Mercury Systems Inc (MRCY) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to the Mercury Systems third-quarter fiscal 2026 conference call. Today's call is being recorded.

大家好，歡迎參加 Mercury Systems 2026 會計年度第三季財報電話會議。今天的電話會議將進行錄音。

At this time, for opening remarks and introductions, I'd like to turn the call over to the company's Vice President of Investor Relations, Tyler Hojo. Please go ahead, Mr. Hojo.

現在進入開場致詞與介紹，我想把電話交給公司投資人關係副總裁 Tyler Hojo。Hojo 先生，請開始。

Good afternoon, and thank you for joining us. With me today is our Chairman and Chief Executive Officer, Bill Ballhaus; and our Executive Vice President and CFO, Dave Farnsworth. If you have not received a copy of the earnings press release we issued earlier this afternoon, you can find it on our website at mrcy.com. The slide presentation that we will be referencing to is posted on the Investor Relations section of the website under Events and Presentations.

各位下午好，感謝各位參與。今天與我一同出席的有董事長兼執行長 Bill Ballhaus，以及執行副總裁暨財務長 Dave Farnsworth。若您尚未收到我們今天下午稍早發布的財報新聞稿，可至我們網站 mrcy.com 查閱。我們將引用的簡報投影片已張貼於網站投資人關係專區的「活動與簡報」之下。

Turning to slide 2 in the presentation. I'd like to remind you that today's presentation includes forward-looking statements, including information regarding Mercury's financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are subject to future risks and uncertainties that could cause our actual results or performance to differ materially. All forward-looking statements should be considered in conjunction with the cautionary statements on slide 2 in the earnings press release and the risk factors included in Mercury's SEC filings.

請翻到簡報第 2 頁。提醒各位，今天的簡報包含前瞻性陳述，包括有關 Mercury 的財務展望、未來計畫、目標、業務前景及預期財務表現等資訊。這些前瞻性陳述受到未來風險與不確定性的影響，可能導致我們的實際結果或表現出現重大差異。所有前瞻性陳述均應結合財報新聞稿第 2 頁的警示性聲明，以及 Mercury 向美國證券交易委員會（SEC）申報文件中所列的風險因素一併考量。

I'd also like to mention that in addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, during our call, we will also discuss several non-GAAP financial measures, specifically adjusted income, adjusted earnings per share, adjusted EBITDA, and free cash flow. A reconciliation of these non-GAAP metrics is included as an appendix to today's slide presentation and in the earnings press release.

我也想提到，除了依一般公認會計原則（GAAP）報告財務結果外，在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標，具體包括調整後淨利、調整後每股盈餘、調整後 EBITDA，以及自由現金流。這些非 GAAP 指標的調節表已收錄於今日簡報投影片的附錄以及財報新聞稿中。

I'll now turn the call over to Mercury's Chairman and CEO, Bill Ballhaus. Please turn to slide 3.

接下來我把電話交給 Mercury 董事長兼執行長 Bill Ballhaus。請翻到第 3 頁。

Thanks, Tyler. Good afternoon. Thank you for joining our Q3 FY26 earnings call. We delivered Q3 results that were ahead of our expectations with significant year-over-year growth in backlog, revenue, and adjusted EBITDA. Strong demand signals and solid execution contributed to better-than-expected organic growth and margin expansion this quarter.

謝謝你，Tyler。各位下午好。感謝各位參加我們 2026 會計年度第三季（Q3 FY26）財報電話會議。我們第三季的表現優於預期，未交貨訂單（backlog）、營收與調整後 EBITDA 皆呈現顯著的年增成長。強勁的需求訊號與扎實的執行，帶動本季有機成長與毛利率擴張優於預期。

Today, I'll cover three topics: first, some introductory comments on our business and results; second, an update on our four priorities: performance excellence, building a thriving growth engine, expanding margins, and driving free cash flow; and third, performance expectations for the balance of FY26 and longer term. Then I'll turn it over to Dave, who will walk through our financial results in more detail.

今天我將涵蓋三個主題：第一，對我們的業務與成果做一些開場說明；第二，更新我們的四大優先事項：卓越績效、打造蓬勃的成長引擎、擴大利潤率，以及推動自由現金流；第三，對 FY26 餘下期間及更長期的績效預期。接著我會把電話交給 Dave，由他更詳細說明我們的財務結果。

Before jumping in, I'd like to thank our customers for their collaborative partnership and the trust they put in Mercury to support their most critical programs. I'd also like to thank our Mercury team for their dedication and commitment to delivering mission-critical processing at the edge.

在開始之前，我要感謝我們的客戶與我們密切合作，並信任 Mercury 支援其最關鍵的專案。我也要感謝 Mercury 團隊的投入與承諾，致力於在邊緣端提供任務關鍵的運算處理能力。

Please turn to slide 4. Our Q3 results reflected robust organic growth and margin expansion, record bookings of $348.3 million and a 1.48 book-to-bill, resulting in a record backlog approaching $1.6 billion. Revenue of $235.8 million, up 11.5% organically year over year. Adjusted EBITDA of $36.1 million and adjusted EBITDA margin of 15.3%, up 46% and 360 basis points, respectively, year over year; and free cash outflow of $1.8 million, meaningfully outperforming our expectations.

請翻到第 4 頁。我們第三季的結果反映出強勁的有機成長與利潤率擴張：訂單金額創新高達 3.483 億美元，接單出貨比（book-to-bill）為 1.48，使未交貨訂單創新高、接近 16 億美元。營收為 2.358 億美元，有機年增 11.5%。調整後 EBITDA 為 3,610 萬美元，調整後 EBITDA 利潤率為 15.3%，分別年增 46% 與 360 個基點；自由現金流出為 180 萬美元，明顯優於我們的預期。

We ended Q3 with $332 million of cash on hand. These results reflect ongoing focus on our four priority areas with highlights that include solid execution across our broad portfolio of production and development programs; backlog growth of 18% year over year and a sequential increase of 12-month backlog of 10.3%; a streamlined operating structure, enabling increased positive operating leverage and significant margin expansion; and continued progress on free cash flow drivers with net working capital down 4.1% year over year.

第三季結束時，我們手上現金為 3.32 億美元。這些成果反映我們持續聚焦四大優先領域，亮點包括：在涵蓋廣泛的量產與研發專案組合上皆有穩健執行；未交貨訂單年增 18%，且 12 個月未交貨訂單（12-month backlog）季增 10.3%；精簡的營運架構帶來更高的正向營運槓桿與顯著的利潤率擴張；以及在自由現金流驅動因子上持續取得進展，淨營運資金年減 4.1%。

Please turn to slide 5. Starting with our four priorities and priority one, performance excellence, where we are focused on sound execution on development programs, accelerating deliveries for our customers broadly across our portfolio, and ramping the rate on numerous programs transitioning to higher volume production.

請翻到第 5 頁。先從我們的四大優先事項開始，第一項是卓越績效（performance excellence）。我們聚焦於研發專案的穩健執行、在整體產品組合中加速對客戶的交付，並提升多個正轉向更高量產階段之專案的產出速率。

We accelerated progress across a number of programs and generated approximately $25 million of revenue, $15 million of adjusted EBITDA, and $25 million of cash, all primarily planned for the fourth quarter. This acceleration enabled by our efforts to align our supply base to yield faster backlog conversion contributed to top-line growth, adjusted EBITDA margin, and free cash flow that exceeded our expectations for Q3 and will also factor into our outlook for Q4, which I'll speak to shortly.

我們在多個專案上加速推進，並提前實現約 2,500 萬美元營收、1,500 萬美元調整後 EBITDA，以及 2,500 萬美元現金，這些原本主要規劃在第四季認列。這項加速得益於我們致力於使供應基礎（supply base）對齊，以更快將未交貨訂單轉換為出貨；也因此帶動第三季營收成長、調整後 EBITDA 利潤率與自由現金流均超出預期，並將反映在我們對第四季的展望中，我稍後會說明。

Our strong bookings and record backlog, combined with our ability to more rapidly convert backlog, is translating into organic growth exceeding our expectations coming into FY26.

我們強勁的接單與創紀錄的未交貨訂單，加上更快速轉換未交貨訂單的能力，正推動有機成長超出我們在進入 FY26 時的預期。

Notably, our domestic revenue, representing approximately 88% of our Q3 revenue, generated 17% year-over-year growth. Beyond the solid performance, we progressed on a number of actions in the quarter to increase capacity, add automation, and consolidate subscale sites in our ongoing efforts to drive scalability and efficiency.

值得注意的是，我們的國內營收約占第三季營收的 88%，年增 17%。除了穩健的表現之外，本季我們也推動多項行動以提升產能、導入自動化，並整併規模偏小的據點，持續致力於提升可擴展性與效率。

Notably, we added capacity to our highly automated manufacturing footprint in Phoenix, Arizona and initiated operations within our additional 50,000 square feet of factory space to support ramped production for our common processing architecture programs and to allow for efficient scaling.

尤其是，我們在亞利桑那州鳳凰城高度自動化的製造基地擴增產能，並啟用新增的 50,000 平方英尺廠房空間，以支援我們共通處理架構（common processing architecture）專案的產量爬坡，並實現高效率擴產。

In the quarter, we also completed the acquisition of a critical manufacturing process technology provider integral to a number of our key ramping programs. These are among a number of actions we have taken, along with prior investments across a number of critical technology developments that are driving our ability to accelerate delivery of vital capabilities to our war fighters and our allies.

本季我們也完成收購一家關鍵製造製程技術供應商，該供應商對我們多個正在爬坡的核心專案至關重要。上述行動是我們所採取的多項措施之一，並結合先前在多項關鍵技術研發上的投資，正提升我們加速向前線作戰人員與盟友交付重要能力的實力。

Please turn to slide 6. Moving on to priority two, driving organic growth. We believe that our near-term organic growth will be driven by increased volume on existing production programs and the ongoing transition of a number of development programs to production.

請翻到第 6 頁。接著談第二項優先事項：推動有機成長。我們認為，短期的有機成長將由既有量產專案的出貨量提升，以及多個研發專案持續轉入量產所帶動。

Additionally, we expect possible upside tied to potential tailwinds from customer-driven acceleration and increased quantities across a broad set of production programs in our portfolio.

此外，我們也預期可能存在上行空間，來自客戶驅動的加速，以及我們產品組合中廣泛量產專案的增量需求與數量提升所帶來的順風（tailwinds）。

Lastly, we are excited about new development programs and the potential of the production volume associated with those wins. In Q3, we delivered a record quarter with $348.3 million of bookings, resulting in a book-to-bill of 1.48 and a record backlog approaching $1.6 billion. Our trailing 12-month bookings are a record $1.23 billion.

最後，我們對新的研發專案以及這些得標案所對應的量產規模潛力感到振奮。第三季我們創下單季接單新高，訂單金額 3.483 億美元，使接單出貨比為 1.48，未交貨訂單創新高、接近 16 億美元。過去 12 個月累計接單金額創新高達 12.3 億美元。

Q3 bookings were driven largely by follow-on production orders, reflecting strong customer demand across core franchise programs. This bookings mix reflects the transitioning of our business toward higher rate production, and we believe does not meaningfully capture the potential incremental tailwinds we see in the market.

第三季接單主要由後續量產訂單所帶動，反映核心主力專案（core franchise programs）上強勁的客戶需求。這樣的接單結構反映我們的業務正轉向更高產出速率的量產階段；我們認為，這並未充分反映我們在市場上看到的潛在額外順風所可能帶來的增量效益。

The largest bookings in the quarter were across several missile, C4I and space programs. In addition, the quarter featured the strongest bookings of the fiscal year for solutions that leverage our common processing architecture.

本季最大筆訂單來自多個飛彈、C4I 與太空計畫。此外，本季亦創下本會計年度中，運用我們共通處理架構之解決方案的最強勁訂單表現。

Finally, we secured a follow-on development award on a strategic program that has the potential to proliferate across multiple platforms. Beyond our backlog growth, we continue to see the potential for higher demand on multiple programs across our portfolio, driven by increased defense budgets globally and domestic priorities like Golden Dome. I remain optimistic that these potential market tailwinds may have a positive impact on our demand environment if funding is allocated across certain program priorities to our customers over the next several quarters and beyond.

最後，我們在一項具策略性的計畫上取得後續開發合約，該計畫有潛力擴展至多個平台。除積壓訂單成長之外，我們也持續看見投資組合中多項計畫的需求可能上升，主要受全球國防預算增加以及如「金色圓頂」（Golden Dome）等國內優先事項所帶動。我仍然樂觀地認為，若未來數季及更長期間內，資金能依特定計畫優先順序分配至我們客戶，這些潛在的市場順風可能對我們的需求環境帶來正面影響。

Please turn to slide 7. Now turning to priority three, expanding margins. In our efforts to progress toward our targeted adjusted EBITDA margins in the low- to mid-20% range, we're focused on the following drivers: backlog margin expansion as we convert lower-margin backlog and add new bookings aligned with our target margin profile; ongoing initiatives to further simplify, automate, and optimize our operations; and driving organic growth to increase positive operating leverage.

請翻到第 7 頁投影片。接著談第三項優先事項：擴大利潤率。為了朝向我們目標的調整後 EBITDA 利潤率（約 20% 出頭至 20% 中段）邁進，我們聚焦於以下驅動因素：在轉換既有較低利潤率的積壓訂單之際，透過新增符合目標利潤率輪廓的新訂單來推動積壓訂單利潤率擴張；持續推動進一步簡化、自動化與最佳化營運的各項措施；以及推動有機成長以提升正向營運槓桿。

Q3 adjusted EBITDA margin of 15.3% was ahead of our expectations and up 360 basis points year over year. Gross margin of 29.3% was up 230 basis points year over year, consistent with our expectation that average backlog margin will continue to increase as we convert legacy lower-margin backlog and bring in new bookings that we believe will be in line with our targeted margin profile.

第三季調整後 EBITDA 利潤率為 15.3%，優於我們預期，且年增 360 個基點。毛利率為 29.3%，年增 230 個基點，符合我們的預期：隨著我們轉換既有較低利潤率的積壓訂單，並取得我們認為將符合目標利潤率輪廓的新訂單，平均積壓訂單利潤率將持續提升。

Operating expenses are down year over year, both on an absolute basis and as a percent of sales, reflecting our focus on continuously driving cost structure efficiencies to enable significant positive operating leverage as we accelerate organic growth.

營業費用較去年同期下降，無論以絕對金額或占銷售額比重皆然，反映我們持續聚焦於提升成本結構效率，以便在加速有機成長時帶來顯著的正向營運槓桿。

Please forward to slide 8. Finally, turning to priority four, improved free cash flow. We continue to make progress on the drivers of free cash flow and in particular, reducing net working capital, which at approximately $434.4 million is down $18.7 million year over year. Net debt was $259.7 million at the end of Q3.

請翻到第 8 頁投影片。最後，談第四項優先事項：改善自由現金流。我們持續在自由現金流的驅動因素上取得進展，特別是降低淨營運資金；淨營運資金約為 4.344 億美元，較去年同期減少 1,870 萬美元。第三季末淨負債為 2.597 億美元。

We believe our continuous improvement related to program execution, accelerating deliveries for our customers, demand planning and supply chain management will continue to yield a strong balance sheet that provides sufficient flexibility for us to pursue and capture potential market tailwinds.

我們相信，與計畫執行、加速對客戶交付、需求規劃及供應鏈管理相關的持續改善，將持續帶來穩健的資產負債表，並提供足夠的彈性，使我們能追求並掌握潛在的市場順風。

Please turn to slide 9. Looking ahead, I'm very optimistic about our team's performance, strategic positioning, the market backdrop, and our expectation to deliver results in line with our target profile of above-market top-line growth, adjusted EBITDA margins in the low- to mid-20% range, and free cash flow conversion of 50%.

請翻到第 9 頁投影片。展望未來，我對團隊表現、策略定位、市場背景，以及我們預期能交付符合目標輪廓的成果感到非常樂觀：高於市場的營收成長、調整後 EBITDA 利潤率約 20% 出頭至 20% 中段，以及 50% 的自由現金流轉換率。

We believe our strong year-to-date results reflect meaningful progress toward this target profile with an aggregate 1.3 book-to-bill, 9% top-line growth, 15% adjusted EBITDA margins, 400 basis points of EBITDA margin expansion year over year, and free cash flow of $39.5 million.

我們相信，今年迄今的強勁成果反映我們朝此目標輪廓已取得實質進展：累計接單出貨比（book-to-bill）為 1.3、營收成長 9%、調整後 EBITDA 利潤率 15%、EBITDA 利潤率年增 400 個基點，以及自由現金流 3,950 萬美元。

Coming out of Q3, we are raising our expectations for FY26. We believe our efforts to stage material earlier have improved revenue linearity and increased forecast visibility, and that progress is now reflected in our updated expectations for FY26.

第三季結束後，我們上調對 FY26 的預期。我們認為，將物料更早到位的努力已改善營收線性度並提升預測能見度，而這些進展如今已反映在我們更新後的 FY26 預期之中。

As a result, our outlook incorporates backlog conversion that historically may have materialized in accelerations and results above forecast. Our Q4 bookings have the potential to be the strongest of the year based on a pipeline of opportunities that is more robust than our Q3 pipeline, which we believe could be an indicator of increased top-line growth and further margin expansion beyond FY26.

因此，我們的展望納入了積壓訂單轉換；過去這些轉換可能會以加速交付的形式出現，並帶來高於預測的結果。基於一條比第三季更為強勁的機會管線，我們第四季的接單有潛力成為全年最強；我們認為這可能是 FY26 之後營收成長加速與利潤率進一步擴張的指標。

We now expect annual revenue growth for FY26 approaching mid-single digits, up from low-single digits. We expect full-year adjusted EBITDA margin of mid-teens, up from approaching mid-teens. Finally, with respect to free cash flow, we expect free cash flow to be positive for Q4.

我們目前預期 FY26 年營收成長將接近中個位數百分比，高於先前的低個位數百分比。我們預期全年調整後 EBITDA 利潤率為 10% 中段，高於先前的「接近 10% 中段」。最後，就自由現金流而言，我們預期第四季自由現金流將轉為正值。

In summary, with our positive momentum year-to-date and coming out of a very solid Q3, I expect FY26 performance to deliver a significant step toward our target profile. Additionally, I'm gaining optimism regarding the potential for tailwinds associated with increased global defense budgets and domestic priorities like Golden Dome to materialize and upside bookings to our plan over time.

總結而言，憑藉今年迄今的正向動能以及第三季非常穩健的表現，我預期 FY26 的表現將朝我們的目標輪廓邁出顯著一步。此外，隨著全球國防預算增加及如「金色圓頂」（Golden Dome）等國內優先事項所帶來的潛在順風逐步成形，我對未來隨時間推移、接單高於計畫的上行空間也愈發樂觀。

With that, I'll turn it over to Dave to walk through the financial results for the quarter, and I look forward to your questions. Dave?

接下來我把時間交給 Dave，請他帶大家回顧本季的財務結果，也期待各位的提問。Dave？

Thank you, Bill. Our third-quarter results reflect continued solid progress toward our goal of delivering organic growth and expanding margins. We still have work to do to reach our targeted profile, but we are encouraged by the progress we have made and expect to continue this momentum going forward.

謝謝你，Bill。我們第三季的結果反映我們在達成有機成長與擴大利潤率目標上持續取得穩健進展。距離達到我們的目標輪廓仍有工作要做，但我們對已取得的進展感到鼓舞，並預期未來將持續保持這股動能。

With that, please turn to slide 10, which details our third-quarter results. Our bookings for the quarter were approximately $348 million with a book-to-bill of 1.48. Our record backlog of nearly $1.6 billion is up $240 million or 17.9% year over year. Revenues for the third quarter were nearly $236 million, up approximately $24 million or 11.5% organically compared to the prior year.

接著，請翻到第 10 頁投影片，該頁詳述我們第三季的結果。本季接單約 3.48 億美元，接單出貨比為 1.48。我們創紀錄的積壓訂單接近 16 億美元，較去年同期增加 2.40 億美元或 17.9%。第三季營收接近 2.36 億美元，較去年同期有機成長約 2,400 萬美元或 11.5%。

During the third quarter, we were again able to accelerate progress on a number of customers' high-priority programs worth approximately $25 million of revenue, primarily planned for the fourth quarter of FY26.

在第三季期間，我們再次得以加速推進多個客戶的高優先級計畫，帶來約 2,500 萬美元的營收；這些營收原本主要規劃在 FY26 第四季實現。

Gross margin for the third quarter increased approximately 230 basis points to 29.3% as compared to the same quarter last year. The gross margin increase during the third quarter was primarily driven by lower net EAC change impacts of nearly $2 million and lower net manufacturing adjustments of approximately $4 million. These increases were partially offset by higher inventory reserves of approximately $3 million.

第三季毛利率較去年同期同季提升約 230 個基點至 29.3%。第三季毛利率提升主要由淨 EAC 變動影響降低（接近 200 萬美元）以及淨製造調整降低（約 400 萬美元）所帶動。上述提升部分被較高的存貨備抵（約 300 萬美元）所抵銷。

And as Bill previously noted, we expect to see an improvement in our gross margin performance over time as the average margin in our backlog improves and through our continued focus to simplify, automate, and optimize our operations. We expect average backlog margin to continue to increase as we convert lower margin backlog and bring in new bookings that we believe will be in line with our targeted margin profile.

此外，如同 Bill 先前所提，我們預期隨著積壓訂單的平均利潤率改善，以及我們持續聚焦於簡化、自動化與最佳化營運，我們的毛利率表現將隨時間推移而提升。我們預期平均積壓訂單利潤率將持續上升，因為我們將轉換較低利潤率的積壓訂單，並取得我們認為將符合目標利潤率輪廓的新訂單。

Operating expenses decreased approximately $11 million or 14.3% year over year. The decrease in operating expenses was driven primarily by lower restructuring and other charges; selling, general, and administrative expenses; and research and development costs of approximately $5 million, $4 million, and $1 million, respectively. These decreases reflect the efficiency improvements and headcount reductions we previously discussed to align our team composition with our increased production mix, driving improved operating leverage.

營業費用較去年同期減少約 1,100 萬美元或 14.3%。營業費用下降主要來自較低的重整及其他費用、銷售一般及行政費用，以及研發費用，分別約減少 500 萬美元、400 萬美元與 100 萬美元。這些下降反映我們先前討論過的效率改善與人力精簡，以使團隊組成與我們提高的生產組合相匹配，進而帶動營運槓桿改善。

GAAP net loss and loss per share in the third quarter were approximately $3 million and $0.04, respectively, as compared to GAAP net loss and loss per share of approximately $19 million and $0.33, respectively, in the same quarter last year.

第三季 GAAP 淨損與每股虧損分別約為 300 萬美元與 0.04 美元；相較之下，去年同期 GAAP 淨損與每股虧損分別約為 1,900 萬美元與 0.33 美元。

Adjusted EBITDA for the third quarter was approximately $36 million, up $11 million or 46.2% as compared to the same quarter last year. The increase was partially driven by enhanced execution and improved operating leverage.

第三季調整後 EBITDA 約為 3,600 萬美元，較去年同期增加 1,100 萬美元或 46.2%。此增幅部分來自執行力提升以及營運槓桿改善。

Adjusted earnings per share was $0.27 as compared to $0.06 in the prior year. The year-over-year increase was primarily related to our improved execution and increased operating leverage in the current period as compared to the prior year.

第三季調整後每股盈餘為 0.27 美元，去年同期為 0.06 美元。年對年增加主要與本期相較去年同期執行力改善及營運槓桿提升有關。

Free cash flow for the third quarter was an outflow of approximately $2 million as compared to an inflow of $24 million in the prior year. As we noted last quarter, we did expect to see a free cash outflow in the third quarter. However, we were able to successfully mitigate a large portion of that outflow through improved collections on billed receivables.

第三季自由現金流約為流出 200 萬美元，去年同期為流入 2,400 萬美元。如同我們上季所提到的，我們確實預期第三季會出現自由現金流出。不過，我們透過改善已開立帳單應收款的收款情況，成功緩解了其中相當大一部分的流出。

Slide 11 presents Mercury's balance sheet for the last five quarters. We ended the third quarter with cash and cash equivalents of $332 million, which represents an increase of approximately $62 million or 23% from the same period in the prior year. This increase was primarily driven by the last 12 months free cash flow of approximately $73 million, which was partially offset by $15 million of shares repurchased and retired from our share repurchase program earlier this fiscal year.

投影片 11 顯示 Mercury 過去五個季度的資產負債表。第三季末我們的現金及約當現金為 3.32 億美元，較去年同期增加約 6,200 萬美元或 23%。此增加主要來自過去 12 個月約 7,300 萬美元的自由現金流，但部分被本會計年度較早時依股票回購計畫回購並註銷的 1,500 萬美元股份所抵銷。

Billed and unbilled receivables decreased sequentially by approximately $10 million and $4 million, respectively. We continue to expect to allocate factory capacity in the fourth quarter to programs with unbilled receivable balances, which will help drive free cash flow with minimal impact to revenue.

已開立帳單與未開立帳單的應收款分別較前一季減少約 1,000 萬美元與 400 萬美元。我們仍預期在第四季將工廠產能配置至具有未開立帳單應收款餘額的專案，這將在對營收影響極小的情況下，有助於推動自由現金流。

Inventory increased sequentially by approximately $12 million. The increase was driven primarily by work in process as we bring product to its final state in support of our increased proportion of point-in-time revenue on many of the company's production programs.

存貨較前一季增加約 1,200 萬美元。增加主要由在製品所帶動，因我們為支援公司多項生產專案中即時點（point-in-time）認列營收占比提高，而將產品推進至最終狀態。

Prepaid expenses and other current assets decreased sequentially by approximately $10 million, primarily due to insurance proceeds and normal operating expenses.

預付費用及其他流動資產較前一季減少約 1,000 萬美元，主要由保險理賠款及正常營運費用所致。

Accounts payable decreased sequentially by approximately $2 million, primarily driven by the timing of payments to our suppliers.

應付帳款較前一季減少約 200 萬美元，主要受我們對供應商付款時點影響。

Accrued expenses decreased approximately $3 million sequentially, primarily due to the payments of the legal settlement and restructuring activities we announced earlier this fiscal year. Accrued compensation increased approximately $2 million sequentially, primarily due to our incentive compensation plans. The amount due to our factoring facility decreased sequentially by approximately $18 million, primarily due to the timing of payments from our customers due back to our counterparty.

應計費用較前一季減少約 300 萬美元，主要因支付了我們在本會計年度稍早宣布的法律和解金及重整活動相關款項。應計薪酬較前一季增加約 200 萬美元，主要與我們的獎勵薪酬計畫有關。應付保理融資安排的款項較前一季減少約 1,800 萬美元，主要由於客戶付款回到我們交易對手的時點所致。

Deferred revenues decreased sequentially by approximately $11 million, primarily driven by execution across a number of programs during the period.

遞延收入較前一季減少約 1,100 萬美元，主要由於本期間多個專案的執行推進所致。

Working capital decreased approximately $19 million year over year or 4.1%. Our continued working capital improvement year over year, which is evidenced by our strong balance sheet position has enabled us to make $150 million payment against our revolver during the fourth quarter. This continues to demonstrate the progress we've made in reversing the multiyear trend of growth in working capital, resulting in a reduction of approximately $225 million or 34% from the peak net working capital in Q1 fiscal '24. Our balance sheet provides sufficient flexibility for us to pursue and capture potential market tailwinds.

營運資金年對年減少約 1,900 萬美元或 4.1%。我們持續改善營運資金的年對年表現，從我們強健的資產負債表狀況可見一斑，這也使我們得以在第四季對循環信貸（revolver）償付 1.5 億美元。這也持續展現我們在扭轉營運資金多年成長趨勢方面所取得的進展，使營運資金淨額自 2024 會計年度第一季的高峰以來，已降低約 2.25 億美元或 34%。我們的資產負債表提供足夠的彈性，讓我們得以追求並掌握潛在的市場順風。

Turning to cash flow on slide 12. Free cash flow for the third quarter was a slight outflow of approximately $2 million as compared to an inflow of $24 million in the prior year. We continue to expect free cash flow to be positive for the year with positive cash flow expected in the fourth quarter, as Bill previously noted. We believe our continuous improvement in program execution, hardware deliveries, just-in-time material, and appropriately timed payment terms will lead to continued reduction in working capital.

接著看投影片 12 的現金流。第三季自由現金流約為小幅流出 200 萬美元，去年同期為流入 2,400 萬美元。我們仍預期全年自由現金流為正，且如 Bill 先前所提，第四季預期將有正向現金流。我們相信在專案執行、硬體交付、即時（just-in-time）物料，以及適當安排的付款條件等方面的持續改善，將帶來營運資金的持續下降。

In closing, we are pleased with the performance in the third quarter and the higher level of predictability in the business. We believe continuing to execute on our four priority areas will not only drive revenue growth and profitability, but will also result in further margin expansion and cash conversion, demonstrating the long-term value creation potential of our business.

最後，我們對第三季的表現以及業務更高程度的可預測性表示滿意。我們相信持續在四大優先領域落實執行，不僅將帶動營收成長與獲利能力，也將進一步擴大毛利率並提升現金轉換，展現我們業務長期創造價值的潛力。

With that, I'll now turn the call back over to Bill.

接下來，我把電話交回給 Bill。

Thanks, Dave. With that, operator, please proceed with the Q&A.

謝謝，Dave。那麼，接線員，請進行問答環節。

(Operator Instructions) Ken Herbert, RBCCM.

(接線員指示) Ken Herbert，RBCCM。

Good afternoon, Bill and Dave. Really nice results.

下午好，Bill 和 Dave。成果真的很不錯。

Thanks.

謝謝。

Thank you.

謝謝你。

Yes. Bill, maybe just to start on the implied margins in the fourth quarter seasonally, you typically have a nice step-up into the fourth quarter. The revised outlook for the full year implies more modest margin expansion into the fourth quarter. Maybe you can just talk about some of the puts and takes into the fourth quarter.

是。Bill，或許先從第四季季節性所隱含的利潤率談起，你們通常在第四季會有不錯的跳升。但修訂後的全年展望意味著第四季的利潤率擴張較為溫和。能否談談第四季有哪些拉抬與抵銷的因素？

And then, I guess, more importantly, not to get too far ahead, but how much of the move towards the longer-term target up into the low-20s could we expect to see into fiscal '27?

另外，我想更重要的是，不要太早超前，但朝向長期目標、提升到 20% 出頭的幅度，我們在 2027 會計年度之前大概可以期待看到多少？

Yeah. Hey, Ken, it's Dave. If it's okay, I'll start, and then Bill can jump in.

好的。Ken 你好，我是 Dave。如果可以的話，我先回答，然後 Bill 再補充。

As far as kind of the sequential growth in margin, we've seen that in the past, and it's accompanied a real significant change in the linearity of our business. As you recall, in the fourth quarter, we've typically seen a higher level of revenue and the mix has been a bit different. And one of the things we've been able to do this year is start to flatten out that linearity a little bit. So a stronger Q3 and with stronger margins accompanying Q3 as well.

就利潤率的季對季成長而言，我們過去確實看過那種情況，而那通常伴隨著我們業務線性（linearity）出現相當顯著的變化。如你所記得的，第四季我們通常會看到較高的營收水準，且產品組合也會有些不同。而今年我們能做到的一件事，就是開始把那種線性波動稍微拉平一些。因此第三季更強勁，且第三季也伴隨更強的利潤率。

So where in the past, we've seen a step-up of potentially a couple of hundred basis points, it was from a much lower starting point normally. And so we don't expect to see that great a jump up in the fourth quarter, more of a gradual kind of trend, but we feel good about the total year.

所以過去我們可能會看到利潤率跳升幾百個基點，但那通常是從更低的起點開始。因此我們不預期第四季會有那麼大的跳升，而是更偏向逐步、漸進的趨勢，但我們對全年表現感到樂觀。

And as Bill said, mid-teens around the margin for the year. And we do feel we're headed in absolutely the right direction and in keeping with our expectation of getting towards our target margins.

如 Bill 所說，全年利潤率大約在十幾%的中段。我們也確實認為我們正朝著正確方向前進，並符合我們朝目標利潤率邁進的預期。

Yeah. I guess what I'll add is what Dave highlighted just kind of reflects this smooth transition of the business from this high mix of concentration -- high mix of development programs and concentration of development programs a couple of years ago to completion of those programs transition into low rate production and then increased levels of production.

是的。我想我補充的是，Dave 所強調的其實反映了業務的平順轉型：從幾年前高度集中、以開發專案為主的組合，逐步走向那些專案完成後轉入低量產，接著再提升到更高的生產水準。

And what we've expected to see as we've evolved was to see a combination of increasing top-line growth and then further acceleration of the bottom line. I think if you adjust for some of what we pulled forward from this year into last year into Q4, what that's translated into is a relatively smooth progression to mid-single-digit top-line growth now to high-single-digit top-line growth, nice margin expansion on the bottom line and then some recent indicators of that continuing as we move forward. And I think a couple of things that I would point to would be the growth in our domestic business in Q4, which was up 17% year over year.

而我們在演進過程中所預期看到的，是營收成長加速與獲利端進一步加速的組合。我認為若把我們從今年提前到去年第四季的一些因素調整掉，實際呈現的是：營收從目前相對平順地由中個位數成長走向高個位數成長，獲利端有不錯的利潤率擴張，且近期也有一些指標顯示，隨著我們往前推進，這樣的趨勢仍會延續。我想我會指出的其中幾點包括：我們第四季國內業務年對年成長 17%。

And then in the quarter, a really nice step-up in our next 12 months of backlog, up 10% Q2 to Q3. So more than anything, Ken, I think Dave's point around linearity, we're just seeing a nice smooth progression of the business.

然後在本季，我們未來12個月的在手訂單（backlog）出現非常不錯的提升，從第二季到第三季增加了10%。所以最重要的是，Ken，我認為Dave提到的線性（linearity）觀點，我們只是看到業務呈現良好且平順的推進。

That's great. I appreciate that, Bill. As we think maybe either Dave or Bill, as we think about the strong bookings in the quarter, you called out, I mean, you highlighted missiles, C4I and some space programs. Are there any particular programs within those broader buckets you're comfortable calling out or you'd specifically highlight as significant sources of bookings?

太好了。謝謝你，Bill。當我們思考本季強勁的接單（bookings）時，你們提到、也特別強調了飛彈、C4I以及一些太空計畫。在這些較大的類別之下，有沒有任何特定計畫是你們願意點名，或你會特別強調其為重要接單來源的？

Yeah. It's one of the things we've talked about in the past. One of the real strengths of our business is the diversification across our portfolio, no real concentration. No one program makes up more than 10%. And the strong bookings really just reflects strong demand across our portfolio in areas like space, like C4I, like missile defense, and we think that's a real strong attribute of our business.

有。這也是我們過去談過的事情之一。我們業務的一大優勢在於投資組合的多元化，沒有真正的集中度。沒有任何單一計畫占比超過10%。而強勁的接單基本上反映的是我們整體投資組合在太空、C4I、飛彈防禦等領域的強勁需求，我們認為這是我們業務非常強的特質。

No single program, no real lumpiness in the bookings, just, I think, a strong indication of demand across our broad portfolio.

沒有任何單一計畫、接單也沒有明顯的波動性（lumpiness），我認為這清楚顯示我們廣泛投資組合的需求都很強。

Yeah. And it really is, as we've been talking about, as we look, there's not one area that we say, oh, this area is going much -- this area is like an area you wouldn't focus too much energy on because it's either declining or flat. I mean, all the areas from a booking standpoint are seeing solid activity, and it's in keeping with what the market is doing.

是的。而且確實如我們一直在談的，當我們觀察時，沒有任何一個領域會讓我們說，喔，這個領域正在大幅——這個領域是你不需要投入太多精力的，因為它不是下滑就是持平。我的意思是，從接單角度來看，各個領域都看到穩健的活動，這也符合市場的走勢。

And these are all -- to a large degree, these are the production efforts we've been talking about, and this is gearing up more production on those same programs that we've been working on.

而且這些——在很大程度上，這些都是我們一直在談的量產（production）工作，這是在我們一直在做的同一批計畫上，進一步提高產量。

Yeah, it really reflects, again, just that transition from heavy concentration of development to the follow-on production orders. So nice progression in the quarter.

是的，這再次反映出從高度集中於研發（development），轉向後續的量產訂單（follow-on production orders）的過程。所以本季呈現出很好的推進。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Good evening, guys. Very impressive quarter.

各位晚上好。這一季非常令人印象深刻。

Thank you.

謝謝。

So Ken was asking about the margins. I guess I'll ask about the revenue, which was really strong this quarter. And it seemed like just the tone of your commentary was more positive in terms of the sales outlook, and you've raised the guide here to the mid-single-digit range. But even looking at that guide, the fourth-quarter revenue looks like it would have implied to be down year over year. So I just wanted to know if there's continued conservatism there in the guide or if there's just a large percentage of unbilled receivable type work in the fourth quarter relative to the third quarter or maybe something else?

Ken剛剛在問毛利率（margins）。我想我來問營收（revenue），本季真的很強。而且你們評論的語氣似乎對銷售展望更為正面，你們也把指引上調到中個位數（mid-single-digit）的區間。但即便看這個指引，第四季營收看起來似乎意味著會年減。所以我想了解，指引裡是否仍然偏保守，或是第四季相較第三季有較高比例的未開立帳單應收款（unbilled receivable）類型的工作，或是有其他因素？

Yeah. I guess, one way, at least you can think about it is aside from the $30 million that we accelerated from Q1 of FY26 into Q4 of last year, the year-over-year growth comparison and top-line growth looks pretty consistent with what Q1, Q2, and Q3 look like.

是的。我想至少有一種思考方式是：撇除我們把2026財年第一季的3,000萬美元提前到去年第四季認列之外，年對年的成長比較與營收成長，看起來與第一季、第二季、第三季的型態相當一致。

So again, it more reflects a steady progression of our business to more like mid-single digits last year and then high-single digits this year with, I think, some real positive indicators, again, based on the book-to-bill, the continuing growth of our backlog, which we expect to continue to grow.

所以再次強調，這更反映我們業務的穩定推進：去年大約是中個位數成長，今年則是高個位數（high-single digits），而且我認為有一些非常正面的指標——同樣地，基於接單出貨比（book-to-bill）、在手訂單（backlog）的持續成長，我們預期它會繼續增加。

And then in particular, the portion of our backlog that we expect to convert over the next 12 months.

尤其是我們預期在未來12個月內會轉換（convert）為營收的那部分在手訂單。

Okay. And then just on the unbilled receivables, they were down only modestly this quarter. What's the right way to think about that? Does that mean some of these cycles are just going to take a lot longer, or I'm a little confused as to why we didn't see a bigger step down in receivables?

了解。另外關於未開立帳單應收款（unbilled receivables），本季只小幅下降。應該怎麼正確理解這件事？這是否代表某些週期會拉得更長？我有點困惑，為什麼我們沒有看到應收款更大幅度的下降？

Yeah. And this is Dave again. And I think what you see some of what's reflected in there in our inventories is a bit of the up cycle we're seeing in terms of this production coming in. So there's always a bit of a timing phenomenon.

是的。我再補充一下，我是Dave。我認為你在那裡看到、同時也反映在我們存貨（inventories）中的一部分，是我們在量產導入（production coming in）方面所看到的上行週期（up cycle）。所以這裡面總會有一些時間點（timing）的現象。

And I think you're seeing a bit of a decline. There was a much more significant decline, but there were things added in as we were ramping up on new activities.

而且我認為你確實看到一些下降。原本會有更顯著的下降，但在我們針對新活動加速爬坡（ramping up）時，也會有一些項目被加入進來。

So nothing more than kind of the timing of things. I wouldn't read anything else into it. We're still focused on burning down some of our older unbilled balances. But there will be -- as we ramp up revenue, there will be new unbilled balances and certainly better than the terms were in the past, but there'll be some from a timing standpoint.

所以這只是時間點的因素而已。我不會從中解讀出其他含意。我們仍然專注於降低（burning down）一些較舊的未開立帳單餘額。但隨著我們拉升營收，會出現新的未開立帳單餘額；條款當然比過去更好，但從時間點角度仍會有一些。

So nothing different than what we've been saying in here. We're still focusing capacity on working through the older balances and getting them cleared from our books, so we have the capacity to do all the new work that we see.

所以這跟我們一直以來的說法沒有不同。我們仍把產能（capacity）聚焦在處理較舊的餘額並把它們從帳上清掉，這樣我們才有能力去承接並執行我們看到的所有新工作。

But definitely more dynamics under the hood than you would see if you just looked at the quarter-to-quarter number. And then, Pete, the other thing that I'd point out is close to 12% growth year over year and the net working capital coming down year over year despite that growth, I think, reflects just some of the progress that we're continuing to make and the increased efficiency of our net working capital.

但如果你只看季度對季度的數字，實際上內部的動態（under the hood）會比你看到的更複雜。另外，Pete，我還想指出的是：在年增接近12%的情況下，淨營運資金（net working capital）仍能年對年下降，我認為這反映出我們持續取得的進展，以及淨營運資金效率的提升。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good afternoon. So I just wanted to ask, are you looking at the IBAS defense industrial base investments within the fiscal year '27 budget? And do you see any opportunities to get incremental investments from that program to expand your capacity?

嗨，午安。我想請問，你們是否在關注2027財年預算中的IBAS（國防工業基礎投資）？你們是否看到機會能從該計畫獲得額外投資，以擴充你們的產能？

Hey, Austin, thanks very much for the question. We have had interactions with IBAS and we continue and we have programs that are funded by IBAS, and that continues to be an area, where we look for opportunities to go after things that they're interested in investing in, and we think can increase our capacity, our efficiency, and our innovation. So yeah, definitely something that is in front of us.

嗨，Austin，謝謝你的提問。我們與IBAS有過互動，而且我們也持續進行；我們有一些由IBAS資助的計畫。這仍然是一個我們會尋找機會的領域，去爭取他們有興趣投資、且我們認為能提升我們產能、效率與創新的項目。所以是的，這絕對是我們正在關注的事情。

Great. And just my next question, do you see more contract opportunities within Golden Dome or within the Defense Autonomous Working Group within the fiscal year '27 budget request?

很好。下一個問題，在2027財年預算請求中，你們是否在Golden Dome或國防自主工作小組（Defense Autonomous Working Group）方面看到更多合約機會？

Well, I mean, we definitely see opportunities across the board. And that's not only in our existing portfolio of programs, but it's also tied to administrative priorities like Golden Dome, missile defense, armament, kind of across the board right now, we're seeing opportunities. And we feel like our capabilities are really well aligned with the administration's priorities broadly.

嗯，我的意思是，我們確實在各方面都看到機會。這不僅是在我們現有的計畫組合中，也與政府施政優先事項相關，例如Golden Dome、飛彈防禦、軍備（armament）等；目前我們在各方面都看到機會。而且我們覺得，我們的能力與政府整體的優先事項高度契合。

And one of the things that we've said before is something that we think is unique about our positioning is we have exposure to a broad set of tailwinds across the market, and that's what we're focused on capturing right now.

而我們之前也提過的一點是，我們認為我們定位上獨特之處在於：我們能夠受惠於市場上廣泛的一系列順風因素，而這正是我們目前專注要把握的。

Excellent. I'll pass it back there. Thank you.

很好。我把問題交回去。謝謝。

Okay. Thanks, Austin.

好的。謝謝，Austin。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Hi, guys. This is Eegan McDermott on for Sheila. Thank you for --

嗨，各位。我是代替Sheila的Eegan McDermott。謝謝你們--

You didn't sound like Sheila.

你聽起來不像Sheila。

No, I don't. Maybe just building off of the missile questions that have been asked. Curious, one, if you could sort of just size how big Mercury's missile exposure is as a percent of sales, even roughly?

對，不像。也許延續一下先前大家問到的飛彈相關問題。我想請教第一個問題：你們能否大致說明一下，Mercury的飛彈相關曝險占銷售額的比例有多大，即便只是粗略估計也可以？

And two, with a few large LTAMDS contracts kind of out there of late, thinking like the $8 billion FMS to Kuwait, wondering how you would think about what an order of that magnitude kind of means for your business?

第二個問題：最近市場上有幾個大型LTAMDS合約，例如對科威特的80億美元FMS案，想請問你們會如何看待這種量級的訂單對你們業務的意義？

Yeah. Thanks very much for the question. I mean, we don't size up our -- the size of our missile portfolio, but we do have a number of programs with exposure to missiles for sure.

是的。非常感謝你的提問。我們通常不會量化我們的——飛彈產品組合的規模，但我們確實有多個計畫與飛彈領域有關聯、也確實有曝險。

Relative to LTAMDS, we typically don't comment on any one program or go into much detail. I will say that it is publicly available that there are conversations around increased demand, increased quantities on LTAMDS and that really hasn't factored into any of our bookings to date, but certainly would be a positive if there were increased quantities and accelerations of deliveries. And it's one of the potential tailwinds that we're keeping our eye on as we're looking forward.

至於LTAMDS，我們一般不會針對任何單一計畫發表評論或深入細節。我可以說的是，公開資訊顯示目前確實有關於LTAMDS需求增加、數量增加的討論，而這些到目前為止尚未反映在我們的接單中；但如果未來數量增加、交付加速，當然會是正面因素。這也是我們在展望未來時持續關注的潛在順風之一。

Thank you. And maybe just a follow-up on that. Is it fair to think that margins on an order like that out of Kuwait or other FMS would differ from US orders at all or be at all higher?

謝謝。我再追問一下。像科威特或其他FMS這類訂單的毛利率，是否可以合理地認為會與美國本土訂單有所不同，或甚至更高？

Yeah. For us, it is typically something that we work with the prime. And so we would work with them as to what pricing makes sense and how it makes sense. Typically, the higher margin rates are on foreign direct versus FMS contracts at the prime level. So I think that's something you'd have to have that conversation broadly with the prime.

是的。對我們而言，通常是與主承包商（prime）一起合作處理。因此我們會與他們共同討論什麼樣的定價合理、以及如何定價。一般來說，在主承包商層級，外國直接商售（foreign direct）的毛利率通常高於FMS合約。所以我認為這部分需要與主承包商更廣泛地討論。

Okay. Thank you.

好的。謝謝。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Hi, this is [Garrett] on for Jonathan. And thanks for taking the question. I'm glad to see the strong results, and it sounds like demand is strong and relatively broad-based across the board. But are there any areas or just more broadly, where do you see the most opportunity for reordering and restocking activity over the near term, just given the ongoing geopolitical conflicts. Thanks.

嗨，我是代替Jonathan的[Garrett]。謝謝讓我提問。很高興看到強勁的業績，而且聽起來需求很強、且相當廣泛。不過，考量持續的地緣政治衝突，短期內你們認為哪些領域、或更廣泛地說，哪裡會有最多的再訂購與補庫（restocking）機會？謝謝。

Yeah. No, thanks for the question. I mean just to sort of break down our growth vectors. First and foremost, the primary driver of our near-term organic growth is this transitioning of our business from this really high concentration of development programs and it's dozens of programs. It's not one or two, it's dozens of programs to the low rate production phase and then the higher rate production phase.

是的。謝謝你的問題。我先把我們的成長動能拆解一下。首先也是最重要的，我們短期有機成長的主要驅動力，是我們的業務正從高度集中於研發（development）計畫——而且是數十個計畫，不是一兩個，而是數十個——逐步轉入低速率量產（low rate production）階段，接著再進入更高速率量產階段。

So we're seeing that start to manifest itself in '25 to '26 and expect our organic growth to continue to accelerate based on those programs ramping up. And that really doesn't have anything to do with tailwinds that we see in the market.

因此我們看到這個趨勢開始在'25到'26年逐步顯現，並預期隨著這些計畫放量，我們的有機成長將持續加速。而這其實與我們在市場上看到的順風因素無關。

Beyond the existing portfolio, we're continuing to win new development programs that are really exciting, where we're bringing together technology and innovation from across our portfolio, doing things that nobody else can do and winning new development programs that over time are going to add to that production content. And then beyond those two items, we do see a number of potential tailwinds tied to a number of different factors, the size of the domestic budgets, the size of the global budgets and then other tailwinds like Golden Dome, rearmaments, acceleration of munitions.

在既有產品組合之外，我們也持續贏得新的研發計畫，這些都非常令人振奮；我們把整個產品組合中的技術與創新整合起來，做出其他人做不到的事情，並贏得新的研發案，長期而言將為我們增加更多量產內容。此外，除了這兩點之外，我們也看到多項潛在順風，與多種因素相關：國內預算規模、全球預算規模，以及其他順風例如Golden Dome、重新武裝（rearmaments）、彈藥加速（acceleration of munitions）。

And we're starting to see those tailwinds manifest in the form of multiyear strategic agreements at increased quantities, increased deliveries with the primes. And right now, none of those tailwinds are reflected in any of our bookings or our outlook, and we view them as all additive to the target profile that we've talked about and are converging on.

我們也開始看到這些順風以多年度策略協議的形式逐步顯現：與主承包商簽訂更高數量、更高交付量的安排。而目前這些順風尚未反映在我們任何接單或展望之中；我們認為它們都將在我們已談到、並正逐步收斂的目標輪廓之上，帶來額外增量。

We have said for a couple of quarters now that we think that some of those tailwinds could start to manifest likely by the end of calendar '26, but potentially as early as our fourth quarter, which obviously is our current quarter. And we're obviously watching those items as they progress in our pipeline with a lot of excitement.

我們已連續幾個季度表示，我們認為其中一些順風可能在西曆'26年底前開始顯現，但也可能最早在我們第四季——也就是目前這一季——就會出現。我們當然非常興奮地密切關注這些事項在我們管線中的進展。

So beyond that, there's a broad set of demand, a lot of tailwinds right now that we have exposure to, and we're looking forward to seeing how that all plays out over the next quarter and beyond.

因此除此之外，目前需求面相當廣泛，我們也暴露於許多順風之中；我們期待看看接下來一季以及更往後，整體會如何發展。

Yeah. The one thing I would add is from a current business, like what we're executing on today, when you look at the Q, you'll see the areas that have significant growth in the revenue. And that's Bill was laying out kind of on the go-forward basis, but you can see space is up significantly for us.

是的。我想補充一點：就目前正在執行的業務、也就是我們今天正在做的事情而言，當你看Q（季度）時，你會看到哪些領域的營收成長顯著。Bill剛才是在說未來的方向，但你可以看到我們的太空（space）業務大幅成長。

When you look at radar is up, as you'd expect, other sensors and effectors, if you think of effectors that's up significantly in our revenue so far this year. Those are things that the customer needs delivered as fast as possible. So you see those things, but we see everything from an opportunity standpoint, from our pipeline standpoint, as Bill said, just a significant improvement in -- across the board. So you'll see it across our entire portfolio of 300 programs.

再看雷達（radar）也如預期地成長；其他感測器與效應器（effectors）——如果把效應器這一類來看——今年迄今在我們營收中也顯著成長。這些都是客戶希望能以最快速度交付的項目。所以你會看到這些趨勢；但從機會與管線角度來看，如Bill所說，我們看到的是全面性的——各方面都顯著改善。因此你會在我們整個300個計畫的產品組合中都看到。

Yeah. And I think one of the best indicators of that is, again, if you look at our domestic business, how it's up 17% year over year. A couple of years ago, this is where a lot of our development programs existed in the portfolio, and you can really see now the phenomenon of us having completed the development programs transitioning into lower rate production and now starting to ramp up. So a lot of things that we're seeing in the portfolio and the business that we're excited about.

是的。而我認為其中一個最好的指標是：再一次，如果你看我們的國內業務，年增17%。幾年前，這裡是我們產品組合中許多研發計畫所在之處；而現在你確實可以看到，我們完成研發後，這些計畫正轉入低速率量產，並開始逐步放量。所以我們在產品組合與業務上看到很多令人振奮的事情。

That's great. Thank you.

太好了。謝謝。

(Operator Instructions) There are no further questions at this time.

(接線員指示) 目前沒有其他問題。

Peter Arment, Baird.

Peter Arment，Baird。

Hey, thanks. Good evening or good afternoon, Bill, Dave, Tyler. Nice results.

嗨，謝謝。晚安或午安，Bill、Dave、Tyler。業績表現不錯。

Bill, it's been a common theme in the last few quarters that you've talked about kind of the ability to stage material earlier and kind of better align your supply base that's leading to kind of better performance on the top line. Can you maybe just give us a little more insight into kind of that staging or a little more color around that?

Bill，過去幾個季度你一直提到一個共同主題：你們能夠更早進行物料備料（staging），並更好地使供應基礎對齊，從而帶動營收端的表現更佳。你能否再多分享一些關於這種備料方式的洞見，或提供更多細節？

Yes. I think it's been one of the big improvements in the business. And we're not done. We still have work to do on this front, but you can see the impact of our efforts in this quarter, the linearity and our outlook for the year. And just a reminder, if you go back close to three years ago, we really swung the pendulum hard on our material focus to a just-in-time delivery model.

是的。我認為這一直是我們業務中最大的改善之一。而且我們還沒做完。在這方面我們仍有工作要做，但你可以從本季度的影響、營收的線性度以及我們對全年展望中看到我們努力的成果。另外提醒一下，如果你回顧大約三年前，我們在物料策略上大幅轉向「即時交付」（just-in-time）的模式。

And this was largely because of the buildup in our net working capital and our need to address that. So we swung the pendulum hard. And the upside is we've been able to reduce our net working capital by about $250 million over the last couple of years, but it really did introduce some constraints in being able to accelerate our backlog conversion. And it wasn't so much that availability of material or items in our supply chain were hard to get. It was we just staged the delivery to the right because of the net working capital buildup in the business.

這主要是因為我們的淨營運資金累積上升，而我們需要加以處理。因此我們把擺盪幅度拉得很大。好處是，過去幾年我們已將淨營運資金降低了約2.5億美元，但這確實也在加速將積壓訂單轉換為出貨方面引入了一些限制。並不是說我們供應鏈中的物料或零件很難取得。而是因為公司淨營運資金累積的關係，我們把交付時點往後排（向右移）來安排備料。

Over time, what we've done is we've worked to accelerate the delivery of material, which has led to accelerations that we've cited into past quarters. But that led to a [backlog] in the future quarters that made it hard for us to forecast what that quarter would look like because we had a lot of unknowns associated with building the bathtub and trying to accelerate more material.

隨著時間推進，我們一直在努力加快物料交付，這也帶來了我們在過去幾個季度提到的加速效應。但這也在未來季度形成了一個「積壓」效應，使我們很難預測該季度會呈現什麼樣貌，因為在建立「浴缸效應」並嘗試加速更多物料時，存在許多未知數。

So over the last several quarters, we've been focused on pulling our supply chain to the left, bringing the due dates for material ahead of our need date so that we have more flexibility and more degrees of freedom in how we convert our backlog. And what that's translated into is a higher organic growth rate, our ability to convert backlog faster than we thought we'd be able to coming into the year. So it's a great shift in the business. We're really excited about it. We have still more work to do.

因此在過去幾個季度，我們一直專注於把供應鏈「往左拉」，也就是把物料到期日提前到我們實際需求日之前，讓我們在轉換積壓訂單時有更大的彈性與更多操作空間。這帶來的結果是更高的有機成長率，以及我們將積壓訂單轉換為出貨的速度比年初預期更快。所以這是公司很棒的一個轉變。我們對此非常興奮。但我們仍有更多工作要做。

But what it does is for future quarters, it gives us much better visibility into our deliveries, and we can incorporate that into our forecast. And that's a pivot and a transition that we've made this quarter. So hopefully, that's helpful in explaining the dynamics.

但它的作用是，對於未來季度，它讓我們對交付有更好的能見度，並能把這些納入我們的預測。而這正是我們在本季度完成的一個轉向與過渡。希望這能有助於解釋其中的動態。

Yeah, very helpful. And just if I could just ask on, you mentioned you had the strongest bookings quarter for the CPA or the common processing architecture. So it sounds like momentum is really building there. What other kind of color can you give us around the CPA that you're seeing with customers? Thanks.

是的，非常有幫助。另外我想再問一下，你提到你們在CPA（通用處理架構）的訂單（bookings）創下最強的一季。聽起來那邊的動能正在快速累積。你能否再多分享一些你們從客戶端看到的、關於CPA的其他細節？謝謝。

Well, I think we've got a number of different degrees of freedom to drive growth there. I mean we've always said that as we're able to increase production, the follow-on bookings would come. And that we certainly are seeing that in this quarter was evidence of that. We're seeing strong demand for our current products. And again, this is an area, where we've got differentiation in the market, and there are certain security standards that we are the only ones that can meet those standards, so we've got a nice moat around this business.

我想我們有多種不同的槓桿可以推動那邊的成長。我們一直都說，隨著我們能夠提升產量，後續的訂單就會跟上。而我們確實在本季度看到了這一點，本季度就是證明。我們看到市場對現有產品的需求強勁。而且這也是一個我們在市場上具備差異化的領域；有些安全標準只有我們能符合，因此我們在這項業務周圍建立了不錯的護城河。

And as we've made progress on the development programs, it's given us the opportunity to focus on the next set of innovations that we want to bring to the market. So that's showing up as higher performance for our current form factors. So being able to get the latest processing and memory capabilities into the hands of our customers with our common processing architecture wrapped around it.

此外，隨著我們在開發計畫上取得進展，我們也有機會把重心放在下一波要推向市場的創新。因此這反映在我們現有外形規格（form factors）的更高效能上。也就是能把最新的處理與記憶體能力，透過我們的通用處理架構整合後，交到客戶手上。

And I think maybe even more exciting, being able to drive into small -- smaller form factors and secure chiplets, which I think opens up a big TAM for that capability. So a lot of progress over the last couple of years on our development programs, on our technology. The production follow-on orders are coming as a result of that, and we see a lot of room to run into different form factors to open up the market. And eventually, over time, as we're taking our mission-critical processing to the edge, and we're increasing the performance and driving the smaller form factors, we see ourselves as being able to provide the compute infrastructure that's needed to have AI distributed across the battle space. And that's where we see being able to take this capability in the future.

我認為更令人興奮的是，我們能推進到小型——更小的外形規格以及安全晶粒小晶片（secure chiplets），我認為這將為這項能力打開一個很大的TAM（總可服務市場）。過去幾年我們在開發計畫與技術上取得了很多進展。因此，量產後續訂單也隨之而來；同時我們也看到在不同外形規格上仍有很大的發展空間，可進一步打開市場。最終，隨著我們把關鍵任務處理能力推向邊緣端、提升效能並推動更小的外形規格，我們認為自己能提供所需的運算基礎設施，讓AI能分散式部署於整個戰場空間。這就是我們認為未來能把這項能力帶往的方向。

There are no further questions at this time. I will now turn the call back to Bill Ballhaus, CEO, for closing remarks.

目前沒有其他問題。我現在把電話會議交回給執行長Bill Ballhaus作結語。

Well, with that, I think we'll conclude our call. We really appreciate everybody's participation and interest, and look forward to getting together next quarter. Thank you.

那麼，我想我們就結束今天的電話會議。非常感謝各位的參與與關注，也期待下個季度再與大家相聚。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。