Science Applications International Corp (SAIC) 2024 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the SAIC Fiscal Year 2024 Second Quarter Earnings Conference Call. (Operator Instructions)

您好，感謝您的支持。我叫雷吉娜，今天我將擔任你們的會議操作員。在此，我歡迎大家參加上汽集團2024財年第二季業績電話會議。 （操作員說明）

I would now like to turn the conference over to Joe DeNardi, Vice President of Investor Relations and Strategic Ventures. Please go ahead.

我現在想將會議交給投資者關係和策略風險副總裁喬·德納迪 (Joe DeNardi)。請繼續。

Good morning, and thank you for joining SAIC's Second Quarter Fiscal Year 2024 Earnings Call. My name is Joe DeNardi, Vice President of Investor Relations and Strategic Ventures. And joining me today to discuss our business and financial results are Nazzic Keene, our Chief Executive Officer; and Prabu Natarajan, our Chief Financial Officer.

早安，感謝您參加上汽集團 2024 財年第二季財報電話會議。我是喬‧德納迪 (Joe DeNardi)，投資人關係與策略創投副總裁。今天與我一起討論我們的業務和財務表現的是我們的執行長 Nazzic Keene；以及我們的財務長 Prabu Natarajan。

Today, we will discuss our results for the second quarter of fiscal year 2024 that ended August 4, 2023. Earlier this morning, we issued our earnings release, which can be found at investors.saic.com where you will also find supplemental financial presentation slides to be utilized in conjunction with today's call and a copy of management's prepared remarks. These documents, in addition to our Form 10-Q to be filed later today, should be utilized in evaluating our results and outlook, along with information provided on today's call.

今天，我們將討論截至2023 年8 月4 日的2024 財年第二季的業績。今天早些時候，我們發布了收益報告，您可以在Investors.saic.com 上找到該報告，您還可以在其中找到補充財務演示與今天的電話會議一起使用的幻燈片以及管理層準備好的講話副本。除了今天稍後提交的 10-Q 表格之外，這些文件以及今天電話會議中提供的資訊都應用於評估我們的業績和前景。

Please note that we may make forward-looking statements on today's call that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from statements made on this call. I refer you to our SEC filings for a discussion of these risks, including the Risk Factors section of our annual report on Form 10-K.

請注意，我們可能會在今天的電話會議上做出前瞻性陳述，這些陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與本次電話會議上的陳述有重大差異。我建議您參閱我們向 SEC 提交的文件，以討論這些風險，包括我們 10-K 表格年度報告的風險因素部分。

In addition, the statements represent our views as of today, and subsequent events may cause our views to change. We may elect to update the forward-looking statements at some point in the future, but we specifically disclaim any obligation to do so. In addition, we will discuss non-GAAP financial measures and other metrics, which we believe provide useful information for investors and both our press release and supplemental financial presentation slides include reconciliations to the most comparable GAAP measures. The non-GAAP measures should be considered in addition to and not a substitute for financial measures in accordance with GAAP.

此外，這些陳述代表了我們今天的觀點，後續事件可能會導致我們的觀點改變。我們可能會選擇在未來某個時候更新前瞻性陳述，但我們明確表示不承擔任何這樣做的義務。此外，我們將討論非公認會計原則財務指標和其他指標，我們相信這些指標為投資者提供了有用的信息，我們的新聞稿和補充財務簡報幻燈片都包含與最具可比性的公認會計原則指標的調節。非公認會計準則措施應被視為對公認會計準則財務措施的補充，而不是替代。

It is now my pleasure to introduce our CEO, Nazzic Keene.

現在我很高興向大家介紹我們的執行長 Nazzic Keene。

Thank you, Joe, and good morning to those joining our call. Earlier today, we reported another quarter of strong financial results with revenue growth of over 8% and adjusted EBITDA margins of 9.8%, an increase of 70 basis points year-over-year, both of which speak to our ability to deliver solid organic growth and improving margins going forward.

謝謝喬，加入我們電話會議的人們早安。今天早些時候，我們公佈了另一個季度的強勁財務業績，收入增長超過 8%，調整後 EBITDA 利潤率為 9.8%，同比增長 70 個基點，這兩者都證明了我們實現穩健有機增長的能力並提高未來的利潤率。

Before I discuss our financial results, I would like to once again recognize members of the SAIC team who continue to have an outsized impact on their communities. September is hunger action month at SAIC, where we look to do our part to help end hunger through our partnership with Feeding America. This campaign is one of our largest at SAIC, having raised over $350,000 in 2022 and $2.2 million over the past decade. This translates to providing 22 million meals to those in need.

在討論我們的財務表現之前，我想再次感謝上汽團隊的成員，他們繼續對社區產生巨大影響。九月是 SAIC 的飢餓行動月，我們希望透過與 Feeding America 的合作，盡自己的一份力量幫助消除飢餓。該活動是 SAIC 規模最大的活動之一，在 2022 年籌集了超過 35 萬美元，在過去十年中籌集了 220 萬美元。這意味著為有需要的人提供 2200 萬份餐點。

Our goal is to set a new company record in 2023 with employee and SAIC matching contributions, resulting in another 3.6 million meals being provided to people facing hunger in the United States. I want to personally thank Maria Bishop, Jeff Raver and Jennifer Love Bruce for their leadership in this important mission.

我們的目標是在 2023 年創造新的公司記錄，員工和 SAIC 相應捐款，從而為美國面臨飢餓的人們提供另外 360 萬份餐點。我個人要感謝瑪麗亞·畢肖普、傑夫·雷弗和珍妮佛·洛芙·布魯斯在這項重要使命中的領導角色。

Now on to a review of our financial results and our outlook. SAIC delivered strong financial results in our second quarter, reflecting solid program execution, continued progress driving on-contract growth and the ramp-up of new business.

現在回顧我們的財務表現和前景。上汽集團第二季取得了強勁的財務業績，反映出穩健的計畫執行、推動合約成長和新業務成長的持續進展。

Looking back over these past few years, I'm incredibly proud of the progress we've shown on better leveraging our talented people, building on our excellent brand and innovating on our industry-leading solutions to drive profitable organic growth. Our updated fiscal year '24 guidance calls for SAIC's best year of organic revenue growth and highest EBITDA margin since the separation, demonstrating our ability to convert a strong pipeline of opportunities into value for shareholders and opportunities for our employees.

回顧過去幾年，我對我們在更好地利用我們的人才、打造我們卓越的品牌以及創新我們行業領先的解決方案以推動盈利性有機增長方面所取得的進展感到無比自豪。我們更新的 24 財年指引要求上汽集團實現自分拆以來有機收入成長最好的一年和最高的 EBITDA 利潤率，這表明我們有能力將強大的機會轉化為股東的價值和員工的機會。

Our strong start in fiscal year '24 positions us well to deliver on the multiyear targets we outlined at our Investor Day. Importantly, we will accomplish this while increasing margins and return on invested capital, staying true to our asset-light business model and returning substantial cash to shareholders.

我們在 24 財年的強勁開局使我們能夠很好地實現我們在投資者日制定的多年目標。重要的是，我們將在實現這一目標的同時提高利潤率和投資資本回報率，堅持我們的輕資產業務模式並向股東返還大量現金。

Going forward, we believe that over the long term, we can sustain and improve upon the gains and relative performance we have shown while adhering to a business model and financial strategy that is working. Portfolio actions we have taken in recent years, including the acquisitions of Unisys Federal, Koverse and Halfaker, and the divestiture of our Logistics & Supply Chain Management business will contribute to our ability to deliver sustained profitable growth in line with or better than the market. Following Prabu's discussion on our financial results and increased guidance, I will briefly discuss my upcoming transition.

展望未來，我們相信，從長遠來看，我們可以在堅持有效的商業模式和財務策略的同時，維持和提高我們所取得的收益和相對績效。我們近年來採取的投資組合行動，包括收購 Unisys Federal、Koverse 和 Halfaker，以及剝離我們的物流和供應鏈管理業務，將有助於我們實現符合或優於市場的持續獲利成長的能力。在普拉布討論我們的財務表現和增加指導之後，我將簡要討論我即將到來的過渡。

Over to you, Prabu.

交給你了，普拉布。

Thank you, Nazzic, and good morning, everyone. I am proud of the financial results we delivered in the second quarter as we continued to execute with focus and intent. I'll discuss our results in greater detail and then discuss our improved outlook for the year.

謝謝你，Nazzic，大家早安。我對我們在第二季度取得的財務業績感到自豪，因為我們繼續專注和堅定地執行。我將更詳細地討論我們的結果，然後討論我們今年改進的前景。

We reported strong fiscal second quarter results with revenue of $1.78 billion, an increase of 8.3% when excluding revenue related to our logistics and supply chain management business, and FSA joint venture from the prior year. Revenue growth in the quarter was driven primarily by the ramp of new and existing programs, improved labor productivity and favorable timing of material sales. We had minimal contribution from our $900 million DCSA One IT program in the quarter, whose ramp is expected to begin predominantly in the second half of the year.

我們報告了強勁的第二財季業績，收入為 17.8 億美元，如果不包括與我們的物流和供應鏈管理業務以及 FSA 合資企業相關的收入，與上年相比增長了 8.3%。本季營收成長主要得益於新項目和現有項目的增加、勞動生產力的提高以及材料銷售的有利時機。本季我們從 9 億美元的 DCSA One IT 計畫中獲得的貢獻微乎其微，預計該計畫主要在下半年開始。

Adjusted EBITDA margin in the quarter was 9.8%, an increase of 70 basis points year-over-year, driven by strong program performance, cost efficiency initiatives and the timing of certain planned strategic investments shifting to later in the year.

本季調整後 EBITDA 利潤率為 9.8%，年增 70 個基點，這得益於強勁的計劃績效、成本效率舉措以及某些計劃中的戰略投資的時間轉移到今年晚些時候。

Adjusted diluted earnings per share of $2.05 represents an increase of 17% year-over-year driven primarily by the strong operating performance in the quarter and a roughly 4% decline in our diluted weighted average share count. Free cash flow adjusted for transaction fees and other costs related to the sale of our supply chain business was $143 million in the quarter and $219 million year-to-date as we continue to see good traction on our working capital improvement efforts.

調整後的稀釋每股收益為 2.05 美元，年增 17%，這主要是由於本季度強勁的經營業績以及我們的稀釋加權平均股數下降約 4%。根據交易費用和與供應鏈業務出售相關的其他成本調整後的自由現金流，本季為1.43 億美元，年初至今為2.19 億美元，因為我們繼續看到我們的營運資本改善工作取得了良好的進展。

Net bookings of $700 million resulted in a book-to-bill of 0.4x in the quarter and 0.8x on a trailing 12-month basis, due primarily to the timing of expected awards, our bookings and book-to-bill are below where we had planned to be at the beginning of the year. As a reminder, our net bookings in the second quarter do not include any value from our $1.3 billion T-Cloud program, which cleared protest in the second quarter.

7 億美元的淨預訂量導致本季的訂單出貨比為 0.4 倍，過去 12 個月為 0.8 倍，這主要是由於預期獎勵的時間安排，我們的預訂量和訂單出貨比低於我們原計劃在今年年初。提醒一下，我們第二季的淨預訂量不包括我們 13 億美元的 T-Cloud 計劃的任何價值，該計劃在第二季消除了抗議。

Consistent with our practice, we expect to book awards as we receive task orders under this important program. In fact, over the past 3 years, we have been awarded approximately $8 billion in single-award IDIQ work, of which 40% is new business. This is not reflected in our backlog beyond the task orders funded in any given year.

按照我們的慣例，我們希望在收到這項重要計畫下的任務訂單時獲得獎勵。事實上，在過去的3年裡，我們已經獲得了約80億美元的單一IDIQ工作獎勵，其中40%是新業務。這並未反映在我們超出任何特定年份資助的任務訂單的積壓訂單中。

Given that approximately 50% of our annual revenue comes from these IDIQ contracts, our practice tends to understate bookings and backlog versus one which recognizes the full or partial value of an IDIQ at time of award. None of this is to take away from the fact that we need to continue to sequentially build our backlog.

鑑於我們約 50% 的年收入來自這些 IDIQ 合同，我們的做法往往會低估預訂量和積壓訂單量，而在授予時則承認 IDIQ 的全部或部分價值。這一切都不能否認我們需要繼續按順序建立我們的積壓工作這一事實。

As we show on Slide 10 of our earnings presentation, we continue to see a strong and growing pipeline of opportunities and expect the value of both award activity and award submissions to improve materially in the second half of the year. In fact, since the beginning of the third quarter, we won approximately $1.1 billion of work, roughly 60% of which is for new business across multiple domains.

正如我們在收益報告幻燈片 10 中所展示的那樣，我們繼續看到強勁且不斷增長的機會管道，並預計今年下半年獎項活動和獎項提交的價值將大幅提高。事實上，自第三季初以來，我們贏得了約 11 億美元的工作，其中約 60% 用於跨多個領域的新業務。

Included within these awards are a Hypersonics Advanced Concepts program, the multi-vehicle fielding program in support of the Navy and the ground-based radar maintenance and sustainment service contract known as GMASS, in support of the space force. These wins need to clear the customary protest window, but I want to highlight the important role that the solutions developed within our engineering innovation factory played in these captures. Favorable customer feedback related to these programs reinforces our view that the returns we generate from our internal investments drive long-term shareholder value.

這些合約包括高超音速先進概念計劃、支援海軍的多飛行器部署計劃以及支援太空軍的地面雷達維護和保障服務合約（GMASS）。這些勝利需要清除慣常的抗議窗口，但我想強調我們的工程創新工廠開發的解決方案在這些捕獲中發揮的重要作用。與這些計劃相關的良好客戶回饋強化了我們的觀點，即我們從內部投資中獲得的回報可以推動長期股東價值。

I'll now discuss our updated outlook for fiscal year 2024. Please note that we have provided additional directional guidance for our fiscal third and fourth quarters to assist with your modeling. We are increasing our revenue guidance at the midpoint by $50 million to a range of $7.2 billion to $7.25 billion, which represents pro forma organic growth of approximately 4.5% and our highest growth rate since the separation in 2013. We are reaffirming our revenue plans for FY '25 and FY '26 and are encouraged by our strong start thus far against meeting our 3-year targets.

我現在將討論我們對 2024 財年的最新展望。請注意，我們為第三和第四財季提供了額外的方向性指導，以幫助您進行建模。我們將中點收入指引上調 5,000 萬美元，達到 72 億至 72.5 億美元的範圍，預計有機成長約 4.5%，也是我們自 2013 年分拆以來的最高成長率。我們重申我們的營收計畫25 財年和26 財年，我們對迄今為止實現3 年目標的強勁開局感到鼓舞。

While we continue to have strong visibility into our FY '25 revenue plan, the impacts from previously discussed contract transitions and assumed delays in award timing are likely to make the cadence of revenue growth weighted to the second half of fiscal year 2025. Currently, we expect the first half FY '25 revenues to be roughly flat year-over-year pro forma for our logistics and supply chain management divestiture before inflecting to more meaningful growth in the second half of FY '25. We have visibility into this growth given recent wins and opportunities in our pipeline.

雖然我們繼續對 25 財年收入計劃有很強的了解，但之前討論的合約過渡和假設的授予時間延遲的影響可能會使收入增長的節奏加權到 2025 財年下半年。目前，我們預計我們的物流和供應鏈管理剝離業務在25 財年上半年的預期收入將與去年同期大致持平，然後在25 財年下半年實現更有意義的成長。鑑於我們管道中最近的勝利和機會，我們可以看到這種增長。

Of course, we will provide a more detailed update on our FY '25 outlook during our third quarter earnings call.

當然，我們將在第三季財報電話會議上提供有關 25 財年展望的更詳細更新。

As a result of strong performance year-to-date, we are increasing our adjusted EBITDA margin guidance to a range of 9.3% to 9.4%. We've provided additional detail regarding the drivers of first half to second half margins on Slide 11 of the presentation. While our plan for FY '24 calls for low 9% margins in the second half, our performance to start the year, both in terms of program execution and the impact of other margin improvement initiatives drive increased confidence in our ability to reach our FY '26 margin target of 9.5% to 9.7%.

由於今年迄今的強勁業績，我們將調整後的 EBITDA 利潤率指引提高至 9.3% 至 9.4%。我們在簡報的幻燈片 11 上提供了有關上半場和下半場利潤驅動因素的更多詳細資訊。雖然我們的24 財年計劃要求下半年利潤率保持在9% 的低水平，但我們年初的表現，無論是在計劃執行方面還是在其他利潤改善舉措的影響方面，都增強了我們對實現財年目標的信心。26日 利潤率目標為9.5%至9.7%。

As we've communicated, our objective is to consistently and profitably grow the company and balance near-term margin improvement against our objective to invest and drive long-term value. We are increasing FY '24 adjusted EPS guidance to a range of $7.20 to $7.40 driven mainly by improved operating results and a lower planned effective tax rate. We are maintaining our free cash flow guidance at a range of $460 million to $480 million and our performance year-to-date has put us in a good position to grow our transaction adjusted free cash flow by approximately 10% for a third consecutive year.

正如我們所傳達的，我們的目標是持續、獲利地發展公司，並在近期利潤率改善與投資和推動長期價值的目標之間取得平衡。我們將 24 財年調整後每股收益指引提高至 7.20 美元至 7.40 美元，這主要是由於經營業績的改善和計畫有效稅率的降低。我們將自由現金流指引維持在 4.6 億至 4.8 億美元的範圍內，今年迄今的業績使我們處於有利位置，可以連續第三年將交易調整後的自由現金流增長約 10%。

Finally, we continue to expect share repurchases of $350 million to $400 million this year with similar levels in FY '25 and FY '26. Before turning the call over to Nazzic, I want to thank her for her leadership in recent years, Nazzic's ability to create an inclusive culture and opportunities for all our stakeholders, employees, customers and shareholders is unmatched across the industry.

最後，我們繼續預期今年的股票回購金額為 3.5 億至 4 億美元，與 25 財年和 26 財年的水準相似。在將電話轉接給 Nazzic 之前，我要感謝她近年來的領導能力，Nazzic 為我們所有利益相關者、員工、客戶和股東創造包容性文化和機會的能力在整個行業中是無與倫比的。

With that, I will turn the call over to Nazzic.

這樣，我會將電話轉給 Nazzic。

Thank you for the kind words, Prabu. As we discussed on last quarter's earnings call, I will be stepping down as CEO and transitioning to a special adviser role on October 2, at which time, Toni Townes-Whitley will assume the role of CEO. As I reflect on these past few years, I took a moment to look back at the commitments I made to you on my first earnings call as CEO.

謝謝你的客氣話，普拉布。正如我們在上季度財報電話會議上討論的那樣，我將於10 月2 日辭去首席執行官職務，轉任特別顧問，屆時托尼·湯斯-惠特利(Toni Townes-Whitley) 將擔任首席執行官。當我回顧過去幾年時，我花了一點時間回顧了我在擔任執行長的第一次財報電話會議上向你們所做的承諾。

I outlined 3 key priorities then, and I'm proud of our team's ability to deliver on our commitments. I discussed the immediate focus on the effective integration of Engility. SAIC effectively integrated its acquisition of Engility quickly followed by Unisys, Koverse and Halfaker. All these transactions contributed to a stronger portfolio for SAIC and supported or accelerated our strategy. I discussed our immediate focus on driving profitable organic revenue growth. Our team has done exactly that in a consistent and disciplined way providing returns to our shareholders, delivering greater value to our customers and career opportunities for our people.

然後我概述了 3 個關鍵優先事項，我為我們團隊履行承諾的能力感到自豪。我討論了目前對能源有效整合的關注。上汽集團有效整合了對 Engility 的收購，隨後又收購了 Unisys、Koverse 和 Halfaker。所有這些交易都為上汽集團帶來了更強大的投資組合，並支持或加速了我們的策略。我討論了我們目前的重點是推動獲利性有機收入成長。我們的團隊正是以一致和嚴格的方式做到了這一點，為我們的股東提供回報，為我們的客戶提供更大的價值，為我們的員工提供職業機會。

And last, but certainly not least, our talent strategy was paramount to accomplishing any aspect of our strategy. I feel confident that as I step down, SAIC is in a strong position with an exceptional leadership team. Across the entire enterprise, we have raised the bar and continue to win the war for talent.

最後但同樣重要的是，我們的人才策略對於實現我們策略的任何方面都至關重要。我相信，在我卸任後，上汽集團擁有一支出色的領導團隊，處於有利地位。在整個企業中，我們提高了標準，並繼續贏得人才之戰。

I am proud of what SAIC has delivered over these last several years, but I also recognize our work is never done. I am very confident in Toni's ability to lead SAIC. She is committed to advancing on these priorities in the future through innovation and differentiation, ensuring SAIC remains a leader in our industry. We have worked closely together in recent months and will continue to in order to ensure a smooth transition for all our stakeholders.

我為上汽過去幾年所取得的成就感到自豪，但我也意識到我們的工作永無止境。我對托尼領導上汽集團的能力非常有信心。她致力於透過創新和差異化在未來推進這些優先事項，確保上汽集團保持行業領先地位。近幾個月來，我們一直密切合作，並將繼續密切合作，以確保所有利害關係人順利過渡。

I want to close by recognizing and thanking my friends and colleagues at SAIC for their contributions to our company, their communities to each other and to our nation. It has been an honor to lead a company so focused on our purpose to leverage technology to serve and protect our world. SAIC is clearly driven by mission, united by purpose and inspired by opportunities.

最後，我要感謝我在上汽的朋友和同事對我們公司、社區彼此以及我們國家的貢獻。我很榮幸能夠領導一家如此專注於我們的目標的公司，即利用科技來服務和保護我們的世界。上汽集團明確地受使命驅動、因目標而團結、因機會而鼓舞。

We can now open the call for Q&A.

我們現在可以開啟問答環節。

(Operator Instructions) Our first question will come from the line of Seth Seifman with JPMorgan.

（操作員指令）我們的第一個問題將來自摩根大通的 Seth Seifman。

And Nazzic, congratulations. Great job, all your work at SAIC and also it seems preparing the company for future success as well. I wanted to ask about the -- so the growth outlook. If we look at what you're forecasting for fiscal '25 and '26, it looks a lot like fiscal '22 and '23. And I would assume that given changes that the company, the strong budgets we've seen that there might be opportunity for more there. So can you tell us kind of what keeps you at that level for right now? And how you think about what we should look for and what it might take for that growth to be a little bit faster?

還有納茲奇，恭喜你。幹得好，你在上汽所做的所有工作，似乎也為公司未來的成功做好了準備。我想問一下成長前景。如果我們看看您對 25 財年和 26 財年的預測，您會發現它看起來很像 22 財年和 23 財年。我認為，考慮到公司的變化，我們看到的強勁預算，可能會有更多的機會。那麼您能告訴我們是什麼讓您目前保持在這個水平嗎？您如何看待我們應該尋找什麼以及如何才能使成長更快一些？

Seth, Prabu here. And I appreciate the question. A couple of comments here. Obviously, good strong trajectory on growth to start the year. And as we've indicated in a couple of different places in the script, we are expecting that trend to look more flat as we exit the year and given the book-to-bill performance year-to-date. We are expecting some of that along with maybe difficult operating conditions on the budget to continue into the end of this fiscal year and then on to next year. But recognize that the team has done a fantastic job delivering real growth this year. And obviously, we are going to grow off of a higher base than we had projected about a quarter or so ago.

賽斯，普拉佈在這裡。我很欣賞這個問題。這裡有幾點評論。顯然，年初的成長軌跡良好。正如我們在劇本中的幾個不同地方所指出的那樣，考慮到年初至今的預訂到賬單表現，我們預計隨著今年的結束，這一趨勢將看起來更加平坦。我們預計其中一些問題以及可能困難的預算營運狀況將持續到本財年末，然後持續到明年。但要認識到，該團隊今年做得非常出色，實現了真正的成長。顯然，我們的成長基數將高於我們大約四分之一前的預測。

And so to me, that's what gives us ultimately confidence that we can keep the trajectory of growth at 2% to 4%, recognizing we're always going to push the team harder internally than we're committed to right now. But the signs are good, but we have to go execute with the intent that we've demonstrated in the first 6 months of the year.

所以對我來說，這讓我們最終有信心將成長軌跡保持在 2% 到 4%，並認識到我們總是會比現在承諾的更努力地推動團隊內部發展。但跡像是好的，但我們必須按照今年前 6 個月所展示的意圖去執行。

Yes, Seth, the one thing I'll add is we're -- it's early days still. So we're giving you our best view as we sit here today, taking into consideration some of the budget challenges that Prabu indicated and certainly taken into consideration where we sit today and the performance we've had. I will tell you this team is laser-focused on driving profitable organic growth and we'll always look for the opportunity to outperform. That's the way they're engineered, it's the way they're wired, but we just believe it's in our best interest, in your best interest to share what we think today, recognizing that as we get closer and as you hear from Toni and Prabu in the next earnings call, we'll have 1 more quarter of visibility and we'll continue to provide those updates.

是的，塞斯，我要補充的一件事是──現在還處於早期階段。因此，當我們今天坐在這裡時，我們將向您提供最好的視角，考慮到普拉布指出的一些預算挑戰，當然也考慮到我們今天的坐席和我們的表現。我會告訴你，這個團隊專注於推動獲利性有機成長，我們將始終尋找超越大盤的機會。這就是它們的設計方式，這就是它們的接線方式，但我們只是相信，分享我們今天的想法符合我們的最大利益，也符合您的最大利益，隨著我們越來越接近以及您從托尼和托尼在那裡聽到的消息，我們認識到這一點Prabu 在下一次財報電話會議中，我們將再獲得一個季度的可見性，並且我們將繼續提供這些更新。

Great. And maybe just to follow up on this topic real quick. The delays you've talked about in terms of awards and the impact on book-to-bill, and the difficult operating conditions you've described when we were just speaking about expected growth. Can you talk a little bit more about that environment? Are these delays mostly things that are behind you? Or are you anticipating that you'll see more delays ahead in terms of the timing of awards?

偉大的。也許只是為了快速跟進這個話題。您談到了獎勵方面的延誤和對訂單出貨量的影響，以及您在我們剛剛談到預期成長時所描述的困難的營運條件。能多談談那個環境嗎？這些延誤主要是你後面的事嗎？或者您預計頒獎時間會出現更多延遲？

Sure. Seth, Prabu here. I'll take that one. I think in terms of the budget environment, we expect Q3 fiscal as well as Q4 to be tight on the hill. We've all followed the dynamics on the hill here, and we expect that sort of environment to persist into the second half of our year. So hopefully, we get to resolution on some of those topics, get appropriations done and have a budget to operate with. But we are presuming right now, cautiously proceeding into the second half of the year, recognizing things will remain tight on the legislative side.

當然。賽斯，普拉佈在這裡。我會接受那個。我認為就預算環境而言，我們預計第三季和第四季的財政將趨緊。我們都關注著這裡山上的動態，我們預計這種環境將持續到今年下半年。因此，希望我們能夠就其中一些主題達成決議，完成撥款並制定可操作的預算。但我們現在假設，謹慎地進入今年下半年，認識到立法方面的情況仍將緊張。

On the backlog and the new business front, as we pointed out in the script, since the end of the second quarter, we've won approximately $1 billion, $1.1 billion of work of which roughly 60% is actually new work for us. We will have to wait for all of that to get through the customary [protest] cycle here over the next quarter plus, and therefore, we're just proceeding cautiously recognizing we've got DCSA that is starting to ramp in the second half of this year. We'll have very early signs of growth from T-Cloud.

在積壓工作和新業務方面，正如我們在劇本中指出的，自第二季末以來，我們已經贏得了大約 10 億美元、11 億美元的工作，其中大約 60% 實際上是我們的新工作。我們將不得不等待所有這些在下個季度完成慣常的[抗議]週期，因此，我們只是謹慎地認識到我們的 DCSA 將在下半年開始增加。今年。我們將看到 T-Cloud 的早期成長跡象。

Obviously, AOC Falconer is continuing to grow along with hopefully [GMASS] and a couple of other things that are won but haven't cleared the protest. So by and large, I would view those as things that are hopefully in the bag, but we won't know that for another quarter plus. And therefore, we're just proceeding cautiously given how difficult the environment is going to be in the second half of the year, presuming that there's going to be some delay in the cadence around recognizing awards and obviously converting awards into revenue.

顯然，AOC Falconer 正在繼續發展，希望 [GMASS] 和其他一些贏得但尚未消除抗議的東西一起發展。因此，總的來說，我認為這些都是有希望的事情，但我們在接下來的一個多季度內不會知道這一點。因此，考慮到下半年的環境將多麼困難，我們只是謹慎行事，假設表彰獎項和將獎項轉化為收入的節奏將會有所延遲。

Really big picture. We are encouraged by where the outlay environment is, and it has been strong. And therefore, I think the team is up for the challenge relative to what's implied for top line growth in the second half of the year as well as the first half of the year, but it's easy to get ahead with a PowerPoint chart, much harder to actually execute and practice, and that's what the teams committed to doing.

真是大圖景。我們對支出環境感到鼓舞，支出環境一直很強勁。因此，我認為團隊已經準備好應對下半年和上半年營收成長所帶來的挑戰，但透過 PowerPoint 圖表取得成功很容易，但要困難得多實際執行和實踐，這就是團隊致力於做的事情。

Your next question will come from the line of Jason Gursky with Citi.

您的下一個問題將來自花旗銀行的 Jason Gursky。

Yes. Prabu, I may have missed it. I'm sorry, wait, let me start. Nazzic, congratulations, and I wish you the best in retirement. Sorry about that. Yes. I may have missed it. You gave a little bit of color on revenue expectations in the first half of next year. We'll be exiting the year at a lower adjusted EBITDA margin than we generated here in the first half. So maybe you could talk a little bit about the margin trajectory in '25 as well?

是的。普拉布，我可能錯過了。對不起，等一下，讓我開始吧。 Nazzic，恭喜你，祝你退休後一切順利。對於那個很抱歉。是的。我可能錯過了。您對明年上半年的營收預期進行了一些闡述。今年結束時，我們的調整後 EBITDA 利潤率將低於上半年的水平。那麼也許您也可以談談 25 年的獲利軌跡？

Sure. I appreciate the question, Jason. And I think, look, first half performance was stellar, and obviously, sitting at 9.5% in the first 6 months of the year gives us a really good insight into where the year is expected to be. Having said that, and we've indicated that in some of the supplemental material, we are expecting some additional investments in the second half of the year things that have shifted from H1 into H2. So that is likely going to be a modest level of headwind to the operating performance of the business.

當然。我很欣賞這個問題，傑森。我認為，看，上半年的表現非常出色，顯然，今年前 6 個月的成長率為 9.5%，讓我們能夠很好地了解今年的預期情況。話雖如此，我們已經在一些補充資料中指出，我們預計下半年會有一些額外的投資，這些投資已經從上半年轉移到了下半年。因此，這可能會對企業的經營績效造成一定程度的阻力。

And of course, there's always factors around performance, that was just stellar in the first half of the year relative to what we're assuming right now for second half performance. And I'll -- this is what I'll leave you with. As you look at our incentive comp, improving margins, generating more earnings growth is a key part of the incentive comp metric for the team. And we are going to push as hard as we need to push, recognizing that where we are right now allows us to meaningfully think about the balance between investing in the business for additional future growth relative to delivering upsized margins that may be a little more temporal in the near term.

當然，總是有一些與業績有關的因素，相對於我們現在假設的下半年表現而言，上半年的表現非常出色。我會——這就是我留給你的。當你看到我們的激勵薪酬時，提高利潤率、產生更多的收入成長是團隊激勵薪酬指標的關鍵部分。我們將盡我們所能地推動，認識到我們現在所處的位置使我們能夠有意義地思考投資業務以實現未來的額外增長與提供可能更短暫的利潤率之間的平衡。在短期內。

So we're trying to get that balance right, but recognize where we're sitting right now is sort of near the top end of our current updated guide of about [9.4%], but we obviously have our work cut out for us over the next couple of quarters, and we are committed to doing the best we can, but recognize that we are thinking about this on a multiyear journey as a multiyear journey.

因此，我們正在努力實現這種平衡，但要認識到我們現在所處的位置有點接近當前更新指南的上限（約 [9.4%]），但顯然我們還有很多工作要做在接下來的幾個季度中，我們致力於盡我們所能，但認識到我們正在將這一多年旅程視為多年旅程。

And to the latter part of your question around margin rates for FY '25 and '26, I recognize that we're off to a really strong start, and it obviously puts us in a good position relative to those targets, but I wouldn't want to get ahead of the transition we have ahead of us and our first earnings call with Toni next quarter as well as our guidance call in March of next year, and we'll get you guys appropriate to calibrate on where we see margins for next year, recognize we've actually done a really good job, and I'm just incredibly proud of the performance we've delivered, and we've got work to do here for the next half of the year.

關於你關於 25 財年和 26 財年保證金率的問題的後半部分，我認識到我們有了一個非常強勁的開端，這顯然使我們相對於這些目標處於有利的位置，但我不會'我們不想提前完成我們即將面臨的轉型、下個季度與托尼的第一次財報電話會議以及明年3 月的指導電話會議，我們會讓你們適當地調整我們看到的利潤率明年，我們實際上做得非常好，我對我們所取得的業績感到非常自豪，下半年我們還有很多工作要做。

Okay. Great. And then maybe just one quick follow-up. This is kind of wrapped up into bidding and book-to-bills. But just the availability of labor and the cost of that labor, what that's doing to your rates and just kind of just what you're seeing in the general competitive environment, how you and others are reacting to what's been a few years of escalating costs and the success that you're all having and passing on those rates to the customer?

好的。偉大的。然後也許只是一個快速的後續行動。這有點包含在投標和訂單到賬單中。但是，勞動力的可用性和勞動力成本，這對您的費率有何影響，以及您在總體競爭環境中所看到的情況，您和其他人對這幾年成本不斷上升的反應以及您所取得的成功並將這些價格傳遞給客戶？

Yes, Jason, let me talk a little bit about the macro environment on labor, and then probably can provide some color. I think as we sit here today, it's a very different place than as we sat here a year ago. And so we're seeing some great progress in the labor market and our ability to hire. I think we've got a very compelling value proposition as we hire employees. Our retention rates are higher than they've been in some time. So we've seen a reduction in our turnover rates. And we've certainly seen our ability to hire increase over the course of the last year. So I feel very good about our position and our posture. We've implemented some new tools and practices and several things internally to help us advance that.

是的，傑森，讓我談談勞動力的宏觀環境，然後可能可以提供一些資訊。我認為，當我們今天坐在這裡時，與一年前我們坐在這裡時相比，這是一個非常不同的地方。因此，我們看到勞動力市場和我們的招募能力取得了一些巨大進步。我認為我們在招募員工時有一個非常引人注目的價值主張。我們的保留率比過去一段時間要高。所以我們看到我們的人員流動率下降。我們確實看到去年我們的招募能力有所提升。所以我對我們的位置和姿勢感覺非常好。我們在內部實施了一些新的工具和實踐以及一些東西來幫助我們推進這一目標。

On the cost side, certainly, we're seeing some minor escalation, but I would say, and Prabu can provide some color, we're not seeing it as a significant headwind as we continue to navigate our contract base, and certainly, we have to and will always pay at market and ensure that we can attract and retain the best talent in the industry. But I sit here in a much better and more confident place than I was probably a year ago, just looking at our results on the labor -- the broad category of labor attraction, hiring and retention. Prabu, do you want to add some color?

當然，在成本方面，我們看到了一些輕微的升級，但我想說，普拉布可以提供一些顏色，我們不認為這是一個重大的逆風，因為我們繼續導航我們的合約基礎，當然，我們必須並且將始終按市場付費，並確保我們能夠吸引和留住業內最優秀的人才。但我坐在這裡，比一年前更好、更自信，只是看看我們在勞動力方面的結果——勞動力吸引、僱用和保留的廣泛類別。普拉布，你想加點顏色嗎？

That was perfect, Nazzic. Jason, what we're assuming for merit increases is sort of in that 2% to 4% range, I think towards the higher end of that range for certain categories of employees that we believe have skill levels that are going to require us to pay a little more. So to me, that's how we're calibrating it. As a reminder, approximately 60% of our business is cost-plus.

那太完美了，納茲克。傑森，我們對績效加薪的假設是在 2% 到 4% 的範圍內，我認為對於我們認為具有技能水平、需要我們支付薪水的某些類別的員工來說，這一範圍的較高端再來一點。所以對我來說，這就是我們校準它的方式。提醒一下，我們大約 60% 的業務是成本加成業務。

So while inflation has been a factor over the last couple of years, we've also had the mix of contracts working in our favor that has allowed us to pass on somewhat higher cost. That's not infinite math. At some point, labor costs will catch up, but we've actually managed that problem, if you will, pretty effectively over the last couple of years. We've estimated the pressure from labor-related inflation as costing the company, maybe 10, 20, 30 basis points of margin over the last couple of years.

因此，雖然過去幾年通貨膨脹一直是一個因素，但我們也有對我們有利的合約組合，這使我們能夠轉嫁較高的成本。這不是無限的數學。在某些時候，勞動成本會迎頭趕上，但如果你願意的話，我們實際上已經在過去幾年中非常有效地解決了這個問題。我們估計，過去幾年，與勞動力相關的通膨壓力可能使公司的利潤率下降 10、20、30 個基點。

And therefore, as we look ahead with the improving labor environment, we would expect some of that to (inaudible) to the benefit of margin rates, and that's where the balance conversation comes in around investing for growth versus investing to drive additional margin rate improvement in the business, and we're laser-focused on the dynamics, but recognize really big picture.

因此，當我們展望未來勞動力環境的改善時，我們預計其中一些（聽不清楚）有利於保證金率，這就是圍繞投資增長與投資推動保證金率進一步提高進行平衡對話的地方在業務中，我們專注於動態，但認識到真正的大局。

Things are looking better now on the inflation front and labor front. And we've got room in our rates. And candidly, one of the things we've really focused on over the last couple of years, and we're starting to see the benefit of this in the margin rates we're delivering is we've undertaken a significant number of cost-related initiatives that has really allowed us to manage our wrap rates, if you will, for overall competitiveness.

現在通膨和勞動力方面的情況看起來好多了。我們的價格還有空間。坦白說，過去幾年我們真正關注的事情之一，我們開始在我們提供的保證金率中看到這一點的好處，那就是我們承擔了大量的成本-相關舉措確實使我們能夠管理我們的包裝率（如果您願意的話）以提高整體競爭力。

That includes facility costs and all of the other sort of, if you will, fixed indirect costs that we have in running the business. And therefore, to the extent we continue our efforts to manage those costs effectively. And assertively, I would expect that the naturally sort of turning environment around labor pressure and inflation pressure is going to be a little bit of a tailwind to margins. But again, recognize we're trying to balance the equation here and stay calibrated.

這包括設施成本和所有其他類型（如果您願意的話）我們在經營業務時的固定間接成本。因此，我們將繼續努力有效管理這些成本。自信地說，我預期圍繞勞動力壓力和通膨壓力的自然轉變環境將對利潤率產生一定的推動作用。但再次強調，我們正在努力平衡這裡的方程式並保持校準。

Your next question will come from the line of David Strauss with Barclays.

你的下一個問題將來自大衛·史特勞斯與巴克萊銀行的關係。

Nazzic, congratulations and best wishes.

納茲克，祝賀你並致以最美好的祝愿。

Thank you very much.

非常感謝。

Could you just run through the current kind of landscape on the recompete side, how you've done year-to-date, what the rest of the year looks like and -- and update us as well, kind of the balance of work to be recompeted over your forecast period?

您能否簡單介紹一下重新競爭方面目前的情況、今年迄今為止的表現、今年剩餘時間的情況以及向我們通報的最新情況，以及工作的平衡情況在您的預測期內重新參加比賽？

Yes. Let me touch on a couple of things. So we -- as we discussed probably a year ago, we have seen some challenges in the recompete space. I think the team has done an exceptional job of focusing on that and improving the overall metric in our underpinning of the business.

是的。讓我談談一些事情。因此，正如我們大約一年前討論的那樣，我們在重新競爭領域看到了一些挑戰。我認為團隊在專注於這一點並提高我們業務基礎的整體指標方面做得非常出色。

So I would say I'm very confident with where we are in our recompete win rate. Clearly, we lose some -- we're always going to lose some business, and it's just the nature of the way that the government acquires and the way that competitors step into new opportunities. But I feel we're in a much better space than we were a year, 1.5 years ago as we look at recompetes.

所以我想說我對我們的重賽勝率非常有信心。顯然，我們會失去一些東西——我們總是會失去一些業務，這只是政府收購方式以及競爭對手抓住新機會方式的本質。但當我們回顧重賽時，我覺得我們的處境比一年前、1.5 年前好得多。

We don't really go through the big significant moving pieces as much for competitive reasons as anything else. But certainly, the significant deal that everybody is aware of as it sits on our portfolio is the Vanguard, the Department of State Vanguard deal that is being transitioned to evolve. And so that is something that everybody is aware of. It's a significant part of our portfolio. And we're going through that process. It will probably become clearer sometime into next year as to how all that plays out.

出於競爭原因，我們並沒有像其他原因那樣過度討論那些重要的重大變化。但當然，每個人都知道我們投資組合中最重要的交易是先鋒集團（Vanguard），國務院先鋒集團的交易正在轉型發展。這是每個人都知道的事。這是我們產品組合的重要組成部分。我們正在經歷這個過程。到明年某個時候，這一切的結果可能會變得更加清晰。

As a reminder, they are taking different pockets of work inside of NASA and putting it into multiple award streams. And so we're looking at -- that's certainly what makes the most sense for us. But -- and we expect to win our fair share of that work. In the meantime, I just want to take a shout out to the team that's delivering because it's always a distraction when there's a lot of procurement activity. But this team is laser-focused on delivering to the mission, delivering to the Department of State and ensuring that we don't miss a beat and continue to innovate and accelerate our position supporting this customer. Prabu, do you want to add some color?

提醒一下，他們正在美國太空總署內部進行不同的工作，並將其放入多個獎勵流中。所以我們正在考慮——這對我們來說當然是最有意義的。但是——我們希望贏得我們應得的工作。同時，我只想向交付的團隊大聲喊叫，因為當有大量採購活動時，這總是會分散注意力。但這個團隊專注於完成使命，交付給國務院，並確保我們不會錯過任何一個節拍，並繼續創新並加速我們支持該客戶的地位。普拉布，你想加點顏色嗎？

Thank you, Nazzic. That was perfect. David, here's what I would add. We're growing this business at the midpoint of our updated guide about 4.5%. And as we noted in the prepared remarks, that is the highest growth rate we've posted organically since the separation. So in spite of the headwind from the recompete loss, Oms notably, which we're assuming we'll cycle out of the portfolio beginning in Q4, we are delivering approximately, let's call it, mid-single-digit growth rate.

謝謝你，納茲克。那太完美了。大衛，這是我要補充的內容。我們正在以更新指南的中位數約 4.5% 的速度成長這項業務。正如我們在準備好的評論中指出的那樣，這是自分離以來我們有機發布的最高增長率。因此，儘管重新競爭失敗帶來了阻力，尤其是Oms，我們假設我們將從第四季度開始將其從投資組合中剔除，但我們仍實現了大約（我們稱之為中個位數）成長率。

Since the last quarter, we've also won some new work, which will start to backfill the loss that we have, but the timing of the Oms project program exiting the portfolio and the timing of the new work sliding into the portfolio is what impacts the cadence of the revenue growth but recognize that we are laser committed to delivering consistent growth rate consistent with the 2% to 4% that we outlined at Investor Day, but recognize that Oms is probably the biggest 1 worth calling out for the year.

自上個季度以來，我們還贏得了一些新作品，這將開始彌補我們的損失，但 Oms 項目計劃退出投資組合的時間以及新作品滑入投資組合的時間才是影響因素收入增長的節奏，但認識到我們致力於提供與我們在投資者日概述的2% 至4% 一致的穩定增長率，但認識到Oms 可能是今年最值得關注的1。

And if you really think about the performance of this business, you would expect about a 1% to 2% growth rate impact on an annual basis from recompete losses, that's just the nature of the business, I think, and we are looking at something a little bit higher than that this year, but recognize 4.5%, 5% growth is just really solid growth and right in line with where the peer set is, and we've got our work cut out for us for next year, and that's what the team is committed to doing.

如果你真正考慮這項業務的業績，你會預期重新競爭損失每年會對成長率產生 1% 到 2% 的影響，我認為這就是業務的本質，我們正在考慮一些事情比今年高一點，但要認識到4.5%、5% 的成長確實是穩健的成長，與同行的情況一致，我們已經為明年做好了工作，那就是團隊致力於做什麼。

That was great color. And then on cash, I wanted to get an update on working capital and what you see there, Prabu, I think year-to-date, it's been a slight drag, kind of what's embedded for the second half of the year and just an update kind of on the working capital tailwind that you have embedded your...

那是很棒的顏色。然後在現金方面，我想了解營運資金的最新情況以及你在那裡看到的情況，普拉布，我認為今年迄今為止，這是一個輕微的拖累，有點像下半年的嵌入內容，只是一個更新您已經嵌入的營運資金順風...

Appreciate the question. First half of the year was actually really good performance and relative to the first half of last year. And the momentum that we began to see in the business at Q4 of last year. And as a reminder, we collected more than $2 billion of cash in a single quarter or Q4 of last year. So that momentum has actually continued into the first half of the year. Historically, if you think maybe 3 to 5 years back, the cadence of collections tends to be about, let's call it, 45% in H1 and 55% in H2.

感謝這個問題。相較於去年上半年，今年上半年的表現其實非常好。我們從去年第四季開始在業務中看到這種勢頭。提醒一下，我們在去年的一個季度或第四季收集了超過 20 億美元的現金。因此，這種勢頭實際上一直持續到今年上半年。從歷史上看，如果你想想 3 到 5 年前，集合的節奏往往是，我們稱之為，上半年 45%，下半年 55%。

Last year was actually flipped. We actually had more to collect a lot more to collect in H2 than H1. And this year is actually more normalized relative to the historical pattern here. So we actually have good visibility into getting to the midpoint of our guide range as we sit there now, but recognize that our guidance range is $20 million, which happens to be about a day's worth of DSO, really big picture. So we're dialing the forecast down to within a day of what our full year cash performance is going to be. But I'm really just pleased with where we are for the first half of the year. It is ahead of where we expected to be from an internal plan perspective, but recognize we've got 6 more months of collections and disbursements we have to worry about.

去年實際上已經翻轉了。事實上，我們在 H2 中收集的東西比 H1 多得多。而今年相對於歷史格局來說其實更加正常化。因此，當我們現在坐在那裡時，實際上我們可以很好地了解如何到達指導範圍的中點，但認識到我們的指導範圍是2000 萬美元，這恰好是DSO 一天的價值，非常大的圖景。因此，我們將全年現金業績的預測下調至一天之內。但我對我們今年上半年的表現感到非常滿意。從內部計劃的角度來看，它超出了我們的預期，但我們認識到我們還有 6 個月的收款和支出需要擔心。

Really big picture on FY '25 and '26. The performance we've had in the first half of the year gives us continued comfort that we can get to the targets that we laid out at Investor Day, approximately $10 of free cash flow per share in FY '25 and $11 in FY '26, recognizing that we are addressing the headwinds from the Section 174 that's slowly starting to burn off in the system here. But obviously, from a working capital perspective, really big picture, I continue to see good level of opportunity, we've dialed the process down where we could see working capital accretion and dilution, if you will, at the individual program level and we have program managers taking responsibility for working capital.

25 財年和 26 財年的大局。今年上半年的業績讓我們繼續感到欣慰，我們能夠實現在投資者日制定的目標，即 25 財年每股自由現金流約為 10 美元，26 財年每股自由現金流約為 11 美元，認識到我們正在解決第174 條帶來的不利因素，這些不利因素正在系統中慢慢開始消失。但顯然，從營運資本的角度來看，真正的大局，我繼續看到良好的機會，我們已經調低了流程，我們可以看到營運資本的增加和稀釋，如果你願意的話，在單一計劃層面上，我們讓專案經理負責營運資金。

That's the level of traction we wanted to see 2 years ago, and that's exactly what we're seeing right now. So I continue to see that and capital deployment as a multiyear opportunity as we sit here in the second half of FY '24.

這是我們兩年前希望看到的牽引力水平，而這正是我們現在所看到的。因此，在 24 財年下半年，我仍然認為這一點和資本部署是一個多年機會。

Your next question will come from the line of Matt Akers with Wells Fargo.

您的下一個問題將來自富國銀行的馬特·埃克斯 (Matt Akers)。

Thanks for the question, and good luck, Nazzic. I just wanted to follow up on the commentary on sort of the bookings delays and you mentioned like year-to-date, it's sort of been a little bit slower than you thought, and it sounds like some of in the back half, maybe to shift into 2025. And what do you think is driving that, I guess? Are customers kind of more cautious given the budget environment? Is it just kind of a few large award that lift? Is it protests -- just kind of curious what you think is kind of driving that dynamic?

謝謝你的提問，祝你好運，Nazzic。我只是想跟進有關預訂延遲的評論，你提到今年迄今為止，它比你想像的要慢一點，聽起來像是後半部分，也許是進入2025 年。我猜您認為是什麼推動了這一趨勢？考慮到預算環境，客戶是否更加謹慎？難道只是一些重大獎項的提升嗎？是抗議嗎——只是有點好奇你認為是什麼推動了這種動態？

Yes, I may add a couple of comments, and then I'll let Prabu provide some detail. On the book-to-bill, as Prabu mentioned in the prepared remarks, it certainly was below where we had planned for it to be. And I think if it was where we planned, we would be having a very different call here today and things would look different.

是的，我可能會添加一些評論，然後我會讓普拉布提供一些細節。關於出貨量，正如普拉佈在準備好的評論中所提到的那樣，它肯定低於我們計劃的水平。我認為，如果這是我們計劃的那樣，我們今天在這裡會有一個非常不同的電話，事情看起來也會有所不同。

But I wanted to give you my little bit of context on that. So book-to-bill, as we all know, is an indicator, but not the indicator for growth. And there are so many components that go into it. Prabu touched on 1 of them, which is how anybody books their IDIQ, single award or multi-award going into book-to-bill period of performance, that can have an impact as well, how much of the bookings is new business versus recompete business. So there's so many aspects that go in that just don't get captured in a metric in and of itself.

但我想向您提供一些相關背景資訊。因此，眾所周知，訂單出貨比是一個指標，但不是成長指標。其中有很多組件。 Prabu 談到了其中之一，這就是任何人在預訂到開單績效期間預訂 IDIQ、單項獎勵或多項獎勵的方式，這也會產生影響，預訂中有多少是新業務與重新競爭的業務。因此，有很多方面無法在指標本身中體現。

Now with that being said, obviously, we had planned for and anticipated a higher book-to-bill. As Prabu also mentioned, we've had incredible bookings for the first month of this quarter. And in the world of would have, could have, should have, if it happened last quarter, again, a very different metric, a very different conversation.

話雖如此，顯然我們已經計劃並預期更高的訂單出貨比。正如普拉布也提到的那樣，本季第一個月我們的預訂量令人難以置信。如果發生在上個季度，那麼，在「本來」、「可以」、「應該」的世界中，再次出現一個非常不同的指標，一個非常不同的對話。

So I don't think there's anything that's systemic in the delays. Delays is good, better and different is a part of how this ecosystem operates. We do our absolute best to forecast with as much diligence as we can, when things will close, when they'll clear the protest cycle. But of course, much of that is not in our hands. That's in the customer's hands.

因此，我認為延誤不存在任何系統性問題。延遲是好的、更好的、不同的，是這個生態系統運作方式的一部分。我們盡最大努力盡最大努力預測事件何時結束、抗議週期何時結束。但當然，其中大部分都不在我們手中。這在客戶手中。

So with all that being said, I don't believe there's anything systemic in our portfolio that's an issue. I don't believe there's anything that's really a big difference in the customer's buying behavior. Obviously, the headwinds around budget and CR, I'm sure, weigh on people's minds. But I don't see anything that would cause -- at least doesn't cause me considerable alert or concern as I look to the future.

綜上所述，我認為我們的投資組合中不存在任何系統性問題。我不認為客戶的購買行為有什麼真正大的差異。顯然，我確信，圍繞預算和 CR 的不利因素給人們帶來了沉重的壓力。但我沒有看到任何會導致——至少在我展望未來時不會引起我相當大的警惕或擔憂。

And as Prabu was mentioned, even with this book-to-bill, even with some of these delays, we've got new business coming online, and we have a very strong and healthy pipeline. So that's my view of it, but I want to make sure, Prabu can address some of the specifics.

正如普拉布所提到的，即使有這種從書到帳的方式，即使有一些延遲，我們仍然有新的業務上線，而且我們有一個非常強大和健康的管道。這就是我的看法，但我想確保普拉布可以解決一些具體問題。

Thank you, Nazzic. Let me add a couple of color here, and I'm going to take us up 1 level up. As we think about where this business is positioned relative to the pipeline, we have a pipeline that's -- I'm going to say circa $100 billion. And to me, that's really where I start. And then I think as we think about the multiyear growth objectives we've laid out the 2% to 4%, certainly, hopefully, at the midpoint, about 3%. We have to then work our way from where the pipeline is to how much of it is qualified and then how much we are submitting as a fraction of that pipeline.

謝謝你，納茲克。讓我在這裡添加一些顏色，然後我將把我們提升一級。當我們思考這項業務相對於管道的定位時，我們有一個管道，我想說大約 1000 億美元。對我來說，這才是我真正的起點。然後我認為，當我們考慮多年成長目標時，我們已經設定了 2% 到 4%，當然，希望中間值是 3% 左右。然後，我們必須從管道所在的位置開始研究其中有多少是合格的，然後我們將提交多少作為管道的一部分。

As we work our way down the funnel, I want to reassure folks listening to this that we have sufficient pipeline to go prosecute the growth objectives we've identified. We've got to get our submit volume higher, some of that is seasonal. Some of that is timing, and we're seeing some of that this year. And some of that is recompete losses, which do impact book-to-bill. And therefore, to me, as I put the macro with the micro, I think about it as over time, we have enough pipeline and therefore, we get our submits up higher, and our win rates are actually pretty competitive on the new business front.

當我們沿著漏斗前進時，我想向聽眾保證，我們有足夠的管道來實現我們已確定的成長目標。我們必須提高提交量，其中一些是季節性的。其中一些是時機問題，今年我們就看到了其中一些。其中一些是重新競爭損失，確實影響了訂單出貨量。因此，對我來說，當我把宏觀與微觀結合起來時，我認為隨著時間的推移，我們有足夠的管道，因此我們的提交量更高，而且我們的勝率實際上在新業務方面相當有競爭力。

We've shared over the last 1.5 years or so, that our new business win rates are tracking a lot higher than they have been tracking historically. And I don't need to go through the list of new programs that we've won just in the last 18 months, but recognize that there's enough pipeline here and the award activity has slowed a little bit in the first half of the year, but some of that is transitory, I think -- and the reality is we feel good about where the overall portfolio sits, but we've got to get to submit volume up, and we are holding our share of recompetes as Nazzic said earlier on the call. But to me, that's the macro and the micro together.

我們在過去 1.5 年左右的時間裡表示，我們的新業務獲勝率遠高於歷史記錄。我不需要仔細查看我們在過去 18 個月內贏得的新項目清單，但要認識到這裡有足夠的渠道，並且今年上半年的獎勵活動有所放緩，但我認為其中一些是暫時的- 現實是我們對整體投資組合的位置感覺良好，但我們必須提高提交量，並且正如Nazzic 早些時候所說，我們正在保留重新競爭的份額的電話。但對我來說，這就是宏觀和微觀的結合。

Okay. Great. That's helpful color. And then I guess I wanted to ask on T-Cloud and how fast you kind of see that program ramping up. I assume that's kind of been calculated in the guidance you've given over the next couple of quarters, but to how fast is it a pretty sizable program?

好的。偉大的。這是有用的顏色。然後我想我想在 T-Cloud 上詢問一下，您看到該程式的成長速度有多快。我認為這已經在您在接下來的幾個季度給出的指導中進行了計算，但它的速度有多快是一個相當大的計劃？

Sure. I'll take that one. At this point, what our guidance reflects is a nominal amount of contribution from T-Cloud. We've received the first task order on the program, and we are expecting a fraction of that to convert into sales this year.

當然。我會接受那個。此時，我們的指導反映的是 T-Cloud 的名義貢獻金額。我們已經收到了該計劃的第一個任務訂單，預計其中的一小部分將在今年轉化為銷售額。

One way to think about it is probably less than 1/2 of 1% this year, ramping to somewhere between 1% to 1.5% of enterprise sales next year and hopefully, higher than that the year after. But we are assuming that the ramp is going to be methodical. We've got to get through some initial design gates that we are working with our customers actively. And -- but we do expect that program to ramp. At this point, there is very minimal amounts of revenue contribution assumed in the guidance for FY '24.

一種思考方式是，今年這一比例可能不到 1% 的 1/2，明年將升至企業銷售額的 1% 至 1.5% 之間，並有望高於後年。但我們假設斜坡將是有條不紊的。我們必須通過一些初步設計關卡，我們正在與客戶積極合作。而且——但我們確實預計該計劃將會加速。目前，24 財年指南中假設的收入貢獻非常小。

Your next question comes from the line of Bert Subin with Stifel.

你的下一個問題來自 Bert Subin 和 Stifel 的對話。

And I'll echo my congratulations. And actually, I have my first question for you. As you reflect on your time at -- just maybe just a high-level question, sort of thinking through your tenure. Just as you reflect in your time at SAIC, where do you think we are in the evolution toward sustaining that profitable organic growth that you mentioned? And what in your view has changed at the company in your time that you think sets SAIC up well to just to increase growth as we think into the future?

我也會表達我的祝賀。事實上，我有第一個問題想問你。當你反思你的任期時——也許只是一個高層次的問題，思考一下你的任期。正如您回顧您在上汽集團的經歷一樣，您認為我們在維持您提到的盈利有機增長方面處於什麼發展階段？在您看來，在您所在的時代，公司發生了哪些變化，您認為上汽集團的哪些變化是為了在我們對未來的展望中增加成長？

Yes. Thanks for the question. So as I look forward, as I look at the company today and I reflect on what I believe it looks like going forward, and Toni and I are in lockstep on so much and so focused on profitable organic growth. So I do think the company is well positioned to keep this drumbeat going forward.

是的。謝謝你的提問。因此，當我展望未來時，當我審視今天的公司並反思我所相信的未來發展時，托尼和我在許多方面步調一致，並且專注於盈利有機增長。因此，我確實認為該公司處於有利地位，可以繼續推動這一勢頭。

Now as we all know, any given quarter, you could have 8% or you could have less than 8%. But I think the ingrained in the DNA of the company at this juncture is really focused on driving profitable organic growth. And we see it across the board. Over the course of my tenure, we have done substantial work at the leadership levels of the organization, ensuring that we have leaders that have a growth mentality and a growth mindset, we have done significant work in changing out our sales organization, our go-to-market organization and certainly the investments in the innovation areas that differentiate us.

現在我們都知道，任何一個季度，你的利潤可能是 8%，也可能是低於 8%。但我認為，此時此刻，公司的 DNA 中根深蒂固的核心是真正專注於推動獲利性有機成長。我們全面看到了這一點。在我的任期內，我們在組織的領導層做了大量工作，確保我們擁有具有成長心態和成長心態的領導者，我們在改變我們的銷售組織、我們的行動方面做了重要的工作。面向市場的組織，當然還有使我們脫穎而出的創新領域的投資。

So -- so I'm very proud of what the team has been able to accomplish. The good news is, although I'm stepping down, the team that does the heavy lifting every day is here every day. And so that mindset, that focus and that energy will continue and even accelerate under Toni's leadership. So I feel very confident in the company as it sits today with this as an underpinning of what gets done, what gets measured gets done and where we focus each and every day. So I think that's how I would answer the question around how do we sit today, what have we accomplished and how does that look forward. And hopefully, that addresses the highlights of your question.

所以，我對團隊所取得的成就感到非常自豪。好消息是，雖然我要辭職，但每天承擔重任的團隊每天都在這裡。因此，在托尼的領導下，這種心態、這種專注和活力將繼續下去，甚至加速。因此，我對公司非常有信心，因為它今天是我們所做的事情、衡量的事情得到完成以及我們每天關注的重點的基礎。因此，我認為這就是我要回答的問題，即我們今天的處境如何、我們取得了哪些成就以及未來的前景如何。希望這能解決您問題的要點。

It does. And maybe just as a follow-up for you, Prabu. You provided some great commentary on the pipeline and your view towards the macro setup for the company or just the broader business. If we're thinking through current dynamics, what success is the company having when it comes to growth within contracts where you already have a current book of work just given what you noted on favorable hiring, retention and outlays trends? And how much of a tailwind do you think on contract growth can be in these next couple of quarters? Is that something that potentially pushes you towards the higher levels of the guidance levels you're looking at?

確實如此。也許只是作為你的後續行動，普拉布。您對管道提供了一些精彩的評論，以及您對公司或更廣泛業務的宏觀設置的看法。如果我們考慮當前的動態，考慮到您注意到的有利的招聘、保留和支出趨勢，在您已經有當前工作簿的情況下，公司在合約成長方面取得了哪些成功？您認為未來幾季合約成長的推動力有多大？這是否有可能將您推向更高水平的指導水平？

I appreciate question, Bert. And we've signaled for a couple of years now for a company with between $22 billion and $23 billion of backlog, there's oodles of [ceiling] left that we can go deliver growth on. One of the things that we've been laser focused on over the last couple of years is instead of chasing the shiny rabbit, let's focus on the things that have ceiling that are right in front of us because the P-win on filling up the ceiling is far greater than the P-win on any new business or in any sort of new ventures out there.

我很感激你的提問，伯特。對於一家積壓金額在 220 億至 230 億美元之間的公司來說，我們已經暗示了幾年，我們還剩下大量的[天花板]可以實現成長。過去幾年我們一直關注的事情之一是，我們不要去追逐閃亮的兔子，而應該關注那些在我們面前有上限的事情，因為 P-win 會填補空缺。上限遠大於任何新業務或任何類型的新企業的P-win。

So to me, that's been the focus. It has proven to be a source of tailwind to organic growth over the last couple of years. I would characterize that tailwind as between 1% to 3% higher than our initial plan expectations for any given year. And I recognize that there's always a balance between more on contract growth, offset by maybe less in the way of new business growth.

所以對我來說，這才是重點。事實證明，它是過去幾年有機成長的推動力來源。我認為這一順風勢比我們最初的計劃預期高出 1% 到 3%。我認識到，合約成長的增加與新業務成長的減少所抵消之間總是存在平衡。

And therefore, when you sort of work your way through the dynamics of new business competition and your win rates are higher. And on top of that, you're beginning to deliver better on contract growth organically because you have ceiling ahead of you that actually does create a pretty favorable dynamic. Again, it's our commitment that we need to go fill out the ceiling, and that's what the team is laser focused on doing. And I would say, hopefully, the team's going to continue to execute the way we've done it in the first half of the year and deliver some upside here for the full year and hopefully next year as well. But we've got work to do. And we -- as we always remind the team internally, dialing it up in our PowerPoint chart is good, but that's just the first step of actual real execution with focus and intent and that's what we've done.

因此，當你在新的商業競爭的動態中努力工作時，你的獲勝率就會更高。最重要的是，你開始更好地實現合約的有機成長，因為你面前有上限，這實際上確實創造了一個相當有利的動態。再次強調，我們的承諾是我們需要填補上限，這也是團隊專注在做的事情。我想說的是，希望團隊能夠繼續執行我們上半年的做法，並為全年帶來一些好處，希望明年也能帶來一些好處。但我們還有工作要做。正如我們一直在內部提醒團隊的那樣，在 PowerPoint 圖表中進行調整是很好的，但這只是重點和意圖實際執行的第一步，這就是我們所做的。

Yes. I want to add a little color on that because I think that's a great question. It's one of the areas that as I look back and reflect on where we sit today and where we sat even 2 or 3 years ago, the focus on on-contract growth is actually oddly enough, relatively new. And so as we looked at opportunities to strengthen our culture and to look, again, ingrain the drive for profitable organic growth really ensuring that we have the people, the talent, the leadership at the program, the portfolio level that can focus on this was paramount.

是的。我想對此添加一點色彩，因為我認為這是一個很好的問題。當我回顧並反思我們今天和兩三年前的情況時，這是我所關注的領域之一，對合約成長的關注實際上很奇怪，而且相對較新。因此，當我們尋找機會加強我們的文化，並再次尋找根深蒂固的盈利性有機增長的動力時，真正確保我們擁有能夠專注於此的人員、人才、項目領導力、投資組合水平最重要的。

And so a lot of work has been done to actually accomplish great success in the on-contract growth. Again, I think it's an area we can continue to focus on. But that's an area to your earlier question, Bert, around where I've seen changes. That is absolutely an area that I believe is fundamentally different and better than it was just a few years ago.

為了在合約成長方面真正取得巨大成功，我們做了很多工作。我再次認為這是我們可以繼續關注的領域。但這是你之前問題的一個領域，伯特，我看到了一些變化。我認為這絕對是一個與幾年前根本不同且更好的領域。

Great. Very helpful. And congratulations again, Nazzic.

偉大的。很有幫助。再次恭喜你，納茲克。

Thanks so much.

非常感謝。

Your next question comes from the line of Cai von Rumohr with TD Cowen.

你的下一個問題來自 Cai von Rumohr 和 TD Cowen 的對話。

Yes. And Nazzic, again, I'd like to join everybody, a job well done. Probably not to beat a dead horse but historically, Q3 is your biggest book-to-bill quarter. And certainly, I think unobligated O&M funds are kind of at an all-time high. And so the outlays have been strong. So -- and you mentioned you got $1.1 billion of bookings. So what are we looking for book-to-bill as a range in this quarter. You got a $1.1 billion, certainly not all of that was -- is under -- in -- still in the protest window. What should we be looking for the bookings book-to-bill in this quarter?

是的。 Nazzic，我想再次和大家一起，做得很好。也許不是為了一馬當先，但從歷史上看，第三季是你的訂單出貨比最大的季度。當然，我認為非義務營運和維護資金處於歷史最高水準。因此支出一直很強勁。那麼，您提到您獲得了 11 億美元的預訂。那麼，我們本季的訂單出貨比範圍是多少？你得到了 11 億美元，當然不是所有這些都在抗議窗口中。我們應該從本季的訂單到帳單的預訂量中尋找什麼？

Yes, Cai. So let me try and answer it a little bit differently. Maybe in response to earlier question, in order to support the growth aspirations of this organization, as outlined at Investor Day, which is 2% to 4%, we said we want book-to-bill to be comfortably over 1.0. It's not a great indicator in any 1 quarter. We're off to a really good start at Q3, but I would expect that number to be 1.0 or better in Q3, but recognize that we don't always control the timing of things like protests that may be out there. And therefore, we're just going to navigate it 1 quarter at a time, but recognize that, on average, over time, we want book-to-bill to be comfortably over 1.0. That's the objective for the team.

是的，蔡。因此，讓我嘗試以不同的方式回答這個問題。也許是為了回答先前的問題，為了支持該組織的成長願望，如投資者日所述，即 2% 至 4%，我們說我們希望訂單出貨比輕鬆超過 1.0。在任何一個季度，這都不是一個很好的指標。我們在第三季有了一個非常好的開始，但我預計第三季的數字將是 1.0 或更好，但要認識到我們並不總是控制可能發生的抗議等事件的時間安排。因此，我們只會一次瀏覽 1 個季度，但要認識到，平均而言，隨著時間的推移，我們希望訂單出貨比輕鬆超過 1.0。這就是團隊的目標。

Okay. And then so the pattern you've laid out for the third and fourth quarter. So the first -- the second quarter, you beat consensus on revenues by $100 million. And if we look at the third quarter, actually, your revenue number is higher than I would have guessed. And then we get a very big stepdown in the third, and I recognize you have $135 million impact from 5 fewer days. But help us understand why is it so sharp? You mentioned that Oms kind of drops out. How big is the sequential drop in Oms from the third to the fourth. I mean, I would assume with T-Cloud and with One IT building that you would not have had such a severe drop off sequentially?

好的。然後是您為第三季和第四季制定的模式。因此，第一季——第二季度，你的收入超出了共識 1 億美元。如果我們看看第三季度，實際上，你們的收入數字比我的猜測還要高。然後我們在第三個階段出現了很大的下降，我意識到，少 5 天就能產生 1.35 億美元的影響。但請幫助我們理解為什麼它如此鋒利？你提到 Oms 有點退出了。從第三名到第四名的 Oms 連續下降有多大？我的意思是，我假設使用 T-Cloud 和 One IT 構建，您不會連續出現如此嚴重的下降？

Right. Thank you, Cai. I appreciate the question. And look, I think it was important for us to give you all a perspective on how we think sitting here today, the second half to play out. And we've signaled approximately mid-single-digit growth rate in Q3 and roughly flat in Q4. Our assumption right now is that Oms will exit the portfolio at the very end of the third quarter. So to me, the obvious bridge from Q3 into Q4 is predominantly Oms-driven, big picture.

正確的。謝謝你，蔡。我很欣賞這個問題。看，我認為對我們來說重要的是讓大家了解我們今天坐在這裡的想法，下半場即將結束。我們已經表示第三季成長率約為中個位數，第四季大致持平。我們現在的假設是 Oms 將在第三季末退出投資組合。所以對我來說，從第三季到第四季的明顯橋樑主要是 Oms 驅動的大局。

The second variable is that Q4 tends to be the weakest revenue quarter in a year, just given seasonality, not just the working days component of this but also just the productive labor hours that we typically calculate in Q4. So to me, those are probably the 2 variables. Again, our performance year-to-date has been very pleasing to us, and the team has done a stellar job.

第二個變數是，考慮到季節性因素，第四季往往是一年中收入最弱的季度，不僅包括工作日組成部分，還包括我們通常在第四季度計算的生產勞動時間。所以對我來說，這可能是兩個變數。再說一次，我們今年迄今為止的表現非常令人滿意，團隊的工作也非常出色。

And as we sit here today, we are starting to see that flattening trend, which is really important for us. And for those that have interacted with Nazzic and with me know that we try to be as transparent as we can about the next 2 or 3 quarters. It's a little bit unusual for us to talk about forecast into the second half of this year or even into the first half of next year, typically, but given the transition we thought it was just as important, if not more important, to give you some additional color as we see the second half rolling out here.

當我們今天坐在這裡時，我們開始看到這種扁平化趨勢，這對我們來說非常重要。對於那些與 Nazzic 以及我互動過的人來說，我們會在接下來的 2 到 3 個季度中盡可能保持透明。對我們來說，談論今年下半年甚至明年上半年的預測通常有點不尋常，但考慮到過渡，我們認為給您同樣重要的信息，甚至更重要的信息。當我們看到下半年即將推出時，一些額外的顏色。

So to me, that's the sort of the more important drivers on Q3 versus Q4, but recognize that the performance year-to-date has been stellar, and we want to make sure we keep the momentum up because we recognize the exit velocity out of this year is going to inform how we think about H1 of next year. And hopefully, a couple of months from now when we're doing our Q3 earnings call, we'll give you an update on where things are.

所以對我來說，這是第三季度與第四季度相比更重要的驅動因素，但認識到今年迄今為止的表現非常出色，我們希望確保保持勢頭，因為我們認識到退出速度今年將告訴我們如何看待明年上半年。希望從現在開始的幾個月後，當我們召開第三季財報電話會議時，我們將為您提供有關情況的最新資訊。

Your next question will come from the line of Tobey Sommer with Truist Securities.

您的下一個問題將來自 Truist Securities 的 Tobey Sommer。

I was wondering if you could quantify what the changes in employee retention have -- how that has impacted growth and contributed to the acceleration in organic growth. I mean some of that, of course, is internal actions, but some of it's also changes in the labor market broadly? And how does employee retention compare to pre-COVID levels and some context around the current snapshot of figures?

我想知道您是否可以量化員工留任率的變化——這如何影響成長並促進自然成長的加速。我的意思是，當然，其中一些是內部行動，但其中一些也是勞動力市場的廣泛變化？與新冠疫情之前的水平相比，員工保留率如何？以及當前數據快照的一些背景如何？

Yes. Tobey, I'll give you the macro view. So I actually don't have the specific numbers in front of me, Prabu might have them memorized. I'm sure he does. But I will tell you that as we sit here today, our ability to retain the employees, which is the opposite is what's the turnover rate is certainly a couple of points better than it was at least a year ago, give or take, and probably much more in line with what it was pre-COVID.

是的。托比，我給你宏觀的看法。所以我面前其實沒有具體的數字，普拉布可能已經記住了。我確信他會的。但我會告訴你，當我們今天坐在這裡時，我們留住員工的能力，這與流動率相反，肯定比至少一年前好幾個百分點，無論是給予還是接受，並且可能與新冠疫情之前的情況更加一致。

And so certainly, any impact or movement in our ability to retain people, just helps retain our base and allows us then to focus on hiring for new roles, new talent. And so that, coupled with the ability to -- some of the things that I mentioned earlier in our ability to hire, retain and attract new folks has given us really a great opportunity to, as you mentioned, to drive revenue where we can. And so that's certainly been a component of that to bring in some new talent in some key areas in which we're growing the business so we can strengthen our talent base. But it really is the combination of being able to retain the labor that we have as well as some of the great work that the hiring teams have done across the company in being able to add and attract and retain new talent.

因此，當然，我們留住人才的能力的任何影響或變動都只會有助於留住我們的基礎，並使我們能夠專注於招募新角色、新人才。因此，再加上我之前提到的招募、留住和吸引新員工的能力，這給了我們一個很好的機會，正如您所提到的，我們可以盡可能地增加收入。因此，在我們發展業務的一些關鍵領域引進一些新人才當然是其中的一個組成部分，這樣我們就可以加強我們的人才基礎。但這確實是我們能夠留住現有勞動力的結合，也是整個公司招募團隊在增加、吸引和留住新人才方面所做的一些出色工作的結合。

In general, and we track this on a regular basis, our turnover is below our industry turnover, and we see that as a very positive sign. Prabu, any specifics?

總的來說，我們定期追蹤這一點，我們的營業額低於行業營業額，我們認為這是一個非常積極的跡象。普拉布，有具體情況嗎？

Thank you, Nazzic. The one thing I will probably tee up is, aside from all of the macro factors driving improved labor conditions across the business, we are probably seeing, for the first time in maybe a little over 24 months. Organic headcount increase that is comfortably better quarter-over-quarter. We've signaled for about 2 to 3 quarters now that labor conditions are improving. It is directly contributing to higher head count inside the organization.

謝謝你，納茲克。我可能要提的一件事是，除了所有推動整個企業勞動條件改善的宏觀因素之外，我們可能會在 24 個月多一點的時間裡第一次看到這種情況。有機員工人數成長明顯優於上一季。我們已經在大約兩到三個季度內發出了勞動條件正在改善的信號。它直接有助於增加組織內部的員工人數。

The other thing that the team is doing that is really bearing fruit is to the extent we have some difficult recompete challenges, we are finding ways to redeploy talent that is needed in other parts of the business. This has always been the holy grail for human capital management inside companies, and we're doing a better job of it now than we did a couple of years ago, kudos to the team.

團隊正在做的另一件真正取得成果的事情是，在我們面臨一些艱難的重新競爭挑戰的情況下，我們正在尋找方法來重新部署業務其他部門所需的人才。這一直是公司內部人力資本管理的聖杯，我們現在在這方面做得比幾年前更好，這要歸功於我們的團隊。

So we are holding on to critical higher-end talent that we are effectively redeploying in other programs. So instead of seeing the headcount come in and go with programs, we're actually doing a better job holding on to the headcount, so we can organically drive headcount retention (inaudible) for a company with that much backlog and that much ceiling, we have enough and more opportunities inside the company to redeploy talent, and that's an area where we've spent some time and investment getting better at, and we're starting to see the benefit of that inside our headcount numbers themselves.

因此，我們保留了關鍵的高端人才，並將其有效地重新部署到其他專案中。因此，我們實際上並沒有看到員工數量進入並與計劃相配合，而是在保持員工數量方面做得更好，因此我們可以有機地為一家積壓如此多、上限如此之高的公司推動員工保留（聽不清楚），我們公司內部有足夠的機會來重新部署人才，這是我們花了一些時間和投資來做得更好的領域，我們開始在我們的員工人數本身中看到這一點的好處。

Tobey, one more thing I'll add, and you guys have heard me string these words together now for several years, but profitable organic growth creates an environment. So not only does it create opportunity because you're growing the business, you have to hire people, but people like to be part of a growing organization. And in some of the programs we've won, and I probably mentioned several, but in the area of space or the area of cloud or exciting sexy new programs and people want to be associated with a company that are winning these types of programs that are so mission-critical. So I think the goodness in addition to being good for the shareholders, it's great for an organization to be a growing entity, especially in areas that are exciting and new.

托比，我還要補充一件事，你們已經聽我把這些話串在一起好幾年了，但有利可圖的有機增長創造了一個環境。因此，它不僅創造了機會，因為你正在發展業務，你必須僱用人員，而且人們喜歡成為不斷發展的組織的一部分。在我們贏得的一些項目中，我可能提到了幾個，但是在太空領域或雲端領域或令人興奮的性感新項目中，人們希望與贏得這些類型項目的公司建立聯繫是如此關鍵的任務。因此，我認為，除了對股東有利之外，對於一個組織來說，成為一個成長中的實體也很好，尤其是在令人興奮的新領域。

If I could sneak a follow-up then. Outside of Vanguard, are there any sort of chunky contracts that could prospectively be broken apart into multiple procurements over the next couple of years?

如果我能偷偷跟進的話。除了先鋒集團之外，是否有任何類型的大合約可以在未來幾年內分解為多項採購？

Vanguard is certainly the largest 1 and the most visible, as Prabu was mentioned, any given year, 20%, give or take, of our portfolio is up for recompete. And so that's just the nature of the business. But Vanguard is one certainly that would have and could have the biggest impact. But again, we expect to win our fair share and we'll continue to deliver on that program until things change.

Vanguard 無疑是最大的，也是最引人注目的，正如 Prabu 所提到的，任何一年，我們投資組合的 20%，無論給予或接受，都將面臨重新競爭。這就是業務的本質。但先鋒集團肯定是一個將會並且可能產生最大影響力的公司。但我們再次希望贏得我們的公平份額，並且我們將繼續實施該計劃，直到情況發生變化。

And one last data point here, as we signaled in the script, there's about $8 billion of IDIQs that we've won over just the last 2 to 2.5 years. That is not fully reflected in the backlog. In addition to that, we are part of multi-award IDIQ wins over the last couple of years that are probably just as big as the single award IDIQ number, if not bigger. So if you think about the labor environment improving, if you think about the work being task order driven and filling out the ceiling inside of contracts, I think the conditions are ripe for organizations that focus on contract growth to deliver outsized on contract growth over the next few years especially in the backdrop of a budget environment that's likely to be somewhat difficult.

最後一個數據點，正如我們在腳本中指出的那樣，僅在過去 2 到 2.5 年裡，我們就贏得了價值約 80 億美元的 IDIQ。這並沒有完全反映在積壓上。除此之外，我們在過去幾年中贏得了多項 IDIQ 獎項，這些獎項的數量可能與單一獎項 IDIQ 的數量一樣大，甚至更大。因此，如果你考慮到勞動力環境的改善，如果你考慮到工作是由任務訂單驅動並填補合約內部的上限，我認為對於專注於合約成長的組織來說，條件已經成熟，可以在未來幾年，尤其是在預算環境可能會有些困難的背景下。

So to me, I think, as I think about the context, that's the environment we're sitting in right now. But on the whole, we're pleased with how we're doing on the labor front.

所以對我來說，我認為，當我思考背景時，這就是我們現在所處的環境。但總的來說，我們對勞工的表現感到滿意。

Your next question will come from the line of Louie DiPalma with William Blair.

你的下一個問題將來自路易·迪帕爾瑪和威廉·布萊爾的對話。

Nazzic, congratulations on your tenure at SAIC, you left the company in a much better place than when you started on the culture front and you also hired Prabu, Toni and Joe, which were 3 great additions to the team.

Nazzic，恭喜你在 SAIC 任職，當你離開公司時，公司的處境比你剛開始從事文化工作時要好得多，你還聘請了 Prabu、Toni 和 Joe，他們是團隊中的三位重要補充。

Thanks, Louie.

謝謝，路易。

And for either Nazzic or Prabu, SAIC has shown nice balance between its IT services and mission services, can you talk about your exciting takeaway win from Northrop Grumman for the Space Force ground radar contract that Nazzic, you just referenced. And I know it's still in the protest window, so you may be limited, but are there significant other space opportunities in the pipeline?

對於Nazzic 或Prabu 來說，SAIC 在IT 服務和任務服務之間都表現出了良好的平衡，您能談談您剛剛提到的Nazzic 從諾斯羅普·格魯曼公司獲得的太空部隊地面雷達合約中令人興奮的勝利嗎？我知道它仍然處於抗議窗口期，所以你可能會受到限制，但還有其他重要的空間機會在醞釀中嗎？

Yes, let me tackle the first part of that. So as you hit the nail on the head, it is still in the window. So we're not going to say a whole lot. What I will say is we're very excited, we're thrilled with the win. And we expect to be able to book this, hopefully, in the near term. But -- but I'm not going to say a lot more than that just because it is going through the process. But we always love to win new business, and we always love to win from a formidable competitor. So that's -- this is -- it's really great to be able to talk about it.

是的，讓我解決第一部分。因此，當你擊中要害時，它仍然在視窗中。所以我們不會說太多。我想說的是我們非常興奮，我們對勝利感到興奮。我們希望能夠在短期內預訂此服務。但是——但我不會說太多，因為它正在經歷這個過程。但我們總是喜歡贏得新業務，我們總是喜歡從強大的競爭對手那裡贏得勝利。所以，能夠談論這個問題真是太好了。

What I will provide some color on is the -- this is a great example, and we talk about this periodically on the call of our space strategy. And so being able to navigate the work that we have today, being able to expand our footprint in the broader space domain, with critically important mission programs as you referenced, has been fundamental to our strategy, and it's great to see these proof points.

我將提供一些顏色 - 這是一個很好的例子，我們根據我們的太空策略的要求定期討論這個問題。因此，能夠引導我們今天的工作，能夠透過您提到的極其重要的任務計劃，擴大我們在更廣泛的太空領域的足跡，一直是我們策略的基礎，很高興看到這些證據。

And to your -- the latter part of your question is absolutely greater opportunity in our space-related pipeline and we look forward to being able to talk about those and announce those over the course of the next couple of years. So it's a very important part of our strategy. It's -- to your first part of your question, our ability to deliver on mission engineering programs as well as IT-centric programs is critical to our overarching strategy of being a diversified player. And so this is a great proof point of exactly that.

對您來說，您問題的後半部分絕對是我們與太空相關的管道中的更大機會，我們期待能夠在未來幾年內討論並宣布這些機會。所以這是我們戰略中非常重要的一部分。對於你問題的第一部分，我們交付任務工程專案以及以 IT 為中心的專案的能力對於我們成為多元化參與者的整體策略至關重要。所以這就是一個很好的證明。

Great. And also on the mission front, at the Analyst Day in New York City and previously in Huntsville, SAIC showcased its counter UAS systems of systems solution. Has the SAIC system continued to make progress in demonstrations with the U.S. Army? And is there opportunity for the system to be deployed in Ukraine and other hot geopolitical areas?

偉大的。同樣在任務方面，上汽在紐約市的分析師日和之前在亨茨維爾展示了其反無人機系統解決方案。上汽系統在與美軍的演示中是否繼續取得進展？該系統是否有機會在烏克蘭等地緣政治熱點地區部署？

Great question. Yes, we're still very pleased and very proud of the counter UAS business that we have. And I certainly can't speak specifically to Ukraine. I don't think that would be in good context. But I can tell you that we are getting great traction with not just the DoD, the Army as an example, but broader DoD customers as well as civilian customers. And they certainly see the value in this. We've been able to demonstrate in many ways and are looking to continue to advance our position in posture with this solution.

很好的問題。是的，我們仍然對我們擁有的反無人機業務感到非常高興和自豪。我當然不能專門針對烏克蘭。我不認為這是在良好的背景下。但我可以告訴你，我們不僅受到國防部（以陸軍為例）的巨大關注，而且還受到更廣泛的國防部客戶以及民用客戶的歡迎。他們當然看到了其中的價值。我們已經能夠以多種方式進行演示，並希望透過該解決方案繼續提升我們的地位。

The unique nature of how we've built this solution where we take best-of-breed parts, for lack of a better word, and integrate it to an end-to-end solution, allowing us to tune it to the specific need of the customer is something that has stood out and has been very powerful as we continue to have the conversation and dialogue with our U.S. government customers.

我們構建此解決方案的獨特之處在於，我們採用了同類最佳的部件，並將其集成到端到端解決方案中，從而使我們能夠根據特定需求進行調整在我們繼續與美國政府客戶進行對話和對話時，客戶是一個非常突出且非常強大的東西。

We have no further questions at this time. That will conclude today's meeting. Ladies and gentlemen, we thank you all for joining. You may now disconnect.

目前我們沒有進一步的問題。今天的會議到此結束。女士們先生們，我們感謝大家的加入。您現在可以斷開連線。