Leidos Holdings, Inc. (LDOS) 2026 Q3 法說會逐字稿

Greetings. Welcome to Leidos' third-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, please go ahead.

各位好。歡迎參加 Leidos 2026 年第三季財報電話會議。（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我們的第一位講者——投資人關係部的 Stuart Davis。Stuart，請開始。

Good morning, and welcome to our third-quarter 2026 earnings conference call. The presentation slides we'll be using are on our Investor Relations website.

各位早安，歡迎參加我們 2026 年第三季財報電話會議。我們將使用的簡報投影片已放在我們的投資人關係網站上。

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 specific risk factors that could cause actual results to differ materially.

請看第 2 頁。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特定風險因素的資訊，這些因素可能導致實際結果與預期有重大差異。

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，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，我將把電話交給執行長 Tom Bell，他將從第 4 頁開始。

Thank you, Stuart, and good morning, everyone. I'm glad you could join us on this US Election Day to review another strong quarter at Leidos. Revenue grew 4%. Adjusted EBITDA improved to 13.9%.

謝謝你，Stuart，各位早安。很高興各位能在美國選舉日加入我們，一同回顧 Leidos 又一個強勁的季度。營收成長 4%。調整後 EBITDA 提升至 13.9%。

Non-GAAP diluted EPS increased 19% year-over-year, and free cash flow was $476 million in the quarter. I'll note here that this quarter's cash performance already brings our year-to-date cash flow to $1.5 billion, surpassing our original full year target.

非 GAAP 稀釋後每股盈餘（EPS）年增 19%，本季自由現金流為 4.76 億美元。我也要在此指出，本季的現金表現已使我們年初至今的現金流達到 15 億美元，超越我們原先的全年目標。

Net awards totaled $5.5 billion, a book-to-bill ratio of 1.2 times. And in Defense and Homeland, two of our growth drivers, book-to-bill was significantly above that. This performance allows us to once again enhance our 2026 guidance for the year. Our sustained momentum in 2026 reflects the strength of our focused team united behind our NorthStar 2030 strategy and committed to delivering on our customers' most critical missions.

淨得標金額合計 55 億美元，接單出貨比（book-to-bill）為 1.2 倍。而在國防與國土安全這兩個成長驅動領域，接單出貨比顯著高於此水準。這樣的表現讓我們得以再次上調 2026 年全年財測指引。我們在 2026 年持續的動能，反映出我們聚焦的團隊在 NorthStar 2030 策略下團結一致的力量，並致力於支援客戶最關鍵的任務。

Let me highlight a few examples of our NorthStar strategy in action this quarter. First, we're continuing to sharpen our portfolio. We closed our joint venture combining our Security Enterprise Solutions business with Analogic. The new JV is now a scaled market leader, well positioned to grow in the $5 billion global security products market.

讓我強調幾個本季 NorthStar 策略落地的例子。第一，我們持續精煉投資組合。我們已完成合資企業的交割，將我們的 Security Enterprise Solutions 業務與 Analogic 合併。新的合資公司如今已成為具規模的市場領導者，並具備良好條件在 50 億美元的全球安全產品市場中成長。

Leidos maintains a significant equity share in this JV, so our shareholders will share in the venture's long-term upside. It also lets us focus our people and our investments where they create the most value under our NorthStar 2030 strategy.

Leidos 在該合資企業中仍持有相當可觀的股權，因此我們的股東將能分享該事業長期的上行潛力。同時，這也讓我們能在 NorthStar 2030 策略下，把人才與投資聚焦在最能創造價值的領域。

Second, we're continuing to move quickly in this market with outcome-based commercial offerings. This is a clear mandate from this administration, and I believe it's a lasting change in how our customers will buy. It's also a strong fit for what Leidos does best.

第二，我們持續在市場上快速推進以成果為導向的商業化產品與服務。這是本屆政府明確的要求，我相信這將是客戶採購方式的長期變革。同時，這也非常符合 Leidos 最擅長的領域。

In Health, where we appreciate the military and veteran health care mission end-to-end, we're applying our unparalleled customer knowledge to proactively build solutions for emerging customer needs, opening up new growth opportunities for Leidos. My Service Treatment Record, MySTR for short, is a great example. We launched MySTR well before the President's September 8 executive order on Veterans benefits and employment because we saw the need coming. MySTR is now in beta test, and we're working toward contract award and full customer rollout. And as MySTR will run in the customer's cloud, we also look forward to adding new capabilities and functionality over time.

在健康（Health）領域，我們端到端理解軍人與退伍軍人醫療照護任務，並運用無可比擬的客戶洞察，主動為客戶新興需求打造解決方案，為 Leidos 開啟新的成長機會。My Service Treatment Record（簡稱 MySTR）就是很好的例子。我們在總統 9 月 8 日發布關於退伍軍人福利與就業的行政命令之前，就已推出 MySTR，因為我們預見需求即將到來。MySTR 目前已進入 Beta 測試，我們正朝合約授予與全面客戶上線推進。且由於 MySTR 將在客戶的雲端上運行，我們也期待能隨時間加入新的能力與功能。

Military OneSource is another health example. Our earlier investments in case management technology and provider networks allowed us to stand up a global support operation for Military OneSource in just 75 days. Military OneSource now serves nearly 5 million service members and their families. That's what it looks like to build once and reuse at scale.

Military OneSource 是另一個健康領域的例子。我們先前在個案管理技術與服務提供者網路上的投資，使我們能在僅 75 天內為 Military OneSource 建置一個全球支援營運。Military OneSource 現在服務近 500 萬名軍人及其家屬。這就是「一次建置、規模化重複使用」的樣貌。

In Intelligence, we're building a portfolio of commercial cyber and AI products. Parcata, unveiled in July, is the furthest along. It's an automated cybersecurity platform that finds software vulnerabilities across enterprise networks and fixes them without manual intervention. It completes the whole AI-powered patching process in minutes, far faster than existing options. Today, Parcata is focused on our intelligence communities' needs.

在情報（Intelligence）領域，我們正在打造一個商用資安與 AI 產品組合。7 月發布的 Parcata 進度最為領先。它是一個自動化資安平台，可在企業網路中找出軟體弱點，並在無需人工介入的情況下修補。它能在數分鐘內完成整個 AI 驅動的修補流程，速度遠快於現有方案。目前，Parcata 聚焦於滿足我們情報社群的需求。

We expect to make Parcata more widely and commercially available later this year. We're also investing in an exciting, robust new technology foundation for everything Leidos develops. Our CTO, Ted Tanner, is leading this effort that builds on the same core Leidos capabilities demonstrated in the real world at Operation Jailbreak and now also at Operation Reveille Forge.

我們預期在今年稍晚讓 Parcata 更廣泛地、以商業方式提供。我們也正在投資一個令人振奮且強健的全新技術底座，作為 Leidos 所有開發成果的基礎。我們的 CTO Ted Tanner 正領導這項工作，該工作建立在同樣的 Leidos 核心能力之上，而這些能力已在 Operation Jailbreak 的實戰中展現，現在也在 Operation Reveille Forge 中展現。

This new Leidos technology foundation will allow hardware, software, products and services to be seamlessly woven together. And this will serve our customers and help Leidos win in ways we believe few customers and competitors can match.

這個新的 Leidos 技術底座將使硬體、軟體、產品與服務能夠無縫整合、交織在一起。這將服務我們的客戶，並以我們相信少有客戶與競爭對手能匹敵的方式，幫助 Leidos 取得勝利。

Third, our Defense Tech business is now consistently winning. This business of ours is truly in a unique space where we're increasingly seen as a mature disruptor, pairing our differentiated technology with Leidos scale, mission expertise, software strength and delivery track record. This is translating into winning now because our customers simply want it all, fast innovation in a partner they know can integrate, produce and deliver at scale.

第三，我們的國防科技（Defense Tech）業務如今正持續穩定地贏得訂單。這項業務確實處於一個獨特的位置：我們愈來愈被視為「成熟的顛覆者」，把我們具差異化的技術與 Leidos 的規模、任務專業、軟體實力與交付實績結合起來。這正轉化為當下的勝利，因為客戶就是想要「全部都要」，而且要快——在他們信任、且知道能以規模整合、量產並交付的合作夥伴身上實現快速創新。

This quarter alone in Defense, we won another major contract on the Space Development Agency's AMDT3 program for advanced infrared space-sensing payloads, several OTAs for munitions, including a new Air Force Special Operations Command Production Award for Havoc Spear; and follow-on contracts for the Navy's nuclear-armed sea-launched cruise missile program; and a large contract to begin production of a new Army program that builds on our already unrivaled suite of passive sensing solutions.

僅在本季的國防領域，我們就再度贏得太空發展署（Space Development Agency）AMDT3 計畫的一項重大合約，內容為先進紅外線太空感測載荷；取得多項彈藥相關的 OTA（其他交易協議），其中包括美國空軍特種作戰司令部（Air Force Special Operations Command）針對 Havoc Spear 的一項生產授予；並取得海軍核武裝海基巡弋飛彈計畫的後續合約；以及一項大型合約，開始為一個新的陸軍計畫進行生產，該計畫建立在我們既有、無可匹敵的被動感測解決方案套件之上。

This translated into a Defense book-to-bill ratio of 1.9 this quarter and 2.0 year-to-date. This gives us the foundation for revenue growth and margin expansion for years to come.

這使得本季國防業務的接單出貨比達到 1.9，年初至今為 2.0。這為我們未來多年的營收成長與利潤率擴張奠定基礎。

And fourth, energy is rapidly integrating and scaling into a market leader. SkyWire, which we launched earlier, makes electric power distribution engineering more efficient, and it's foundational to our opportunity here and another example of commercial offerings.

第四，能源業務正快速整合並擴大規模，朝市場領導者邁進。我們先前推出的 SkyWire 能提升電力配電工程的效率，是我們在此領域機會的基礎，也是商業化產品的另一個例子。

We've now created sister AI-powered tools for gas and power generation projects. And as a result, we're actively pursuing a large number of new projects in a larger addressable market, including opportunities in data centers around the nation.

我們現在也為天然氣與發電專案打造了姊妹版的 AI 驅動工具。因此，我們正積極追求更多新專案，面向更大的可服務市場（addressable market），其中包括全國各地資料中心的機會。

We're also actively positioning to meet the growing need for stronger grid cybersecurity. Our path to double-digit revenue growth and mid- to high teens margin in energy gets clearer every day.

我們也正積極布局，以滿足電網資安強化的日益成長需求。我們在能源領域實現雙位數營收成長、以及中到高十幾％利潤率的路徑，正一天比一天更清晰。

In summary, these four examples show the deliberate portfolio choices we are making as a part of NorthStar 2030. We're investing where our capabilities truly stand out and building repeatable commercial offerings. That's NorthStar 2030 in action, and it's how we're positioning Leidos to perform through the rest of this decade.

總結來說，這四個例子展現了我們作為 NorthStar 2030 一部分所做出的審慎投資組合選擇。我們正把投資放在真正具備突出能力的領域，並打造可重複、可規模化的商業化產品與服務。這就是 NorthStar 2030 的實際運作方式，也是我們如何讓 Leidos 在本十年剩餘時間持續保持優異表現的布局。

Now before I turn the call over to Chris, I'd like to share a few words on the VBA MDE recompete. As this competition is now active and the RFP is still in draft, I'll obviously be somewhat reserved.

在我把電話交給 Chris 之前，我想就 VBA MDE 重新競標（recompete）分享幾點。由於這項競標目前已啟動，且 RFP 仍為草案，我顯然會稍微保留一些。

First, we expect the final RFP later this month. As such, we believe it's highly likely our existing contracts will be extended through the first half of 2027, in line with the customers' planned new contract start date of July 1, 2027.

第一，我們預期最終版 RFP 將於本月稍晚發布。因此，我們認為極有可能現有合約將延長至 2027 年上半年，這與客戶規劃的新合約起始日 2027 年 7 月 1 日一致。

Second, we will, of course, be putting our best foot forward to win. We've always been committed to value, veteran experience and quality, and these are the things that the VBA focuses on. The draft RFP also clearly recognizes the value of demonstrated performance.

第二，我們當然會全力以赴爭取勝出。我們一向致力於價值、退伍軍人體驗與品質，而這些正是 VBA 所重視的重點。RFP 草案也清楚認可已證明的履約表現所帶來的價值。

So I continue to see significant upside in Leidos for our investors as we keep executing our NorthStar 2030 strategy. As such, you can expect us to continue to invest in our differentiated capabilities and deploy capital strategically to accelerate growth and create lasting value. I look forward to your questions after Chris walks through the numbers. Chris?

因此，隨著我們持續執行 NorthStar 2030 策略，我仍然看到 Leidos 對投資人而言具備顯著的上行空間。也因此，各位可以預期我們將持續投資於具差異化的能力，並策略性地部署資本，以加速成長並創造長期價值。待 Chris 帶各位看完數字後，我期待回答各位的問題。Chris？

Thank you, Tom. Let's jump right into the results on slide 5. Revenue for the quarter was $4.63 billion, up 4% in total and 1% organically year-over-year. Bottom line performance remained strong. Adjusted EBITDA was $644 million for the third quarter for an adjusted EBITDA margin of 13.9%, up 10 basis points both sequentially and year-over-year.

謝謝你，Tom。讓我們直接進入第 5 頁的結果。本季營收為 46.3 億美元，總體成長 4%，有機年增 1%。獲利表現依然強勁。第三季調整後 EBITDA 為 6.44 億美元，調整後 EBITDA 利潤率為 13.9%，無論按季或年增皆提升 10 個基點。

Non-GAAP diluted EPS grew 19% year-over-year to $3.62. And cash performance was a noteworthy highlight. In the quarter, we generated $523 million of cash flows from operating activities and $476 million of free cash flow. That comes to a free cash flow yield of 105% for the quarter and 121% over the trailing 12 months.

非 GAAP 稀釋每股盈餘（EPS）年增 19% 至 3.62 美元。而現金表現是一大亮點。本季我們由營運活動產生 5.23 億美元的現金流量，並創造 4.76 億美元的自由現金流。換算下來，本季自由現金流殖利率為 105%，過去 12 個月（TTM）為 121%。

Let me work through some of the details. First, as expected, our results were materially shaped by the recent changes on our VBA disability exam contract. Excluding our Health segment, which was fundamentally driven by the VBA, revenues grew 9% and non-GAAP operating income grew 48% for the rest of Leidos. We've been on a journey to diversify the earnings power of the company, so it's great to see that show up in the results.

我來說明一些細節。首先，如預期所示，我們的業績在很大程度上受到近期 VBA 傷殘體檢合約變更的影響。若排除主要由 VBA 驅動的 Health（健康）事業部，其餘 Leidos 的營收成長 9%，非 GAAP 營業利益成長 48%。我們一直在推動公司獲利能力多元化，很高興看到這點反映在本次成果中。

In addition, our entire team acted with urgency around cost control, which substantially drove margin and earnings, though it put downward pressure on our growth rate on cost-plus contracts.

此外，我們整個團隊在成本控管上迅速行動，這在很大程度上推升了毛利率與獲利，儘管也對成本加成（cost-plus）合約的成長率造成下行壓力。

Second, our team has worked hard on tax optimization strategies to reduce cash taxes and leave more cash available to invest in the business. This quarter's non-GAAP effective tax rate of 15.1% reflects some nonrecurring pickups on state taxes as well as a new approach to calculating our research tax credit that was reviewed and accepted by the IRS. The research tax credit component is a structural change to our tax rate, though the impact will be more modest in the out years.

第二，我們團隊在稅務最佳化策略上投入大量努力，以降低現金稅負，讓更多現金可用於投資業務。本季非 GAAP 有效稅率為 15.1%，反映了部分州稅的一次性利多，以及一種新的研發稅額抵減計算方式，該方式已由 IRS 審查並接受。研發稅額抵減的部分屬於稅率結構性變動，但在未來幾年其影響將較為溫和。

Turning to the segment view on slide 6. Homeland led all segments with 32% total and 15% organic growth. Growth was broad-based, underpinned by robust demand in domestic and international air traffic management.

接著看第 6 張投影片的事業部表現。Homeland（國土安全）以總成長 32%、有機成長 15% 領先各事業部。成長動能相當全面，主要受惠於國內與國際空中交通管理的強勁需求。

Defense growth year-over-year of 3% reflects the impact of large product component purchases in the third quarter of 2025. The segment continues to ramp production of integrated air defense and counter-UAS programs, which led to 4% sequential growth.

Defense（國防）年增 3%，反映 2025 年第三季大型產品零組件採購的影響。該事業部持續提升整合式防空與反無人機（counter-UAS）計畫的產能爬坡，帶動季增 4%。

Intel and Digital grew 1% year-over-year as strong intelligence community demand was offset by reductions in certain federal civilian IT programs. And Health segment contraction was driven by the VBA business for the reasons we've previously outlined.

Intel and Digital（情資與數位）年增 1%，主因情資社群需求強勁，但被部分聯邦民用 IT 計畫的縮減所抵銷。而 Health（健康）事業部的下滑，則如我們先前所述，主要由 VBA 業務所致。

Margins were up significantly at Intel and Digital and Homeland, flat at Defense and down less than expected at Health. This across-the-board performance reflected the cost actions I mentioned earlier as well as strong award fee scores, more higher-margin commercial work and positive EACs.

毛利率方面，Intel and Digital 與 Homeland 顯著上升；Defense 持平；Health 的下滑幅度小於預期。這項全面性的表現反映了我先前提到的成本措施，以及強勁的獎勵費（award fee）評分、更多高毛利的商業業務，以及正向的 EAC（完工估計）。

As shown on slide 7, we repurchased $500 million of shares on the open market in the quarter, consistent with our view that our stock is trading below its intrinsic value. The Board also authorized a $0.02 increase to the quarterly dividend. This allocation of capital is wholly consistent with our philosophy. Most important, we will fund the organic growth needs of the business.

如第 7 張投影片所示，我們本季在公開市場回購 5 億美元股票，符合我們認為公司股價低於其內在價值的看法。董事會也核准將季度股利上調 0.02 美元。這樣的資本配置完全符合我們的理念。最重要的是，我們將優先滿足業務的有機成長資金需求。

Capital expenditures stepped up in Q3 from our first half run rate, and the fourth quarter should step up even more, primarily from investments in Defense Tech production capacity. The robust cash generation of the business offers ample capacity beyond CapEx. Our strong and flexible balance sheet is an important tool for driving long-term shareholder value through a balanced approach to capital deployment.

資本支出（CapEx）在第三季較上半年平均水準有所提升，而第四季預計還會再提高，主要來自對 Defense Tech（國防科技）產能的投資。公司強勁的現金創造能力，除 CapEx 外仍有充足餘裕。我們強健且具彈性的資產負債表，是透過平衡的資本部署方式推動長期股東價值的重要工具。

At quarter end, we had $6 billion of debt, $630 million in cash and cash equivalents and a gross leverage ratio of 2.5x. Our balance sheet shows the assets and liabilities of SES as held for sale. Immediately after the quarter, we closed on the divestiture of SES and retained a 41.5% equity interest in the new joint venture.

截至季末，我們有 60 億美元的債務、6.30 億美元的現金及約當現金，總槓桿比率為 2.5 倍。我們的資產負債表將 SES 的資產與負債列示為待售。季後不久，我們完成 SES 的剝離交易，並在新的合資企業中保留 41.5% 的股權。

As Tom mentioned, our stake provides a significant value creation opportunity for Leidos and its shareholders as the JV increases market share, drives operating leverage and ultimately advances to a liquidity event.

如 Tom 所提到的，我們的持股將在合資企業提升市占、帶動營運槓桿，並最終推進至流動性事件（liquidity event）時，為 Leidos 及其股東帶來顯著的價值創造機會。

Finally, on to the forward outlook on slide 8. Our new ranges reflect the impact of the SES divestiture, our Q3 results and our updated outlook. Let me walk you through the puts and takes.

最後，來看第 8 張投影片的前瞻展望。我們新的區間反映了 SES 剝離的影響、第三季結果以及更新後的展望。我來帶大家看一下其中的增減因素。

Prior to the close, we forecast SES revenue in the fourth quarter to be approximately $200 million, which is directly reflected in the new revenue guidance range. We expected SES to deliver about $0.12 of non-GAAP diluted EPS in Q4, so the new narrowed range is up around $0.37 on an adjusted basis at the midpoint. And with Q4 cash projection of roughly $20 million for SES and another $30 million in transaction costs, we're effectively raising our operating cash flow guidance by $100 million.

在交易完成之前，我們原先預估 SES 第四季營收約為 2 億美元，這已直接反映在新的營收指引區間中。我們原先預期 SES 在第四季可貢獻約 0.12 美元的非 GAAP 稀釋 EPS，因此在中點以調整後基礎來看，新的收斂區間上調約 0.37 美元。此外，考量 SES 第四季現金預估約 2,000 萬美元，以及另有 3,000 萬美元的交易成本，我們等同於將營運現金流指引上調 1 億美元。

Finally, we're maintaining our adjusted EBITDA guidance in the mid-13s. The guidance assumes that the government is operating under a continuing resolution through the end of the year. And for 2026, diluted share count is at 126 million and the non-GAAP effective tax rate is around 20%.

最後，我們維持調整後 EBITDA 指引在 13% 中段水準。該指引假設政府將在年底前持續以臨時撥款法案（continuing resolution）運作。至於 2026 年，稀釋後股數為 1.26 億股，非 GAAP 有效稅率約為 20%。

The guidance implies that Q4 revenues will be near Q3 levels. We will continue to see pressure on cost plus revenue from indirect efficiencies, and we will have a full quarter of impact from the VBA contract changes we've previously disclosed.

該指引意味著第四季營收將接近第三季水準。我們仍將因間接效率提升而在成本加成（cost-plus）營收上承受壓力，且先前已揭露的 VBA 合約變更影響將在第四季完整反映一整季。

Also, while third quarter bookings were solid, there were some delays in some decisions that didn't go our way, which will temper our growth momentum in Q4 and into 2027. On the positive side, customer procurement activity appears to be accelerating, and our near-term pipeline remains large.

另外，雖然第三季接單（bookings）表現穩健，但有些決策出現延遲，且部分結果不如我們所願，這將抑制第四季以及延續至 2027 年的成長動能。正面來看，客戶採購活動似乎正在加速，而我們短期的案源管線（pipeline）仍然龐大。

We expect Q4 Health segment margins to be in the high teens, driven mostly by the VBA contract changes we previously discussed, and we aren't assuming the same level of EACs in the fourth quarter as we saw in the third quarter. Although we haven't completed planning for 2027 and key dependencies remain, we continue to see Q4 as a reasonable jumping off point for our 2027 performance.

我們預期第四季 Health（健康）事業部毛利率將落在 10% 高段，主要由我們先前討論的 VBA 合約變更所驅動；同時，我們並未假設第四季會出現如第三季同等水準的 EAC（完工估計）利多。雖然我們尚未完成 2027 年規劃且仍有關鍵依賴因素存在，我們仍認為第四季是作為 2027 年表現的合理起跳點。

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

以上，接線員，我們準備開始提問。

(Operator Instructions) John Godyn, Citi.

（接線員指示）Citi 的 John Godyn。

I wanted to dialogue a bit more on the bookings environment. You reported a strong 1.2x book-to-bill in the quarter. And just at the end of the prepared remarks, you mentioned there were some signs of customer procurement activity accelerating.

我想再多談一些接單環境。你們本季公布的接單出貨比（book-to-bill）為強勁的 1.2 倍。而且在事先準備的講稿最後，你提到看到一些客戶採購活動加速的跡象。

I was just hoping you could talk a bit more about the leading-edge demand signals that are driving bookings and maybe elaborate a bit on defense tech, intelligence, cyber, some of the things that were highlighted in the press release as kind of being hot right now.

我希望你能再多談談推動接單的前端需求訊號，並且或許再多說一些國防科技、情資、資安等領域——新聞稿中提到這些目前算是相當火熱。

Sure, John. Thanks for the question. Yes. So as Chris mentioned in his comments, the environment is improving, and we do see customers beginning to move with more alacrity around their procurement decisions.

當然可以，John。謝謝你的提問。是的，正如 Chris 在他的評論中提到的，環境正在改善，我們確實看到客戶在採購決策上開始更迅速地行動。

At the same time, frankly, there are procurement decisions that continue to slide around, but we don't see that as abnormal to a normal functioning government procurement cycle. So we see promise that as we head into the next fiscal year of this government, in it already, we're going to continue to see that momentum be maintained.

同時，坦白說，仍有一些採購決策持續往後延，但我們不認為這在正常運作的政府採購週期中有何異常。因此，我們看到希望：隨著我們進入——其實已經進入——政府的下一個會計年度，我們將持續看到這股動能得以維持。

On our book-to-bill ratio, I'm glad you picked up on the 1.2 being pretty respectable, and it is. But what makes it even more interesting to me is the fact that it's been crescendoing through the year. You'll recall that in the first quarter, we had a book-to-bill of 0.8. In the second quarter, we had a book-to-bill of 1.1. And this last quarter, we had a book-to-bill of 1.2.

關於我們的接單出貨比，我很高興你注意到 1.2 倍相當不錯，確實如此。但對我而言更有意思的是，它在今年一路走高。你會記得第一季我們的接單出貨比是 0.8 倍；第二季是 1.1 倍；而上一季則是 1.2 倍。

So I feel very good about the momentum that is being built by the team in growing the business.

因此，我對團隊在推動業務成長所建立的動能感到非常有信心。

But except for that, I would also want to remind everybody on my very first earnings call as CEO of this corporation, I talked about the more important measure is total backlog.

除此之外，我也想提醒大家：在我擔任本公司 CEO 的第一場法說會上，我談到更重要的衡量指標是總積壓訂單（total backlog）。

Book-to-bill can be episodic, quarters can come and go. But total backlog is also a great news story where it's up to $49.6 billion, 4% year-on-year. And we have excellent growth in funded backlog, $11.1 billion, up 22% year-on-year and 8% sequentially. So we're really building the backlog, which is more important to the sustained growth of the company than the episodic book-to-bill.

接單出貨比可能具有偶發性，季度來來去去。但總積壓訂單同樣是一個好消息：達到 496 億美元，年增 4%。而且我們的已資金化積壓訂單（funded backlog）成長非常亮眼，達 111 億美元，年增 22%，季增 8%。因此我們正在累積積壓訂單，而這對公司持續性成長的重要性高於偶發性的接單出貨比。

One area that I'd also like to focus is on OTAs. As probably most analysts know, OTAs are increasingly of interest to our customers as they want to field critical capabilities quickly. And in OTAs, it's a little known fact that Leidos is actually a market leader here. We have currently 212 OTA contracts, including 33 that were awarded just this year for a $6.6 billion ceiling.

另外一個我也想聚焦的領域是 OTA。正如多數分析師可能知道的，OTA 越來越受到客戶重視，因為他們希望能快速部署關鍵能力。在 OTA 方面，一個較少人知道的事實是：Leidos 其實是這個市場的領導者。我們目前有 212 份 OTA 合約，其中包含今年才剛獲得的 33 份，合約上限（ceiling）合計為 66 億美元。

So this new mechanism that our customers are leaning on to speed up the acquisition process is something we're very proud to be leaning into also with them. And so that's what gives us a very positive forward outlook. We have $28 billion right now awaiting decision, including $21 billion that is new and takeaway business. And we're very happy with where that's all going.

因此，客戶正倚賴這項新機制來加速取得流程，而我們也非常自豪能與他們一同積極推進。這也是讓我們對未來展望非常正面的原因。目前有280億美元正等待決策，其中包括210億美元屬於新增與替代（takeaway）業務。我們對整體進展非常滿意。

As you mentioned, our book-to-bill in Defense was 2.0 year-to-date. Our book-to-bill in -- our organic growth in Homeland was 15%. And so the growth engines that we have are growing very responsibly. And as Chris mentioned in his prepared remarks, if you take out managed health, it's up almost 50% year-on-year. So we're very happy about that.

如你所提到的，我們國防業務今年迄今的接單出貨比（book-to-bill）為2.0。我們國土安全業務的有機成長為15%。因此，我們所擁有的成長引擎都在以非常負責任的方式成長。正如Chris在事先準備的發言中提到的，若排除管理式健康（managed health），年增幅接近50%。我們對此非常滿意。

John, I'd only add not to throw more stats at you, but if you look at our next 12-month pipeline from where it was a year ago, that's up 15%, too. So that's what we talk about when we look ahead and the activity seems to be accelerating. No shortage of deals out there that the teams are focused on. And about 40% of that next 12-month pipeline is in defense.

John，我只補充一點，不是要再丟更多數據給你，但如果你看我們未來12個月的案源（pipeline）相較一年前的位置，也同樣增加了15%。這就是我們在展望未來時所談的內容：活動似乎正在加速。市場上不缺交易，團隊正專注於此。而未來12個月案源中約40%在國防領域。

You also asked about cyber, and we announced the US Cyber Comm award, $160 million that Kudu let us help penetrate, follow that up by another $99 million OTA award in the cyber space. So a lot of good activity going on across the business.

你也問到資安，我們宣布了美國網路司令部（US Cyber Comm）的得標案，金額1.6億美元，Kudu讓我們得以協助切入；接著又在資安領域拿下另一筆9,900萬美元的OTA（其他交易授權）獎項。因此，整體業務各面向都有很多正向動能。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

I wanted to ask on the Defense Tech side and related business where you're investing in production capacity. What does the arc of that look like based on your current wins and maybe near-term pipeline for additional wins on when sort of the investments peaks and the profitability with ramping production kind of shines through?

我想請教國防科技（Defense Tech）以及你們正在投資產能的相關業務。基於你們目前的得標，以及短期內可能新增得標的案源，這些投資的曲線大概會是什麼樣子？也就是投資何時達到高峰，以及隨著產量爬坡，獲利能力何時會開始顯現？

Sure. Thanks, Tobey. Defense Tech is a shining star for us. And as I said in my prepared remarks, it is a business that is now winning consistently because the customer is increasingly seeing us as the mature disruptor. We're not just PowerPoint charts, and we're not just slick T-shirts at trade shows.

好的。謝謝你，Tobey。國防科技對我們而言是一顆閃亮之星。正如我在事先準備的發言中所說，這項業務現在能夠持續得標，因為客戶愈來愈把我們視為「成熟的顛覆者」。我們不只是PowerPoint簡報，也不只是展會上看起來很酷的T恤。

We're a company that they understand, we're a company that's been there in the past, and they know will be there in the future.

他們理解我們是一家什麼樣的公司；我們過去就在那裡，他們也知道我們未來也會一直在。

But at the same time, we're able to move agily and [djointly] to make sure that we're responding to the customers' real critical needs right now. So we are investing ahead of that need. As I said at the beginning of this year, we would be increasing our CapEx to make sure we're positioning the company for that growth in this critical part of our portfolio.

但同時，我們也能以敏捷且[djointly]的方式行動，確保我們能回應客戶當下真正關鍵的需求。因此，我們會在需求到來之前就先行投資。正如我在今年年初所說，我們將提高資本支出（CapEx），以確保公司在投資組合這個關鍵部分的成長上做好布局。

And at the same time, we're -- I think you're seeing in the numbers that we're being very judicious about the money we're spending. We're not just spending it because we budgeted it. We're spending it as the opportunities actually trigger and they actually unfold. So you'll continue to see us be very disciplined with how we spend our money to fund growth and make sure that when it's in an organic growth mode, we're funding it on the things that the customer is really going to buy.

同時，我想你也從數字上看到，我們對支出非常審慎。我們不是因為編了預算就把錢花掉；而是當機會真正被觸發、真正展開時才投入。因此，你會持續看到我們在資金運用上非常有紀律，以資助成長，並確保在有機成長模式下，我們把資金投入到客戶真正會購買的項目上。

I mentioned in my comments, the foundation to double-digit growth is intact, and we're growing increasingly confident for that. And part of the reason for that is we've got more than a dozen programs that are right now moving from development into rate production.

我在評論中提到，達成雙位數成長的基礎仍然完好，我們對此也愈來愈有信心。部分原因是，我們目前有十多個專案正從研發階段轉入量產（rate production）。

So for instance, IFPC, something we've talked about for a couple of years now, it's on pace to reach full rate potential in 2027. And that's exciting for us since moving only to LRIP in 2025. So this program has tripled in revenue and meaningfully expanded its margins, a huge great base for our team in Huntsville.

例如IFPC，這是我們談了好幾年的項目，預計在2027年達到全速率產能（full rate potential）。這對我們而言很令人振奮，因為它在2025年才剛進入低速率初期生產（LRIP）。這個專案的營收已成長三倍，且毛利率顯著擴張，為我們亨茨維爾（Huntsville）的團隊奠定了非常扎實的基礎。

There's more than $10 billion in Defense Tech awards over the last 18 months that we've secured and $6 billion year-to-date. So we're very excited about the backlog, again, we're building in this business. And as Chris was just saying about the whole, we've got a pipeline of over $14 billion of visible opportunities within the next 12 months. And so we expect Defense's book-to-bill ratio to remain robust, and they continue to build backlog.

過去18個月，我們在國防科技領域已取得超過100億美元的得標，今年迄今也有60億美元。因此，我們對在這項業務中累積的在手訂單（backlog）非常興奮。正如Chris剛才談到整體情況，我們在未來12個月內可見的機會案源超過140億美元。因此，我們預期國防業務的接單出貨比將維持強勁，並持續累積在手訂單。

Yes, Tobey, I'd only add, I mean, obviously, you're looking for that to show up -- those investments to show up as increased margin in that segment. And we're very bullish that, that is the path we're on. You'll see that progress in '27 upward. You'll see that progress over the next several years upwards. So there's gas in the tank on the return on those investments showing up over time.

是的，Tobey，我只想補充，你顯然是在看這些投資是否會反映為該事業部門更高的利潤率。我們非常看多，這正是我們所走的路徑。你會在2027年看到向上的進展；你也會在未來幾年看到持續向上的進展。因此，這些投資的回報會隨時間逐步顯現，仍有很大的上行空間。

The team is focused on that.

團隊正專注於此。

And the product lines that Tom talked about are all accretive to margins as they ramp up their production volumes here over the next handful of years. So the investment -- elevated level of investment won't be forever. You look at that over the next couple of years, but the profitability on the other side of that will be showing up here throughout the rest of this decade, certainly.

而Tom提到的產品線，在未來幾年逐步提升產量時，都會對利潤率有增益（accretive）。因此，投資——較高的投資水準不會永遠持續。你看未來幾年會是這樣，但在那之後的獲利能力，肯定會在本十年剩餘期間逐步顯現。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

I wanted to first ask on the Health segment in particular. Tom, you called out that you feel like as you review the draft RFP that obviously, it plays well to Leidos. I wanted to see if you can drill down on that a bit and specifically maybe highlight where you see the real opportunity for Leidos relative to that -- the draft RFP you're working through?

我想先針對健康（Health）事業群提問。Tom，你提到你在檢視RFP草案時，覺得它顯然對Leidos很有利。我想請你再深入說明一下，特別是你在目前正在研讀的RFP草案中，看到Leidos相對而言真正的機會點在哪裡？

And then just as a follow-up, Chris, I think you guided to high teens margins in the segment for the fourth quarter. Should we think about that as a good starting point or run rate into the first half of '27 while the existing contract works through?

接著追問一下，Chris，我想你指引第四季該事業群的利潤率會在十幾%的高檔。我們是否可以把這視為2027年上半年、在既有合約持續執行期間的一個良好起點或常態水準（run rate）？

Thank you, Ken. Yes, sure. So as I mentioned in my prepared remarks, I'm going to be somewhat reserved. So despite your question, I'm going to remain a little bit obtuse here. But we do believe that we're well positioned to compete for this work.

謝謝你，Ken。好的，當然。如我在事先準備的發言中提到的，我會稍微保守一些。所以儘管你這樣問，我在這裡仍會保持一點含糊。不過，我們確實相信自己具備很好的條件來競標這項工作。

Leidos comes to this from a position of obvious strength. We're the top provider in this business now and we've been for over two decades. We have an excellent track record of veteran satisfaction and timeliness and accuracy.

Leidos在這件事上具備明顯的優勢。我們目前是這項業務的最大供應商，而且已經超過二十年。我們在退伍軍人滿意度、以及時效與準確性方面都有非常優異的紀錄。

And we know that those are the things that the veteran and the Veterans Administration and every member of the House and Senate care deeply about. We've invested in this capacity to make sure that we can handle the volume as it's gone up through the years. And we've invested in innovation. And so we're known as an innovator in this space, developing, for instance, the mobile clinics that met the veterans where they were.

我們也知道，這些正是退伍軍人、退伍軍人事務部（Veterans Administration），以及眾議院與參議院每一位成員都非常在意的事情。我們投資了這項產能，以確保能因應多年來不斷上升的量能；我們也投資創新。因此，我們在這個領域被視為創新者，例如開發行動診所（mobile clinics），在退伍軍人所在之處提供服務。

But most importantly, what gives us some confidence going into this competition is the fact that we understand the mission, and we understand this is a no-fail mission, and we are locked at the hip with the Veterans Administration and understanding the criticality of making sure, just as this administration has said a number of times, that veterans get the benefits they deserve in a timely way.

但最重要的是，讓我們對這次競標有信心的，是我們理解這項任務，而我們也理解這是一項不容失敗（no-fail）的任務；我們與退伍軍人事務部緊密合作，並理解確保退伍軍人能及時獲得其應得福利的重要性——正如本屆政府已多次強調的。

So while we're still dealing with the draft RFP, we know that it looks toward the things that are the strength for us. And we also are buoyed by the fact, if you've read the draft that it leans into the fact that they want to award two companies per service group, and two of those have to be experienced and be able to stand up capacity in 30 days. That leans well on our incumbency. And it also talks very much about rewarding those who deliver the goods for the Veterans Administration and timeliness, quality and cost by higher work volumes.

因此，雖然我們仍在處理RFP草案，但我們知道它所著重的方向正是我們的強項。而且，如果你讀過草案，你會看到它傾向於每個服務群組要授予兩家公司，其中兩家必須具備經驗，並能在30天內建立起服務量能。這對我們的既有承作身分（incumbency）非常有利。草案也明確提到，會以更高的工作量來獎勵那些能為退伍軍人事務部交付成果、並在時效、品質與成本上表現優異的廠商。

So net-net, the draft RFP reads pretty well for us, and we're very bullish about it. And at the same time, we're taking absolutely nothing for granted because we also understand that the Veterans Administration is trying to be an excellent steward of the taxpayer dollar, and we need to be their partner in that as we've always been in the past.

總而言之，這份RFP草案對我們來說讀起來相當有利，我們也非常看多。同時，我們完全不會掉以輕心，因為我們也理解退伍軍人事務部希望成為納稅人資金的優良管理者，而我們需要像過去一樣成為他們在這方面的合作夥伴。

Chris, do you want to deal with a few of the specifics also?

Chris，你也要處理一些更具體的部分嗎？

Yes. Ken, just to talk more about the margin profile. Obviously, we're pleased with how the team came through Q3, a little bit better than we expected. Q4 exit rate, I do think is a good place to model out the first half of next year in the high teens.

好的。Ken，談到利潤率輪廓（margin profile），顯然我們對團隊在第三季的表現感到滿意，結果比我們預期稍好。至於第四季的退出水準（exit rate），我確實認為可以把它視為明年上半年建模的良好基礎，利潤率落在十幾%的高檔。

And then to Tom's earlier comments, expecting a continuation of our current contract through the middle of the year. On the other side of that, all the puts and takes about how we compete as we get more clarity on where that's landing, we'll be able to give you more indications of what the back half of the year looks like. We'll certainly be able to tackle that in February.

接著回到 Tom 先前的評論，我們預期目前的合約將延續到年中。至於之後的情況，隨著我們對最終落點有更清楚的掌握，以及我們在競爭上各種取捨的權衡，我們將能提供更多關於下半年展望的指引。我們當然會在二月時加以說明。

But I think you're seeing the team continue to find ways to overdeliver. That's just what they do. And this business will continue to be an excellent piece of the portfolio for us for years to come.

但我認為你看到的是團隊持續找到超額交付的方法。這就是他們一貫的作風。而這項業務在未來多年仍將是我們投資組合中非常出色的一部分。

Peter Arment, Baird.

Peter Arment，Baird。

Intelligence and Digital had really good margin performance this quarter. You called out kind of good execution and cost management. You also mentioned there was a little bit of EAC adjustments. Maybe you could just talk to the margin performance, how you're thinking about kind of the durable nature here of the margin performance here that we saw this quarter and expectations as we think about going forward.

Intelligence and Digital 本季的毛利率表現非常好。你提到算是良好的執行力與成本管理。你也提到有一點 EAC 調整。也許你可以談談這次的毛利率表現，以及你如何看待我們本季看到的毛利率表現是否具有可持續性，並談談對未來的預期。

Yes, Peter, I'm so glad you asked this question because I need to throw a little sunshine on this team because not only did they have good margins, they had record margins based on excellent execution across the segment. And so we're very proud of our team there and very proud of the fact that it's coming in even stronger than we had anticipated in our financial planning.

是的，Peter，我很高興你問到這個問題，因為我需要替這個團隊多說幾句好話：他們不只是毛利率表現好，而是憑藉該事業群的卓越執行創下了紀錄毛利率。因此我們對那邊的團隊非常自豪，也很自豪其表現甚至比我們在財務規劃中預期的還要強。

In the Intelligence side, our business grew double digits in the quarter. And in our Digital side, while it contracted modestly, the profitability was very, very robust, and the team is doing a great job there.

在 Intelligence 方面，我們本季業務以雙位數成長。而在 Digital 方面，雖然略有收縮，但獲利能力非常、非常強勁，團隊在那裡做得非常出色。

We also have this segment because it is so critical to the value of our customers going forward. I think it's sometimes overlooked that the customer spends over $57 billion in this world on an annual basis, just the Digital side, just the federal IT spend is up 10% in fiscal year '27 President budget request.

我們也擁有這個事業群，因為它對客戶未來的價值至關重要。我想有時候大家會忽略：客戶在這個領域每年支出超過 570 億美元——僅 Digital 端、僅聯邦 IT 支出，在 27 財政年度總統預算請求中就成長了 10%。

So the money continues to flow into the digital ecosystem of this government. And as we're a very large provider of the digital infrastructure for most federal agencies, we see that opportunity to serve them and to modernize their infrastructure as core to our responsibilities and then these days, make that infrastructure cybersecure, critical to our country, critical to national security and critical to the functioning of this government.

因此，資金持續流入政府的數位生態系。而我們作為多數聯邦機構數位基礎設施的非常大型供應商，我們看到服務他們並協助其基礎設施現代化的機會，這是我們責任的核心；而在當下，讓該基礎設施具備網路安全更是關鍵——對我們國家至關重要、對國家安全至關重要，也對政府運作至關重要。

So we're very excited about the business. We're very pleased with the team's performance to date, execution and record margins and maybe Chris will give a little bit more detail.

所以我們對這項業務非常振奮，也對團隊迄今的表現、執行力與創紀錄的毛利率非常滿意；也許 Chris 會再補充一些細節。

Yes. Well, I appreciate the question, Peter. And I would say this is the playbook. You look at Digital especially and they run some of the largest programs in the company and typically is the case as you mature those programs, you apply technology, you get into the customers' environment, you find opportunities that drive efficiency.

是的。我很感謝這個問題，Peter。我會說這就是我們的作戰手冊。你看 Digital 尤其如此——他們負責公司內一些規模最大的專案；通常隨著這些專案逐步成熟，你會導入技術、深入客戶環境，並找到能提升效率的機會。

And that's what they're doing, whether that's a concerted effort with what we've been after with our repeatable offerings called mission drivers and some of the commercial products that the Intel team is leaning into, all of those things give us confidence about the ability to drive the margin portfolio in this part of the business higher over time.

而這正是他們正在做的事。不論是我們一直在推動的可重複交付方案（我們稱之為 mission drivers），或是 Intel 團隊正在加大投入的一些商用產品，這些都讓我們對於隨時間推進、在這部分業務中把毛利率組合推升得更高的能力更有信心。

We did talk about EACs were very favorable in the quarter. And so as we look ahead to Q4, we're not always predicting that level of sustained success, but this clearly shows you the art of the possible is. And I like the trajectory of this segment's margin performance.

我們確實提到本季 EAC 非常有利。因此展望 Q4，我們不一定會預測能維持同等水準的持續成功，但這清楚顯示「可能達成的上限」是什麼。我也喜歡這個事業群毛利率表現的走勢。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

The Defense order is fantastic, and you had talked about high single-digit Defense growth this year, but you have that one-off that you're dealing with. Can you kind of walk through the timing of that? And is that all done now? Just moving forward, just how good could '27 be for that segment?

Defense 的訂單非常亮眼，你們也談到今年 Defense 將有高個位數成長，但你們同時有一個一次性因素在處理。你能否說明一下那個因素的時點？現在都處理完了嗎？再往前看，對該事業群而言，'27 年可能會有多好？

Yes. Let me jump in here, Jonathan. You're right. I mean it's definitely -- the momentum is building. You've seen the bookings quarter-over-quarter continue to accelerate.

是的，Jonathan，我先回應。你說得對——動能確實正在累積。你已經看到接單（bookings）季對季持續加速。

This quarter, from a growth rate perspective, 3.5%. Some of that is just a very robust Q3 of last year coming off of an elevated level of long lead procurements.

本季從成長率角度來看是 3.5%。其中一部分原因是去年 Q3 非常強勁，當時因為長交期採購（long lead procurements）處於較高水準。

And so we're now seeing clear runways for some of the programs that we featured to ramp up, specifically our IFPC program, as Tom alluded to, that has tripled in volume, and it's moving up further in '27. Our ABADS program with some of our ALPS and Mirador technologies, et cetera, will be accelerating the customers looking to add more ceiling perhaps to that vehicle. Common hypersonic widebody, we're on a clear run rate to accelerate production there of certain units.

因此我們現在看到一些我們重點提到的專案有明確的放量跑道，特別是 Tom 提到的 IFPC 專案，量已經成長到三倍，並且在 '27 年還會進一步上升。我們的 ABADS 專案，搭配部分 ALPS 與 Mirador 技術等，也將加速推進，客戶希望為該載具增加更多上限能力。至於通用高超音速寬體（Common hypersonic widebody），我們在某些單元的產量提升上也有明確的加速節奏。

So that's what gives us confidence that you'll see a higher growth rate in Q4. You'll see a higher growth rate. The team is focused on how do we get this business to a double-digit growth rate over time. And I think the building blocks are there for us to be able to lay that out for you in 2027, and we'll put more meat on that bone when we get to February.

這些就是讓我們有信心你會在 Q4 看到更高的成長率、看到更高的成長率。團隊正聚焦於如何讓這項業務隨時間推進達到雙位數成長。我認為我們已具備相應的基礎，能在 2027 年向你更完整地說明；等到二月時我們會提供更具體的內容。

If you don't mind, Jonathan, I'm going to jump on and also broaden your question a little bit to the rest of the Defense portfolio that we're so proud of. There's a lot of discussion in Washington, D.C. and around the nation about our weapons stockpile and the magazine depth of the country and the urgency to create new sources of supply for munitions.

如果你不介意，Jonathan，我也想接著講，並把你的問題稍微擴展到我們同樣非常自豪的 Defense 其他投資組合。華盛頓特區以及全國對於我國武器庫存與彈藥庫深度（magazine depth）有很多討論，也強調建立新的彈藥供應來源的急迫性。

We're leaning into that, and we have a pathway for our munitions side of our Defense Tech business to be $1 billion business by 2030 annually. So we're very excited about where that business is going. And the building blocks are there.

我們正積極投入其中，而且我們的 Defense Tech 業務中的彈藥（munitions）板塊，有一條路徑可在 2030 年達到每年 10 億美元的業務規模。因此我們對這項業務的走向非常興奮，而相應的基礎也已經到位。

IFPC, as Chris already mentioned, is a big base for Huntsville. But small cruise missile, as I said in my prepared remarks, Havoc Spear is moving very quickly in LRIP program. Low-cost containerized munitions, we announced before the fact that we have signed a framework agreement for that business. We've not yet put -- gotten a contract for that. So that's backlog to come.

IFPC 如 Chris 已提到，是 Huntsville 的重要基礎。但小型巡弋飛彈（small cruise missile），正如我在事先準備的發言中所說，Havoc Spear 在 LRIP 計畫中推進非常快。低成本貨櫃化彈藥（low-cost containerized munitions），我們先前宣布已簽署該業務的框架協議；但我們尚未——尚未取得正式合約。因此那部分的積壓訂單（backlog）仍有待後續落地。

As soon as we translate that framework agreement into a contract, there's going to be a big booking of an order book for the 3,000-plus missiles we expect to make there.

一旦我們把該框架協議轉換為合約，針對我們預期在那裡生產的 3,000 枚以上飛彈，訂單簿將會出現一筆很大的接單入帳。

Sea-launched nuclear-armed cruise missile, I mentioned in my prepared remarks, the abbreviation for it is [SLCNAM], if you're tracking that. We've got an OTA on that, and we're very excited about where that program is going. And as Chris just mentioned, hypersonics.

海射核武裝巡弋飛彈（Sea-launched nuclear-armed cruise missile），我在事先準備的發言中提到過，若你有在追蹤，其縮寫是 [SLCNAM]。我們在那上面有一個 OTA，我們對該計畫的進展非常振奮。以及如 Chris 剛提到的，高超音速（hypersonics）。

I mentioned space and our franchise of space sensor payloads, which is so critical to this nation's defense. And not mentioned yet, but I can't help but say it is our counter-UAS capabilities. Counter-UAS capability not only animates the Department of War, but it also very much animates the Department of Homeland Security.

我也提到太空，以及我們在太空感測器酬載（space sensor payloads）方面的既有優勢，這對國防至關重要。還有一點尚未提到，但我忍不住要說：那就是我們的反無人機系統（counter-UAS）能力。反無人機能力不僅驅動國防部（Department of War）的關注，也同樣強烈驅動國土安全部（Department of Homeland Security）的需求。

And we've had very robust conversations with both customer sets there about the suite of capabilities Leidos brings to bear from sensors to effectors to command and control to the complete shield of our counter-UAS capabilities.

我們已與這兩類客戶群進行非常深入的對話，討論 Leidos 能提供的一整套反無人機能力——從感測器（sensors）到效應器（effectors）、到指揮與管制（command and control），再到完整防護盾（complete shield）的整體方案。

And frankly, that's turning heads in our customers' community as they understand the threat is evolving quickly. and they're looking for solutions. Just like I was saying before, seen as the mature disruptor, they're seeing that we have disruptive, relevant, ready-now solutions for these emerging threats. And it's a very exciting place for us to be.

坦白說，當客戶社群理解威脅正在快速演變、並且正在尋找解決方案時，這正在引起他們的高度關注。就像我先前說的，作為「成熟的顛覆者」（mature disruptor），他們看到我們對這些新興威脅具備顛覆性、相關性高、且可立即部署（ready-now）的解決方案。這對我們而言是非常令人振奮的位置。

So net-net, our Defense Tech business is a very, very core part of the portfolio that we're very proud of, and it's growing just as we expected.

總而言之，我們的 Defense Tech 業務是投資組合中非常、非常核心的一部分，我們對此非常自豪，而且它的成長正如我們所預期。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Yes, I had two questions. On the VBA rebid, given the commentary about the first half next year, should we think that earnings for the company, just given the timing of the Defense ramp and what have you, will not grow in '27 and '28? And then as a follow-up, if I could ask about the maritime strategy as part of NorthStar, given the MUSV outcome, what's sort of the plan from here?

是的，我有兩個問題。關於 VBA 重新競標（rebid），考量你們對明年上半年的評論，我們是否應該認為公司獲利——就 Defense 放量時點等因素而言——在 '27 與 '28 年不會成長？另外作為追問，想請教 NorthStar 之下的海事（maritime）策略：鑑於 MUSV 的結果，接下來的計畫是什麼？

Let me take the maritime first, and then we'll work back on the whole. So yes, obviously, we were disappointed with the MUSV non-selection in this round, but I would underscore that phrase that I just used.

我先談海事，然後再回到整體問題。是的，顯然我們對這一輪 MUSV 未獲選感到失望，但我想強調我剛剛用到的那個措辭。

We were not selected in the first round of 30 boats, but we're in the marketplace, and we're actively working several very intense customer engagements where the unique capabilities that we were offering as a part of the MUSV competition and the timeliness that we were committed to, to deliver those products with the effects that those products were envisioned to be able to have is gaining traction both within the Navy and outside the Navy in the Department of War.

我們在第一輪 30 艘船的遴選中未獲選，但我們仍在市場中，並且正積極推進數個非常密集的客戶洽談；我們在 MUSV 競標中所提供的獨特能力，以及我們承諾的交付時程——交付這些產品並實現當初設想可帶來的效果——正同時在海軍內部以及海軍之外、在國防部內部獲得更多關注與動能。

So yes, we were disappointed. We would have loved to have booked an order for 10 of those vessels. That didn't come our way. But we're in the marketplace, and we certainly don't see it as a dead end. So our maritime ambitions remain robust.

所以是的，我們感到失望。我們本來很希望能拿到那 10 艘船的訂單，但並沒有落到我們手上。不過我們仍在市場中，而且我們當然不認為這是一條死路。因此，我們的海事雄心依然強勁。

And don't forget the fact that it doesn't get talked about a lot, but we have a very robust business also in undersea warfare. So while unmanned surface vessels are what people are talking mostly about, the competitive edge for the American Navy continues to be our submarine force and our effect in that part of the value proposition of our customer is very key.

另外別忘了，有一點雖然不常被談到，但我們在水下作戰方面也有非常強健的業務。因此，雖然大家多半在談無人水面艦艇，但美國海軍的競爭優勢仍然在於我們的潛艦部隊，而我們在客戶價值主張中、在這一部分所產生的效益非常關鍵。

On the whole, I'll let Chris continue to talk about how you should think of our fourth quarter as our jumping off point for '27.

整體而言，我會讓 Chris 繼續說明你們應該如何把我們第四季視為邁向 '27 的起跳點。

Yes, exactly, Gautam. I mean I think that the implied fourth quarter as the jumping off point, if you run that out, think through the dynamics in the business where there's growth and where there might be further step down of VVA, it's clear that '27 is not a bottom line growth year for the company. It's accelerating top line growth in other parts of the portfolio.

是的，完全正確，Gautam。我的意思是，我認為把隱含的第四季當作起跳點，如果你把它往外推演，並思考業務中哪些地方在成長、以及 VVA 可能還會進一步下滑的動態，就很清楚 '27 對公司而言不是一個底線（獲利）成長的年度。它是在投資組合其他部分加速營收成長。

But I'm very bullish on the rest of the portfolio accelerating as we look ahead to '28 and beyond that there's a lot of momentum elsewhere as we look at a high-margin energy business, Defense Tech products ramping up that it's way too early to suggest that there's not a bottom line growth story beyond this near-term transition in the [VA].

但我對投資組合其餘部分的加速非常樂觀；當我們展望 '28 及更遠的未來，其他領域有很強的動能，例如高毛利的能源業務、國防科技產品的放量成長——現在就說在 [VA] 這段近期轉換期之後不存在底線成長故事，還為時過早。

So that's the journey we're on. I think we just demonstrated the power of the portfolio in Q3, absent Health, and we'll continue to focus on accelerating the rest of those business growth drivers and higher-margin parts of the portfolio.

這就是我們正在走的旅程。我認為我們在第三季已經展示了投資組合的力量（不含 Health），而我們也會持續聚焦於加速其餘業務的成長驅動因素，以及投資組合中毛利較高的部分。

Noah Poponak, Goldman Sachs.

Goldman Sachs 的 Noah Poponak。

Not sure what you're going to be able to say to this. But is there a way to frame the boundaries of the VBA outcome? Like what is -- what happens to Health revenue in the best case outcome for you? What happens to Health revenue in the worst case outcome from you -- for you?

不確定你能對這個問題說到什麼程度。但是否有辦法界定 VBA 結果的邊界？例如在對你們最有利的情境下，Health 營收會怎麼變化？在對你們最不利的情境下，Health 營收又會怎麼變化？

And then on the margins, this high teens jumping off, but I guess that references the current contract. So can they go up again once you're on the new contract? Do they definitely go down? How much do they go down?

另外關於利潤率，這個「高十幾％」的起跳點，我猜是指目前的合約。那麼一旦進入新合約，利潤率還能再上升嗎？還是一定會下降？會下降多少？

I guess you've referenced the stock price relative to intrinsic value. And I think that case could be made, but stocks just hate uncertainty and the stock has been having to live with this undefined thing that takes a long time to play out for a while. So I don't know if it's possible to bound the ranges of what could happen.

我想你們提到股價相對於內在價值。我認為這個論點可以成立，但股票市場就是討厭不確定性，而這檔股票一段時間以來一直得承受這個未定義、且需要很長時間才能明朗的因素。所以我不知道是否可能把可能發生的範圍界定出來。

Well, I'll start, and then I'll let Chris jump in if he's got any color he'd like to add.

我先回答，然後如果 Chris 有任何想補充的觀點，我再請他接著說。

First of all, no, I'm not able to bound it. And I'll remind you that, that's because it's still a draft RFP. We haven't seen the final RFP. And certainly, the bounding of what it will be will depend on how we prevail through the first 6 months of next year in this competition.

首先，不行，我無法界定範圍。我也提醒你，原因在於這仍是一份 RFP 草案。我們尚未看到最終版 RFP。而且，最終的邊界會是什麼，將取決於我們在明年上半年這場競標中如何勝出。

We expect the customer is going to be making a decision in the, let's call it, April, May time frame. And at that point, we'll know what we've won and where we're positioned and how much volume is coming our way and how we can continue to be of service to this country.

我們預期客戶會在大約 4 月、5 月這個時間點做出決定。到那時，我們就會知道我們贏得了什麼、我們處於什麼位置、有多少量會分配到我們這邊，以及我們如何能持續為這個國家提供服務。

So frankly, the boundary conditions aren't going to be able to be articulated until the second quarter of this year, probably halfway through '27, excuse me, I'm talking about. But, and here's the big but. Like you, we can do a sum of the parts analysis of Leidos. And even if we assume away the whole of the VBA business, which is a pretty amazing conclusion to draw, but if we zero it out, still the valuation of this company and our current valuation is way below the sum of the parts of the rest of Leidos.

所以坦白說，在今年第二季——抱歉，我指的是 '27 年，大概到 '27 年中——之前，這些邊界條件都無法被清楚表述。不過，重點在這裡：就像你一樣，我們可以對 Leidos 做分部加總（sum-of-the-parts）分析。即便我們把整個 VBA 業務完全排除在外——這其實是個相當驚人的假設——但就算把它歸零，公司的估值以及我們目前的估值，仍遠低於 Leidos 其他業務分部加總的價值。

So I do believe the market has somewhat overburdened the stock price with the fear of the unknown of the VBA. But I think if somebody did some robust analysis, they would see what I said about the sum of the parts. And even if you zero it out, and then you would have to run your own analysis on what's the likelihood that the market leader leaning into this competition gets zeroed out and has no position on this business going forward. I think...

因此我確實認為，市場在某種程度上因為對 VBA 未知結果的恐懼，而對股價施加了過重的壓力。但我想如果有人做了更扎實的分析，就會看到我所說的分部加總結果。即便你把它歸零，接著你還得自行評估：作為市場領導者、積極投入這場競標的公司，未來在這項業務上被歸零、完全沒有任何位置的可能性到底有多大。我認為……

What's your 2026 earnings and EBITDA without VBA?

如果不含 VBA，你們 2026 年的盈餘與 EBITDA 是多少？

No, we can't give you that level of detail. I mean that's below the disclosure level that we talk about. But yes, looking ahead, looking at what we think are exciting parts of the portfolio, you can make a case that there's undervalued assets in the portfolio.

不，我們無法提供那種細節層級。那已低於我們對外揭露與討論的層級。不過是的，往前看、看我們認為投資組合中令人振奮的部分，你可以提出一個論點：投資組合裡存在被低估的資產。

I would only add to -- and Tom was going there that the way the draft is set up, there is an upside case that Leidos comes out of this with more work share than we have today. And work share drives profitability, volume matters.

我只想補充——Tom 也正要談到這點——以目前草案的設計方式來看，存在一種上行情境：Leidos 在這件事結束後，拿到的工作份額（work share）可能比今天更多。而工作份額會驅動獲利能力，量很重要。

And so there's absolutely a bullish case that says the best-performing provider could have increased work share in this future contractual decision. We want to be able to make that a reality for you and our shareholders, and we're going to work hard to do that. But it's too early for us to commit to that as a reasonable expectation at this juncture.

因此，確實存在一個偏多的情境：表現最好的供應商在未來這次合約決策中可能獲得更高的工作份額。我們希望能把這件事變成對你們與股東的現實，我們也會為此努力。但就目前這個時間點而言，還太早，無法把它承諾為合理的預期。

Gavin Parsons, UBS.

UBS 的 Gavin Parsons。

I know you can't size VBA, but you talked about top line growth being 9% in the quarter, excluding any way you can frame for us kind of what top line could grow next year ex VBA?

我知道你們無法量化 VBA，但你們提到本季若排除（VBA 的影響）營收成長是 9%。那麼你們是否能以某種方式替我們框定一下，明年若不含 VBA，營收大概可能成長多少？

Yes. Again, you're trying to get ahead of us to '27. I think I just alluded to Defense has a real possibility to be a double-digit grower. We hope to put a finer point on that as we advance the ball towards February. Energy, our expectation is that's going to be a double-digit grower.

可以。不過你又想比我們更早看到 '27。我想我剛才已提到，國防業務很有可能成為雙位數成長。我們希望在推進到 2 月時，能把這點說得更精準。能源方面，我們的預期是會是雙位數成長。

Our cyber portfolio, which is a very robust part of Leidos has the ability to be a double-digit grower.

我們的資安投資組合——這是 Leidos 非常強健的一部分——也具備雙位數成長的能力。

So those are three important pieces of what we have that we could see that outcome next year. The other parts of the business, there are some things ahead of us that still matter on the winning front, especially in Digital.

所以這三個是我們的重要組成部分，我們認為明年可能看到那樣的結果。至於業務的其他部分，前方仍有一些事情需要在贏單方面取得進展，特別是在 Digital 領域。

And so we've got a couple of -- several irons in the fire there that we need to see play out before we can put a finer point on their near-term growth trajectory. But I think absent the Health business, you'd expect to see a very above-market growth rate across our portfolio, and we'll be able to put more color on that here in time.

因此，我們在那裡有幾個——其實是好幾個——正在推進中的機會，需要等它們落地後，我們才能更精準地描述其短期成長軌跡。但我認為若不含 Health 業務，你會預期我們整體投資組合的成長率將明顯高於市場，我們也會在適當時機提供更多說明。

Okay. I appreciate it. And then in the prepared remarks, you mentioned Parcata as a commercial offering. Can you just talk about the broader commercial potential on cyber?

好的，謝謝。然後在事先準備的講稿中，你提到 Parcata 是一項商業化產品。你能談談資安在更廣泛的商業市場潛力嗎？

Well, as we all know, the AI-powered vulnerability detection is a big problem for every company and everybody who has a computer system right now. And Parcata is the automated way to do that without human interface.

嗯，眾所周知，AI 驅動的弱點偵測對每一家公司、以及任何目前擁有電腦系統的人而言，都是一個重大問題。而 Parcata 提供的是一種自動化方式，在不需要人工介入的情況下完成這件事。

As I said, we've created this product developed originally through a DARPA challenge and developed by our Kudu subset of Leidos. And it's a proprietary AI platform that goes and autonomously detects and patches software in minutes that is without human intervention.

如我所說，我們打造了這項產品：最初是透過 DARPA 的一項挑戰計畫而開發，並由 Leidos 旗下的 Kudu 團隊研發完成。它是一個專有的 AI 平台，能在無需人工介入的情況下，自主偵測並在數分鐘內修補軟體。

And so right now, it's focused on working with our Intelligence customers and on their challenges. But very shortly, later this month, later this year, we expect to make that commercially available to other members of the government and potentially outside companies.

因此目前它聚焦於與我們的情報客戶合作、解決他們的挑戰。但很快地，在本月稍晚、今年稍晚，我們預期會把它以商業化方式提供給政府的其他單位，並且可能也提供給政府以外的公司。

So it is a real-time, very effective patch that makes the speed of detecting, patching and deploying in minutes. And obviously, that's something that the world needs more of. So we're very excited about the opportunity. But at this point, given the speed with which this whole market is moving, we can't exactly bound what that means for us.

所以這是一種即時、非常有效的修補方式，能把偵測、修補與部署的速度縮短到以分鐘計。顯然，這是全世界都更需要的能力。因此我們對這個機會非常興奮。但就目前而言，考量到整個市場變動的速度，我們還無法精確界定這對我們意味著什麼。

But there's more right behind it, whether it's another product called [Orbit], and there's a third product coming out of Intel. We've talked previously about MySTR, which is essentially a software product commercially priced offering.

但在它後面還有更多內容，無論是另一個名為 [Orbit] 的產品，還是英特爾即將推出的第三個產品。我們先前談過 MySTR，本質上是一項以商業定價提供的軟體產品。

So in various pockets of the portfolio under Ted's leadership. And elsewhere, we're going to see more of that in time, not the preponderance of what we do, but a nice complement to how we deliver value for our customers.

因此，在 Ted 領導下的投資組合各個領域，以及其他地方，我們將隨著時間看到更多這樣的情況——不會成為我們所做事情的主體，但會是我們為客戶交付價值方式的一個很好的補充。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

I appreciate you don't want to get ahead on '27. So maybe without -- excluding Health, just thinking about your defense business, great book-to-bill in the quarter, some momentum building, consensus has about 3% organic Defense growth and 10% EBIT growth next year. I guess the drivers of that are really within Homeland and Defense segment earnings.

我理解你不想在 '27 年的議題上超前發言。所以也許先不談——排除 Health，只就你們的國防業務來看，本季的接單出貨比（book-to-bill）很亮眼，動能正在建立。市場共識預期明年國防有約 3% 的有機成長，以及 10% 的 EBIT 成長。我想這些驅動因素主要都在 Homeland and Defense 事業群的獲利表現之中。

So can you talk about some of the pieces really stepping up next year as we think about those ramps and some production programs? And I guess, within Homeland, what's driving that growth?

那麼，當我們思考那些爬坡（ramps）以及一些量產計畫時，你能談談明年有哪些部分會真正顯著提升嗎？另外，我想問在 Homeland 方面，是什麼在推動那個成長？

Well, I'll start. I mean, certainly, on the Homeland side, the team has been on a tear this year, the last few quarters, in particular, the FAA has been an important customer and some international air traffic customers in the UK, Kazakhstan, et cetera. So there's momentum in the FAA part of that portfolio. And there's long-term potential. We could see some momentum next year, certainly beyond that and what we want to do on the airport modernization side.

好，我先開始。我是說，當然，在 Homeland 這一側，團隊今年、尤其是過去幾個季度表現非常強勁；FAA 一直是重要客戶，另外還有一些國際航管客戶在英國、哈薩克等地。因此，在該投資組合中的 FAA 部分有動能，而且也有長期潛力。我們明年可能會看到一些動能，當然也包括更長期，以及我們在機場現代化方面想做的事情。

Getting out of the OEM piece of the security detection business is one thing, but the logistics capability that we offer there to our customers has room to grow. And of course, the crown jewel in homeland is what's happening with energy, and we've seen consistent strong growth out of our existing business this year.

退出安檢偵測業務的 OEM 部分是一回事，但我們在那裡為客戶提供的物流能力仍有成長空間。當然，Homeland 的皇冠上的明珠是能源領域正在發生的事情，我們今年在既有業務上看到持續且強勁的成長。

The integration of the Entrust acquisition is now essentially complete, will be finally complete by the end of the year. So that's going to be a growth catalyst for Leidos with a strong market demand signal.

對 Entrust 收購案的整合現在基本已完成，並將在年底前最終完成。因此，在市場需求訊號強勁的情況下，這將成為 Leidos 的成長催化劑。

We've talked a lot about some of the Defense product portfolio pieces that are accelerating and from contract actions that have already been decided. So clear line of sight to space accelerating with more wide field of view payloads, clear line of sight to IFPC volumes accelerating [MXR], ALPS product line in the passive detection arena.

我們已經談了很多國防產品組合中正在加速的部分，以及那些已經確定的合約行動所帶來的推進。因此，我們對太空加速有清晰的能見度——更多廣視場（wide field of view）載荷；對 IFPC 量能加速也有清晰能見度 [MXR]；以及在被動偵測領域的 ALPS 產品線。

And then Tom highlighted a lot of the momentum in munitions, which is more '28 than '27, but you'll see some contributions in '27, certainly there, too. So those are the things, Sheila, that I'd focus on at this point in time that says we have confidence in those growth rates accelerating.

另外，Tom 強調了彈藥方面的許多動能，這更偏向 '28 年而非 '27 年，但你在 '27 年也會看到一些貢獻，當然也包括那一塊。所以，Sheila，就目前這個時間點我會聚焦在這些事情上，這些都讓我們對成長率加速有信心。

Tom, you'd add?

Tom，你要補充嗎？

Yes, Sheila, I appreciate good talking to you again. Yes, as Chris just mentioned, the energy play as a big part of our homeland security is critical. And as you know, the surge in capital investments by utilities around the nation is robust as they deal with aging infrastructure, and they deal with massive AI-driven increases in demand.

是的，Sheila，很高興再次和你交流。是的，正如 Chris 剛提到的，能源布局作為我們國土安全業務的重要部分至關重要。而且如你所知，全國各地公用事業公司在資本投資上的激增非常強勁，因為他們要應對老化的基礎設施，也要應對由 AI 驅動的需求大幅增加。

So our Entrust acquisition is largely now behind us, integration is done. We're now focused on growth, and we're very, very targeted at a pipeline that has grown some 230% since the acquisition. We now have over $10 billion of orders targeted there. So our Energy business is robust.

因此，我們對 Entrust 的收購基本已經告一段落，整合已完成。我們現在專注於成長，並且非常、非常聚焦於一個自收購以來成長約 230% 的商機管線。我們目前在那裡鎖定的訂單超過 100 億美元。所以我們的能源業務非常強勁。

And then on the other side of the equation, FAA modernization. We just celebrated 10 straight years of 100% uptime on our ERAM program for the FAA. And the FAA Terminal Flight Data Manager program is really moving out well with this customer, and we're on track to complete deployment at all 89 airports by the end of 2028. So that part of the program is continuing to grow.

然後在等式的另一側，是 FAA 現代化。我們剛剛慶祝在 FAA 的 ERAM 計畫上連續 10 年達成 100% 正常運行時間（uptime）。而 FAA 的 Terminal Flight Data Manager 計畫也正與該客戶推進得非常順利，我們正按計畫在 2028 年底前完成在全部 89 座機場的部署。因此，該計畫的這一部分仍在持續成長。

We're 1 of the 4 competitors in Phase 2 of the FAA's CAP program, and we anticipate they'll be making a down select in mid-2027 as they work toward doing a brand-new air traffic control system for the United States by 2028. And so we're very excited about that.

我們是 FAA CAP 計畫第二階段的 4 家競爭者之一，我們預期他們將在 2027 年年中進行縮選（down select），因為他們正朝著在 2028 年前為美國打造一套全新的空中交通管制系統而努力。因此我們對此非常興奮。

And we're very also excited about leaning in with the Department of Homeland Security with rethinking the airport experience. They recently canceled the Gold+ privatization program. However, we had always been on the IDIQ called Screening Partnership Program, the SPP program. And there are some rather large airports that are now opting into the SPP program.

我們也非常期待與國土安全部合作，重新思考機場體驗。他們最近取消了 Gold+ 私有化計畫。不過，我們一直都在名為 Screening Partnership Program 的 IDIQ（SPP 計畫）之中。而且現在有一些相當大型的機場正在選擇加入 SPP 計畫。

We believe we have a differentiated capability to deploy at airports to make the passenger experience much smoother, much more efficient and much more effective for the traveling public, and we look forward to leaning into that. So both the Homeland business and the Defense business are firing on all cylinders.

我們相信，我們具備差異化能力，可在機場部署，使旅客體驗更順暢、更有效率、也更有效果，服務廣大旅客大眾；我們期待在這方面加大投入。因此，Homeland 業務與國防業務都在全速運轉。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Tom and Chris, when you discussed the potential like bullish scenario for the VA disability contract, is that scenario primarily the reduction in vendors from four to two for the regions? And are there other bullish scenarios?

Tom 和 Chris，當你們討論 VA 傷殘合約的潛在利多情境（偏多情境）時，那個情境主要是指各區域的供應商從四家減少到兩家嗎？還是還有其他利多情境？

The current draft envisions four vendors -- between two and four vendors in each service group, and it envisions 6 service groups. So the four domestic regions, they call them now would be service groups and then international and predischarge would be two other service groups. So six service groups in total, IDIQ for each, two to four vendors for each of the six.

目前的草案設想每個服務群組有四家供應商——也就是每個服務群組介於兩到四家供應商，並且設想有 6 個服務群組。因此，現在所稱的四個國內區域將會是服務群組，然後國際與預退役（predischarge）會是另外兩個服務群組。總計六個服務群組，每個都有一個 IDIQ，六個中的每一個都有兩到四家供應商。

And so -- and how it's going to work is 2 vendors per service group need to be ready to stand up capability and serve veterans within 30 days, so there's an incumbent preference there. And new entrants possibly to round out the four have to be ready to stand up their capability within a year. So that gives you a year where potentially in a service group, you're 1 of 2 vendors.

因此——其運作方式是：每個服務群組需要有 2 家供應商能在 30 天內準備好建立能力並服務退伍軍人，因此在那裡對既有承包商（incumbent）有偏好。而可能用來補足到四家的新進者，則必須在一年內準備好建立其能力。這就給了你一年的時間，在某個服務群組中，你可能是 2 家供應商之一。

And then the only thing I'd add to that, Louie, so number of vendors is one element of the upside bullish case. And the other is even in a scenario where there's 4 vendors in a region, they have not committed to an equal work share. At least in the draft, it contemplates the best-performing vendors get a disproportionate amount of work share.

另外我想補充的是，Louie，供應商數量是偏多上行情境的一個要素。另一個要素是，即便在某個區域有 4 家供應商的情境下，他們也沒有承諾平均分配工作量。至少在草案中，它設想表現最佳的供應商會獲得不成比例的工作份額。

So you could play those scenarios out to say whether it's fewer vendors or you're one of the top-performing vendors on some criteria, you could come out with a work share that's more significant than what we have today.

所以你可以推演這些情境：無論是供應商更少，或是你在某些標準下屬於表現最好的供應商之一，你都可能獲得比我們今天更顯著的工作份額。

Excellent. And so that potential increase in work share would potentially offset the decrease in pricing. And so there are scenarios in which for 2027 or 2028 that like your EBITDA would actually increase.

很好。那麼，這種工作份額的潛在增加，可能會抵消定價下降的影響。因此，在某些情境下，到了 2027 或 2028 年，你們的 EBITDA 反而可能會增加。

We don't want to get ahead of that, Louie. Right now, we're still dealing with a draft RFP. We'll see what the final RFP says, and then we have to create our bid strategy and figure out what's in the best interest of Leidos and how we're going to maximize our service to this nation and our return to our shareholders.

Louie，我們不想在這件事上超前發言。現在我們仍在處理一份 RFP 草案。我們會看看最終版 RFP 怎麼寫，然後我們必須制定投標策略，並判斷什麼最符合 Leidos 的利益，以及我們要如何最大化我們對這個國家的服務，以及對股東的回報。

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

謝謝。現在我想把電話會議交回給 Stuart Davis 作結語。

Thank you, Michelle, for your assistance on this morning's call, and thank you, everybody, for spending time with Leidos. I appreciate your interest, and we look forward to speaking soon. Have a great day.

謝謝 Michelle 在今天早上的電話會議中提供協助，也謝謝各位撥冗與 Leidos 共度時間。我感謝各位的關注，並期待很快再與各位交流。祝各位有美好的一天。

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。您現在可以掛線。各位，祝有美好的一天。