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Operator
Operator
Hello, and welcome to the SAIC Fiscal Year 2024 Q4 Earnings Call. (Operator Instructions) I will now turn the conference over to Joseph DeNardi, SAIC, Senior Vice President, Investor Relations, Treasurer. Please go ahead.
您好,歡迎參加上汽集團 2024 財年第四季財報電話會議。 (操作員指示)我現在將會議交給國家工商總局投資者關係高級副總裁兼財務主管 Joseph DeNardi。請繼續。
Joseph William DeNardi - VP of IR
Joseph William DeNardi - VP of IR
Good morning, and thank you for joining SAIC's Fourth Quarter Fiscal Year 2024 Earnings Call. My name is Joe DeNardi, Senior Vice President of Investor Relations and Treasurer, and joining me today to discuss our business and financial results are Toni Townes-Whitley, our Chief Executive Officer, and Prabu Natarajan, our Chief Financial Officer.
早安,感謝您參加上汽集團 2024 財年第四季財報電話會議。我是投資者關係高級副總裁兼財務主管 Joe DeNardi,今天與我一起討論我們的業務和財務業績的是我們的執行長 Toni Townes-Whitley 和我們的財務長 Prabu Natarajan。
Today, we will discuss our results for the Fourth Quarter of Fiscal Year 2024 that ended February 2, 2024. 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-K 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2024 年2 月2 日的2024 財年第四季度的業績。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資訊與今天的電話會議一起使用的演示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-K 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. It is now my pleasure to introduce our CEO, Toni Townes-Whitley.
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,我們認為這些指標為投資者提供了有用的信息,並且我們的新聞稿和補充財務演示幻燈片都包含與最具可比性的公認會計原則指標的調節。非公認會計原則措施應被視為對公認會計原則財務措施的補充,而不是替代。現在我很高興向大家介紹我們的執行長托尼湯斯-惠特利 (Toni Townes-Whitley)。
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Thank you, Joe, and good morning to everyone on our call.
謝謝你,喬,祝我們通話中的每個人早安。
My prepared remarks this morning will focus on a review of our fourth quarter and full year results and an update on the implementation of our corporate strategy. Prabu will then discuss our results and outlook in more detail before we take your questions.
我今天早上準備好的演講將重點回顧我們第四季度和全年的業績,以及我們公司策略實施的最新情況。然後,在回答您的問題之前,普拉布將更詳細地討論我們的結果和前景。
I'm proud of the financial performance we delivered in the quarter as our focus on providing value to customers and a favorable funding environment contributed to our strong revenue growth. For the full year, we increased pro-forma revenue by over 7%, which highlights the potential of this business to deliver market-level rates of profitable growth.
我對我們在本季度實現的財務業績感到自豪,因為我們專注於為客戶提供價值,而有利的融資環境促進了我們強勁的收入成長。全年預計收入成長了 7% 以上,凸顯了該業務實現市場水平利潤成長率的潛力。
While our margin rate and earnings per share were impacted primarily by higher incentive compensation accruals in the quarter, excluding this, we were able to increase EBITDA margins by 50 basis points over last year and free cash flow per share grew by 11%, indicating that our underlying execution remains very strong.
雖然我們的利潤率和每股盈餘主要受到本季應計激勵薪資增加的影響,但排除這一點,我們的EBITDA 利潤率比去年提高了50 個基點,每股自由現金流成長了11%,這顯示我們的基本執行力仍然非常強勁。
We continue to manage the business in fiscal year '25 to maximize EBITDA and free cash flow while accelerating key investments in portfolio differentiators, market-proven business development talent and upskilling initiatives to drive growth and long-term shareholder value. Relative to the framework we provided last year at our 2023 Investor Day, we now expect fiscal year '25 adjusted EBITDA and free cash flow to be higher despite a roughly 20 basis point incremental investment to drive profitable growth. We expect this investment to generate returns in fiscal year '26 with more meaningful impact in fiscal year '27 and beyond. Importantly, we will align incentives appropriately to drive these outcomes, which I will discuss in more detail shortly.
我們將在25 財年繼續管理業務,以最大限度地提高EBITDA 和自由現金流,同時加快對投資組合差異化因素、經過市場驗證的業務開發人才和技能提升計劃的關鍵投資,以推動增長和長期股東價值。相對於我們去年在 2023 年投資者日提供的框架,我們現在預計 25 財年調整後的 EBITDA 和自由現金流將會更高,儘管增加了大約 20 個基點的投資來推動獲利成長。我們預計這項投資將在 26 財年產生回報,並在 27 財年及以後產生更有意義的影響。重要的是,我們將適當調整激勵措施來推動這些成果,我很快就會對此進行更詳細的討論。
Now I will provide an update on the execution of our corporate strategy since we last spoke. As I discussed on our third quarter earnings call, the leadership team's focus is on 4 strategic pivots related to our solutions portfolio, our go-to-market, our culture and our brand. The ultimate goal of these 4 pivots is to create a more differentiated, more efficient and more valuable SAIC in the future by becoming the premier mission systems integrator for the government market with a specific focus on five national imperatives. They are: undersea dominance, border of the future, citizen experience, all-domain warfighting and next-generation space. All four pivots will contribute to our success in these areas, and we have made strong progress against each in recent months.
現在,我將提供自上次談話以來我們公司策略執行情況的最新情況。正如我在第三季財報電話會議上所討論的那樣,領導團隊的重點是與我們的解決方案組合、我們的市場推廣、我們的文化和我們的品牌相關的 4 個策略支點。這四個支點的最終目標是成為政府市場首屈一指的任務系統整合商,特別關註五項國家要求,從而在未來創建一個更加差異化、更有效率和更有價值的上汽集團。它們是:海底統治、未來邊界、公民體驗、全域作戰和下一代太空。所有四個支點都將有助於我們在這些領域取得成功,並且最近幾個月我們在每個支點上都取得了巨大進展。
On brand, we recently hired a new Chief Communications Officer and SAIC's first Chief Marketing Officer with a focus on ensuring that SAIC's capabilities are known across our markets and our solutions are effectively packaged for success with our customers.
在品牌方面,我們最近聘請了一位新的首席傳播官和上汽集團的第一位首席營銷官,重點是確保上汽集團的能力在我們的市場上廣為人知,並有效地包裝我們的解決方案,以取得客戶的成功。
On our portfolio pivot, we've completed the reorganization of our Innovation Factory under our new Chief Innovation Officer, with a focus on scaling and systematically deploying our technical differentiators in secure multi-cloud, digital engineering, operational AI, secure data analytics and system of systems integration. To support this, we will be increasing our investment in the innovation factory in fiscal year '25 while implementing new performance metrics to ensure we generate our targeted return on invested capital. This is important because we've recognized a correlation between higher win probability and year-over-year growth in accounts that leverage our innovation factory solutions. Our new enterprise operating model outlines required contract delivery processes, bid rubrics and performance metrics at the Account and Business Group levels to drive greater accountability and adherence to our strategy.
在我們的產品組合支點上,我們在新任首席創新官的領導下完成了創新工廠的重組,重點是擴展和系統地部署我們在安全多雲、數位工程、運營人工智慧、安全數據分析和系統方面的技術優勢的系統整合。為了支持這一目標,我們將在 25 財年增加對創新工廠的投資,同時實施新的績效指標,以確保我們產生目標投資資本回報。這很重要,因為我們已經認識到利用我們的創新工廠解決方案的客戶的較高獲勝機率與同比增長之間存在相關性。我們的新企業營運模式概述了客戶和業務集團層級所需的合約交付流程、投標標準和績效指標,以推動更大的責任和對我們策略的遵守。
Our expectation is that this investment will deliver increased value to our customer programs and our pipeline opportunities, resulting in sustained organic growth, increasing EBITDA and free cash flow in the coming years.
我們的期望是,這項投資將為我們的客戶計劃和管道機會帶來更高的價值,從而實現持續的有機成長,並在未來幾年增加 EBITDA 和自由現金流。
On go-to-market, our focus to this point has been both organizational and operational. Organizationally, we centralized our business development and capture functions, and reported them into a Senior Vice President who directly reports to the executive leadership team.
在進入市場方面,我們目前的重點是組織和營運。在組織上,我們集中了業務開發和捕獲職能,並將其報告給高級副總裁,後者直接向執行領導團隊報告。
In addition, we are increasing investment in fiscal year '25 and our business development teams to upgrade talent where appropriate. Operationally, we've implemented a new enterprise model to leverage our innovation factory investments and further standardize our business development and delivery functions across the company. In practice, we expect the result of these efforts to be earlier and more consistent engagement with our customers along the procurement life cycle, allocating business development dollars disproportionately to our high-growth markets and driving accountability to ensure that pipeline identified is pipeline qualified and bid.
此外,我們還將增加對 25 財年和業務開發團隊的投資,以在適當的情況下升級人才。在營運上,我們實施了新的企業模式,以利用我們的創新工廠投資,並進一步標準化我們整個公司的業務開發和交付職能。在實踐中,我們期望這些努力的結果是在整個採購生命週期中與客戶更早、更一致地接觸,將業務開發資金不成比例地分配給我們的高成長市場,並推動問責制,以確保確定的管道合格並投標。
On culture, I've spent much of my time over the last several months meeting with senior government customers and our employees. The strength of SAIC's commitment to our customer is evident across the enterprise and provides a valuable base off which we can build. Consistent with the investments we are making in our innovation factory and business development functions, our pivot around culture will align with positioning SAIC to deliver profitable, differentiated growth over the long term.
在文化方面,過去幾個月我花了很多時間與高級政府客戶和我們的員工會面。上汽集團對客戶的承諾在整個企業中顯而易見,並為我們的發展提供了寶貴的基礎。與我們對創新工廠和業務發展職能的投資一致,我們圍繞文化的支點將與上汽集團的定位保持一致,以實現長期盈利、差異化增長。
We will focus on adopting a one enterprise mindset to encourage the sharing of best practices and talent and cross-functional coordination to bring the best of SAIC to our customers. We will aspire to accelerate our growth, taking ownership of outcomes, driving accountability for results and providing differentiated rewards for outsized achievement. Relative to our incentive design, we recently recommended to our Board of Directors that we increased the relative share of PSUs to RSUs in our equity compensation to encourage our senior leaders to drive our portfolio towards more sustainable and profitable growth vectors.
我們將專注於採用同一個企業的思維方式,鼓勵分享最佳實踐和人才以及跨職能協調,將上汽集團的最佳成果帶給我們的客戶。我們將渴望加速成長,對成果負責,推動對成果的問責,並為超額成就提供差異化獎勵。相對於我們的激勵設計,我們最近向董事會建議,在股權薪酬中增加事業單位與受限制單位的相對份額,以鼓勵我們的高層領導推動我們的投資組合朝著更可持續和更有利可圖的成長方向發展。
We've additionally broadened the use of Total Shareholder Return as a metric to ensure we are incenting results that meet or exceed the performance of our peer group. As I started with, the driving force behind these pivots is to position SAIC to maximize profitable organic growth in the future. We have continued to see a lower-than-targeted recompete win rate in recent years impacting our book-to-bill. While we've been able to offset this with good new business capture and capitalizing on our large backlog with continued on-contract growth, it's important that we improve our retention of existing work.
我們也擴大了股東總回報作為指標的使用範圍,以確保我們激勵的結果達到或超過同業的績效。正如我一開始所說,這些轉型背後的驅動力是讓上汽集團在未來實現利潤有機成長最大化。近年來,我們繼續看到低於目標的重新競爭勝率影響了我們的訂單出貨量。雖然我們已經能夠透過良好的新業務捕獲和利用我們的大量積壓訂單以及持續的合約成長來抵消這一點,但重要的是我們提高對現有工作的保留。
While our efforts to standardize best practices across the Enterprise will improve our overall business development and capture functions, we are specifically focused on improving two outcomes: first, retaining our current business by improving our recompete win rate; and second, increasing our yearly bid rate with more strategic bid selection to drive higher book-to-bill over 1.0. For our current programs, we are implementing new process and rigor in driving innovation and value progression to additional as-a-service offerings. We're expanding the scope of our customer satisfaction process to gain broader and more objective feedback throughout program delivery.
雖然我們在整個企業範圍內標準化最佳實踐的努力將改善我們的整體業務發展和捕獲功能,但我們特別注重改善兩個成果:第一,透過提高重新競爭獲勝率來保留我們目前的業務;其次,透過更具策略性的投標選擇來提高我們的年度投標率,以推動訂單出貨比超過 1.0。對於我們目前的計劃,我們正在實施新的流程和嚴格的要求,以推動創新和價值進步,以提供更多的即服務產品。我們正在擴大客戶滿意度流程的範圍,以便在整個專案交付過程中獲得更廣泛、更客觀的回饋。
Our improved enterprise processes will allow us to monitor, inform and influence our bid selection to ensure our portfolio remains on strategy and in our growth vectors. Given the longer procurement cycle inherent in our business, we expect to realize the full impact of our efforts to impact business development results over the next 12 to 18 months.
我們改進的企業流程將使我們能夠監控、通知和影響我們的投標選擇,以確保我們的投資組合保持在策略和成長向量中。鑑於我們業務固有的採購週期較長,我們預計在未來 12 至 18 個月內實現我們為影響業務發展成果所做的努力的全面影響。
While Prabu will discuss our updated guidance in greater detail, our expectation for fiscal year '25 pro-forma revenue growth is approximately 2.5%. Now this is notably off of a higher base than previously contemplated and it assumes a still healthy but more normalized funding environment. We expect to deliver EBITDA of approximately $690 million with free cash flow per share of approximately $10, which excludes any potential benefit from changes to Section 174 legislation.
雖然 Prabu 將更詳細地討論我們更新的指導意見,但我們對 25 財年預計收入成長的預期約為 2.5%。現在,這個基礎顯然比之前預期的要高,並且假設融資環境仍然健康但更正常。我們預計 EBITDA 約為 6.9 億美元,每股自由現金流約為 10 美元,其中不包括第 174 條立法變更帶來的任何潛在收益。
We're off to a strong start, and I'm encouraged by the enthusiasm and cohesion I see across my new leadership team. We have momentum building off 3 peak performance quarters, the best financial results SAIC has delivered over the last decade. I look forward to seeing many of you in New York on April 11 for our 2024 Investor Day. We plan to provide updated multiyear financial targets, greater detail into our growth strategy, including a showcase of technical differentiators from our innovation factory.
我們有了一個好的開端,新領導團隊的熱情和凝聚力讓我深受鼓舞。我們在三個季度業績高峰的基礎上不斷增強勢頭,這是上汽集團過去十年來取得的最佳財務業績。我期待 4 月 11 日在紐約參加 2024 年投資者日與大家見面。我們計劃提供更新的多年財務目標,更詳細地介紹我們的成長策略,包括展示我們創新工廠的技術優勢。
I'll now turn the call over to Prabu to discuss our financial results and improved outlook.
我現在將把電話轉給普拉布,討論我們的財務表現和改善的前景。
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Thank you, Toni, and good morning to everyone on the call. My remarks will focus on our financial results in the quarter and updated guidance. We reported strong fiscal fourth quarter results with revenue of $1.74 billion, an increase of nearly 8% on a pro-forma basis. Revenue growth in the quarter was driven by ramp-up on new and existing programs, the timing of certain materials revenue and favorable labor and funding trends, which helped offset expected headwinds from program transitions.
謝謝你,托尼,祝所有參加電話會議的人早安。我的演講將重點放在我們本季的財務表現和更新的指導。我們報告了強勁的第四財季業績,營收為 17.4 億美元,預計成長近 8%。本季營收成長的推動因素包括新專案和現有專案的增加、某些材料收入的時機以及有利的勞動力和資金趨勢,這有助於抵消專案轉型帶來的預期阻力。
Adjusted EBITDA margin in the quarter was 7.3% and was impacted by a higher incentive compensation accrual given our strong financial performance. For the year, higher incentive compensation accruals impacted margins by approximately 30 basis points with a 9.3% margin adjusting for this, in line with our guidance and reflecting continued strong program performance. Adjusted diluted earnings per share of $1.43 was in line with expectations. Full year adjusted diluted earnings per share of $7.88 was ahead of prior guidance when adjusting for the aforementioned incentive compensation accrual, which reduced EPS by $0.34 due to our stronger performance in the fourth quarter and a lower tax rate.
本季調整後 EBITDA 利潤率為 7.3%,考慮到我們強勁的財務業績,受到應計激勵薪酬較高的影響。今年,較高的應計激勵薪酬對利潤率產生了約 30 個基點的影響,利潤率調整為 9.3%,符合我們的指導方針,並反映了持續強勁的計劃績效。調整後攤薄每股收益為 1.43 美元,符合預期。根據上述應計激勵薪酬進行調整後,全年調整後稀釋每股收益為 7.88 美元,高於先前的指引,由於我們第四季度的強勁業績和較低的稅率,每股收益減少了 0.34 美元。
Free cash flow, adjusted for transaction fees and other costs related to the sale of our supply chain business was $119 million in the quarter and $486 million for the year as we continue to see good momentum in maintaining our industry-leading rate of cash conversion.
經交易費用和與供應鏈業務銷售相關的其他成本調整後,本季自由現金流為1.19 億美元,全年自由現金流為4.86 億美元,因為我們繼續看到保持業界領先的現金轉換率的良好勢頭。
As Toni indicated, we delivered an 11% increase in free cash flow per share in FY '24 representing our third straight year of double-digit pro forma cash flow improvement. Net bookings of $1.4 billion resulted in a book-to-bill of approximately 0.8x in the quarter and roughly 0.9x on a trailing 12-month basis. Subsequent to the close of the quarter, we were awarded several new bookings, including a $444 million contract with the U.S. space force. We remain encouraged by a healthy and growing pipeline of opportunities in the coming years and expect proposal submission volume to increase by at least 25% in FY '25 consistent with the strategic focus to improve our overall process, including the quality and volume of our submissions.
正如 Toni 所指出的,我們在 24 財年實現了每股自由現金流成長 11%,這意味著我們連續第三年實現兩位數的預期現金流改善。 14 億美元的淨預訂量導致本季的訂單出貨比約為 0.8 倍,過去 12 個月約為 0.9 倍。本季末後,我們獲得了幾份新訂單,其中包括與美國太空軍簽訂的價值 4.44 億美元的合約。我們仍然對未來幾年健康且不斷增長的機會管道感到鼓舞,並預計提案提交量在 25 財年將增加至少 25%,這與改善我們整體流程(包括提交的質量和數量)的戰略重點相一致。
Our pipeline has a healthy mix of larger needle-moving opportunities and strategic pursuits in areas such as ABMS, CJADC2 and data analytics and operational AI, which will leverage our enterprise solutions. As Toni mentioned, our long-term focus is on building a more differentiated pipeline and capture a greater share of markets which value differentiated and more profitable outcome-based work.
我們的管道在 ABMS、CJADC2 以及數據分析和營運人工智慧等領域擁有更大的針動機會和戰略追求,這將利用我們的企業解決方案。正如托尼所提到的,我們的長期重點是建立更具差異化的管道,並佔領更大的市場份額,這些市場重視差異化和更有利可圖的基於結果的工作。
I'll now discuss our updated guidance for fiscal years 2025 and 2026.
我現在將討論我們 2025 財年和 2026 財年的更新指南。
We are increasing our fiscal year '25 revenue guidance to a range of $7.35 billion to $7.5 billion which represents pro-forma organic growth of approximately 2.5% at the midpoint. This outlook assumes a more typical outlay environment than we saw in FY '24 and incorporates our expectation for an approximately 4% to 5% headwind from contract transitions spread ratably over the course of the year.
我們將 25 財年的收入指引提高到 73.5 億美元至 75 億美元的範圍,這意味著預計有機成長率中點約為 2.5%。這項展望假設了一個比我們在 24 財年看到的更典型的支出環境,並納入了我們對全年合約轉換帶來的約 4% 至 5% 阻力的預期。
Consistent with our comments on the last earnings call, we expect roughly flat to low single-digit organic growth in the first half with higher growth rates in the second half of FY '25 as we ramp on the strength of our new business wins and see more funding clarity for our customers. We expect FY '25 adjusted EBITDA of approximately $690 million at the midpoint of our guidance as increased revenue and underlying margin improvement are partially offset by an approximately 20 basis points investment predominantly in our innovation factory and business development function, as Toni discussed.
與我們對上次財報電話會議的評論一致,我們預計上半年將實現大致持平至低個位數的有機增長,隨著我們不斷增強新業務的實力並看到,25 財年下半年的增長率將更高為我們的客戶提供更多資金透明度。正如托尼所討論的,我們預計25 財年調整後的EBITDA 約為我們指引的中位數6.9 億美元,因為收入的增加和潛在利潤率的改善被主要在我們的創新工廠和業務開發職能部門的約20 個基點的投資部分抵銷。
FY '25 adjusted earnings per share is expected in a range of $8.00 to $8.20 and assumes an effective tax rate of approximately 23% and further benefits from our share repurchase program. I would note that every 1% of our tax rate impacts earnings per share by approximately $0.10.
25 財年調整後每股盈餘預計在 8.00 美元至 8.20 美元之間,並假設有效稅率約為 23%,並從我們的股票回購計畫中獲得進一步收益。我要指出的是,每 1% 的稅率都會影響每股收益約 0.10 美元。
We are increasing guidance for fiscal year '25 free cash flow by $10 million to a range of $490 million to $510 million, with increased earnings and working capital efficiency helping to offset higher cash taxes and cash outlays related to FY '24 incentive compensation. We expect to deliver approximately $10 in free cash flow per share in FY '25 and approximately $11 in free cash flow per share in FY '26.
我們將 25 財年自由現金流指引提高了 1,000 萬美元,達到 4.9 億至 5.1 億美元,收入和營運資金效率的提高有助於抵消與 24 財年激勵薪酬相關的較高現金稅和現金支出。我們預計 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。
Our outlook for free cash flow does not assume any favorable change related to Section 174 legislation. Should this occur, we would expect a recovery of approximately $125 million from FY '23 and FY '24 payments already made, and our fiscal years '25 to '27 free cash flow should improve by approximately $45 million, $20 million and $5 million, respectively. Please note that, if a Section 174 change is enacted, our FY '25 effective tax rate could be higher than our guidance of approximately 23%.
我們對自由現金流的展望並未假設與第 174 條立法相關的任何有利變化。如果發生這種情況,我們預計從23 財年和24 財年已支付的款項中收回約1.25 億美元,並且我們25 財年至27 財年的自由現金流應改善約4500 萬美元、2000 萬美元和500 萬美元,分別。請注意,如果第 174 條的變更生效,我們 25 財年的有效稅率可能會高於我們約 23% 的指導。
In fiscal year 2024, we deployed $357 million to repurchase 3.3 million shares, reducing our weighted average share count by a bit over 4% year-over-year. Over the past 3 years, we've repurchased over 8 million shares, representing about 15% of our total outstanding shares at prices representing a substantial discount to our intrinsic value. We accomplished this while reaching our target net debt over EBITDA leverage of approximately 3.0x.
2024 財年,我們部署了 3.57 億美元回購 330 萬股股票,加權平均股票數量較去年同期減少了 4% 多一點。在過去 3 年裡,我們回購了超過 800 萬股股票,約占我們已發行股票總數的 15%,回購價格較我們的內在價值大幅折扣。我們實現了這一目標,同時實現了淨債務超過 EBITDA 槓桿約 3.0 倍的目標。
As reflected on Slide 11, our solid cash generation gives us options for additional value creation. For fiscal years 2025 and '26, at this time, we expect to allocate approximately $600 million to $650 million in total to our repurchase program while reducing leverage to roughly 2.5x and remain opportunistic given ongoing budgetary or market dislocations in an uncertain election year. Our perspective on the M&A market is largely unchanged as we prioritize capability focused acquisitions that can differentiate our portfolio and accelerate the execution of our long-term strategic road map. We believe our bias towards organic initiatives with a discerning eye towards M&A is the correct posture for our long-term shareholders.
如投影片 11 所示,我們穩定的現金產生能力為我們提供了創造額外價值的選擇。目前,對於2025 和26 財年,我們預計將總共為我們的回購計畫分配約6 億至6.5 億美元,同時將槓桿率降低至約2.5 倍,並在不確定的選舉年中考慮到持續的預算或市場混亂,保持機會主義。我們對併購市場的看法基本上沒有變化,因為我們優先考慮以能力為中心的收購,這些收購可以使我們的投資組合脫穎而出,並加速我們長期策略路線圖的執行。我們相信,我們對有機舉措的偏好以及對併購的敏銳洞察力對於我們的長期股東來說是正確的姿態。
Lastly, I want to thank our Treasury team for their outstanding work in managing the 7-year extension of our Term Loan B, which strengthens our maturity profile and provides us with an improved rate compared to our prior Term Loan B. The transaction represented the tightest 7-year loan pricing on a noninvestment-grade rated facility in over 2 years. More importantly, it has generated additional flexibility with respect to our near-term debt maturities and has positioned us to take advantage of potentially lower interest rates in the future.
最後,我要感謝我們的財務團隊在管理定期貸款 B 的 7 年延期方面所做的出色工作,這增強了我們的到期狀況,並為我們提供了比之前的定期貸款 B 更高的利率。兩年多來對非投資等級評級設施實施最嚴格的7 年期貸款定價。更重要的是,它為我們的近期債務到期提供了額外的靈活性,並使我們能夠利用未來可能較低的利率。
I am proud of the financial performance we delivered in FY '24, and I'm confident that we can sustain our ability to deliver value for shareholders over the long term.
我對我們在 24 財年實現的財務表現感到自豪,我相信我們能夠保持長期為股東創造價值的能力。
I'll now turn the call over to the operator to begin Q&A.
我現在將把電話轉給接線員以開始問答。
Operator
Operator
(Operator Instructions) Your first question comes from the line of Seth Seifman with JPMorgan.
(操作員說明)您的第一個問題來自摩根大通的 Seth Seifman。
Seth Michael Seifman - Senior Equity Research Analyst
Seth Michael Seifman - Senior Equity Research Analyst
I guess a couple of questions maybe on the investments that you're making, I guess you guys have talked a lot over time about having kind of a capital-light business model. I know this is CapEx -- or sorry, this R&D or other investments that you're making, it's not CapEx. But can you talk about kind of the investments that you're making and how we think about that as being different? Are these -- these are investments in people that you're making in hiring people or in developing new technologies? How do we think about what these investments are?
我想可能有幾個關於你們正在進行的投資的問題,我想你們已經就輕資本商業模式談了很多。我知道這是資本支出——或者抱歉,您正在進行的研發或其他投資,這不是資本支出。但您能談談您正在進行的投資類型以及我們如何看待這種投資的不同之處嗎?這些是你們在招募人員或開發新技術方面對人員的投資嗎?我們如何看待這些投資是什麼?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Seth, it's Toni. Let me start off with that and Prabu will add some color. So we have three flavors of investment that we're making in the business. First, around our innovation factory we mentioned that we've got some differentiators across our enterprise, particularly around AI, our secure data, our digital engineering. The investments we're making are primarily in people, but also tools and some capabilities that we are looking to expand to ensure that those differentiators when systematically deployed across all our programs can be integrated into our customer environments.
賽斯,我是東尼。讓我從這個開始,普拉布會添加一些色彩。因此,我們在該業務中進行了三種投資。首先,圍繞著我們的創新工廠,我們提到我們的企業有一些差異化優勢,特別是在人工智慧、安全數據和數位工程方面。我們所做的投資主要是在人員方面,還有我們希望擴展的工具和一些能力,以確保這些差異化因素在我們所有計劃中系統部署時可以整合到我們的客戶環境中。
So we've been able to identify these. We're making roughly $15 million in investments in this space around the differentiators that we're going to add more color to on Investor Day to give some demos on how those are actually deployed in a customer environment.
所以我們已經能夠辨識這些。我們將在這個領域圍繞差異化因素進行約1500 萬美元的投資,我們將在投資者日為這些差異化因素添加更多色彩,以提供一些有關如何在客戶環境中實際部署這些差異化因素的演示。
Second area is in our business development. Obviously, we have been focused heavily on not only our ability to bid higher volume bidding but also high-quality strategic bid capability for our pipeline as well as our recompete, our ability to retain the current business that we have. And we have challenges in both of those areas. So we are investing in upgrading of talent in key areas, and we're making a significant investment in business development, what we call capture and solution architecting, which is all around ensuring that we create more value for our customers in existing programs and that we can bid in a systematic standardized way with higher talent and greater talent in certain areas.
第二個領域是我們的業務發展。顯然,我們不僅專注於我們進行更高批量投標的能力,而且還關注我們管道的高品質策略投標能力以及我們的重新競爭,我們保留現有業務的能力。我們在這兩個領域都面臨挑戰。因此,我們正在投資關鍵領域的人才升級,我們正在業務開發方面進行大量投資,我們稱之為捕獲和解決方案架構,這一切都是為了確保我們在現有計劃中為客戶創造更多價值,並且我們可以在某些領域以更高的人才和更大的人才以系統化的標準化方式進行投標。
And then the third investment is around upskilling and that's our ability to deliver our capabilities at our customer sites with individuals that have to evolve with the talent and the expectation that our customers have in terms of the solutions that we're implementing. So those are the three fundamental investments that we're making in the business, and we expect over the next 12 to 18 months that those investments will shore up our bid capability, our win rates, our recompete rates and overall, our customer satisfaction.
第三項投資是圍繞技能提升,這就是我們在客戶現場與個人一起提供能力的能力,這些個人必須隨著人才和客戶對我們正在實施的解決方案的期望而發展。這些是我們在業務中進行的三項基本投資,我們預計在未來 12 到 18 個月內,這些投資將提高我們的投標能力、獲勝率、重新競爭率以及整體客戶滿意度。
Prabu, anything else you'd like to add?
普拉布,您還有什麼要補充的嗎?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Yes. Thank you, Toni. Seth, I appreciate the question. I'm going to zoom out a little bit and a really big picture, Seth, we're investing about 20 basis points of margin. That's the $15 million that Toni referred to. We have a chart in our earnings package that shows that operationally, we're poised to deliver mid-9 margins at 9.5%, consistent with the guidance that we previously provided and the $15 million that Toni refers to, effectively brings the midpoint of the new guide down to about 9.3%, which is what we're communicating this morning.
是的。謝謝你,托尼。賽斯,我很欣賞這個問題。我要縮小一點,看一個真正的大局,Seth,我們投資大約 20 個基點的保證金。這就是東尼提到的 1500 萬美元。我們的獲利方案中有一張圖表,顯示在營運上,我們準備好實現9.5% 的利潤率,這與我們之前提供的指導一致,托尼提到的1500 萬美元有效地帶來了9 月份中期利潤率的中點。新的指導值降至 9.3% 左右,這就是我們今天早上傳達的訊息。
I think you picked up on something else that I think is really important to emphasize, this is operating expense primarily we are not expecting our capital-light model to change fundamentally as a result of these investments. We are committed to remaining capital light. And I think just as important as making the investment is to ensure that we're generating an adequate return on the investment.
我認為你也提到了一些我認為非常需要強調的事情,這就是營運費用,主要是我們不希望我們的輕資本模式因這些投資而發生根本性的改變。我們致力於保持資本輕量化。我認為與進行投資同樣重要的是確保我們產生足夠的投資回報。
And therefore, we are laser focused on delivering good ROIC on the investments. We are making right now. And as Toni said, we're 18 to 24 months out, and we -- but we are dialed into ensuring that we are delivering an appropriate return for the investments we're making. Hopefully, that was responsive.
因此,我們專注於提供良好的投資報酬率。我們現在正在製作。正如托尼所說,我們還有 18 到 24 個月的時間,但我們正在努力確保我們正在為我們所做的投資提供適當的回報。希望這是有回應的。
Seth Michael Seifman - Senior Equity Research Analyst
Seth Michael Seifman - Senior Equity Research Analyst
Yes. absolutely, absolutely. And then as a follow-up, maybe if you could talk a little bit, I mean, I assume the answer is yes, but if you could maybe tell us a little bit about why, I assume increasing bid rate I assume you feel like you can both increase the bid rate, but also the things that you want to be focused on in terms of priority areas and value-added solutions is means that -- I would think you want to be somewhat discriminating about what you bid on. And so the idea of being discriminating and bidding in higher-value areas with also increasing the bid rate, how you kind of square that circle?
是的。絕對,絕對。然後作為後續行動,也許您可以談談,我的意思是,我認為答案是肯定的,但如果您可以告訴我們一些原因,我認為提高出價率我認為您覺得你既可以提高出價,也可以在優先領域和增值解決方案方面關注你想要關注的事情,這意味著——我認為你希望對你的出價有所區別。因此,在高價值領域進行區別對待和競標並提高競標率的想法,你如何解決這個問題?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Yes, I'll take that one first, Seth. Look, I think we're taking a longer-term view of the pipeline to ensure that the pipeline reflects the priority areas we've got out there. As you probably observed, we're holding our top line multiyear guide at the 2% to 4% range, recognizing that we are not chasing calories, but we're chasing vitamins.
是的,我會先拿那個,賽斯。聽著,我認為我們正在以更長遠的眼光來看待管道,以確保管道反映我們已經存在的優先領域。正如您可能觀察到的那樣,我們將多年的頂線指南保持在 2% 到 4% 的範圍內,並認識到我們不是在追求卡路里,而是在追求維生素。
Our incentive comp is focused on delivering more EBITDA from the business as well as generating cash out of the EBITDA we're delivering. And therefore, I think -- think of this as the right kind of top line for the business that will differentiate this portfolio and one of the benefits of having a more differentiated portfolio downstream is that you actually improve your incumbency win rates because it is less gladiatorial in that part of the market and candidly, that's why I think we're trying to get the equation calibrated between improving growth rates, which I think is a must but also making sure that we're delivering good value for the top line. Toni?
我們的激勵補償專注於從業務中提供更多的 EBITDA 以及從我們提供的 EBITDA 產生現金。因此,我認為,將此視為業務的正確類型,將使該投資組合脫穎而出,而下游擁有更具差異化的投資組合的好處之一是,您實際上可以提高您的在職勝率,因為它更少坦白說,這就是為什麼我認為我們正在努力在提高成長率之間調整方程式,我認為這是必須的,但也要確保我們為營收提供良好的價值。托尼?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
No, I think that's exactly on point where Prabu is and acknowledging that we spent some time putting a strategy together to identify specific growth vectors. So when we talk about bid rate, we want to make sure that we talk about strategic bid selection because that's also, as Prabu has talked about, correlated with our ability to win a recompete is also about bidding the right work the first time, work that is, in fact, differentiating that we bring value from the first day of a contract that is let.
不,我認為這正是普拉布的觀點,並承認我們花了一些時間制定策略來確定特定的成長向量。因此,當我們談論投標率時,我們要確保我們談論的是戰略投標選擇,因為正如普拉布所說,這也與我們贏得重新競爭的能力相關,也與第一次投標正確的工作有關,工作事實上,這就是我們從出租合約第一天起就帶來價值的差異。
And so we are looking at -- and we, quite frankly, historically, our bid rate -- our bid volume has dropped over the last couple of years. We want to return back to a higher bid volume and not do that at the expense of a win rate. So we're doing both at the same time, and that will be why the investments we're making now, we believe will pay off over the next 12 to 18 months.
因此,我們正在研究 - 坦率地說,從歷史上看,我們的投標率 - 我們的投標量在過去幾年中有所下降。我們希望回到更高的出價水平,而不是以犧牲中標率為代價。因此,我們同時進行這兩項工作,這就是我們現在進行投資的原因,我們相信將在未來 12 至 18 個月內獲得回報。
Operator
Operator
Your next question comes from the line of Jason Gursky with Citi.
你的下一個問題來自花旗銀行的 Jason Gursky。
Jason Michael Gursky - Research Analyst
Jason Michael Gursky - Research Analyst
Toni, I was wondering if you could just -- and Prabu as well chime in if you've got some thoughts as well. Just to postmortems that you've done on the recompete losses and what has driven those losses? Have you seen a kind of a common theme. Just trying to understand that this is a pricing issue. Do we have performance issues just generally speaking from a broad brush broke perspective, what's the lesson learned here?
東尼,我想知道你是否可以——如果你也有一些想法,普拉布也可以插話一下。只是對您對重新競爭損失所做的事後分析以及是什麼導致了這些損失?你見過一種共同的主題嗎?只是想了解這是定價問題。從廣泛的刷子損壞的角度來看,我們是否存在性能問題?這裡學到了什麼?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Yes. Look, there are probably about three areas that we have learned going across the various losses specifically and we're -- and it's tied to our investments, we want to make sure that we differentiate on our technical proposals when we submit in our solutions and the differentiated offerings that we have. And so we know that we have gotten feedback at times that our technical volumes, our proposals have not been evaluated as positively.
是的。聽著,我們可能已經在三個領域學到了具體的各種損失,而且這與我們的投資有關,我們希望確保在提交解決方案時我們的技術提案能夠與眾不同,並且我們擁有的差異化產品。因此,我們知道,我們有時會收到回饋,表示我們的技術量、我們的提案並未得到正面評價。
And so one area that we've got to make sure is that our solution differentiation is not only clear, but also well presented in the proposals and is systematically part of all things that we bid across our factory.
因此,我們必須確保的一個方面是,我們的解決方案差異化不僅清晰,而且在提案中得到了很好的體現,並且系統地成為我們整個工廠投標的所有項目的一部分。
The second area in terms of -- is making sure that our processes are standard across. And that means that how we run, bid and capture has to be a systematic standardized in the DNA, no compromise approach at the enterprise level, which is why I centralized and put under one, one human, quite frankly, and with direct reporting into the executive team, how we run those with the appropriate forward metrics, not only backward looking, for the appropriate forward-looking performance metrics to really look at the health of our pipeline and understand.
第二個領域是確保我們的流程是標準的。這意味著我們的營運、投標和捕獲方式必須在DNA 中實現系統化標準化,在企業層面不得妥協,這就是為什麼我坦率地說,將其集中並置於一個人的管理之下,並直接向其報告。執行團隊,我們如何使用適當的前瞻性指標來運行這些指標,而不僅僅是向後看,以適當的前瞻性績效指標來真正審視我們管道的健康狀況並理解。
Look, I think the last piece is, as we've heard, we've expanded our understanding of our feedback throughout a program. When we're delivering a program, you think of a recompete, you win the recompete day 1 of delivering a contract. And we've got to make sure our listening mechanisms are in place across multiple customer sets that we deliver to. That's generally not one set of customers. And so we are expanding that to make sure that we're getting the feedback throughout and that we are training our teams on the ground to add value in every aspect of the contract delivery.
看,我認為最後一點是,正如我們所聽到的,我們在整個計劃中擴展了對回饋的理解。當我們交付專案時,您會想到重新競爭,您贏得了交付合約的第一天重新競爭。我們必須確保我們的傾聽機制在我們交付的多個客戶群中都到位。這通常不是一組客戶。因此,我們正在擴大這一範圍,以確保我們能夠從頭到尾獲得回饋,並確保我們正在實地培訓我們的團隊,以在合約交付的各個方面增加價值。
Value into as-a-service offerings, value into integrated solutions, increasing capabilities that we're adding all throughout the contract. That is how you ensure that you are not only the provider for the current business but that you are the provider for the future business. So we've learned in those three areas, and that's where we're placing some bets and having some mitigations. Prabu, any other thoughts there?
即服務產品的價值、整合解決方案的價值、我們在整個合約中添加的增強功能。這就是您如何確保您不僅是當前業務的提供者,而且是未來業務的提供者。所以我們已經在這三個領域學到了知識,這就是我們下注並採取一些緩解措施的地方。普拉布,還有其他想法嗎?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
That was great, Toni. Jason, here's the only thing I would add, if you looked at our new business win rates, they are higher than we would expect them to be and the thing that animates that higher win rate is how much more differentiated we are when we are bidding new work. And some of that is natural in an organization with a ton of excitement around new business captures.
太棒了,托尼。傑森,這是我唯一要補充的一點,如果你看看我們的新業務獲勝率,它們比我們預期的要高,而推動更高獲勝率的因素是我們在投標時的差異化程度新工作。對於一個對新業務捕獲充滿興奮的組織來說,其中一些是很自然的。
I think it's the -- how do we replicate that performance across the recompete spectrum? I think that is sort of where we have to have less of an opt-in culture around best practices. We are making a number of changes to bid thresholds, expectations for profit, expectations for differentiation while we are executing and while we are delivering programs and we do sincerely believe that all of those things will result in higher recompete win rates over time, but recognize that we are doing some really good things on the new business front. It's a question of replicating that across the entire portfolio of programs we have.
我認為這是——我們如何在重新競爭的範圍內複製這種表現?我認為這就是我們必須減少圍繞最佳實踐的選擇文化的地方。在我們執行和交付專案時,我們正在對投標門檻、利潤期望、差異化期望進行一些更改,我們真誠地相信,隨著時間的推移,所有這些事情都會導致更高的重新競爭獲勝率,但認識到我們在新業務領域做了一些非常好的事情。這是一個在我們擁有的整個專案組合中複製這一點的問題。
Jason Michael Gursky - Research Analyst
Jason Michael Gursky - Research Analyst
Okay. Great. And then just as a follow-on, I just want to make sure I understand this. You get more focus here on recompetes and having a better win rate on that. you're increasing the pipeline by 25%, and yet we're still looking at 2% to 4% growth coming out the back end of things. It seems to me, is it maybe just a general comment you can comment on, but that the risk would be that, that 2% to 4% moves higher over time given the count you're successful in these first two things.
好的。偉大的。作為後續,我只是想確保我理解這一點。在這裡,您可以更加關注重新競爭並獲得更好的勝率。你將管道增加了 25%,但我們仍然希望後端能夠達到 2% 到 4% 的成長。在我看來,這可能只是您可以發表評論的一般性評論,但風險是,考慮到您在前兩件事上取得的成功,隨著時間的推移,2% 到 4% 會上升。
So first, I just want to confirm that. And then secondly, if you are successful with this pipeline, you're growing at 25% and your win rates end up being as good or better than they have been historically, do you have the people in place, the ability to scale? Can you grow fast? And will you be able to actually fulfill all of that demand should it come in? And maybe that's an indication that you're kind of you've got some underutilized people around today, and we ought to see some really nice OpEx leverage that comes with it.
首先,我想確認這一點。其次,如果你在這條管道上取得了成功,你的成長率將達到 25%,並且你的勝率最終會與歷史水準一樣好甚至更好,你是否擁有適當的人員和擴展能力?你能快速成長嗎?如果出現這些需求,您能真正滿足所有需求嗎?也許這表明您今天周圍有一些未充分利用的人員,我們應該看到隨之而來的一些非常好的營運支出槓桿。
So just kind of generally, you win all of this, then what happens? How do you execute on it? What happens to margins when you do?
所以一般來說,你贏得了所有這些,然後會發生什麼?你如何執行它?當您這樣做時,邊距會發生什麼變化?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Great question, Jason. I'll take the first part and defer to Toni on the second one. On the first part, look, I think the expectation is that the investments we are making will translate to better returns in the out years. And obviously, as you probably noticed, we provided FY '25 and FY '26 guide. We've held back on providing FY '27. That's obviously a topic of discussion at our Investor Day in April, but I think it seems to make sense to assume that we would expect a higher level of EBITDA growth and cash growth from the investments we're making than there is currently.
好問題,傑森。我會先講第一部分,第二部分聽從東尼的意見。在第一部分中,我認為我們的預期是我們正在進行的投資將在未來幾年轉化為更好的回報。顯然,正如您可能注意到的那樣,我們提供了 25 財年和 26 財年指南。我們推遲提供 27 財年的資訊。這顯然是我們四月份投資者日討論的一個話題,但我認為假設我們預計我們正在進行的投資將帶來比目前更高水平的 EBITDA 增長和現金增長,這似乎是有道理的。
The 25% comment that you referred to, that was really an improvement in the submission number as opposed to improvement in the pipeline number. Our pipeline is, as you think about kind of a TCV here of the pipeline, we're in that circa $80 billion to $100 billion. But we are explicitly talking about submission rates improving by at least 25% in FY '25 and relative to FY '24. And so to me, I just want to make sure we're clear on exactly what we're improving, but I think it's a fair comment that you should expect our EBITDA and cash performance to improve relative to what we've got out there in the long term. Toni?
您提到的 25% 評論實際上是提交數量的改進,而不是管道數量的改進。我們的管道,正如你想像的那樣,是一種 TCV,我們的管道規模約為 800 億至 1000 億美元。但我們明確談論的是,相較於 24 財年,25 財年的提交率至少提高了 25%。所以對我來說,我只是想確保我們清楚我們正在改進什麼,但我認為這是一個公平的評論,你應該期望我們的 EBITDA 和現金業績相對於我們現有的情況有所改善在長期。托尼?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Yes. And Jason, let me take the second part of that question in terms of the human capital supply, meeting the demand, increased demand as a function of prosecuting all of this new pipeline in a positive way for SAIC. So really, there's sort of two responses there. First, in terms of talent acquisition, SAIC relative to the market, is in a leadership position on talent acquisition, days to fill and our ability fill open requisitions.
是的。傑森,讓我來談談這個問題的第二部分,即人力資本供應、滿足需求、增加需求,作為以積極的方式為上汽集團推進所有這些新管道的功能。所以實際上,有兩種回應。首先,在人才獲取方面,上汽相對於市場而言,在人才獲取、填補空缺職位的天數和填補空缺職位的能力方面處於領先地位。
In fact, it was underpinning some of our average performance in Q4 was a positive labor market and our ability to execute very well on talent acquisition and quite frankly, the lowest attrition we've had in the company over the last couple of years. So in that regard, our ability to go get talent from the market and retain top talent, I think, has been proven, and we obviously have to sustain that.
事實上,支撐我們第四季度平均業績的一些因素是積極的勞動力市場以及我們在人才招聘方面的出色執行能力,坦白說,這是我們公司過去幾年中最低的人員流失率。因此,在這方面,我認為,我們從市場上獲取人才並留住頂尖人才的能力已經得到證明,我們顯然必須維持這一點。
Secondarily, you heard my investment relative to upskilling. And that is the conversation that we have got to in each one of our business groups is engaging in upskilling initiatives even across our various functions in the company to ensure that we can't just acquire all of the talent we need. We have to incubate that talent. And so we are upskilling in critical areas. Those upskilling areas generally align with where our differentiation is in our portfolio. So upskilling in a cloud area, upskilling and data analytics, upskilling and AI. Those are all the support the actual enterprise differentiation that we are investing in and expect a significant return in from our portfolio. Hopefully, that answers your question on human capital.
其次,你聽說了我在技能提升方面的投資。這就是我們每個業務部門必須進行的對話,即參與公司各個職能部門的技能提升計劃,以確保我們不能僅僅獲得所需的所有人才。我們必須孵化這種人才。因此,我們正在提高關鍵領域的技能。這些技能提升領域通常與我們的產品組合中的差異化位置一致。因此,雲端領域的技能提升、數據分析、技能提升和人工智慧。這些都是我們投資的實際企業差異化的支持,並期望從我們的投資組合中獲得可觀的回報。希望這能回答您關於人力資本的問題。
Operator
Operator
Your next question comes from the line of Greg Konrad with Jefferies.
您的下一個問題來自格雷格·康拉德 (Greg Konrad) 與傑弗里斯 (Jefferies) 的對話。
Gregory Arnold Konrad - Equity Analyst
Gregory Arnold Konrad - Equity Analyst
Maybe just to kind of follow up on the last question. But you mentioned a 12- to 18-month cycle, but also that an increase of at least 25% in submitted bids in fiscal year '25. Just thinking about the strategy that you laid out, I mean how much of that is maybe market growth versus early returns on going after green space and expanding the aperture of what you bid on? And then with that, how do you kind of think about that number trending forward as you execute on the strategy?
也許只是為了跟進最後一個問題。但您提到了 12 至 18 個月的週期,而且還提到 25 財年提交的投標至少增加了 25%。想想你所製定的策略,我的意思是,其中有多少可能是市場成長與追求綠色空間和擴大競價範圍的早期回報?那麼,當你執行策略時,你如何看待這個數字的未來趨勢?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Yes. Greg, I'll take the first part of it here. So in terms of just the aperture, we see these as less about green space development. I think this is core to the pipeline we've built over the last few years. I think they are maturing to a place where I think we're actually in a place to more readily bid these things with the right solutions inside of the factories. So I would say less in the way of new adjacencies more in the way of where kind of the core capability investments are being made inside the company.
是的。格雷格,我將在這裡討論第一部分。因此,僅就光圈而言,我們認為這些與綠色空間開發無關。我認為這是我們過去幾年建立的管道的核心。我認為他們正在成熟到一個地步,我認為我們實際上已經能夠透過工廠內部正確的解決方案更容易投標這些東西。因此,我會少說新的鄰接關係,多說公司內部正在投資哪些核心能力。
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
And we've already been able to confirm we have a significant addressable market. So before we need to look to any sort of adjacency, we've got the ability to bid. We're going to lay out sort of those growth vectors in our Investor Day to show what's driving the strategic bid thesis. But that's the way we are looking to drive this additional bid volume is not only as probably will speak to, this is about vitamins and not calories. It's not just bidding for bid's sake. High bid, high strategic bids and, quite frankly, processes that can monitor that we are bidding on strategy in a routine manner.
我們已經能夠確認我們擁有一個重要的潛在市場。因此,在我們需要尋找任何類型的鄰接之前,我們已經具備了出價的能力。我們將在投資者日展示這些成長向量,以展示推動策略收購主題的因素。但這就是我們尋求推動額外出價量的方式,這不僅與可能談到的有關,而且與維生素而不是卡路里有關。這不僅僅是為了投標而投標。高出價、高策略出價,坦白說,流程可以監控我們以常規方式對策略進行出價。
Gregory Arnold Konrad - Equity Analyst
Gregory Arnold Konrad - Equity Analyst
And then maybe just one quick follow-up. Thinking about those differentiators, I appreciate that. When you think about those vectors, how much of this is based on or how aligned is where you think you can compete better versus maybe where the market has the most growth? I mean, are those two areas aligned when I think about things like AI or is it more about where you think you compete? Or is that about where you think the markets may be going the most?
然後也許只是一個快速的後續行動。考慮到這些差異化因素,我很欣賞這一點。當您考慮這些向量時,其中有多少是基於您認為自己可以更好地競爭的地方與市場成長最快的地方之間的一致性?我的意思是,當我思考人工智慧之類的事情時,這兩個領域是否一致,或者更多的是你認為自己在哪裡競爭?或者這就是您認為市場走勢最可能的方向?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Greg, that's a phenomenal question. I appreciate it because it allows me to speak to how the strategy is built and how growth vectors are identified or a combination of where we have footprint and capability, what we are both in terms of contracts that we may currently have but also solution capability that's meeting the need for and the express demand of that customer set as well as where there are parts of the market that are growing. The underpinning. And so they come together, and it is a multifactor equation -- there are parts of the market that are growing.
格雷格,這是一個了不起的問題。我很欣賞它,因為它讓我能夠談論如何制定策略以及如何確定成長向量,或者我們的足跡和能力的組合,我們目前可能擁有的合約以及解決方案能力滿足該客戶群以及部分正在增長的市場的需求和明確需求。基礎。所以它們聚集在一起,這是一個多因素方程式——市場的某些部分正在成長。
The underpinning. And so they come together, and it is a multifactor equation for us to identify growth vectors. So when you think about secure multi-cloud, one of our key differentiators the fact that we have Cloud One of the largest cloud contracts in the Department of Defense, one of the largest cloud contracts in the civilian market at treasury the fact that we're there and we have cloud capability, and we have a unique offering in cloud and the brokerage and security of our cloud, that is not only an area of differentiation for us.
基礎。所以它們聚集在一起,這是我們識別成長向量的多因素方程式。因此,當您考慮安全多雲時,我們的關鍵區別之一是我們擁有國防部最大的雲端合約之一,財政部民用市場最大的雲端合約之一,事實上我們'在那裡,我們擁有雲端能力,我們在雲端方面擁有獨特的產品以及雲端的經紀和安全性,這不僅僅是我們的差異化領域。
It's also one of the fastest growing markets across both defense and civilian in the federal government. And so it is both that are part of the equation of how we identify a growth vector. And that's why we get pretty excited and engaged about our opportunity to take share in those areas.
它也是聯邦政府國防和民用領域成長最快的市場之一。因此,兩者都是我們如何識別成長向量的等式的一部分。這就是為什麼我們對在這些領域分享的機會感到非常興奮和投入。
Operator
Operator
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。
Bert William Subin - Associate
Bert William Subin - Associate
Maybe just sort of focusing on the internal investment strategy. If we think about the life cycle of winning new meaningful government contracts, that can be a multiyear process from the initial solicitation to a point where it's actually contributing to revenue. So as I think about ramping internal investment, the payback period is probably a couple of years out.
也許只是專注於內部投資策略。如果我們考慮贏得新的有意義的政府合約的生命週期,從最初的招標到實際貢獻收入可能是一個多年的過程。因此,當我考慮增加內部投資時,投資回收期可能需要幾年時間。
With that in mind, as we contemplate Prabu, what seems to be a little bit of a lower buyback assumption and a lower projected leverage ratio, is that a function of SAIC positioning to be more acquisitive to perhaps accelerate some of that internal growth return?
考慮到這一點,當我們考慮普拉佈時,回購假設和預計槓桿率似乎有點較低,這是否是上汽定位的一個功能,旨在更加積極地收購,以加速部分內部成長回報?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Yes. Great question, Bert. Look, I think -- in terms of the share repurchases, we're guiding between $600 and $650 million over the next couple of years. And I think relative to kind of the multiyear view that we provided maybe a year ago, the stock price has moved up considerably. And therefore, the math ultimately just reflects that we are buying fewer shares than we had contemplated but not materially.
是的。好問題,伯特。我認為,就股票回購而言,我們預計未來幾年的回購金額將在 6 億至 6.5 億美元之間。我認為,相對於我們一年前提供的多年觀點,股價已經大幅上漲。因此,數學最終只是反映出我們購買的股票比我們預期的要少,但並不是實質的。
So to me, I think that's the really big picture on share repurchases. No real change to the strategy, but -- and this is a really good problem to have, but the fact that the stock price has reacted as well as it has, I think just means we're buying fewer shares. In terms of the dry powder, I think we've always thought about this as what's the target leverage to run this business at? And we've always signaled it's about 3x, and we said there will be points in time where we're just below and points at -- points of time where we're just above 3x.
所以對我來說,我認為這才是股票回購的真正大局。策略沒有真正的改變,但是——這是一個非常好的問題,但事實上股價已經做出了反應,我認為這只是意味著我們購買的股票更少了。就乾粉而言,我認為我們一直在思考經營這項業務的目標槓桿是多少?我們一直表示它大約是 3 倍,我們說過,在某些時間點我們會略低於 3 倍,而在某些時間點我們會略高於 3 倍。
And I think what we are right now assuming is that just given the potential for EBITDA improvement in the business, and just the cash generation capacity of the business, there is a natural deleveraging mechanism happening inside of the portfolio. And that's why the charts reflect levers coming down to, let's call it, mid 2s. Now that simply means that there is extra capacity for us to either use the proceeds to buy more shares if we see major dislocations in the valuation of our company or continue to focus on where the tech-enabled differentiators are in the M&A market to ensure that we are appropriately bringing capability.
我認為我們現在假設的是,只要考慮到業務 EBITDA 改善的潛力,以及業務的現金產生能力,投資組合內部就會出現一種自然的去槓桿機制。這就是為什麼圖表反映槓桿降至(我們稱之為 2 中間)。現在,這僅僅意味著,如果我們看到公司估值出現重大錯位,我們有額外的能力使用所得收益購買更多股票,或者繼續關注併購市場中技術驅動的差異化因素,以確保我們正在適當地帶來能力。
One of the things that we're laser-focused on inside of the innovation factory is the make-buy decision. That we don't believe for a second that we have to make the investments to create the innovation inside the company, if that effectively is available at a lower cost and a different color of money externally. So to me, the real focus is acutely staying calibrated on make-buy decisions so that we can decide where the best ROI is. But I think fundamentally, no real big change in the M&A strategy. Toni?
我們在創新工廠內部重點關注的事情之一就是自製和外購決策。我們不認為我們必須進行投資來在公司內部創造創新,如果可以以較低的成本和不同顏色的外部資金有效地實現這一點。因此,對我來說,真正的重點是在自製決策上保持敏銳的校準,以便我們可以決定最佳投資回報率在哪裡。但我認為從根本上來說,併購策略並沒有真正的大改變。托尼?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Correct. No, I think you nailed it there, Prabu.
正確的。不,我想你已經成功了,普拉布。
Bert William Subin - Associate
Bert William Subin - Associate
Yes, that was great. Just a follow-up on Toni, last quarter, asked about the NCAP contract, and you gave some really good color there. I think that's expected to be finalized here in the coming months. I'm just curious, as we think about your guide that now goes through FY '26, how are you factoring in NCAPS and Vanguard? And those just sort of probability weighted at your percentage view of a win. And so if you do weight NCAPS and Vanguard turning to evolve, is a better outcome than you anticipate, those just drive upside to the way you're looking at here guide?
是的,那太好了。上個季度,托尼 (Toni) 的後續行動詢問了 NCAP 合同,您在那裡給出了一些非常好的信息。我認為這預計將在未來幾個月內最終確定。我只是很好奇,當我們考慮您現在正在經歷 26 財年的指南時,您是如何考慮 NCAPS 和 Vanguard 的?這些只是根據你對勝利的百分比進行加權的機率。因此,如果你確實重視 NCAPS 和 Vanguard 的發展,結果會比你預期的更好嗎?這些只是推動你在這裡看到的指導方式的上升?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Yes. Bert, I'll take that one first, and I'll add -- so a really big picture, NCAPS, we're waiting. As folks know, we did file a pre-award protest on NCAPS and waiting for feedback on that process. Clearly, our guide for this year at the midpoint of 2.5% assumes some disruption from NCAPS, but not a significant amount of disruption. NCAPS is likely to be more of an FY '26 disruptor than not. And candidly, the way we provided the 2% to 4% guide for FY '26 right now stays calibrated on a potential negative outcome on NCAP.
是的。 Bert,我會先考慮這個,然後我會補充一點——所以這是一個非常大的圖景,NCAPS,我們正在等待。如大家所知,我們確實對 NCAPS 提出了授標前抗議,並等待對過程的回饋。顯然,我們今年的指南中位數 2.5% 假設 NCAPS 會造成一定程度的干擾,但乾擾程度不會很大。 NCAPS 很可能會成為 26 財年的顛覆者。坦白說,我們目前為 26 財年提供 2% 至 4% 指導的方式仍然根據 NCAP 的潛在負面結果進行校準。
So we think of that as by and large, derisked as we head into FY '26. But the other thing I would point, Bert, is that we are just beginning ramp on T-Cloud. That program considered very little revenue last year. And this is probably the first year of significant revenue uptick on T-Cloud picking up to about 1% of total growth rates inside the company. Obviously, GMS, which began in the Q3 time frame of last year, will continue to ramp through the first 2, maybe 3 quarters of this fiscal year, we've got some ramp left on AOC as well as DCSA One IT and of course, the most recent DTAM win that we announced a couple of days ago that will certainly start to ramp over the course of the year.
因此,我們認為,隨著我們進入 26 財年,總體而言,這種情況不會有風險。但 Bert,我要指出的另一件事是,我們才剛開始在 T-Cloud 上進行升級。該計劃去年考慮的收入很少。這可能是 T-Cloud 收入大幅成長的第一年,占公司內部總成長率的 1% 左右。顯然,去年第三季度開始的 GMS 將在本財年的前 2 個,也許是 3 個季度繼續增長,我們在 AOC 以及 DCSA One IT 上還有一些增長,我們幾天前宣布的最新DTAM 勝利肯定會在今年開始加速。
So to me, as I think about the tos and fros here, we are comfortable that the 2.5% that we're guiding to for this year reflects all of the headwinds and the tailwinds and that the 2% to 4% appropriately reflects potential outcomes and range of outcomes I might add on Vanguard evolve and as well as potential negative outcomes on NCAPS. So that -- hopefully, that adds a little more color here.
因此,對我來說,當我想到這裡的來回時,我們感到放心的是,我們今年指導的 2.5% 反映了所有的逆風和順風,而 2% 到 4% 適當地反映了潛在的結果我可能會在Vanguard 演變中添加一系列結果,以及NCAPS 上的潛在負面結果。所以——希望這能為這裡增添一點色彩。
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
And I think that's great. And Bert, I think the only thing I would add to that is understanding that as we are ramping on new, we are acknowledging and derisking any challenges or headwinds relative to recompete losses. We also have in the strategy that we are trying to implement here and we start talking about differentiating our portfolio, the benefit of -- for new bids, you're absolutely right on a 24-month expectation, absolutely correct in terms of the way the government procurement cycle works.
我認為這很棒。伯特,我想我唯一要補充的是,隨著我們不斷推陳出新,我們承認並消除與重新競爭損失相關的任何挑戰或逆風。我們也在試圖在這裡實施的策略中,我們開始談論差異化我們的投資組合,其好處是——對於新的出價,你對 24 個月的預期絕對正確,就方式而言絕對正確政府採購週期有效。
But on existing work, we have the opportunity for on-contract growth and to shore up recompetes. And so when you think about implementing the strategy and what underpins our growth expectation, it is the belief that on contract growth we can improve upon with value creation with our customers and that our recompetes, our existing programs that will come up for recompete that we can get back to our traditional win rates by adding more value in the existing contract delivery. So new business absolutely 24-month turn, but we have the opportunity, we do have levers with our current program.
但在現有工作中,我們有機會實現合約成長並支持重新競爭。因此,當您考慮實施該策略以及支撐我們成長預期的因素時,我們相信,在合約成長方面,我們可以透過與客戶創造價值來改進,並且我們的重新競爭,我們現有的計劃將重新競爭,我們透過在現有合約交付中增加更多價值,可以恢復到我們傳統的獲勝率。因此,新業務絕對需要 24 個月才能完成,但我們有機會,我們確實有能力利用當前的計劃。
Operator
Operator
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。
Cai von Rumohr - MD & Senior Research Analyst
Cai von Rumohr - MD & Senior Research Analyst
Yes. So you -- could you give us where your bids awaiting decision are because they gone down sequentially the last 2 quarters? And then maybe some color on kind of what sort of book-to-bill or sort of the bookings environment you see in the next couple of quarters? And lastly, maybe an update on where we are with NCAP and Vanguard in terms of when you expect decisions to come down?
是的。那麼,您能否告訴我們您等待決定的出價是多少,因為它們在過去兩個季度連續下降?然後,也許您會在接下來的幾個季度中看到什麼樣的訂單到帳單或預訂環境?最後,也許可以介紹我們與 NCAP 和 Vanguard 的最新進展,您預計何時會做出決定?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Right. a, that's a multipart, let me make sure I get them all. And if I don't, please remind me and I'll certainly go back. On the submission rates, I think, as Toni mentioned, we are submitting less in the last couple of years have been lower. And I think the expectation is that submit rates will be higher over the course of FY '25, and that should reflect in a higher level of bids waiting final adjudication, if you will. So we do expect that trend to flip this year. Really big picture on book-to-bill.
正確的。 a,這是一個多部分,讓我確保我得到了全部。如果我不這樣做,請提醒我,我一定會回去。關於提交率,我認為,正如托尼提到的,我們在過去幾年提交的內容越來越少。我認為預計提交率在 25 財年期間將會更高,如果您願意的話,這應該反映在等待最終裁決的更高水平的出價上。因此,我們確實預計這種趨勢今年會逆轉。訂單到帳單的真正大圖景。
As you probably observed, our book-to-bill was under 1.0 last year. Trailing 12 months is under 1.0. We would expect book-to-bill for a business that's aspiring to grow in that 2% to 4% range to be above 1.0. So think of the objective for FY '25 is sort of in that 1.0 versus 1.1 range. So that to me is the expectation for book-to-bill for FY '25. And then finally, on NCAPS, we're going to see how this process plays out over the course of the next several quarters.
正如您可能觀察到的,我們去年的訂單出貨比低於 1.0。過去 12 個月低於 1.0。我們預計,對於希望在 2% 至 4% 範圍內成長的企業,訂單出貨比將高於 1.0。因此,25 財年的目標是在 1.0 與 1.1 的範圍內。這對我來說就是 25 財年訂單到帳單的預期。最後,在 NCAPS 上,我們將看到這個過程在接下來的幾個季度中如何發揮作用。
But I suspect it probably will not have a significant revenue impact in FY '25 and evolve the customers in the middle of an active procurement cycle and just given how complicated that procurement process is, we would expect minimal disruption to our FY '25 revenues and as I responded to the previous question, I think we've calibrated our position relative to Vanguard as an incumbent on the program astutely as we can as we're providing guidance here. So hopefully, I captured the 3-parter.
但我懷疑它可能不會對 25 財年的收入產生重大影響,並且會在活躍的採購週期中發展客戶,並且考慮到採購流程的複雜性,我們預計對 25 財年收入的干擾最小,並且正如當我回答上一個問題時,我認為我們已經盡可能精明地調整了我們相對於先鋒集團作為該計劃現任者的立場,因為我們在這裡提供了指導。所以希望我能抓住這個三人組。
Cai von Rumohr - MD & Senior Research Analyst
Cai von Rumohr - MD & Senior Research Analyst
Actually, there were one, what were the bids awaiting decision at year-end? And then what are the milestones? I guess I missed represented the question. What are the milestones? When should we expect, I guess, it's a multipart decision, but when should we expect decisions to be forthcoming on Vanguard?
其實有一個,年底待決的標價是多少?那麼里程碑是什麼?我想我錯過了代表這個問題。里程碑是什麼?我想,我們什麼時候應該期待這是一個多方面的決定,但是我們什麼時候應該期待先鋒集團做出決定呢?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Yes. And on the first part, Cai, I mean we typically don't call out individual programs that are awaiting adjudication suffice...
是的。關於第一部分,蔡,我的意思是我們通常不會指出正在等待裁決的個別項目就足夠了...
Cai von Rumohr - MD & Senior Research Analyst
Cai von Rumohr - MD & Senior Research Analyst
Just the total dollar...
只是總美元...
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
And we can certainly try and find the number, Cai, but it's probably right in line with where the historical numbers have been in terms of just waiting adjudication that at any point in time, we have a pretty healthy amount of awards that are pending adjudication. So we'll get you a more precise number, if necessary and in terms of the timing question, I would say we would expect to hear on some of these in the Q1, Q2, Q3 time frame. Q4 is not where we're expecting most of it. Obviously, some of this will depend on the government funding environment, but I would say, biased to the Q2, Q3 time frame for this year.
我們當然可以嘗試找到這個數字,蔡,但這可能與等待裁決的歷史數字相符,在任何時候,我們都有相當數量的獎項等待裁決。因此,如果有必要,我們將為您提供更準確的數字,並且就時間問題而言,我想說我們希望在第一季、第二季、第三季的時間範圍內聽到其中的一些內容。第四季並不是我們最期待的。顯然,這在某種程度上取決於政府的融資環境,但我想說,偏向今年第二季、第三季的時間框架。
Operator
Operator
Your next question comes from the line of Tobey Sommer with Truist Securities.
您的下一個問題來自 Truist Securities 的 Tobey Sommer。
Tobey O'Brien Sommer - MD
Tobey O'Brien Sommer - MD
What's the most important financial outcome that you expect to derive from the new organizational structure with more business units?
您期望從擁有更多業務部門的新組織結構中獲得的最重要的財務成果是什麼?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Tobey, let me take the first part of that and then Toni, please chime in. So really big picture, Tobey, I think part of what animated the reorg was the desire to eliminate a layer to simplify the org structure so that we could have a direct perspective on what's going on inside of the business groups.
托比,讓我先講第一部分,然後托尼,請插話。所以,托比,我認為,推動重組的部分原因是希望消除一個層以簡化組織結構,以便我們能夠直接了解業務集團內部正在發生的事情。
And so to me, that was probably the most important reason part of what was animating that was to get closer to the customer, closer to where the rubber hits the road, if you will. And that was really the reason we announced the reorganization in Q4 of last year. In terms of the single most important financial metric, I would say, look, our incentive comp metrics are always reflecting what we want to deliver over long periods of time.
所以對我來說,這可能是動畫最重要的原因部分是為了更接近客戶,更接近橡膠接觸路面的地方,如果你願意的話。這確實是我們在去年第四季宣布重組的原因。就最重要的財務指標而言,我想說,我們的激勵補償指標始終反映了我們想要長期交付的成果。
And that is EBITDA dollar growth, free cash flow and total shareholder return. As I think about really important long term, what is the objective of driving additional organic growth? It is to drive higher EBITDA growth from the business and then converting cash out of that EBITDA and delivering TSR. To me, I think I've not given a single financial metric, but I think those are really what we're hoping to get.
這就是 EBITDA 美元成長、自由現金流和股東總回報。當我考慮真正重要的長期目標時,推動額外有機成長的目標是什麼?它是為了推動業務更高的 EBITDA 成長,然後從 EBITDA 轉換現金並提供 TSR。對我來說,我認為我沒有給出任何財務指標,但我認為這些確實是我們希望得到的。
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
This is Toni. Let me just -- Tobey, just give you an operational view for a moment. So long term, I'm completely consistent with what Prabu just shared. The one perspective, and there were two moves on the organization that are to be collective and there -- supposed to compound quite frankly, to the right outcome. The centralizing of the BD function and the flattening of the organization. both of those moves are towards ensuring that we derisk ourselves on organic growth by addressing our recompete rate.
這是托尼。讓我——托比,暫時向您介紹一下操作觀點。從長遠來看,我完全同意普拉布剛剛分享的內容。從一個角度來看,該組織有兩項集體行動——坦白說,應該複合到正確的結果。 BD職能的集中化與組織的扁平化。這兩項措施都是為了確保我們透過解決重新競爭率問題來避免有機成長的風險。
A recompete win rate that is not at our traditional 90% becomes a drag on the business as we have spoken to before. And so the way to derisk that was to address the recompete issue in two organizational ways: one, to make sure that we have standardized process with a single point of accountability in the BD and capture function; and second, to flatten the organization so that we were closer to the customer and driving so each one of those business groups is direct, those leaders are directly reporting to me and are part of this executive team to drive the value creation that has to happen during program delivery and ensure the systematic deployment of our differentiators across that portfolio and to bring that accountability to bright light in a flatter organization with direct reporting responsibility.
正如我們之前談到的,重新競爭勝率低於我們傳統的 90% 會成為業務的拖累。因此,消除這種風險的方法是透過兩種組織方式解決重新競爭問題:一是確保我們擁有標準化流程,並在 BD 和捕獲職能中具有單點問責制;二是確保我們的流程標準化。其次,為了扁平化組織,使我們更貼近客戶並推動每個業務部門都是直接的,這些領導者直接向我匯報,並且是這個執行團隊的一部分,以推動必鬚髮生的價值創造在計劃交付期間,確保在整個投資組合中系統地部署我們的差異化因素,並在具有直接報告責任的扁平化組織中將問責制置於明亮的位置。
The two ways to address a recompete issue are standardized bid capture capabilities and value creation on the ground and program delivery. And those are the two that are reflected in the organizational changes that I've made.
解決重新競爭問題的兩種方法是標準化投標捕獲能力以及現場價值創造和專案交付。我所做的組織變革反映了這兩點。
Tobey O'Brien Sommer - MD
Tobey O'Brien Sommer - MD
As you migrate the margins towards the industry average, it seems to me that there's kind of a tension where you're bidding on work that's higher value in order to drive the margin higher and also trying to inject more value into lower margin work to see if you can keep the same margin or even encourage that hire.
當你將利潤率向行業平均水平遷移時,在我看來,存在著一種緊張關係,即你對價值較高的工作進行競價,以提高利潤率,並試圖為利潤率較低的工作注入更多價值,以實現更高的利潤率。如果你能保持相同的利潤甚至鼓勵僱用。
Are you having more success or less success on that higher value stuff sort of the newer work to the company where we're trying to push the frontier out or on the lower margin work that you're trying to defend or sort of inject with more value and distinction to drive the margin higher?
您在公司的高價值工作(例如我們試圖拓展前沿的新工作)上取得了更大的成功還是取得了更少的成功,或者在您試圖捍衛或註入更多資金的低利潤工作上取得了更大的成功還是更少的成功價值和顏色可以提高利潤率嗎?
Prabu Natarajan - Executive VP & CFO
Prabu Natarajan - Executive VP & CFO
Great question. And maybe I'll take first run at it and then Toni. So look, I think -- I don't think we have the luxury of focusing just on margin improvement out of the new business. And nor can we be sanguine about holding margins when we go through repeated recompete cycles. I think it's a little bit of both. I think part of what we've done on the new business front is focus on the differentiators that allow us to generate the accretive top line growth that is necessary to keep the business moving forward in areas that are relevant to the future of SAIC.
很好的問題。也許我會先嘗試,然後是托尼。所以,我認為,我們沒有能力只專注於新業務的利潤率提高。當我們經歷重複的重新競爭週期時,我們也不能樂觀地保持利潤。我認為兩者都有一點。我認為我們在新業務方面所做的部分工作是專注於差異化優勢,使我們能夠實現收入的成長,這是保持業務在與上汽未來相關的領域向前發展所必需的。
So to me, that's the way we're approaching it. I think, as we think about the recompete work, I think the focus there is how do we bring innovation while we're on a period of performance right now in a program? How do we deliver as a service while we are on a cost plus program? How do we effectively deliver solutions within the confines of a fixed price program by actively getting out labor cost and replacing with solution costs?
所以對我來說,這就是我們接近它的方式。我認為,當我們考慮重新競爭工作時,我認為重點是當我們現在處於專案的表演階段時,我們如何帶來創新?當我們參與成本加成計劃時,我們如何提供服務?我們如何在固定價格計劃的範圍內透過積極消除勞動力成本並用解決方案成本替代來有效地提供解決方案?
So to me, there's probably a couple of different ways we're going at it. The other thing we are absolutely focused on doing is looking at our thresholds for recompete win rates. To make sure that we are identifying the right things we want to bid, making sure that we are adding value over the course of the period of performance. So we're actually delivering higher operating margin rates in a recompete, but think of this as more solutions focused on what we have to deliver. But it's hard to pick one or the other. I think companies have to do both. And I think we've got a different approach for both, but we are focused on doing both.
所以對我來說,我們可能有幾種不同的方法。我們絕對專注於做的另一件事是研究重新競爭獲勝率的閾值。為了確保我們確定我們想要投標的正確內容,確保我們在履行期間增加價值。因此,我們實際上在重新競爭中提供了更高的營業利潤率,但請將此視為更多專注於我們所提供的解決方案。但很難選擇其中之一。我認為公司必須兩者兼而有之。我認為我們對兩者都有不同的方法,但我們專注於兩者。
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
And look, I fully agree on the recompete side, as Prabu spoke to very specific measures to ensure that margin is increasing on that -- the business that we retain. If you will then tie in the investment we're making on reskilling where labor is an element for a recompete, that labor has to bring increased value over time.
看,我完全同意重新競爭方面,因為普拉布談到了非常具體的措施,以確保我們保留的業務的利潤率增加。如果您將我們在再培訓方面的投資結合起來,其中勞動力是重新競爭的一個要素,那麼隨著時間的推移,勞動力必須帶來更多的價值。
Another element of why we are making some of the investments on the upskilling side. But I would suggest to you that our win rates might indicate that our new business, given where we are, it's above industry standard that we are getting into the clip of being able to bid differentiated portfolio and win with new business. We're going to spend a significant amount of time and the investments that we've made, ensuring that in our existing program business that we're bringing more value on the ground in those existing contracts and bringing up the recompete side of that win rate.
我們在技能提升方面進行一些投資的另一個原因是。但我想向您建議,我們的獲勝率可能表明,考慮到我們所處的位置,我們的新業務高於行業標準,我們正在進入能夠競標差異化投資組合併透過新業務獲勝的階段。我們將花費大量的時間和投資,確保在我們現有的專案業務中,我們能夠為現有合約帶來更多價值,並帶來勝利的重新競爭速度。
Operator
Operator
And your final question comes from the line of David Strauss with Barclays.
你的最後一個問題來自大衛‧史特勞斯與巴克萊銀行的關係。
Joshua Tyler Korn - Research Analyst
Joshua Tyler Korn - Research Analyst
This is Josh Korn on for David. So I think you mentioned for sort of new verticals during the prepared remarks, you see border, which I don't think has really been emphasized before, so I just wanted to ask like how you plan to differentiate in those markets going forward?
這是大衛的喬許·科恩。因此,我認為您在準備好的發言中提到了某種新的垂直領域,您看到了邊界,我認為以前並沒有真正強調過這一點,所以我只是想問一下,您計劃如何在未來的這些市場中實現差異化?
Toni Townes-Whitley - CEO & Director
Toni Townes-Whitley - CEO & Director
Yes. Let me speak to them. We call them national imperatives. I believe there were five that were identified. You don't think of them as an organizational construct, they are not. In fact, what they represent are the long-term efforts of our customer, our programmatic engagement with our customers, the imperatives for the country that the customers are working.
是的。讓我跟他們談談。我們稱之為國家當務之急。我相信已經確定了五個。你不認為它們是一種組織結構,它們不是。事實上,它們代表的是我們客戶的長期努力,我們與客戶的計劃性接觸,以及客戶所在國家的迫切需求。
What we are trying to do in our strategy is to ensure that when we build differentiation across our portfolio, and we do good bid selection in terms of how we want to grow our business that we're driving towards outcomes in each of those imperatives. So for example, undersea dominance is one that speaks to our naval fleet and the undersea capabilities of the U.S., we have contracts in that space. We are doing work in that space. We are differentiated. We want to continue to differentiate in that space and grow that type of work going forward. So they're more directional for mid- and long-range investments and how we engage and how we position with those customers that are driving towards those outcomes.
我們在策略中試圖做的是,確保當我們在我們的投資組合中建立差異化,並且我們根據我們希望如何發展我們的業務進行良好的投標選擇時,我們正在推動每項必要事項取得成果。例如,水下主導地位關係到我們的海軍艦隊和美國的水下能力,我們在該領域有合約。我們正在那個領域開展工作。我們是差異化的。我們希望繼續在該領域脫穎而出,並繼續發展這類工作。因此,它們對於中長期投資以及我們如何參與以及如何定位那些正在推動這些成果的客戶更具方向性。
Operator
Operator
This will conclude the question-and-answer session and today's conference call. We thank you for joining. You may now disconnect your lines.
問答環節和今天的電話會議到此結束。我們感謝您的加入。現在您可以斷開線路。