have anticipated. Part of our anticipation of a second quarter that is a higher spend rate is a lower profitability because of that. We do anticipate spending more in CapEx this year. Whether or not we spend the whole $350 or not is to be determined based on how these programs layer in.

謝謝你，Josh。是的，我們確實為今年的 CapEx 預留了相當可觀的增加額度，預期會有投資需求。第一季這個需求並沒有上升到我們原先可能預期的程度。我們之所以預期第二季支出率會更高，其中一部分原因是因為那樣會帶來較低的獲利能力。我們確實預期今年會增加 CapEx 支出。至於是否會把 3.5 億美元全部花完，仍有待觀察，取決於這些計畫如何分階段導入。

I think what you should take away from this is we continue to be good stewards of our cash. We don't spend money just because we budgeted it. We earmark it and wait for the, for the trigger to release it. Thanks, Josh.

我認為你應該從中得到的重點是：我們仍會妥善管理現金。我們不會因為預算編了就把錢花掉。我們會先預留，並等待觸發條件出現才會釋放。謝謝你，Josh。

Thank you.

謝謝。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

I was hoping you could elaborate on the outlook for the health business, both the existing portfolio and exams as well as areas of expansion that you're targeting and how those could change the composition of margin within that business.

我希望你能更詳細說明健康業務的展望，包括既有產品組合與檢查（exams），以及你們鎖定的擴張領域；另外，這些因素可能如何改變該業務的利潤率結構。

Thanks, Tobey. As I said in my prepared remarks, we're very encouraged by the fact that our volume remained high in that business in the first quarter of this year. While we've provisioned for the year outlook that Chris and I gave you last quarter for the effects of the fourth vendor, the fact is our volumes are staying high and remaining robust as we enter this year.

謝謝你，Tobey。正如我在事先準備的發言中所說，我們對今年第一季該業務量能維持高檔感到非常鼓舞。雖然我們已依照我和 Chris 上季提供的全年展望，為第四家供應商的影響做了準備，但事實是，進入今年以來，我們的量能仍維持高水準且相當強勁。

The second thing that's happening is the VA, the Veterans Benefits Exam, is challenging the system to continue to burn off backlogs. We're hopeful that those volumes will remain elevated through the rest of this year. We're also encouraged by the fact that the customer is having an industry day later this month to talk about how we perpetuate how we serve veterans in this country.

第二個正在發生的事情是 VA（退伍軍人事務部）的退伍軍人福利檢查（Veterans Benefits Exam）正推動系統持續消化積壓案件。我們希望這些量能在今年剩餘時間仍能維持在較高水準。我們也受到鼓舞，因為客戶將在本月稍晚舉辦產業日，討論我們如何持續在這個國家為退伍軍人提供服務。

We are very optimistic that through the investment of technology, through the leaning in of innovative business models, we are going to be able to continue to serve more veterans faster, cheaper than our competitors and make sure that we remain robustly profitable in this business. At the same time, that's a good base. What we are focused on is this managed health business being a growth pillar for Leidos.

我們非常樂觀地認為，透過技術投資、以及採用創新的商業模式，我們將能持續以比競爭對手更快、更便宜的方式服務更多退伍軍人，並確保我們在這項業務中維持強勁的獲利能力。同時，這是一個很好的基礎。我們目前聚焦的是，讓這項受管理的健康業務成為 Leidos 的成長支柱。

What you saw in the two awards that we talked about this quarter, the Military OneSource directed award and the My Service Treatment Record pilot program, are indications of how we are leaning into the digital ecosystems of both the Department of Defense and the Department of Veterans Affairs to continue to serve them boldly.

你們在本季我們提到的兩項得標——Military OneSource 的指定授標，以及 My Service Treatment Record 試點計畫——都顯示我們正積極投入國防部與退伍軍人事務部的數位生態系，持續以更積極的方式為他們提供服務。

We see behavioral health as a major engine within that growth pillar, where we think we can differentially serve veterans and their families in this, in this time. Rural health has always been an area that has been underserved, and again, an area where we think we can lean in to help serve our nation's veterans where they live, as opposed to asking them to come to where we are. We're very, we remain bullish on our health growth pillar, and we remain bullish that it can remain a mainstay of Leidos' top-line and bottom-line growth story. Thanks, Tobey.

我們將行為健康（behavioral health）視為該成長支柱中的主要引擎，我們認為在這段期間，我們能以差異化方式服務退伍軍人及其家庭。鄉村健康（rural health）一直是服務不足的領域，而這同樣是我們認為可以加大投入、在退伍軍人居住地提供服務的地方，而不是要求他們到我們所在的地方來。我們對健康成長支柱仍然非常看多，也看多它能持續成為 Leidos 營收與獲利成長故事中的重要支柱。謝謝你，Tobey。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Tom, you touched on the portfolio moves you made in the portfolio recently. When I look at the Leidos portfolio in aggregate, it does everything from integrated air and missile defense, airport infrastructure modernization, hypersonic missiles, maritime autonomy. A lot of broad offerings. For investors, it can be challenging to actually analyze. You're moving the SES business to a JV, internally, do you think the business would benefit from a more streamlined portfolio? Could we see that over the next, say, 12 to 24 months?

Tom，你提到最近做的一些投資組合調整。當我整體看 Leidos 的投資組合時，涵蓋從整合式防空與飛彈防禦、機場基礎設施現代化、高超音速飛彈、到海事自主等，非常廣泛的產品與服務。對投資人而言，實際上可能很難分析。你們把 SES 業務移到一家合資企業（JV）。在內部，你是否認為更精簡的投資組合會讓公司受益？未來例如 12 到 24 個月內，我們是否可能看到這樣的變化？

What we did, thanks for the question, Scott. What we did at the beginning of this year was streamline how we're organized for delivery of these effects. You'll recall that the new defense business is a larger defense business focused on the complete suite of how we serve the Department of Defense, as opposed to having it fragmented within Leidos.

謝謝你的問題，Scott。今年年初我們做的是精簡我們為交付這些成果而採用的組織方式。你會記得，新的國防業務是一個更大的國防業務單位，聚焦於我們如何以完整的方式服務國防部，而不是在 Leidos 內部把它切割得很零散。

That management focus and that attention, while the portfolio and the offerings are broad, is bringing the desired effect for execution. We've recently announced a COO in our defense business to help drive execution and drive scaling of the products in the portfolio. We're very excited and encouraged by the activity we have going on in that defense portfolio.

這樣的管理聚焦與關注，雖然投資組合與產品供給很廣，但正在帶來我們期望的執行效果。我們最近也宣布在國防業務任命一位營運長（COO），以協助推動執行並推動投資組合中產品的規模化。我們對國防投資組合目前進行中的活動感到非常興奮且受到鼓舞。

You're right that this area of our portfolio is one of intense activity right now, but those are activities that are going to pay great dividends for our shareholders in the years to come. As we ramp up these framework agreements, these accelerated purchase agreements, and these traditional purchase agreements to field products at scale.

你說得對，我們投資組合的這個領域目前活動非常密集，但這些活動將在未來幾年為股東帶來可觀的回報，因為我們會逐步把這些框架協議、加速採購協議，以及傳統採購協議推進到能以規模部署產品的階段。

We'll help you continue to understand the portfolio, and we'll help with what the capabilities are that we're focused on. As you will remain cognizant of, while we had defense tech as a broad area of interest, we were focused on maritime and space. We remain focused there.

我們會持續協助你理解這個投資組合，以及我們聚焦的能力是什麼。你也會注意到，雖然我們把國防科技視為一個廣泛的關注領域，但我們的重點在海事與太空。我們仍然聚焦在那裡。

The fact is, the customer continues to come to us with more opportunities as they look for reliable companies to help them scale production of the effects they need for the battles they see in the future. We're very bullish on our defense tech business and excited it's a part of the Leidos portfolio.

事實是，當客戶在尋找可靠的公司來協助他們擴大生產、以滿足他們所預見未來戰場所需的能力時，他們持續帶給我們更多機會。我們對國防科技業務非常看多，也很高興它是 Leidos 投資組合的一部分。

All right. Thank you.

好的。謝謝。

John Godyn, Citi.

John Godyn，花旗。

Thanks for taking my question. I wanted to revisit the shape of the year and the comments about kind of revenue and margins around the shape of the year. It sounds like there may be a bit of a dip, at least in revenue in 2Q. I wanted to just make sure we frame that correctly and give you a chance to be a little more precise.

謝謝讓我提問。我想再回到全年節奏（shape of the year）以及你們對全年營收與利潤率節奏的評論。聽起來第二季的營收至少可能會有些下滑。我想確認我們是否正確理解，也希望你們能更精準一些。

Sometimes, those things can just be a bit of an overhang on the stock if they're not kind of clarified in the moment. Maybe you could just kind of discuss the shape on revenue and margins and hopefully we can get there. Thanks.

有時候如果當下沒有釐清，這些事情可能會對股價造成一些壓力。也許你們可以談談營收與利潤率的全年節奏，希望我們能把它講清楚。謝謝。

This is Chris. I agree. I mean, we're very pleased with the start to the year we had. As I trailed in my remarks, maybe a little bit of that is pull forward from Q2. As we see the robustness of our pipeline and award activity and the proposal pits that are very active, we're still expecting a significant amount of that to translate into momentum in Q3 and Q4.

我是 Chris。我同意。我的意思是，我們對今年的開局非常滿意。正如我在發言中提到的，其中可能有一部分是從第二季提前拉到第一季。當我們看到強勁的案源管線（pipeline）、得標活動，以及非常活躍的提案競標（proposal pits）時，我們仍預期其中相當一部分會在第三季與第四季轉化為動能。

As we've gone through all of our planning activity, really see the step function on growth building in the third quarter and fourth quarter, and with that, you'll see the high margin rates that we've come to demonstrate time and time again.

在我們完成所有規劃工作後，確實看到成長在第三季與第四季呈現階梯式上升（step function），而隨之你也會看到我們一再展現的高利潤率水準。

Q2 itself, just as we look at which programs are in early phases of transition and which programs are winding off a little bit that is probably more similar to Q1, maybe a small step down on run rate and profitability, building to the back half of the year and then carrying that momentum into 2027.

至於第二季本身，從我們觀察哪些專案正處於轉換初期、哪些專案正在逐步結束來看，第二季可能會更接近第一季，營運率（run rate）與獲利能力可能小幅下滑；之後在下半年回升，並把這股動能延續到 2027 年。

That's how I'd frame it out. We've got a lot of cash capacity and capital to put to work, and we'll continue to be active on the deployment side over the course of the year. We're really excited about how things are setting up for us.

我會這樣來框架。我們有很充足的現金能力與資本可投入運用，我們也會在今年期間持續在資本部署方面保持積極。我們對整體布局的進展感到非常振奮。

Got it. Thanks, guys.

了解。謝謝各位。

While it's a little lumpy this year, it's not dimming our outlook on the year as a whole.

雖然今年會有些起伏（lumpy），但這並不會削弱我們對全年整體展望的看法。

Excellent. Appreciate it.

很好。感謝。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

I was wondering if it's possible to attempt to speak to the multi-year or maybe just even next year or directionally beyond this year in the health segment. I guess just as we all look at the VBA exam data, and you have a few moving pieces here. You've talked about this year revenue kind of being flattish, margins being down a little bit.

我想請教，是否有可能談談健康業務板塊在多年期、或至少是明年、或方向性地超出今年的走勢？我想就像大家都在看 VBA 體檢數據一樣，這裡有幾個變動因素。你們提到今年營收大致持平，利潤率會小幅下滑。

I guess we're left wondering a little bit, are we looking at a one-year minor reset, or is this a multi-year period where revenue could be down more than just a little bit? How much do the margins reset? If you could give us your latest thinking there.

我想我們有點想知道的是：這是一個為期一年的小幅重置，還是會是一個多年的期間，營收可能不只是小幅下滑？利潤率會重置到什麼程度？如果可以的話，請分享你們最新的想法。

Sure, Noah. As we're in May already, and the customer is having his industry day later this month, we'll know more when we go to these industry days and we hear what their plans are for this contract in the future.

當然可以，Noah。現在已經是 5 月了，而且客戶會在本月稍晚舉辦他們的產業日；等我們參加這些產業日、聽到他們對未來這份合約的規劃後，我們就會知道更多。

That said, it's becoming difficult to imagine a seismic shift in how we serve veterans in this nation. I'm remaining very bullish that we'll maintain our ability to serve the most veterans, the most effectively, with the best results. We're leaning in as we've said in past calls to talk about how we use technology to shorten the cycle time of veterans getting the benefits they deserve.

話雖如此，很難想像我們在這個國家服務退伍軍人的方式會出現劇烈轉變。我仍然非常看多，我們將能維持服務最多退伍軍人、以最有效方式、並取得最佳成果的能力。正如我們在過去的電話會議中所說，我們正加大力道，談我們如何運用科技縮短退伍軍人取得其應得福利的週期時間。

We expect that with leaning into that technology, we'll be able to continue to be a leader in this marketplace. We anticipate that that marketplace will remain largely unchanged in how the Veterans Benefits Administration serves veterans. At the same time, what we're doing, as I alluded to, is leaning into the digital ecosystem of the Department of Defense and the Veterans Benefits Agency to make sure that we're a part of the ecosystem beyond just providing veterans benefits exams.

我們預期，透過加大對該技術的投入，我們將能持續成為這個市場的領導者。我們也預期，在退伍軍人福利管理局（VBA）如何服務退伍軍人方面，市場整體將大致維持不變。同時，如我剛才提到的，我們正投入國防部與退伍軍人福利機構的數位生態系，確保我們在生態系中扮演的角色不僅僅是提供退伍軍人福利體檢。

We're also very focused on expanding how we serve veterans in the rural areas of our country. We are bullish on the long-term growth trajectory. I wish I had more definitive things to tell you about exactly how that's going to pan out. That being said, with time being what it is, I anticipate it's going to continue to be more of what it is today than some radical departure from the status quo.

我們也非常專注於擴大我們在美國鄉村地區服務退伍軍人的方式。我們對長期成長軌跡持樂觀態度。我希望能有更明確的資訊告訴你這將如何發展。不過，考量時間因素，我預期未來會更像今天的延續，而不是對現狀做出某種激進的偏離。

No, I'd just add, I mean, beyond VBA, which is a very well-run part of the business. I mean, the team has evidenced by the Military OneSource takeaway and looking ahead to $6 billion in expected submits over Q2 and Q3 have a lot of other avenues to scale this business up. The My Service Treatment Record were very small in a pilot phase.

不，我只是補充一下：除了 VBA 之外（那是業務中運作非常良好的一部分），團隊也已經透過 Military OneSource 的成果展現實力；展望未來，第二季與第三季預期提交金額將達 60 億美元，還有很多其他途徑可以把這門業務規模做大。My Service Treatment Record 目前仍非常小，還在試點階段。

I mean, that could turn into a very nice technology-oriented high revenue and profit stream for us over time as we prove out this capability. Yes, our expectations are health is a platform modest reset this year with a growth trajectory in the future, as Tom has talked about, and the team's got a lot of momentum behind building that up on many dimensions.

我的意思是，隨著我們驗證這項能力，長期來看它可能會為我們帶來一條非常不錯、以科技為導向的高營收與高獲利來源。是的，我們的預期是：健康業務今年作為平台會有溫和的重置，但未來仍有成長軌跡，正如 Tom 所談到的；而且團隊在多個面向上推動建設，動能很強。

Appreciate all that, guys. Chris, I guess just on the margin, you sort of described there, interesting and thoughtful ways that you could keep growing. If the mix of the business that's driving the growth changes, does the margin change a lot over a two, three-year window, or can you kind of hang around where you're at right now?

感謝各位的說明。Chris，我想再問一下利潤率：你剛才描述了一些很有意思、也很周全的持續成長方式。如果推動成長的業務組合發生變化，在兩到三年的時間窗內，利潤率會有很大變動嗎？還是可以大致維持在目前水準附近？

Yeah, no, I see that staying above that 20% margin threshold and we're well above that today, and that's absolutely in the zone. Beyond what we're going to win next, we're relentlessly focused on operational improvements, technology improvements to enable our processes. This unified health platform is a capability the team's deploying internally later this year as an example that will take more costs out of our delivery equation.

是的，不會。我認為利潤率會維持在 20% 以上的門檻，而我們目前也遠高於此，這絕對在可行範圍內。除了下一個要贏得的案子之外，我們也持續不懈地專注於營運改善、技術改善，以賦能我們的流程。舉例來說，這個統一健康平台是一項能力，團隊將在今年稍晚於內部部署，能進一步降低我們交付端的成本結構。

Yeah, Noah, the great thing about this part of the portfolio with how customers contract predominantly fixed price, fixed unit rate, really incentivizes operational efficiencies and that's where we excel. Very confident we can keep the high margin profile of this business into the future.

是的，Noah，這個投資組合部分的優勢在於：客戶合約多以固定價格、固定單位費率為主，這會強力激勵營運效率，而這正是我們擅長之處。我非常有信心，我們能在未來持續維持這門業務的高利潤率特徵。

Thank you.

謝謝。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

This is actually Sebastian Rivera on the line for John today. Maybe one on maritime. You guys have an impressive USV and UUV portfolio, and I appreciate the commentary on Seahawk and the prepared remarks. I was wondering if, yeah, you've seen an increase in demand related to the conflict with Iran, specifically around your Sea Dart that we can be used for demining. Then if you could just kind of maybe frame how you see that opportunity ramping up, that'd be super helpful.

今天其實是 Sebastian Rivera 代替 John 在線上。我想問一個關於海事的問題。你們的 USV 與 UUV 產品組合令人印象深刻，也感謝你們在 Seahawk 與事先準備的發言中的評論。我想請教，是否看到與伊朗衝突相關的需求增加，特別是你們可用於掃雷的 Sea Dart？另外，如果你們能大致說明你們如何看待這個機會的放量節奏，會非常有幫助。

Sure, yeah. Our surface and subsurface autonomous programs are seeing increased pull by the Department of the Navy. I can't comment on specific theaters or specific programs when it comes to that, except to say the Navy is moving very quickly now with their MUSV industry program, and we're one of a few companies that we believe can credibly deliver against that need. As I've said in the Pentagon, building boats fast is really not that difficult. Building boats that are autonomous fast is only slightly more difficult.

當然可以。是的，我們的水面與水下自主化專案正看到美國海軍部門拉動需求增加。關於特定戰區或特定專案我無法評論，但我可以說的是：海軍目前正非常快速地推進他們的 MUSV 產業計畫，而我們是少數幾家我們認為能夠可信交付該需求的公司之一。正如我在五角大廈所說，快速造船其實不難；快速造自主船只只會稍微更難一點。

Building autonomous boats fast that have real mission effects and real mission payloads. That's the secret sauce, that's where Leidos excels because with our Gibbs & Cox, with our philosophy about deploying commercial boat yards, not trying to build boats ourselves, but really leaning into the autonomy package, the design of the vessels, the command and control of the fleet, and the mission effects, especially with our exquisite C4, C5ISR packages and counter C5ISRT packages.

要快速打造具備真正任務效果與真正任務載荷的自主船只，這才是關鍵祕訣；這也是 Leidos 的強項。因為我們有 Gibbs & Cox，加上我們採用商用船廠的部署理念——不是自己造船，而是把重點放在自主化套件、船舶設計、艦隊的指管（command and control）以及任務效果上，特別是結合我們精密的 C4、C5ISR 套件與反制 C5ISRT 套件。

That's where we're really getting the attention of the US Navy when it comes to scaled effects quickly for what they see in front of them. I'm very bullish about the maritime portfolio we have under Cindy's leadership, and I'm going to be very excited to talk about big wins in future conference calls.

這正是我們在美國海軍那裡獲得高度關注的原因：他們看到眼前的需求，需要能快速擴大規模並產生效果。我對在 Cindy 領導下的海事產品組合非常看多，也很期待在未來的電話會議中談到重大的得標成果。

I'll leave it there. Thanks for the color.

我就先說到這裡。謝謝你提供的補充說明。

Peter Arment, Baird.

Peter Arment，Baird。

Tom, thanks for your comments on the CapEx earlier. Just thought I'd drill in a little more. How are you thinking about this elevated level of CapEx? Is this something that you expect to continue at this higher rate, just given the investment opportunities that you kind of laid out in terms of your long-term strategy? Or is this kind of do we reset down to kind of a lower level once we get through this period of investment spending? Thanks.

Tom，謝謝你先前對資本支出（CapEx）的評論。我想再深入一點。你如何看待目前較高水準的 CapEx？鑑於你們在長期策略中提到的投資機會，這是否會以較高的速度持續？還是說，等我們度過這段投資支出期後，CapEx 會重置回較低水準？謝謝。

Thanks, Peter. No, I don't anticipate continuing at this level in perpetuity. I think this is a fixed finite period of time where investment in these production programs is critical. Whether that's just this year or with a little overhang into early next year remains to be seen, but it's not something that we're gearing up to do in perpetuity. In that regard, I'll mention the SES joint venture.

謝謝你，Peter。不，我不預期會永久維持在這個水準。我認為這是一段固定且有限的期間，在這些生產專案上的投資至關重要。究竟只是在今年，或會稍微延伸到明年初，還有待觀察，但這不是我們準備要長期持續做的事情。就這點而言，我也想提一下 SES 合資企業。

One of the reasons we purposefully formed that joint venture was because that business wasn't one of our growth pillars, we didn't want to start leaning into the capital intensity that that business would require from Leidos if we were going to invest in it to fully grow.

我們刻意成立該合資企業的原因之一，是因為那項業務並非我們的成長支柱之一；如果要投入資金把它完整做大，我們不希望 Leidos 一開始就承擔該業務所需的資本密集度。

Forming this JV allows us to leverage the money necessary to grow the business and participate in the upside as a minority share of that joint venture, but not lean into it with Leidos cash from the beginning. Again, what I'm trying to point to you, Peter, is a picture of being diligent and focused about where we spend capital, when we spend capital, and how we spend capital, but not get ourselves into perpetual streams of capital spend. Hope that helps.

成立這個 JV 讓我們能運用成長該業務所需的資金，並以該合資企業少數股權的身分參與上行空間，但不必從一開始就動用 Leidos 的現金去大幅投入。Peter，我想傳達的是：我們會在資本支出花在哪裡、何時花、以及怎麼花上保持審慎與聚焦，但不會讓自己陷入永久性的資本支出流。希望這能解答你的問題。

Got it. Yep, does. Thanks, Tom.

了解。是的，有幫助。謝謝，Tom。

Seth Seifman, JP Morgan.

Seth Seifman，JP Morgan。

It seems like the market relative to what's going on in products, it seems like the market is taking a more skeptical view of growth potential in services. We see where some of the budget is concentrated and in some ways that's not super surprising.

看起來相較於產品端正在發生的事情，市場似乎對服務的成長潛力採取更為懷疑的看法。我們也看到預算集中在哪些領域，從某些角度來看，這並不算太令人意外。

If we were to see the type of overall budget growth, even if not at the level that the administration has requested, but say, even half of that or something like that would be a robust, a fairly robust level of overall budget growth. How do you think about the the consequences of that for your Intelligence and Digital business and the potential to grow in that type of environment?

如果我們看到整體預算成長的幅度，即使沒有達到政府所要求的水準，但比如說，即便只有一半或類似的水準，那也會是相當強勁、相當可觀的整體預算成長。您如何看待這對你們的情報與數位業務的影響，以及在那樣的環境下成長的潛力？

Seth, I'm really glad you asked the question. While the $1.5 trillion budget request for the Department of Defense gets a lot of heat and light in the press, the bigger story is the more interesting story for us. Our IC budgets in the Intelligence Community for America have grown 4% to 5% annually since 2022, and we see that continuing in the future.

Seth，我很高興你問了這個問題。雖然國防部 1.5 兆美元的預算請求在媒體上引發很多關注與爭議，但更大的故事、對我們而言更有意思的故事在於：自 2022 年以來，美國情報界（Intelligence Community, IC）的預算每年成長 4% 到 5%，而我們預期未來也會延續這個趨勢。

If you dive deeper into the classified budgets, you see a lot of money going into the digital infrastructure part of the whole ecosystem of our defense and intelligence communities. That's why in my prepared remarks, I spent so much time talking about the fact that AI isn't a disruptor to us.

如果你再深入看機密預算，你會看到大量資金投入到我們國防與情報社群整個生態系的數位基礎設施部分。這也是為什麼我在事先準備的發言中，花了這麼多時間談 AI 對我們而言並不是一個顛覆者。

It's a propellant to our progress in this, in this business, and that's why our digital infrastructure business isn't waiting to be obsoleted by AI, but rather it is our entry point and our foundation from which our customers are going to embrace AI and upgrade their capability.

它是推動我們在這個業務中前進的推進劑；也因此，我們的數位基礎設施業務不是在等待被 AI 淘汰，反而它是我們的切入點與基礎，讓客戶能從這裡擁抱 AI 並升級其能力。

We're very focused on leveraging those two things, our digital infrastructure business and our cybersecurity chops with our AI philosophy of exploiting these tools to move up the value chain in our customer spend and continue to help them have scaled effects at speed in an AI-enabled world. We don't see the negativity of being obsoleted in this market.

我們非常專注於運用這兩項優勢——我們的數位基礎設施業務，以及我們在資安方面的專長——並以我們的 AI 理念來善用這些工具，推動客戶支出往價值鏈上移，並在 AI 賦能的世界中持續協助他們以速度實現規模化效果。我們不認為在這個市場會有被淘汰的負面情況。

We see it as an opportunity to tremendously grow our scale in the intelligence community and the Department of Defense. I mentioned the operations that we all watched over the least recent months, and the effect, the non-kinetic effects that were brought to bear there. That's exactly why we are leaning into this part of our value to our nation.

我們把它視為在情報界與國防部大幅擴大規模的機會。我提到過我們在最近幾個月都看到的那些行動，以及在那裡所施加的影響——非動能（non-kinetic）的效果。這正是我們為什麼要更深入投入這一塊、作為我們對國家的價值所在。

Great. Thanks very much.

很好。非常感謝。

Gautam Khanna, Cowen.

Gautam Khanna，Cowen。

I was wondering if besides the VBA contract, if you could update us on what are the big upcoming recompetes. I know DHMSM's out there and some others over the next, call it, 12 to 24 months. Thank you.

我想請教，除了 VBA 合約之外，您是否可以更新一下接下來有哪些大型的重新競標（recompete）案？我知道 DHMSM 在外面，還有其他一些在未來 12 到 24 個月內的案子。謝謝。

Yeah. The -- you mentioned, Gautam, the DHMSM recompete. We expect some near-term continuity through an extension mechanism with a longer-term contract still evolving in our customer's mind. We are not exactly sure how they proceed with that program, and we're in deep dialogue with them on that. In the meantime, we expect near-term continuity through an extension mechanism.

好的。你提到的——Gautam，你提到 DHMSM 的重新競標。我們預期短期內會透過延長機制維持一定的延續性，而較長期的合約形式仍在客戶的構想中逐步成形。我們不完全確定他們會如何推進該計畫，我們也正與他們進行深入對話。同時，我們預期短期內會透過延長機制維持延續性。

Also in that portfolio, we have our Antarctic Program and expect continuity of operations while they, the customer there, continues to decide how they're going to prosecute the Antarctic mission in the future. There are other recompetes happening, but again, very buoyed by the two recent wins.

同一個組合裡，我們也有南極計畫（Antarctic Program），並預期在當地客戶持續決定未來要如何推進南極任務期間，營運會保持延續。還有其他重新競標正在進行，但同樣地，我們因近期兩個得標而備受鼓舞。

The Military OneSource directed award of being almost a half a billion dollar directed award is tremendous for us, and the opportunity for us to grow that with other aspects of what we're already doing, I mentioned MFLC, and this MySTR pilot, where I think the opportunity to turn this pilot program into something that veterans are going to love, moving from a highly laborious paper-driven process to a digital My Service Treatment Record transfer, is going to be a tremendous benefit for veterans and the Veterans Administration to remove a major pain point. Lots of goodness happening in the health business. Chris?

Military OneSource 的指定授標（directed award），金額接近 5 億美元，對我們而言非常重大；而且我們也有機會結合我們已在做的其他面向來擴大它——我提到過 MFLC，以及這個 MySTR 試點。我認為，把這個試點計畫轉成退伍軍人會喜愛的方案，從高度繁瑣、以紙本為主的流程，轉為數位化的 My Service Treatment Record 轉移，將為退伍軍人與退伍軍人事務部（Veterans Administration）帶來巨大的效益，並消除一個主要痛點。健康業務方面有很多正向進展。Chris？

Yeah, Gautam, I mean, I think Tom nailed it. Looking at the list of key recompetes, there's nothing that rises to our top programs worth noting that you didn't already talk to. In fact, almost 70% of our next 12-month pipeline is focused on new business and takeaway activity. It's very much skewed towards great opportunities to propel growth.

是的，Gautam，我的意思是，我覺得 Tom 已經說得很到位了。看一下關鍵重新競標案的清單，沒有任何一項在我們的核心大型專案中值得特別提出、而你剛才又沒有提到的。事實上，我們未來 12 個月的管線中，將近 70% 聚焦在新業務與「搶單」（takeaway）活動上。整體非常偏向能推動成長的絕佳機會。

Nonetheless, anything that's in the recompete category where we've had great success, above 90% win rates we're laser-focused on. I wouldn't say there's anything I would highlight that's warranting a note at the major program level at this point in time. Michelle --

儘管如此，凡是屬於重新競標、且我們過去成功率很高（得標率超過 90%）的案子，我們都會高度聚焦。我不會說此刻有任何在重大專案層級上需要特別點名、值得特別註記的項目。Michelle——

Thanks.

謝謝。

It looks like we have time for just one more question.

看起來我們只剩下時間再問最後一個問題。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Thanks for squeezing me in. Maybe Tom or Chris, I wanted to just follow up on Entrust, if you can give an update on integration there. I think, Tom, in particular, you called out a $10 billion opportunity pipeline or order pipeline. How do we think about timing on that, and what's been the customer reception since you've now owned the business?

謝謝讓我插隊提問。也許 Tom 或 Chris，我想追問一下 Entrust 的部分，能否更新一下整合進度？我想，特別是 Tom，你提到有 100 億美元的機會管線或訂單管線。我們該如何看待其時間節奏？以及自從你們擁有這項業務以來，客戶的反應如何？

Yeah. Thank you for that. Yes, we're very excited about Entrust. As I mentioned in my prepared remarks, we closed almost two months to the day from when we announced it, so a very clean, quick close, reflecting well on our team and the due diligence of the Leidos team. The integration, as I said, is seamless. The cultural alignment is fantastic.

好的。謝謝你的問題。是的，我們對 Entrust 非常興奮。如同我在事先準備的發言中提到的，我們從宣布到完成交割幾乎剛好兩個月，是一次非常乾淨、快速的交割，這也反映了我們團隊的表現，以及 Leidos 團隊在盡職調查上的扎實工作。整合如我所說，是無縫的；文化契合度也非常好。

The deployment of AI tools into Entrust are a big bonus that those engineers are enjoying, and we're enjoying having learned some technology tools that Entrust had that we're going to benefit from our electric services business on our side. It is truly a synergistic relationship. As you know, it expands our footprint, and it also expands the valued services we can provide customers. Customers have been very receptive to it.

把 AI 工具部署到 Entrust 對那些工程師而言是一大加分，他們很享受；而我們也很高興學到 Entrust 原本就具備的一些技術工具，這些工具將讓我們這邊的電力服務業務受益。這確實是一種協同關係。如你所知，它擴大了我們的版圖，也擴大了我們能提供給客戶的高價值服務。客戶對此反應非常正面。

There's even in customers where there is overlap, they see benefit in the scale we're now bringing to their projects and the increased capacity that we're bringing to their problems. In terms of the $10 billion pipeline, one of the benefits of this business is it is not as long a cycle business as the rest of Leidos. It tends to work a little bit more quickly.

甚至在有重疊的客戶當中，他們也看到了好處：我們如今能為其專案帶來更大的規模，以及我們為其問題帶來更高的產能。至於 100 億美元的管線，這項業務的一個優點是，它不像 Leidos 其他業務那樣屬於週期很長的業務；它的運作節奏通常更快一些。

As we book orders there, they are liquidated within a year or two, and we book more orders. I think you can see, you can look for rapid growth of our new scaled energy business in the coming quarters and the coming years. Thank you.

我們在那裡接到訂單後，通常會在一到兩年內轉化（liquidated），然後我們再接到更多訂單。我認為你會看到我們新擴大規模的能源業務在接下來幾個季度與未來幾年快速成長。謝謝。

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

現在我想把會議交回給 Stuart Davis 作結語。

I wan to thank you, Michelle, for your assistance on this morning's call, and thank you all who joined the call for your interest in Leidos. I look forward to getting together over the next quarter, and enjoy this, Cinco de Mayo.

我想感謝 Michelle 今天早上在電話會議中的協助，也感謝所有加入電話會議、關注 Leidos 的各位。我期待在接下來一季與各位再聚，也祝各位享受這個 Cinco de Mayo。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與。現在您可以掛線。各位，祝您有美好的一天。