Leidos Holdings, Inc. (LDOS) 2026 Q2 法說會逐字稿

Greetings. Welcome to Leidos second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好。歡迎參加 Leidos 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker, Stuart Davis from Investor Relations. Stuart, please go ahead, sir.

現在我想把會議交給第一位講者，投資人關係部的 Stuart Davis。Stuart 先生，請開始。

Good morning, and welcome to our second quarter fiscal year 2026 earnings conference call. The presentation slides we'll be using are on our Investor Relations website. Turning to slide 2. Today's discussion contains forward-looking statements based on the environment as we currently see it and thus includes risks and uncertainties. Today's press release contains more information on the specific risk factors that could cause actual results to differ materially.

各位早安，歡迎參加我們 2026 會計年度第二季財報電話會議。我們將使用的簡報投影片已放在投資人關係網站上。請翻到第 2 頁投影片。今天的討論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。今天的新聞稿包含更多關於可能導致實際結果與預期有重大差異之特定風險因素的資訊。

Finally, on slide 3, we'll discuss GAAP and non-GAAP financial measures. A reconciliation between the two is included in today's press release and presentation slides.

最後，在第 3 頁投影片，我們將討論 GAAP 與非 GAAP 財務衡量指標。兩者之間的調節表已包含在今天的新聞稿與簡報投影片中。

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

接下來，我把電話交給執行長 Tom Bell，他將從第 4 頁投影片開始。

Thanks, Stuart. I'm pleased to report another strong quarter for Leidos. Second quarter revenue grew 7% year over year, 4% organically to a record $4.6 billion. Adjusted EBITDA margin remained best-in-class at 13.8%. Operating cash flow reached a Q2 record of nearly $800 million and we booked $5 billion in net awards, delivering a solid 1.1 book-to-bill ratio.

謝謝你，Stuart。我很高興向各位報告 Leidos 再度交出強勁的一季。第二季營收年增 7%，其中有機成長 4%，創下 46 億美元的歷史新高。調整後 EBITDA 利潤率維持同業領先的 13.8%。營運現金流創第二季新高，接近 8 億美元；我們取得 50 億美元的淨得標金額，帶來穩健的 1.1 接單出貨比。

Customer procurement activity is beginning to accelerate. So we anticipate continued positive bookings momentum through the rest of this year. Our year-to-date financial performance indicates to us that our NorthStar 2030 growth strategy is working. And as a result, I'm pleased we can raise the midpoint of our 2026 revenue guidance by $100 million, raise the midpoint of our EPS guidance by $0.05 and raise operating cash flow guidance by $50 million. Now let me take a few moments to highlight some important developments in two of our segments that I know are top of mind for our investors, Defense and Health.

客戶採購活動正開始加速。因此，我們預期今年剩餘期間接單動能將持續正向。截至目前的財務表現顯示，我們的 NorthStar 2030 成長策略正在奏效。因此，我很高興我們能將 2026 年營收指引中位數上調 1 億美元、將 EPS 指引中位數上調 0.05 美元，並將營運現金流指引上調 5,000 萬美元。接下來我想花幾分鐘，重點說明我們兩個業務部門的一些重要進展，我知道這也是投資人最關心的：國防與健康。

In Defense, our team delivered another exceptional quarter. Revenue growth accelerated, margins expanded and award velocity is accelerating. Defense posted a 2.2 book-to-bill ratio in the second quarter. Over the trailing 12 months, this equates to a 1.9 book-to-bill ratio. This level of customer traction gives us continued confidence in this segment's robust business outlook as a part of Leidos.

在國防方面，我們團隊再度交出卓越的一季。營收成長加速、利潤率擴張，得標速度也在加快。國防部門第二季接單出貨比達 2.2。以過去 12 個月計算，相當於 1.9 的接單出貨比。這樣的客戶牽引力，讓我們對該部門作為 Leidos 組合的一部分、其強勁的業務前景持續充滿信心。

And importantly, these bookings do not yet reflect the benefit from several major defense tech programs begun this year. These include our over $1 billion framework agreement with the Department of War to deliver 3,000 low-cost containerized munitions by 2030. Our unique position in the testing phase of the Navy's next-generation medium unmanned surface vessel. This positions us for a potential production award in Q4. And our recent award to provide the sensor payloads for an additional 18 missile warning and missile tracking satellites in support of Golden Dome.

而且重要的是，這些接單尚未反映今年啟動的數個重大國防科技計畫所帶來的效益。其中包括我們與戰爭部簽訂、金額超過 10 億美元的框架協議，將於 2030 年前交付 3,000 枚低成本貨櫃化彈藥。我們在海軍下一代中型無人水面艦艇測試階段的獨特地位。這使我們有機會在第四季取得潛在的量產合約。以及我們近期得標，將為「金色穹頂」計畫再額外 18 顆飛彈預警與飛彈追蹤衛星提供感測器酬載。

But in addition to these hardware successes, our Defense team continues to leverage the unique power of One Leidos, bringing together hardware and software, products and services to win in ways few competitors can match. To illustrate the power of this unique One Leidos capability, let me briefly highlight Leidos' role in the recent Operation Jailbreak hackathon by the US Army.

但除了這些硬體方面的成功之外，我們的國防團隊也持續運用 One Leidos 的獨特力量，把硬體與軟體、產品與服務整合在一起，以少有競爭對手能匹敵的方式贏得專案。為了說明這項獨特 One Leidos 能力的威力，我想簡要提及 Leidos 在美國陸軍近期舉辦的 Operation Jailbreak 黑客松中的角色。

There, engineers from our Defense and digital businesses worked side-by-side to rapidly develop and deploy secure, open application programming interfaces that enabled our hardware to integrate seamlessly with the Army's evolving command and control architecture. And perhaps more importantly, we demonstrated those same capabilities on non-Leidos systems validating secure interoperability using open and documented standards.

在那裡，我們國防與數位業務的工程師並肩合作，快速開發並部署安全、開放的應用程式介面（API），使我們的硬體能與陸軍持續演進的指揮與管制架構無縫整合。或許更重要的是，我們也在非 Leidos 系統上展示同樣的能力，透過開放且有文件記載的標準，驗證安全的互通性。

Our team was among the first to complete the Army's Technical Sprint objectives. They consistently led the Operation Jailbreak's progress metrics by demonstrating the speed, agility and success that today's software-defined battlefield demands. That performance reinforced Leidos' leadership role in open architectures, and it represents a major step in helping the Pentagon rid themselves of a huge issue.

我們團隊是最早完成陸軍 Technical Sprint 目標的團隊之一。他們透過展現當今軟體定義戰場所要求的速度、敏捷性與成果，持續在 Operation Jailbreak 的進度指標上領先。這樣的表現強化了 Leidos 在開放式架構的領導地位，也代表我們在協助五角大廈解決一項重大問題上邁出重要一步。

That issue is the prevention of seamless battlefield understanding and seamless command and control due to proprietary software vendor lock. By bringing together advanced hardware, mission software, systems integration and deep operational expertise, all housed within One Leidos, we delivered differentiated capabilities at the speed our customers required.

該問題是：由於專有軟體供應商鎖定，導致無法實現無縫的戰場態勢理解與無縫的指揮與管制。透過在 One Leidos 之下整合先進硬體、任務軟體、系統整合與深厚的作戰領域專業，我們以客戶所需的速度交付差異化能力。

We believe this truly positions us to lead in the defense tech of the future. And our performance during this hackathon is garnering us more and more customer interaction and customer traction. Now in Health, Demand for our VBA medical disability exam business remains strong through the second quarter, and we are now actively positioning this business for the customers' upcoming recompete. The VA recently advised that it is reviewing certain administrative aspects of the medical disability examination program. And as a part of that review, the VA has decided to suspend incentive payments for all vendors for the rest of this year.

我們相信，這確實使我們具備在未來國防科技領域領先的定位。而我們在這次黑客松中的表現，也為我們帶來愈來愈多的客戶互動與客戶牽引力。接著談健康業務：我們的 VBA 醫療傷病失能檢查業務需求在第二季仍然強勁，我們目前也正積極為客戶即將到來的重新競標（recompete）做準備。退伍軍人事務部（VA）近期表示，正在檢視醫療失能檢查計畫的某些行政面向。作為該檢視的一部分，VA 已決定在今年剩餘期間暫停對所有供應商的獎勵金支付。

In addition to embracing this customer decision, we've worked proactively with the VA to apply the real savings we've been able to achieve in our existing regions contract through focused insertion of technology and innovation, across our predischarge and international contracts. Taken together, this now gives us a clear picture of the probable 2026 full year performance for this business. And that outlook is fully reflected in our enhanced 2026 guidance I mentioned earlier. Elsewhere in Health,

除了尊重客戶的這項決定之外，我們也主動與 VA 合作，將我們在既有區域合約中透過聚焦導入科技與創新所實現的實質節省，延伸應用到我們的預退役（predischarge）與國際合約中。綜合而言，這讓我們對該業務在 2026 全年可能的表現有了清晰的掌握。而這項展望也已完整反映在我先前提到的、我們上調後的 2026 年指引之中。在健康業務的其他方面，

I'd like to clarify some recent reporting surrounding the next phase of MHS GENESIS. Under our original 10-year contract, Leidos successfully developed and deployed globally the Department of War Electronic Health Record system on time and under budget. We are very proud of this fact. And consistent with the original vision for this program, our execution now enables the Defense Health Agency to procure underlying software directly from commercial vendors if they so choose.

我想釐清近期關於 MHS GENESIS 下一階段的一些報導。在我們原始的 10 年合約下，Leidos 成功在全球範圍內按期且在預算內開發並部署戰爭部的電子健康紀錄（EHR）系統。我們對此深感自豪。並且，依照該計畫最初的願景，我們的執行如今使國防健康署（DHA）得以在其選擇下，直接向商業供應商採購底層軟體。

As the DHA finalizes its long-term acquisition strategy for the new healthcare delivery solution program, we'll continue to support and enhance MHS GENESIS under a sole-source bridge contract. And whatever structure comes next, we believe we are well positioned to continue supporting both the DHA and MHS GENESIS. Also, while looking forward, we're leveraging our unique MHS GENESIS expertise for the My Service Treatment Record pilot program we discussed during last quarter's call.

在 DHA 完成新醫療照護交付解決方案計畫的長期採購策略之際，我們將在單一來源的過渡橋接合約下，持續支援並強化 MHS GENESIS。無論接下來採用何種架構，我們相信自己都具備良好定位，能持續支援 DHA 與 MHS GENESIS。此外，展望未來，我們也正運用在 MHS GENESIS 的獨特專業，推進我們在上季電話會議中提到的 My Service Treatment Record 試點計畫。

We're actively progressing this new program across both the Department of War and the VA and believe it can be a significant business driver for us in the future. Finally, on capital deployment, during the second quarter, we completed our previous 2022 board share repurchase authorization with a $66 million open market share repurchase. A new Board authorization is now in place. So we anticipate resuming repurchases as prudent when our trading window opens.

我們正積極推動這項新計畫在戰爭部與 VA 的進展，並相信它未來可成為我們重要的業務驅動力。最後談資本配置：第二季我們透過 6,600 萬美元的公開市場回購，完成了先前 2022 年董事會核准的庫藏股回購授權。目前新的董事會授權已就位。因此，當我們的交易窗口開啟時，我們預期將在審慎評估下恢復回購。

In closing, our second quarter results once again demonstrate the strength and resilience of the Leidos portfolio and the value of our NorthStar 2030 Strategy. We're seeing meaningful growth emerge across our defense tech, energy and cyber growth pillars. And because of the benefits of our NorthStar 2030 Strategy and the resilience of our portfolio, we can once again raise our full year guidance.

總結來說，我們第二季的結果再次展現 Leidos 產品組合的實力與韌性，以及 NorthStar 2030 策略的價值。我們看到在國防科技、能源與資安等成長支柱上，正浮現具意義的成長。也因為 NorthStar 2030 策略帶來的效益與我們組合的韌性，我們得以再次上調全年指引。

With that, I'll turn the call over to Chris now and then look forward to our conversation. Chris?

接下來我把電話交給 Chris，並期待稍後與各位交流。Chris？

Thank you, Tom, and thank you, everyone, for joining us today. Let's jump right into the results on slide 5. As Tom highlighted, revenues for the quarter was $4.56 billion, up 7% in total and 4% organically year over year. Bottom line performance remained strong. Adjusted EBITDA was $631 million for the second quarter for an adjusted EBITDA margin of 13.8%.

謝謝你，Tom，也謝謝各位今天加入我們。讓我們直接切入第 5 頁投影片的業績結果。如 Tom 所強調，本季營收為 45.6 億美元，總體年增 7%，有機年增 4%。獲利表現依然強勁。第二季調整後 EBITDA 為 6.31 億美元，調整後 EBITDA 利潤率為 13.8%。

Non-GAAP diluted earnings per share grew to $3.26, and we were able to turn those earnings into cash at a record pace. In the quarter, we generated $793 million of cash flows from operating activities and $761 million of free cash flow. Turning to the segment-level view on slide 6. Homeland led all segments with 32% total and 15% organic growth. Growth reflected robust demand in commercial energy infrastructure and domestic and international air traffic management as well as some benefit from foreign exchange movements.

非 GAAP 稀釋每股盈餘成長至 3.26 美元，我們也以創紀錄的速度將這些盈餘轉化為現金。本季我們自營運活動產生 7.93 億美元現金流，並產生 7.61 億美元自由現金流。接著看第 6 頁投影片的分部層級觀點。Homeland 在所有分部中領先，總體成長 32%，有機成長 15%。成長反映商用能源基礎設施以及國內與國際空中交通管理的強勁需求，並受惠於外匯變動帶來的部分助益。

Defense accelerated to 6% organic growth as we ramped up production on Integrated Air Defense and counter UAS programs. And Intel and Digital maintained its robust growth rate from Q1, principally from strong intelligence community demand. As expected, Health segment revenues contracted from the full incorporation of the fourth vendor on the VBA Medical Disability Examination Regions contract. Even so, we were able to maintain health margins through continued efficiencies enabled by technology insertion. Profitability increased significantly in Defense and Homeland from Q1 levels through strong program execution.

Defense 的有機成長加速至 6%，因我們提高整合式防空（Integrated Air Defense）與反無人機系統（counter UAS）專案的產量。Intel and Digital 維持第一季的強勁成長率，主要來自情報社群的強勁需求。如預期，Health 分部營收因 VBA 醫療失能檢查區域（Medical Disability Examination Regions）合約納入第四家供應商而出現下滑。即便如此，我們仍透過技術導入所帶來的持續效率提升，維持了 Health 的利潤率。Defense 與 Homeland 的獲利能力相較第一季水準顯著提升，得益於強勁的專案執行。

Changes in estimates at completion were a tailwind in the quarter, consistent with our historical experience. In addition, margin benefited from prudent corporate cost management and excellent award and incentive fee performance.

完工估計（estimates at completion）的變動在本季形成順風，與我們過往的歷史經驗一致。此外，利潤率也受惠於審慎的公司成本管理，以及優異的獎勵與激勵費（award and incentive fee）表現。

As shown on slide 7, we paid down the remaining $300 million of commercial paper tied to the Entrust acquisition and ended the quarter with a very strong balance sheet. At quarter end, we had $6 billion of debt and $748 million of cash and cash equivalents. Gross leverage fell to 2.5 times.

如第 7 頁投影片所示，我們償還了與 Entrust 收購案相關的剩餘 3 億美元商業本票，並在季末維持非常強健的資產負債表。截至季末，我們有 60 億美元的債務，以及 7.48 億美元的現金及約當現金。總槓桿倍數降至 2.5 倍。

Finally, on to the forward outlook on slide 8. As Tom indicated, we're enhancing our guidance for revenues, earnings and cash. Specifically, we're raising the lower end of our ranges for revenue by $200 million in non-GAAP diluted EPS by $0.10. and increasing our operating cash flow guidance by $50 million. We're now expecting CapEx to be closer to $250 million for the year.

最後，來看第 8 頁投影片的前瞻展望。如 Tom 所指出，我們正在上調營收、獲利與現金的指引。具體而言，我們將營收區間下緣上調 2 億美元，非 GAAP 稀釋 EPS 下緣上調 0.10 美元，並將營運現金流指引上調 5,000 萬美元。我們目前預期全年資本支出（CapEx）將更接近 2.5 億美元。

So the implied free cash flow guidance is up about $150 million. We're maintaining our adjusted EBITDA margin guidance of mid 13%. And this guidance excludes any impact from the pending SES joint venture with Analogic, which we still expect to close later this year.

因此，隱含的自由現金流指引上調約 1.5 億美元。我們維持調整後 EBITDA 利潤率指引在 13% 中段水準。此外，本指引不包含與 Analogic 的待完成 SES 合資案之任何影響；我們仍預期該交易將於今年稍晚完成。

Importantly, we are diversifying the earnings power of the company, so we are able to raise guidance despite the VBA MDE changes that layer in over the third and fourth quarters this year. In fact, on an organic basis, we expect the rest of Leidos to grow approximately 7% in revenues and 19% in adjusted EBITDA in 2026. Diving a little deeper we see Health segment sustaining revenues around Q2 levels for the rest of the year with non-GAAP OI margins around 20%.

重要的是，我們正在分散公司的獲利動能，因此即使今年第三與第四季將逐步反映 VBA MDE 的變動，我們仍能上調指引。事實上，以有機基礎計算，我們預期 2026 年 Leidos 其餘業務的營收約成長 7%，調整後 EBITDA 約成長 19%。再深入一點來看，我們預期 Health 分部在今年剩餘期間的營收將維持在約第二季水準，非 GAAP 營業利益率（OI margin）約為 20%。

Conversely, Defense growth will accelerate and post high single-digit growth for the year. If you exclude the airborne ISR business, which is in a transition phase, Defense will grow double digits in 2026, which is a better indicator of its launch point heading into 2027.

相對地，Defense 的成長將加速，全年將達到高個位數成長。若排除正處於轉換期的空載 ISR 業務，Defense 在 2026 年將呈現雙位數成長，這更能反映其在邁向 2027 年時的起跑點。

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

接下來，接線員，我們準備開始回答問題。

(Operator Instructions) Scott Mikus, Melius Research.

(接線員指示) Scott Mikus，Melius Research。

Tom and Chris, on DHMSM/MHS GENESIS, the next -- the reports indicate the next phase -- DHA, sorry, plan to do the integration internally. Did you get information from the customer on why they chose to go that route? And is this kind of a one-off situation? Or do you expect other agencies to limit the role of systems integrators going forward?

Tom 和 Chris，關於 DHMSM/MHS GENESIS，接下來——報導指出下一階段——DHA，抱歉，計畫要在內部自行完成整合。你們是否從客戶那裡得到他們為何選擇走這條路的資訊？這算是一個一次性的情況嗎？還是你們預期未來其他機構也會限制系統整合商的角色？

Thanks, Scott. Appreciate the question. I think, honestly, the trend here is that there is an interest in in-sourcing across many government agencies right now. What they're interested in in-sourcing is the systems integration, as you say, but also the acquisition of commercial technology per the aspirations of this administration. So we see that trend continuing across many agencies.

謝謝，Scott。感謝你的提問。我想坦白說，目前的趨勢是，許多政府機構都對「內部化」（in-sourcing）有興趣。他們想內部化的內容，如你所說，包括系統整合，但也包括依照本屆政府的願景採購商用技術。因此我們看到這個趨勢將在許多機構持續下去。

That being said, while that has been a value-added service for Leidos in the past, what we're able to do is transition our value-added services into higher-level mission systems integration capabilities. Just integrating the system was what got them to the place where they can now commercially acquire the software themselves and perhaps do some of the systems integration themselves.

話雖如此，雖然這過去一直是 Leidos 的加值服務，但我們能做的是把加值服務轉型為更高層級的任務系統整合能力。單純把系統整合起來，讓他們達到如今可以自行以商業方式採購軟體，並且或許自行完成部分系統整合的階段。

But as you're seeing with MHS GENESIS, there's still a need for us to maintain the system, enhance the system and partner with them in terms of making the system match fit for the future. So while we see a lot of conversations around in-sourcing and it's understandable why our customer would want to make sure that they have organic capability.

但如你在 MHS GENESIS 看到的，仍然需要我們來維運系統、強化系統，並在讓系統面向未來、符合需求方面與他們合作。因此，雖然我們看到許多關於內部化的討論，也能理解客戶為何希望確保其具備自有能力。

It's difficult to see that they can in-source it all and have the manpower necessary to do the whole work. And so we're seeing them also contract with us as their partner going forward. When you cut away from that and raise up back to the 30,000-foot level, you see that for all that's changed, very little has changed.

但很難想像他們能把所有工作都內部化，並具備完成全部工作的必要人力。因此我們也看到他們在未來持續與我們簽約，作為其合作夥伴。當你把視角拉遠、回到更宏觀的層次，你會發現：即使有些改變，實際上改變並不大。

There's a little bit of churn. There's a little bit of change in what our partnership looks like. But at the end of the day, they're still looking for us to help them maintain, enhance and make sure the system is working for the future.

會有一些波動。我們的合作模式會有一些變化。但歸根結底，他們仍希望我們協助維運、強化，並確保系統能在未來持續運作良好。

Scott, I'd just add that even in the case of DHMSM, ongoing negotiations are taking place around how we can continue to support them even with the current set of activities.

Scott，我再補充一點：即使在 DHMSM 的案例中，關於我們如何在目前這一組活動下持續支援他們，相關協商仍在進行中。

So it's trending the way Tom talked about potentially, but at the same time, the customer doesn't necessarily have the capacity to jump in and do all the activities that Leidos has historically supported. So there's a good chance that we perpetuate that as is, and then we'll play for the value-added piece as the future becomes more clear.

所以它可能朝 Tom 所談的方向發展，但同時客戶未必有能力立即投入並承擔 Leidos 歷來所支援的所有活動。因此很有可能我們會維持現狀延續下去，並在未來更明朗時，爭取加值的那一部分。

Matt Akers, BNP Paribas.

Matt Akers，法國巴黎銀行（BNP Paribas）。

I just wanted to follow up on the VBA recompete commentary you gave in the opening remarks. I think you said the incentive payments going away in the rest of this year? Is there any conclusions that we could draw from -- for 2027? Any more clarity there? Any thoughts on kind of where margins could go in that Health business?

我想追問一下你在開場談到的 VBA 重新競標（recompete）評論。我記得你說今年剩餘期間激勵款項會取消？那我們能否對 2027 年得出任何結論？這方面有沒有更清楚的資訊？對於 Health 業務的利潤率可能走向，有什麼想法？

Sure. Thanks for the question, Matt. I'm not surprised. It's one of the first ones that was asked this morning. Yes, as I said on my prepared remarks, we were informed in late May that the customer was considering withdrawing the incentive scheme from all vendors for the medical disability exam business, and we concurred with their decision there.

當然可以。謝謝你的提問，Matt。我並不意外。這是今天早上最先被問到的問題之一。是的，如我在事先準備的講稿中所說，我們在 5 月下旬得知客戶正在考慮對醫療失能檢查業務的所有供應商撤除激勵機制，而我們也同意他們的這項決定。

As I said, that's driven by some administrative issues they have that their auditability and how those incentive payments have been given is in question. And so while they sort themselves out, they want to pause those incentive payments. It's been very clear that that's for this year only. And I was just with the leadership of the Veterans Administration yesterday to seek clarity on where all this is going.

如我先前所說，這是由於他們的一些行政管理問題所致，他們的可稽核性以及這些獎勵款項的發放方式正受到質疑。因此，在他們釐清並處理這些問題期間，他們希望暫停這些獎勵款項的發放。他們已非常清楚地表示，這僅限於今年。而我昨天也與退伍軍人事務部的領導層會面，以釐清這整件事的走向。

And it became clear in that conversation that while cost is one concern the Veterans Administration has, value better in experience, quality are still things that they are very, very keenly focused on. So while we do not yet have a draft RFP for the recompete, and so we don't know the exact terms that will be a part of the next contract here. I'm pretty sure incentives will be a part of it. and that quality timeliness schedule and cost will be another thing that they focus on incentivizing.

在那次對話中也很清楚，雖然成本是退伍軍人事務部關切的一個面向，但在體驗、品質等方面的價值提升，仍是他們非常、非常重點關注的事項。因此，雖然我們目前尚未拿到重新競標的RFP草案，也就不知道下一份合約的確切條款會包含哪些內容。但我相當確定獎勵機制會是其中一部分，而且他們也會著重以品質、時效、排程與成本等面向作為激勵重點。

So -- just like in the past, where we are very adroit at understanding the rules and working hard to delight our customer and therefore, have a very good business as a result. We expect that whatever the RFP asks for, we'll be able to compete and win because we believe it's going to play to our strengths.

所以——就像過去一樣，我們非常擅長理解規則並努力讓客戶滿意，因此也因此擁有非常好的業務成果。我們預期無論RFP提出什麼要求，我們都能夠參與競爭並勝出，因為我們相信那將會發揮我們的強項。

At the same time, it's also clear that the customer is highly likely to extend the current contract at least through the first part of next year. As I said, they haven't issued a draft RFP yet for the region's contract. And so -- they're running out of time as it's already August to adjudicate the proposal process. And so we've been informed that they probably will extend the contract through a good part of the early part of next year. And at the same time, for international and predischarge work we do, we've been informed that they plan to extend that for another year.

同時也很明顯，客戶極有可能至少將現有合約延長到明年上半年。如我所說，他們尚未針對該區域合約發布RFP草案。因此——現在已經是8月，他們在審理提案流程上時間所剩不多。所以我們被告知，他們很可能會把合約延長到明年初的一大段時間。同時，針對我們所做的國際與出院前（predischarge）工作，我們也被告知他們計畫再延長一年。

So you can already see bridges to that future working out through the first six, nine months of next year. And we feel very strongly that the -- our right to win and the things that have always distinguished Leidos QTC in this marketplace, we'll continue to distinguish ourselves and give us a premier place in the future of the VBE work.

因此你已經可以看到，通往未來的銜接將會延續到明年前六到九個月。而我們也非常有信心——我們的勝出權（right to win）以及一直以來讓Leidos QTC在這個市場中脫穎而出的因素，將持續讓我們保持差異化，並在未來的VBE業務中占有領先地位。

So all told, some changes going on. But very importantly, I want to foot stomp once again, Matt, that those changes for this year are fully enveloped in our improved guidance for 2026, so we feel very confident that we understand how this business is going to perform as part of Leidos this year.

總而言之，確實有一些變化正在發生。但非常重要的是，Matt，我要再一次強調：今年的這些變化已完全納入我們對2026年的上修指引之中，因此我們非常有信心，我們了解今年這項業務作為Leidos一部分將如何表現。

And we feel very strongly that the rise in the other growth pillars of our NorthStar 2030 Strategy is going to help buoy the rest of the business so that we can improve our guidance on the year despite these changes in costs that are going to be layered in at the rest of this year. I hope that helps, Matt.

而我們也非常堅信，NorthStar 2030策略中其他成長支柱的提升，將有助於支撐其餘業務，使我們即便在今年剩餘期間會疊加這些成本變動，仍能上修全年指引。希望這能解答你的問題，Matt。

Colin Canfield, Cantor.

Colin Canfield，Cantor。

As I think about the theme of other parts of the business, essentially offsetting the health margin dynamic and the health growth dynamic. Can you perhaps talk about the free cash flow trends for the company, essentially kind of what do you think are the kind of key levers to get you back to kind of high single-digit low double-digit free cash flow growth? And where do you see the most risk?

當我思考到公司其他部分的主題，基本上是在抵消健康業務的利潤率動態以及健康業務的成長動態。你是否可以談談公司自由現金流的趨勢，也就是你認為讓自由現金流回到高個位數到低雙位數成長的關鍵槓桿是什麼？以及你認為最大的風險在哪裡？

Colin, Chris here. Thanks for that. First of all, I mean, extremely pleased with the Q2 numbers we just put up on free cash flow, a banner quarter best ever in the second quarter. And second consecutive quarter we've raised guidance for the year, and then you might have picked up on the fact that we don't see a need now to spend the full amount of CapEx that we had signaled previously, prudently pulling back on that. And therefore, that raises the full year free cash flow outlook even further.

Colin，我是Chris。謝謝你的提問。首先，我對我們剛公布的第二季自由現金流數字非常滿意，這是第二季史上最佳、堪稱旗艦的一季。而且我們已連續第二季上調全年指引；你可能也注意到，我們現在認為沒有必要把先前所預告的資本支出（CapEx）全數花完，我們審慎地縮減了這部分。因此，全年自由現金流展望也進一步上調。

So I like the trajectory of the team's performance on free cash flow. And I think that as you think about the investments required in some of the other growth pillars, yes, there will be some additional investments required to propel our Defense Tech business forward. But that, again, fits within the framework that we've talked about historically, looking at 1% to 1.5% of revenue as we see the landscape today.

所以我喜歡團隊在自由現金流表現上的走勢。我認為，當你考量其他成長支柱所需的投資時，沒錯，為了推動我們的國防科技（Defense Tech）業務向前，確實需要一些額外投資。但這同樣符合我們過去所談的框架：以目前所見的市場環境來看，投資規模約為營收的1%到1.5%。

So this is a cash-generating business. It will continue to be a cash-generating business. And beyond that, we've got our enterprise transformation office working hand in glove with my team on how do we take days out of our DSO performance. The benefit of that work is yet to be realized. So good news there ahead of us as they complete some of those efforts.

因此這是一門能產生現金的業務。它將持續是一門能產生現金的業務。此外，我們的企業轉型辦公室正與我的團隊密切合作，思考如何改善應收帳款週轉天數（DSO）表現、縮短天數。這項工作的效益尚未完全反映出來。因此，隨著他們完成部分工作，後續還有好消息值得期待。

So I think the trajectory on free cash flow performance will continue to be strong. And I see this as an area that we'll be able to show upward momentum as we move forward.

所以我認為自由現金流表現的走勢將持續強勁。我也把這視為一個我們能在未來持續展現向上動能的領域。

Colin, just to pick up a couple of themes there that Chris breadcrumbed. What I hope you hear from Chris is that our philosophy as Leidos has never changed from being a low capital intensity business. So while we are certainly leaning in to certain aspects of the business, for instance, our defense tech business, where some investment is required to jump start that engine of growth in the future.

Colin，我再補充Chris剛剛點到的幾個主題。我希望你從Chris的說明中聽到的是：Leidos一貫的理念從未改變——我們是一家資本密集度低的企業。因此，雖然我們確實在某些業務面向加大投入，例如我們的國防科技業務，為了啟動未來成長引擎需要一些投資。

On the whole, we still see ourselves as a relatively low capital intensity business, and we plan to keep it that way. That's because the growth pillars we've identified, be it defense tech energy, all we're doing in cyber, our digital modernization aspirations, things we're doing for the FAA and exciting opportunities there, opportunities to help transform TSA and the airport experience for Americans. All these things are areas where it will perpetuate a low capital intensity high cash return, high cash conversion business for Leidos that we expect to perpetuate into the future.

但整體而言，我們仍將自己定位為資本密集度相對較低的企業，並計畫維持這種狀態。這是因為我們所辨識的成長支柱——無論是國防科技、能源、我們在資安領域所做的一切、我們的數位現代化願景、我們為FAA所做的事情與其中令人振奮的機會、以及協助改造TSA與提升美國人機場體驗的機會。所有這些領域都將延續Leidos低資本密集、高現金回報、高現金轉換的商業模式，我們預期這種特性也會延續到未來。

That's great. And then maybe one follow-up. If you could talk about the free cash flow per share algorithm and where you're seeing the greatest level of sponsor interest across kind of all the sub-portfolio assets? And maybe if you could characterize the interest between sponsors and strategics.

很好。那再追問一題。你能否談談每股自由現金流（free cash flow per share）的演算法／機制，以及在所有子投資組合資產中，你看到贊助方（sponsor）興趣最集中的地方在哪裡？另外，你也可以描述一下贊助方與策略買家（strategics）之間的興趣差異嗎？

Well, on the free cash flow per share, I mean, as Tom alluded to in his comments, you saw us repurchasing shares. You saw us re-up the share repurchase authorization. No commitment on quantum there, but I think our track record would suggest that has been an area of capital deployment. So you'll see the share count reduce over time, and you'll see the free cash flow conversion remains strong. As it relates to M&A, I think that's where you're going with some of the comments on sponsor portfolios.

關於每股自由現金流，我的意思是，正如Tom在評論中提到的，你看到我們在回購股票。你也看到我們重新核准了股票回購授權。我們不對回購規模（quantum）做出承諾，但我認為我們的過往紀錄顯示，這一直是我們資本配置的一個方向。因此，你會看到股數隨時間下降，而自由現金流轉換率仍將維持強勁。至於併購（M&A），我想這就是你在談贊助方投資組合時想切入的方向。

Again, I think there's areas that we'll look to complement our growth pillars over time. We've got a lot on our plate right now, digesting what's going on with the Entrust integration, which is going exceedingly well. And at the same time, the offloading of the SES business into that joint venture, which we're still extremely excited about and look forward to being able to provide more color on that once we get to closing later this year. So net-net, an active dialogue and active surveilling of the landscape, and we'll continue to keep our powder dry for the right moves to make there as they present themselves.

同樣地，我認為隨著時間推進，我們會尋找能補強我們成長支柱的領域。我們目前手上有很多事情要處理，包括消化Entrust整合的進展，而整合進行得非常順利。同時，還有把SES業務剝離並注入那家合資企業的安排，我們對此仍非常興奮，也期待在今年稍晚完成交割後，能提供更多細節。因此，總的來說，我們正積極對話並持續密切觀察市場環境；我們也會保持彈藥充足，等待合適的出手機會在出現時採取行動。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

I wanted to start off asking about the cadence of award activity. And I think you made some encouraging comments at the outset of the call. I guess, when we think about the intelligence and digital business, how does the bookings environment look through the end of the fiscal year on September 30? And is there opportunity to exit the government fiscal year with a higher backlog in that business than what we saw at June 30?

我想先從授標活動的節奏開始提問。我認為你在電話會議一開始發表了一些令人鼓舞的評論。我想，當我們思考情報與數位業務時，截至9月30日財政年度結束前，訂單（bookings）環境看起來如何？而且，是否有機會在政府財政年度結束時，讓該業務的積壓訂單（backlog）高於我們在6月30日看到的水準？

Yes. Thank you, Seth. Yes, I was rather forward in my comments that we are seeing customer activity pick up. I think that's evident in our book-to-bill ratio this quarter. But more importantly, it's indicative of the backlog of awards we see awaiting adjudication in all of our customers' coffers, if you will.

是的。謝謝你，Seth。是的，我在評論中相當直白地表示，我們看到客戶活動正在回升。我想這在我們本季的接單出貨比（book-to-bill ratio）上很明顯。但更重要的是，這也反映出我們看到在所有客戶的「金庫」中（如果你願意這麼說）仍有大量等待裁決的授標積壓。

From a macro lens, this administration is obviously anxious to demonstrate to the public that they can deliver in advance of the November midterms. And so you hear Secretary Hegseth for instance, projecting that the vast majority of his unobligated funds from the reconciliation budget of 2025 will be on contract before October 1.

從宏觀角度來看，本屆政府顯然急於在11月期中選舉前向公眾證明他們能交出成果。因此你會聽到例如Hegseth部長預測，他在2025年協調預算（reconciliation budget）中尚未承諾（unobligated）的資金，絕大多數會在10月1日前完成簽約。

And so you're hearing administration officials understand that they want to and need to put this money to work for the economy and put this work -- money to work for the government, and we see indications that that's happening.

因此你會聽到政府官員明白他們想要、也需要讓這筆錢投入運作以帶動經濟，並讓這些資金——為政府所用；而我們也看到一些跡象顯示這正在發生。

So -- as these obligations flow, we believe those are going to support our second half bookings, which are totally aligned with what this customer wants, be that a more intelligent intelligence community, a stronger defense community aligned with what we've said are our priorities, space, Maritime and now munitions.

所以——隨著這些資金承諾（obligations）逐步釋出，我們相信這將支撐我們下半年的接單，且完全符合客戶想要的方向：更智慧的情報體系、更強大的國防體系，並與我們所說的優先事項一致——太空、海事，以及現在的彈藥。

And so it's no surprise that we're seeing the early indications of that flow through to our Defense business with a book-to-bill ratio greater than 2. Tremendous opportunity for us to now capitalize on those bookings to deliver revenue into the future. So -- we are seeing this occur. We're seeing customer activity pick up. We are confident that, that will continue through the quarter.

因此，我們在國防業務看到接單出貨比超過2的早期跡象並不令人意外。對我們而言，現在有極大的機會把這些訂單轉化為未來的營收交付。所以——我們確實看到這正在發生。我們看到客戶活動正在回升。我們有信心這種趨勢會在本季持續。

We're now in the third quarter of this year. And we feel like there's every possibility that a good chunk of that $23 billion of proposals that we have in are going to be adjudicated over the next 3, 6, 9, 12 months.

我們現在已進入今年的第三季。我們認為，很有可能我們所提交的230億美元提案中，有相當一部分會在未來3、6、9、12個月內完成裁決。

Okay. Okay. Great. And then maybe sticking with the intelligence and digital business, there's been some talk about trying to convert more of that work to fixed price over time. How quickly do you see that evolving? How quickly can -- would you expect that mix to change within that intelligence and digital segment?

好的。好的。很好。接著也許繼續談情報與數位業務，市場上有些討論提到，隨時間推進，想把更多工作轉為固定價格（fixed price）。你認為這會以多快的速度演變？你預期在情報與數位部門內，這個組合（mix）會多快發生變化？

Yes. The -- we are in a lot of conversations with customers across all agencies about opportunities for fixed price contracts. In fact, it's almost a weekly occurrence that a customer comes to us and says, could you give me an unsolicited to turn this work into fixed price? That's a conversation we welcome.

是的。我們正與各機構的客戶進行大量對話，討論固定價格合約的機會。事實上，幾乎每週都會有客戶來找我們說：你能不能提供一份非邀標提案（unsolicited），把這項工作改成固定價格？我們很歡迎這樣的對話。

In fact, that's a conversation sometimes we promote because we know this administration is very keen to have a fixed-price outcome-based results. And fixed-price outcome-based results are something that we feel very comfortable is in our wheelhouse.

事實上，有時候這也是我們主動推動的對話，因為我們知道本屆政府非常希望採用固定價格、以成果為導向（outcome-based）的結果。而固定價格、以成果為導向的交付，正是我們非常有把握、也很擅長的領域。

And so we're seeing that happen. It's certainly happening in the intelligence agency. But at the same time, I hope you've seen our very proactive move to position ourselves for better service to the intelligence community coming on. Full spectrum cyber has been something we've talked about as a growth pillar for Leidos for the last 1.5 year. It's something we leaned into with Kudu.

因此我們看到這正在發生。這在情報機構當然正在發生。但同時，我希望你也看到我們非常積極地採取行動，讓自己能更好地服務即將到來的情報社群需求。全光譜資安（Full spectrum cyber）是我們在過去1.5年一直談到、作為Leidos成長支柱的方向。我們也透過Kudu在這方面加大投入。

And it's something that is paying tremendous dividends for us in terms of the customer appreciation for our value add as this country becomes more and more cyber savvy, if you will. And so we're very much leaning into that. And here recently, just last week, perhaps you caught the fact that we announced a major partnership with CoreWeave.

而且，隨著這個國家在網路領域愈來愈成熟（如果你願意這麼說），這也為我們帶來了非常可觀的回報，體現在客戶對我們附加價值的高度肯定。因此我們正大力投入其中。而最近，就在上週，你可能也注意到我們宣布與CoreWeave建立一項重大合作夥伴關係。

That whole partnership is geared at positioning ourselves, positioning Leidos to be the preferred provider of secure cloud, AI, sovereign AI for the intelligence community to include the Department of War. Because we know that as the appetite for trusted mission AI solutions grows, the need for the intelligence agencies and the Department of War to have sovereign capabilities through which -- at which they provide those capabilities is going to grow.

這項合作的核心，是讓我們、讓Leidos成為情報社群（包括戰爭部）在安全雲端、AI、主權AI（sovereign AI）方面的首選供應商。因為我們知道，隨著對可信任任務AI解決方案的需求增加，情報機構與戰爭部對主權能力的需求——也就是他們用以提供這些能力的途徑——將會成長。

And that's right in our wheelhouse of knowing a thing or two about how to build a 705 compliance (inaudible) and ensure that the digits get from it to the point of use seamlessly, flawlessly and in a cyber secure way. So we're very eager to continue to lean into our cyber intelligence and national security objectives, and we feel very good that we're in a great position to do so.

而這正是我們的強項：我們對如何建置符合705規範（inaudible）的環境略知一二，並確保資料能無縫、無瑕疵且以網路安全的方式，從來源傳遞到使用端。因此我們非常渴望持續加碼我們的網路情報與國家安全目標，也非常有信心我們已處於極佳的位置來做到這一點。

Chris, do you have anything to add?

Chris，你有什麼要補充的嗎？

Well, just to build on that, Seth, I would say that, again, you've seen the trend in fixed price percentage of our work increase over time. It's something we know how to do. Encouragingly, in this environment as the customers ask for these fixed price opportunities. It plays to our strength on rolling out new capabilities like Parkade.

嗯，Seth，我補充一下：你也再次看到，我們業務中固定價格占比的趨勢隨時間提高。這是我們知道怎麼做的事情。令人鼓舞的是，在目前這個環境下，客戶會主動要求這些固定價格的機會。這也發揮了我們在推出像Parkade這類新能力上的優勢。

You might have seen another press release announcing a new software tool that we think is a game changer and differentiated, and it's the kind of thing that we do want to sell on a fixed-price outcome-based basis to our customers. And so as we roll out more capabilities like that and more are coming, again, the environment where they're receptive to fixed-price contracting plays well to get those deals done. So excited about the trajectory we're seeing in that part of the business.

你可能也看過另一則新聞稿，宣布一款新的軟體工具；我們認為它是改變遊戲規則、且具差異化的產品，而這正是我們希望以固定價格、以成果為導向的方式賣給客戶的東西。因此，隨著我們推出更多這類能力——而且還會有更多——在客戶願意接受固定價格簽約的環境下，將非常有利於促成這些交易。所以我們對這塊業務所呈現的發展軌跡感到振奮。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I was hoping to get your perspective on the Defense business, not just the programs that you've touched on in your prepared remarks, which you're getting some visibility into, but also what you may be seeing over the horizon in terms of opportunity? And what the addition of more hardware in the mix bodes for margin in Defense?

我希望聽聽你對國防業務的看法，不僅是你在事先準備的發言中提到、你們已開始看到一些能見度的那些專案，也包括你們在更遠的前方所看到的機會。另外，在組合中加入更多硬體，對國防業務的利潤率意味著什麼？

Yes. Thanks for that, Tobey. We're very bullish about our Defense Tech business. And again, just to step back, when we announced our NorthStar 2030 growth strategy, we said that Defense Tech would be one of our growth pillars and the specific engines we selected under that growth pillar were space and maritime. We are now at the point where we're expanding the number of growth engines we see as plausible and probable in our defense business to include munitions and to include counter UAS capabilities in keeping with some other things.

是的。謝謝你，Tobey。我們對國防科技（Defense Tech）業務非常看多。再退一步說，當我們宣布NorthStar 2030成長策略時，我們表示國防科技將是我們的成長支柱之一；而在該支柱下我們選定的具體成長引擎是太空與海事。我們現在已經到了這個階段：我們正在擴大我們認為在國防業務中可行且很可能實現的成長引擎數量，納入彈藥，也納入反無人機（counter UAS）能力，並與其他一些事項保持一致。

So we're very bullish about the suite of products we have in our defense tech business. and the opportunities for them to be key enablers for macro programs like golden dome and macro needs like base defense and counter UAS, which as we all see around the world, is growing in importance every day.

因此，我們對國防科技業務中的產品組合以及其機會非常看多；這些產品有望成為「金色穹頂」（golden dome）等宏觀專案，以及基地防禦與反無人機等宏觀需求的關鍵賦能者——正如我們在全球所見，這些需求的重要性每天都在提升。

On the munitions front, it's very important that we talk for just a minute about two programs in addition to the IFPC program we've talked about for years. IFPC is now a program that is hitting its full stride in production, we're delivering more and more units every year, every month. And it's a program that is hitting its test objectives and hitting its fielding objectives with the customers.

在彈藥方面，除了我們多年來一直談到的IFPC專案之外，還有兩個專案值得我們再花一點時間說明。IFPC現在已進入全面量產的步伐，我們每年、每月交付的單位數都在增加。而且這個專案也正在達成其測試目標，並與客戶一起達成其部署（fielding）目標。

So we feel like that program is in full swing now. But quickly on the heels. We've got the small cruise missile, which has been named by the US Air Force as AGM-190A or recently renamed Sphere by the customer. And that program also is undergoing flight tests and actual deployment in exercises and in combat.

因此我們覺得那個計畫現在已全面展開。但緊接著。我們有小型巡弋飛彈，美國空軍將其命名為 AGM-190A，或近期由客戶重新命名為 Sphere。而該計畫也正在進行飛行測試，並在演習及實戰中實際部署。

And so we're very pleased that our small cruise missile has found great customer receptivity and the scaling in both the SOCOM and the US Air Force is a conversation that is ongoing in addition to scaling it to a family of systems.

因此我們非常高興，我們的小型巡弋飛彈獲得客戶高度接受；在 SOCOM 與美國空軍的擴量也仍在持續討論中，此外也在推進其擴展為一個系統家族。

Part of that family assistance is what allowed us to have our LCCM framework that we announced earlier this year. That program is moving along very adroitly. We're ticking off critical milestones. And we have a production readiness and scaling review scheduled for later this month.

該系統家族支援的一部分，讓我們得以建立今年稍早宣布的 LCCM 架構。該計畫推進得非常靈活到位。我們正逐一達成關鍵里程碑。並且已排定在本月稍晚進行量產準備與擴產審查。

So you can see how quickly we're moving from rapid prototyping into scaled production.And that means we're on track for full flight tests next summer and full rate production thereafter and 3,000 units before the end of this decade.

因此你可以看到，我們正以非常快的速度從快速原型轉入規模化量產。而這代表我們正按計畫於明年夏天進行完整飛行測試，之後進入全速量產，並在本十年結束前交付 3,000 套。

All told, the addressable markets that we're talking about here just for low-cost and containerized munitions is in excess of $44 billion over the next 10 years. And so when you combine what we're doing on IFPC, SCM low-cost containerized munitions, you add our very specific exquisite, some people call it Gucci capability in space sensing payloads. You add our prowess with Leidos Gibbs & Cox and our LAVA software for autonomy at sea, our whole autonomous vessels capability for what we all know is the future of the US Navy.

總體而言，僅就低成本與貨櫃化彈藥而言，我們所談的可服務市場在未來 10 年超過 440 億美元。因此，當你把我們在 IFPC、SCM 低成本貨櫃化彈藥上的作為結合起來，再加上我們在太空感測載荷方面非常特定且精緻的能力（有些人稱之為 Gucci 等級能力）。再加上我們與 Leidos Gibbs & Cox 的實力，以及我們用於海上自主的 LAVA 軟體、我們整體的自主船舶能力——這正是我們都知道的美國海軍未來方向。

We feel very good about hitting our stride on a number of engines in this defense tech business, which leads us to the bullish outlook that I talked about before and like Chris talked about in his prepared remarks of double-digit profitability, and we can start to see double-digit CAGR of revenue growth. So very bullish on the opportunity for this growth pillar to pay tremendous dividends for us over the coming 5 to 10 years.

我們對於在國防科技業務中多個引擎逐步進入佳境感到非常有信心，這也帶來我先前提到的樂觀展望，以及 Chris 在事先準備的發言中提到的雙位數獲利能力；我們也開始看到營收成長可達雙位數的年複合成長率（CAGR）。因此，我們對這個成長支柱在未來 5 到 10 年為我們帶來可觀回報的機會非常樂觀。

Chris, anything you'd add to that?

Chris，你還要補充什麼嗎？

Just to -- Tobey, back to your question on margins, and Tom alluded to it, as we see these more maturity in some of the programs we've already fielded a being a great example, radar systems. We're seeing the profitability of those programs increase, as you would expect.

只是——Tobey，回到你關於毛利率的問題，Tom 也提到了，隨著我們已經部署的一些計畫逐漸成熟，其中一個很好的例子就是雷達系統。我們看到這些計畫的獲利能力提升，這也符合你的預期。

On our space payloads, every tranche has had higher profitability than the previous tranche zero, one, two. Now we've announced our most recent win. And so again, more quantities, more maturity, you're seeing the trajectory exactly the way we want to see it.

在我們的太空載荷方面，每一個 tranche 的獲利能力都高於前一個 tranche——零、一期、二期。現在我們也宣布了最新的得標。因此同樣地，數量增加、成熟度提升，你會看到走勢完全符合我們希望看到的方向。

And therefore, again, continue to be very bullish around looking out to 2030, the margins in that part of the business really accelerating.

因此，再次強調，展望到 2030 年，我們對該業務部分的利潤率將顯著加速提升，仍然非常樂觀。

I just looked up my note here, and my notes say that we have a $12 billion pipeline of visual opportunities in the next 12 months. So we are very excited about the opportunities in front of us here.

我剛剛看了一下筆記，我的筆記寫著：我們在未來 12 個月有 120 億美元的可視化機會管線。所以我們對眼前的機會感到非常振奮。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Lots of helpful color on health and all the moving pieces. As we think about the removal of the incentive fees in Q2 and for the remaining part of the year. How do we think about '26 and '27, which is the VBA overhang, what's a good baseline for profitability? I know it's hard because the RFP isn't out yet, as it relates to VBA and give some as we think about those two programs transitioning in '26 on the revenue and margin side?

關於健康業務以及所有變動因素，你提供了很多有用的補充說明。當我們思考第二季移除激勵費用，以及今年剩餘期間的影響時。我們該如何看待 '26 與 '27（也就是 VBA 的懸而未決因素），獲利能力的合理基準是什麼？我知道這很難，因為與 VBA 相關的 RFP 還沒發布；但能否在我們思考這兩個計畫於 '26 轉換時，從營收與毛利率角度給一些看法？

Yes. Thanks, Sheila. I'll start, and then I'll ask Chris to pick up some details. Again, we think that as these changes that the customer is requesting of us get layered in over the remainder of this year over the next six months. The fourth quarter performance of that business probably is a good jumping off point for what we're looking at for 2027.

好的。謝謝你，Sheila。我先開始，然後請 Chris 補充一些細節。再次強調，我們認為，隨著客戶要求的這些變更在今年剩餘時間、接下來六個月逐步疊加進來。該業務第四季的表現，可能會是我們看待 2027 年的一個良好起點。

So as I said in my prepared remarks, with the VA administrator yesterday, the need for quality, the need for veteran experience the need for capacity to do more exams quickly and more efficiently is a key for them. But also key for them is the partnership that we've had in the past. So -- we feel like we've got a good jumping off point. We are eager to see the draft RFP, but the whole point of a draft RFP is to have a dialogue about the law of unintended consequences and what it incents us to do.

因此，如同我在事先準備的發言中提到的，我昨天與 VA 署長會面時，他們的關鍵需求是品質、退伍軍人使用體驗，以及能更快、更有效率地完成更多檢查的產能。但同樣關鍵的是，我們過去建立的合作夥伴關係。所以——我們覺得我們有一個不錯的起點。我們也很期待看到 RFP 草案，但草案 RFP 的重點就是要就「非預期後果法則」以及它會激勵我們做什麼，進行對話。

So the conversations that we're having with the Veterans Administration is we look forward to the dialogue around that RFP to ensure that it continues to incentivize the behavior at the veterans and the taxpayer would expect this administration to put at the forefront. We think that plays to our strengths. We think that means this will continue to be a viable, strong business for us in the future. But there's so much, Sheila, that is focused on this specific one element of our value add to what we do in managed health.

因此，我們與退伍軍人事務部（Veterans Administration）的對話是：我們期待就該 RFP 展開討論，以確保它持續激勵退伍軍人與納稅人期望本屆政府優先推動的行為。我們認為這正好發揮我們的強項。我們認為這意味著未來這仍將是我們一項可行且強健的業務。但 Sheila，有太多焦點都集中在我們在受管理健康（managed health）中所提供價值的一個特定元素上。

And I'd like to maybe broaden the aperture a little bit beyond that. because the fact is, while that's one part of what we do, this is a market that is looking to grow annually to about -- from $13 billion today to about $15 billion by the 2030. And in Behavioral Health, an area of focus for us to grow in and Rural Health, two of our growth engines we've talked about before, that market is expected to grow by 4.3% and 4.5%, respectively. And so -- on a CAGR basis.

我想也許把視角稍微放大一些。因為事實是，雖然那只是我們工作的一部分，但這個市場預期將以年度成長，從目前約 130 億美元成長到 2030 年約 150 億美元。而在行為健康（Behavioral Health）——我們聚焦成長的領域——以及鄉村健康（Rural Health）這兩個我們之前談過的成長引擎中，市場預期分別成長 4.3% 與 4.5%。也就是——以 CAGR 來看。

And so we expect to continue to have our MDE business, which also is projected to grow at about 2%, 2.1% level. But -- we look at that as a base of business from which we continue to grow our managed health pillar. And we expect to grow our managed health pillar by leaning into the very large rural health network we have, our proprietary capability of providing rural health around the whole of the United States.

因此我們預期將持續擁有我們的 MDE 業務，其預估也將以約 2%、2.1% 的水準成長。但是——我們把它視為一個業務基礎，讓我們能在此之上持續擴大我們的受管理健康支柱。我們預期透過倚重我們龐大的鄉村健康網路，以及我們在全美提供鄉村健康服務的專有能力，來推動受管理健康支柱的成長。

And our already premier place in behavioral health. Again, we talked on last call about Military OneSource and that takeaway that we were awarded for that program, a huge testament to our capability to help the Department of War and the Veterans Administration with Behavioral Health that is so required for these communities.

以及我們在行為健康領域既有的領先地位。再次強調，我們在上次電話會議談到 Military OneSource，以及我們獲得該計畫的續約/得標，這是對我們協助國防部與退伍軍人事務部提供社群迫切需要之行為健康服務能力的重大肯定。

And so we see the fourth quarter as the probable sustaining feature for this MDE business over the long run. But we also look to grow things like mySTR, things like military OneSource, things like the Military Family leave counseling program that we do and our rural health business that is a tremendous opportunity for us to grow into the future. So understand why MDE gets so much heat and light but there are growth engines beyond it that we're focused on also.

因此，我們把第四季視為這項 MDE 業務長期可能維持的特徵。但我們也希望成長像 mySTR、Military OneSource、我們執行的軍人家庭休假諮商計畫，以及我們的鄉村健康業務——這些都是我們未來成長的巨大機會。所以我理解為什麼 MDE 受到這麼多關注，但我們也同時聚焦於其以外的成長引擎。

Chris, anything to add?

Chris，有什麼要補充的嗎？

Yes. Tom, you covered it well. I'd say that, yes, obviously, job one is to resecure this franchise. And as Tom pointed to, the rules of engagement are becoming clearer. And we're partnering with the customer.

有。Tom，你已經說得很完整了。我會說，是的，顯然第一要務是重新確保這個特許經營/核心業務。而如 Tom 所指出的，交戰規則正變得更清晰。我們也正與客戶合作。

We're absorbing the headwinds that the back half of this year will have because of the changes in those conditions. And the strength of the portfolio is shining through the world overcoming then. But -- so Q4 run rate, resecure the recompete, anticipate some level of efficiencies that we just priced into predischarge and international ripple into that recompete when it is secured at some point next year, that's job one.

我們正在承受今年下半年因那些條件變化而帶來的逆風。而投資組合的韌性正在顯現，協助我們在全球環境中克服這些挑戰。但是——就第四季的運行率而言，重新確保這次重新競標的續約，並預期我們已在退役前（predischarge）以及國際業務中定價納入的某種程度效率，會在明年某個時間點重新競標確定後反映出來，這是首要任務。

But beyond that, I'd generally highlight, we've added a lot of additional talent and health because there are so many good things going on, as Tom talked about. New Growth Officer, a new Chief Product Officer in Health, bringing a lot of expertise to how we take not only mySTR but the whole rural campaign to the next level.

但除此之外，我一般會強調，正如Tom所談到的，因為有很多好事正在發生，我們也補充了許多額外的人才並強化了健康業務。新增一位成長長（Chief Growth Officer），以及健康業務新的產品長（Chief Product Officer），帶來大量專業，協助我們不僅把mySTR，也把整個偏鄉（rural）推進計畫提升到下一個層級。

I mean, you have to appreciate that Leidos through our QTC subsidiary has a network of more than 15,000 providers, 90 clinics. We do 2.8 million examinations annually. So you think about the activity level that we're putting through here, there's a massive platform at scale here that we can leverage for so much more in this domain.

我的意思是，你必須理解，Leidos透過我們的QTC子公司擁有超過15,000名醫療服務提供者、90家診所的網路。我們每年進行280萬次檢查。所以你想想我們在這裡所承載的活動量，這是一個具備龐大規模的平台，我們可以在這個領域把它運用到更多面向。

So that's -- that's the game we're playing. That's the opportunity that's ahead of us, transitioning to resecure this recompete and then building from there.

所以這——這就是我們在進行的戰局。這就是擺在我們面前的機會：先過渡、重新確保這次重新競標的續約，然後在此基礎上持續擴張。

Ken Herbert, RBC.

Ken Herbert，RBC。

Tom and Chris, I just wanted to take a minute and see if you can talk about the guide for this year. It looks like organically, you're guiding in the second half to, call it, 4%, maybe 4.5% growth. As you look at the various segments after really strong bookings through the first half of the year, where do you see the most conservatism maybe across the segments? And maybe can you just talk about what's embedded in the top line guide relative to risk associated with the CR or other timing around contracting activity?

Tom和Chris，我想花一點時間請你們談談今年的指引。看起來以有機成長來說，你們對下半年的指引大約是4%，可能4.5%的成長。在今年上半年接單非常強勁之後，當你們看各個事業部門時，你們認為哪些部門的假設可能最保守？另外，你們能否談談營收指引中，與CR（持續決議案）或其他合約活動時點相關的風險，內含了哪些假設？

Ken, thanks, Chris here. I mean, obviously, the guide -- the conversation we just had about what's going on in health is fully incorporated in that back half, right? So those -- the health run rate kind of staying at the Q2 levels on the top line. But meanwhile, building momentum in other parts of the portfolio, certainly, you saw a robust quarter in Q2 out of Homeland, and there's an opportunity to continue to see that tick up over the back half. The growth rate won't be as robust, but the absolute dollars of revenues increase.

Ken，謝謝，我是Chris。我的意思是，很明顯地，我們剛才談到健康業務正在發生的事情，已完全納入下半年的考量，對吧？所以——健康業務的運行率在營收端大致維持在第二季的水準。但同時，投資組合的其他部分正在累積動能；你在第二季看到國土安全（Homeland）表現強勁，而下半年仍有機會持續上升。成長率不會那麼強勁，但營收的絕對金額會增加。

And great news about that business is you're not at risk significantly from any shutdown or even CR implications because predominantly, it's driven by what's going on internationally and what's going on with our energy business. We see that Defense, obviously, is going to continue to accelerate on the top line.

而這項業務的好消息是，你們不會因任何政府關門，甚至CR的影響而承受顯著風險，因為它主要由國際業務的進展以及我們能源業務的進展所驅動。我們看到國防（Defense）顯然會在營收端持續加速。

And -- we -- there are some new program starts in there that are anticipated. They have modest contributions for the year. We think the ranges that we provided allow for that. And if things break our way, you'd see us certainly trending towards the top end of that.

而且——我們——其中也預期會有一些新專案啟動。它們對今年的貢獻屬於溫和。我們認為我們提供的區間已將這些因素納入。如果事情朝有利方向發展，你會看到我們確實會更趨近於區間上緣。

In Intel and Digital, those are probably the areas that are most vulnerable if there are some continued disruptions at year-end. We don't anticipate a shutdown. But at the same time, we'll get a continuing resolution of some kind and then let this play out after the midterms are resolved.

在情資（Intel）與數位（Digital）方面，如果年底仍有一些持續性的干擾，這些可能是最脆弱的領域。我們不預期會關門。但同時，我們可能會以某種形式出現持續決議案（continuing resolution），然後在期中選舉結果明朗後再讓情勢發展。

So I think there's opportunities for more acceleration in Defense. I think we're pretty range bound on what we talked about in health and Homeland continues to excel. If we get the FAA program broke our way, which is a massive opportunity. Again, there's some upside there as well. So I think the guidance gives you a good range of outcomes that we fully expect to deliver on.

所以我認為國防有更多加速的機會。健康業務大致會落在我們所談到的區間內，而國土安全持續表現出色。如果FAA專案的結果對我們有利——那是一個巨大的機會。同樣地，那裡也有一些上行空間。因此我認為這份指引提供了一個不錯的結果區間，而我們完全有信心交付。

Long and short, Ken, is we've got our out here at Leidos and we're never going to stop working.

簡而言之，Ken，我們在Leidos有我們的出路，而我們永遠不會停止努力。

Gavin Parsons, UBS.

Gavin Parsons，UBS。

Appreciate all the color on VBA, but I apologize if I missed your expectation for the timing of the RFP. Are you still expecting that this year? And is that what you need to have full visibility into financials on that program going forward?

感謝你們提供關於VBA的各種細節，但如果我漏聽了你們對RFP時程的預期，我先致歉。你們仍預期會在今年收到嗎？而這是否是你們未來要對該專案財務狀況有完整能見度所需要的關鍵？

Yes. Sure, Gavin. Yes. And no apologies necessary. Yes, we expect the draft RFP any day. And then we hope that, that will turn into a formal RFP, let's call it, 30, 45, 60 days later, and then you're in the bid process. Any way you slice that given it's August 4 today means that you're probably not submitting formal bids until close to the end of the year.

是的。當然，Gavin。是的。而且不需要道歉。是的，我們預期草案RFP隨時會出來。然後我們希望它會在大約30、45或60天後轉為正式RFP，接著就進入投標流程。不管怎麼看，既然今天是8月4日，這代表你們很可能要到接近年底才會提交正式投標文件。

And that means they're making decisions early next year in all likelihood. That's why what I said, Gavin, about indications -- clear indications from the customer that we can expect an extension of our current domestic regions contract for up to six months. That's a contractual pause that is in the contract that they have now.

而這意味著他們很可能會在明年初做出決策。這就是我剛才對你說的，Gavin：客戶已給出訊號——明確訊號——我們可以預期他們會將我們目前的國內區域合約延長最多六個月。那是他們現有合約中已載明的一個合約性暫停（pause）條款。

So we fully expect that they'll be exercising that option in the coming months, which will perpetuate the current contract into next year possibly as far as mid next year. And for the predischarge in international, we've also gotten indications that -- or commitments from the customer that they expect to exercise the one-year of two-year extensions enabled to them in the next month. So that contract doesn't stop at the end of September.

所以我們完全預期他們會在未來幾個月行使該選擇權，讓現行合約延續到明年，可能最遠到明年年中。至於退役前（predischarge）與國際業務，我們也收到客戶的訊號——或承諾——他們預期會在下個月行使其可用的一年或兩年延長選擇權。因此該合約不會在9月底結束。

So what you're starting to see here is the draft RFP will come into focus over the coming next couple of few months. By the time we talk on our next earnings call, I expect to have a firm RFP and understand exactly what that business is going to look like going forward.

所以你開始看到的是，草案RFP會在接下來幾個月逐步明朗。等到我們下一次財報電話會議時，我預期會拿到正式RFP，並且能確切了解該業務未來會是什麼樣貌。

But in the meantime, even the runway for 2027 is starting to clear up because we see the international and predischarge probably extended through September 2027. We see the regions contract probably extended through the better part of next year. And so regardless of what happens with the RFP for the domestic regions contract, you're talking about half a year or so of implementation on that program.

但同時，甚至到2027年的跑道也開始變得更清晰，因為我們看到國際與退役前（predischarge）合約可能會延長到2027年9月。我們看到區域（regions）合約可能會延長到明年大部分時間。因此不論國內區域合約的RFP結果如何，你談的都會是該專案大約半年左右的導入期。

So we're starting to see the clouds part. We can start to see our way more clearly, very clearly through the end of this year and starting to see what next year looks like, but we'll wait to see the actual RFP in the next two, three months to give an indication of how that looks for us in the future going forward.

所以我們開始看到雲霧散去。我們可以更清楚地看見前路——非常清楚地——直到今年年底，並開始看見明年的樣貌；但我們會等到接下來兩、三個月看到實際RFP後，再就未來對我們的影響提供指引與看法。

Okay. That's very helpful. And I mean, as you can tell, everybody is worried about the margins on that program. You guys performed pretty well on the current iteration. I appreciate you don't have full financial visibility yet. Would you anticipate having the opportunity if there is a margin reset to invest and improve that margin over time?

好的。這非常有幫助。而且我的意思是，如你所見，大家都在擔心那個專案的利潤率。你們在目前這一版的執行表現相當不錯。我理解你們還沒有完整的財務能見度。如果出現利潤率重設（margin reset），你們是否預期有機會透過投資，隨時間推進來改善那個利潤率？

Yes. A lot is said about our margin in this business, but the fact is our margins are good in that business because we have invested in that business to be the technology leader, to be the volume leader and to be the quality leader. Again, in conversations that I had with the VA just yesterday, quality, the need for us to maintain a focus on better and quality is key.

是的。外界對我們在這項業務的利潤率有很多說法，但事實是，我們在那項業務的利潤率之所以良好，是因為我們已投入資源，成為技術領導者、量能（volume）領導者以及品質領導者。再次強調，就在昨天我與VA的對話中，品質——以及我們必須持續聚焦於更好與品質的需求——是關鍵。

As Chris was just articulating, our presence around the whole of the nation is not to be trivialized. It's a tremendous presence we have built up over the years, which gives us the capacity to lean in to help this administration continue to serve veterans differentially.

正如 Chris 剛才所闡述的，我們在全國各地的布局不容小覷。這是我們多年來建立起來的龐大存在，使我們有能力更深入投入，協助本屆政府持續以差異化方式服務退伍軍人。

Add to that, the 12 mobile units we use that go to the veteran to serve them where they are. We're going to continue to lean in to invest in this business to serve the veterans disproportionately. As a result of that, we think that we are in a reasonably good place from a right to win standpoint. And then once we see the RFP, we'll play the tune that the piper calls.

此外，我們還有 12 個行動服務單位，會前往退伍軍人所在地，就地提供服務。我們將持續加大投資於這項業務，以更大力度服務退伍軍人。因此，從「贏得標案的權利（right to win）」角度來看，我們認為自己處於相當有利的位置。而一旦我們看到 RFP（招標文件），我們就會依照出題者的要求來應對。

And so we will lean in to continue to differentiate ourselves and we think that differentiating ourselves in the market, especially in this administration, which is so interested in outcome-based contracting, we can play a very strong game in outcome-based contracting that delivers for the veteran, delivers for the taxpayer and delivers for our shareholders.

因此，我們會持續投入以強化差異化；我們也認為在市場上做到差異化，尤其是在本屆政府高度重視以成果為基礎的合約（outcome-based contracting）的情況下，我們能在成果導向合約上打出非常強的一仗，為退伍軍人帶來成果、為納稅人帶來價值，也為股東帶來回報。

John Godyn, Citi.

Citi 的 John Godyn。

A couple of the themes from the call upward momentum in free cash flow and a healthy balance sheet. I just wanted to revisit how you're balancing growth investments versus M&A versus repurchases? And maybe just get a little bit more detail on that thought process.

本次電話會議的幾個主題包括自由現金流的上行動能以及健康的資產負債表。我想再請教一下，你們如何在成長投資、併購（M&A）與庫藏股回購之間取得平衡？也希望能多了解一些你們的思考過程。

Yes. So we've always had, John, a balanced approach to capital allocation. That's been a hallmark for Chris and I, and our leadership of this corporation. And you can expect that to continue. Obviously, we have leaned in this year from a capital expense standpoint to make sure we are seizing the moment in our defense tech business.

是的。John，我們一直以來在資本配置上採取均衡的做法。這一直是 Chris 和我以及我們領導這家公司的一個重要特徵。你可以預期這會持續下去。顯然，今年我們在資本支出方面加大投入，以確保我們能把握國防科技業務的當下機會。

But as I indicated earlier, that's not a sustained expectation. That's a point in time expectation. So a 1.5 capital intensity is something that you should assume is more the norm.

但如我先前所說，這不是長期的預期。這是某個時間點的預期。因此，1.5 的資本強度是你們應該視為較常態的水準。

The Board authorized a new $20 million share repurchase program on Friday. You can expect us to continue to deploy capital equally around the pitch. M&A targets right now are very expensive, and our valuation is not. And so you wouldn't expect me to lean into a very high-priced M&A at this point with my valuation where it is right today. So -- we're going to continue to be the business leaders you expect us to be.

董事會在週五核准了一項新的 2,000 萬美元股票回購計畫。你可以預期我們會持續在各個面向均衡地部署資本。目前併購標的非常昂貴，而我們的估值並不昂貴。因此，以我公司目前的估值水準，你不會期待我此刻去推動一筆高價的併購。所以——我們會持續成為你所期待的那種企業經營者。

We're going to deploy capital intelligently and prudently for all of our stakeholders and all of our shareholders, while at the same time, we remain laser-focused on fully supporting every aspect of this administration's national security agenda.

我們將以智慧且審慎的方式為所有利害關係人與全體股東部署資本；同時，我們也會高度聚焦，全力支持本屆政府國家安全議程的各個面向。

So our priority is always going to be investing in the capacity and the needs of our nation's war fighters. And then once we've satisfied that we're going to continue to grow the business intelligently through organic and inorganic and share repurchase and dividend type of activities.

因此，我們的首要任務永遠是投資於我國作戰人員（war fighters）的能力與需求。在確認滿足這些之後，我們將透過有機與無機成長、股票回購以及股利等方式，持續以理性方式擴大業務。

Got it. Very helpful. And I completely appreciate the sort of logic behind balance. But as you mentioned, the valuation is now at multiyear lows. And at different times in the past on the M&A side, you've made very bold moves. I'm just curious if there's appetite to make a bold move on the repurchase to take advantage of market conditions.

了解。非常有幫助。我也完全理解你們強調平衡背後的邏輯。但如你提到的，目前估值處於多年低點。而在過去不同時期，在併購方面你們也做過非常大膽的動作。我想了解的是，是否有意願在回購上採取更大膽的作法，以把握市場狀況？

Well, again, John, we wouldn't want to tip our hand there. But I mean, again, the reauthorization is in place. I think you've seen over the last couple of years that we've been active when there's no other demands on the capital.

嗯，再次強調，John，我們不想在這裡透露太多。不過，回購授權已經到位。我想你也看到，過去幾年在沒有其他資本需求時，我們一直相當積極。

The great news is there's a lot of capacity to put to work, and we don't intend on just sitting around on that. So we hear you. We also agree that the valuation isn't where it should be, and we're working hard to correct that.

好消息是，我們有很大的資本運用空間，而我們不打算只是把它放著不用。所以我們聽到了你的意見。我們也同意目前估值不該是這樣，我們正努力改善這一點。

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

Michelle，看起來我們還有時間再問最後一題。

Mariana Perez Mora, Bank of America.

美國銀行（Bank of America）的 Mariana Perez Mora。

Tom, you just mentioned a couple of sequentials before, $12 billion in the pipeline for digital opportunities. Could you mind discussing the nature of those opportunities? Are there new opportunities for Leidos? Are they recompete opportunities? What kind of duration they are? Are they like a material type contracts are more about like fixed price and higher-margin opportunities for you guys?

Tom，你剛才提到一些環比（sequential）數據，數位化機會的管線有 120 億美元。你能否談談這些機會的性質？這些是 Leidos 的新機會嗎？還是續約競標（recompete）的機會？合約期間大概多長？它們是否屬於較具規模的合約、或更偏向固定價格（fixed price）且對你們而言毛利較高的機會？

Yes. Thanks for that, Mariana. So yes -- and again, to put that in context, you have to step back. Look, our Defense Tech business has, as I said, $5 billion in awards year-to-date, that includes things like common hypersonic bodies, Army MACRO II, Air Combat Command intelligence, IFPC Mobile, I mentioned that in my comments and out our wide area passive sensor production. We also -- if you look back 18, we've got $10 billion of awards in that business.

是的。謝謝你的提問，Mariana。所以是的——而且要把它放在脈絡中，你得先退一步看。你看，我們的國防科技業務如我所說，今年迄今已取得 50 億美元的得標（awards），其中包括像是通用高超音速彈體（common hypersonic bodies）、陸軍 MACRO II、空戰司令部情報、IFPC Mobile，我在發言中也提到，以及我們的廣域被動感測器（wide area passive sensor）量產。另外——如果你回看 2018 年以來，我們在該業務已取得 100 億美元的得標。

So very clear that momentum is moving. Obviously, 5 minus 10 means we had 5 over the last year, 5 in the last -- in the year-to-date six months. And so we're very excited about the trajectory we've got going on here.

因此可以很清楚看到動能正在推進。顯然，5 減 10 代表我們在過去一年有 50 億，而今年迄今六個月也有 50 億。所以我們對目前的發展軌跡感到非常振奮。

What we're assuming in that pipeline of opportunities is things like the opportunity in front of us at the Navy's medium unmanned surface vessel program. We are leaning into designing the BBG(X) battleship. We anticipate that there are opportunities for us in this pipeline for small cruise missile as I mentioned, and LCCM production contracts. And so that pipeline over the next 12 months includes most of the things you know and follow-ons to programs that we have right now.

我們在那條機會管線中所假設的內容，包括像是我們面前的海軍中型無人水面艦（medium unmanned surface vessel）計畫機會。我們也正投入 BBG(X) 戰艦的設計。我們預期在這條管線中，還會有我提到的小型巡弋飛彈以及 LCCM 量產合約的機會。因此，未來 12 個月的這條管線，包含你們熟悉並持續追蹤的大多數事項，以及我們目前既有計畫的後續延伸。

I didn't talk a lot about counter UAS, Mariana, but that's an area that this administration is very keen to understand Leidos' capabilities in. Obviously, we have some very exquisite capabilities when it comes to sensing unmanned aerial vehicles, but we also have some robust capabilities when it comes to non-kinetic effects against unmanned aerial vehicles.

Mariana，我沒有花太多時間談反無人機系統（counter UAS），但那是本屆政府非常希望了解 Leidos 能力的一個領域。顯然，在偵測無人航空載具方面我們具備一些非常精密的能力；同時，在對無人航空載具施加非動能效果（non-kinetic effects）方面，我們也有相當強健的能力。

And so -- the $12 billion of pipelines we see over the next 12 months includes follow-on contracts, new contracts for production of materials that we've talked about before. And then perhaps things like our presence in the counter-UAS. All told, we're talking about growing our Huntsville workforce by leaps and bounds. We've grown that workforce by 13% from the beginning of this year and 33% of that is manufacturing people. And so we're very much a growth engine for the Huntsville economy.

因此——我們看到未來 12 個月的 120 億美元管線，包括後續合約、以及我們先前談過的材料量產新合約。此外，也可能包括像我們在反無人機系統領域的布局。整體而言，我們談的是讓亨茨維爾（Huntsville）的員工規模大幅成長。自今年年初以來，我們的員工已成長 13%，其中 33% 是製造相關人員。因此，我們確實是亨茨維爾經濟的成長引擎。

Our Defense Tech business is something we're leaning into and expecting to grow into the future. And this pipeline and the robust nature of it is indicative of how positive we see about it in the future.

我們正加大投入國防科技業務，並預期未來將持續成長。而這條管線及其強勁程度，正反映出我們對其未來前景的高度正面看法。

And Michelle, I want to thank you for your participation and help on today's call. And thank you to all those that joined in, and we look forward to continuing the dialogue over the next quarter.

Michelle，我也要感謝你今天參與並協助本次電話會議。也感謝所有加入的與會者，我們期待在下一季持續對話。

This concludes today's conference call. Thank you for participating, and 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，現在可以掛線。各位，祝你們今天愉快。