Science Applications International Corp (SAIC) 2025 Q3 法說會逐字稿

Good day, and welcome to SAIC's Third Quarter Fiscal Year 2025 Earnings Call.

大家好，歡迎參加上汽集團2025財年第三季財報電話會議。

(Operator Instructions) As a reminder, this call may be recorded.

（操作員指示）提醒一下，此通話可能會被錄音。

I would now like to turn the call over to Joseph DeNardi, Senior Vice President, Investor Relations, Treasurer.

現在，我想將電話轉給投資者關係高級副總裁兼財務主管 Joseph DeNardi。

Please go ahead.

請繼續。

Good morning, and thank you for joining SAIC's Third Quarter Fiscal Year 2025 Earnings Call.

早安，感謝您參加上汽集團2025財年第三季財報電話會議。

My name is Joe DeNardi, Senior Vice President of Investor Relations and Treasurer.

我叫喬‧德納爾迪 (Joe DeNardi)，投資人關係資深副總裁兼財務長。

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.

今天與我一起討論我們的業務和財務表現的還有我們的執行長 Toni Townes-Whitley；以及我們的財務長 Prabu Natarajan。

Today, we will discuss our results for the third quarter of fiscal year 2025 that ended November 1, 2024.

今天，我們將討論截至 2024 年 11 月 1 日的 2025 財年第三季的業績。

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.

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。

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.

請您參閱我們提交給美國證券交易委員會 (SEC) 的文件以了解有關這些風險的討論，包括我們 10-K 表年度報告中的「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.

此外，這些聲明代表我們今天的觀點，後續事件可能會導致我們的觀點改變。

We may elect to update the forward-looking statements at some point in the future, but we specifically disclaim any obligation to do so.

我們可能會選擇在未來某個時間點更新前瞻性陳述，但我們明確表示不承擔這樣做的義務。

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.

此外，我們將討論非公認會計準則財務指標和其他指標，我們認為這些指標可以為投資者提供有用的信息，我們的新聞稿和補充財務報告幻燈片都包含與最具可比性的公認會計準則指標的對帳。

The non-GAAP measures should be considered in addition to and not a substitute for financial measures in accordance with GAAP.

非公認會計準則 (non-GAAP) 指標應被視為對公認會計準則 (GAAP) 財務指標的補充，而不是替代。

It is now my pleasure to introduce our CEO, Toni Townes-Whitley.

現在我很高興介紹我們的執行長托尼湯斯惠特利 (Toni Townes-Whitley)。

Thank you, Joe, and good morning to everyone on our call.

謝謝你，喬，祝電話會議中的各位嘉賓早安。

My remarks will focus on three areas: first, a review of our operating performance in the third quarter; second, an update on the execution of our enterprise growth strategy; and third, our perspective on the potential risks and opportunities from the incoming administration's focus on driving greater efficiency across the federal government.

我的發言主要講三個面向：第一，回顧我們第三季的經營績效；第二，我們企業成長策略執行情況的最新進展；第三，我們對新政府致力於提高聯邦政府效率所帶來的潛在風險和機會的看法。

Our third quarter results reflect solid performance across the business and continued progress against our long-term strategy.

我們的第三季業績反映了整個業務的穩健表現以及我們長期策略的持續進展。

We reported third quarter organic revenue growth of 4.3% as increases from new business and on-contract growth offset an approximately 5-point headwind from contract transitions.

我們報告第三季有機收入成長 4.3%，因為新業務和合約成長抵消了合約過渡帶來的約 5 個百分點的阻力。

Adjusted EBITDA of $197 million and margin of 10% reflects solid program performance across our portfolio.

調整後的 EBITDA 為 1.97 億美元，利潤率為 10%，反映了我們整個投資組合中專案的穩健表現。

Adjusted diluted earnings per share of $2.61 benefited from strong profitability and an approximately 16% effective tax rate in the quarter.

調整後每股攤薄收益為 2.61 美元，受益於強勁的獲利能力和本季約 16% 的有效稅率。

Free cash flow of $9 million was somewhat softer than what we typically produce in third quarter, due in part to an additional payroll cycle and very strong collections in our second quarter.

900 萬美元的自由現金流比我們第三季的正常水準略低，部分原因是第二季的額外薪資週期和非常強勁的收款業績。

Overall, I'm pleased with the financial performance we delivered in the quarter, which allowed us to derisk the revenue challenge we highlighted last quarter, and we now expect full year revenue growth of 3%, which is slightly ahead of the midpoint of our prior guidance.

總體而言，我對本季度的財務表現感到滿意，這使我們能夠規避上個季度強調的收入挑戰，目前我們預計全年收入增長 3%，略高於我們預期的中點。

Prabu will discuss our updated guidance in greater detail in his prepared remarks.

普拉布將在其準備好的演講中更詳細地討論我們更新後的指導方針。

On our enterprise growth strategy to bid more, bid better and win more, we're seeing improved progress on the first phase.

在我們的企業成長策略「競標更多、競標更好、贏得更多」方面，我們看到第一階段的進展有所改善。

With $22 billion in submitted bids through the third quarter, we now expect to submit more than $25 billion for the full year compared to our prior target of $22 billion.

截至第三季度，我們已收到價值 220 億美元的投標，目前我們預計全年投標金額將超過 250 億美元，而先前的目標是 220 億美元。

We expect this momentum to continue in fiscal year '26 and '27 and are increasing our targets for submits in both years.

我們預計這一勢頭將在26和27財年繼續保持，並且我們將在這兩年提高提交的目標。

We now, in fact, see a pipeline to over $30 billion of submits in fiscal year '27.

事實上，我們現在看到 27 財年的提交金額將超過 300 億美元。

Our backlog of submitted bids increased to nearly $19 billion on a trailing 12-month basis in the third quarter and increased from $17 billion in the second quarter.

以過去 12 個月計算，我們第三季的已提交投標積壓金額從第二季的 170 億美元增加至近 190 億美元。

While our bookings in the quarter of $1.5 billion resulted in our trailing 12 months book-to-bill moderating to 0.9, we continue to have good visibility into reaching our target of 1.2 by the first half of fiscal year '26.

雖然本季我們的訂單量為 15 億美元，導致過去 12 個月的訂單出貨比降至 0.9，但我們仍有望在 26 財年上半年實現 1.2 的目標。

Importantly, as you can see on slide 9, the quality of our pipeline and planned submits is improving as well and becoming more aligned with our growth vectors, most notably mission IT and enterprise IT.

重要的是，正如您在幻燈片 9 上看到的，我們的管道和計劃提交的品質也在提高，並且與我們的成長方向更加一致，最顯著的是任務 IT 和企業 IT。

Now regarding the recent emergence of plans from the incoming administration and the Department of government efficiency, let me first acknowledge the uncertainty this has created within the investment community.

關於新政府和政府效率部最近出台的計劃，首先我要承認，這在投資界引起了不確定性。

Given recent commentary from the incoming administration, we expect a renewed emphasis on increasing government efficiency, focused on deregulation, privatization of governmental functions, emphasizing fixed and incentive-based contracts over cost plus and certain program eliminations.

鑑於新政府最近的評論，我們預計政府將再次強調提高政府效率，專注於放鬆管制、政府職能私有化，強調固定和激勵性合約而非成本加成和某些計劃取消。

While our current revenue with agencies under particular scrutiny by DOGE is immaterial, we are preparing for a broader push for efficiency across the government, which could result in lower funding in certain of our markets.

雖然我們目前與受到 DOGE 特別審查的機構的收入無關緊要，但我們正在為政府範圍內更廣泛地提高效率做準備，這可能會導致我們某些市場的資金減少。

However, we believe that it's important to differentiate this environment from prior downturns in spending such as those caused by the Budget Control Act and sequestration, which resulted in arbitrary across the board cuts to agency budgets.

然而，我們認為，必須將這種環境與先前的支出下滑區分開來，例如《預算控制法案》和預算封存計畫造成的支出下滑，這些支出下滑導致了機構預算的全面削減。

We expect the incoming administration's focus to be on driving efficiency through the deployment of technology, a very different approach than what drove sequestration.

我們預計，新政府的重點是透過部署技術來提高效率，這是與推動預算封存的方法截然不同的方法。

We believe we're well positioned for the government transition because we have invested in technology differentiation and commercial offerings that are deployed currently and available to our customers at scale via a wide variety of channels and commercial marketplaces.

我們相信，我們為政府過渡做好了準備，因為我們已經對技術差異化和商業產品進行了投資，這些產品目前已部署完畢，並可透過各種管道和商業市場大規模提供給我們的客戶。

As I mentioned previously, our current strategy and pipeline will drive an acceleration in this portfolio shift and we expect mission IT and enterprise IT to represent a greater portion of our revenue in the coming years.

正如我之前提到的，我們目前的策略和管道將推動這項投資組合轉變的加速，我們預計任務 IT 和企業 IT 將在未來幾年佔據我們收入的更大份額。

We believe this is relevant from a financial standpoint given the improved margin profile of Mission and Enterprise IT but also from a strategic perspective.

我們認為，鑑於任務和企業 IT 利潤率的提高，從財務角度來看這具有重要意義，而且從策略角度來看也是如此。

In an environment where doing more with less is a priority, having scale and capabilities and mission and enterprise IT position us well to better weather potential budgetary pressures while enabling efficiency with as-a-service and fixed-price solutions.

在以較少投入做更多事情為優先的環境中，擁有規模和能力以及使命和企業 IT 使我們能夠更好地應對潛在的預算壓力，同時透過即服務和固定價格解決方案提高效率。

As shown on slide 6, we believe our strategy and business model position us well to respond with agility to new priorities from the incoming administration and a potentially softer revenue environment.

如投影片 6 所示，我們相信我們的策略和商業模式使我們能夠靈活地應對新政府的新優先事項以及可能更為疲軟的收入環境。

The enterprise operating model we've implemented over the past year will allow us to adjust and reallocate our investment budget to key focus areas and respond more quickly to changes in the market.

我們在過去一年實施的企業營運模式將使我們能夠調整和重新分配投資預算到重點關注領域，並更快地回應市場的變化。

We intend to manage our cost structure and investments to maximize long-term value while delivering earnings and cash flow durability, which our business model affords.

我們打算管理我們的成本結構和投資，以最大化長期價值，同時實現我們的商業模式所能承受的利潤和現金流持久性。

We absolutely believe that our capabilities, expertise and value proposition position us well to partner with our government customers to drive transformation through the adoption of technology.

我們堅信，我們的能力、專業知識和價值主張使我們能夠與政府客戶合作，透過採用技術推動轉型。

Our strategy and the investments we're making this year are focused on capabilities and solutions that enable our customers to perform their missions better, faster and more efficiently.

我們今年的策略和投資重點是使我們的客戶能夠更好、更快、更有效率地完成他們的任務的能力和解決方案。

For example, SAIC is the prime mission integrator for the Air Force on a program called Cloud-based Command and Control, or CBC2, where we partner with commercial companies and cloud services providers to deliver the best possible technology to our customers.

例如，SAIC 是空軍「基於雲端的指揮與控制」（CBC2）專案的主要任務整合商，我們與商業公司和雲端服務供應商合作，為我們的客戶提供最好的技術。

The CBC2 system distills data from over 750 sensors into a single user interface to drive a more efficient and effective C2 kill chain.

CBC2 系統將來自 750 多個感測器的資料提煉到單一使用者介面，以驅動更有效率、更有效的 C2 殺傷鏈。

This program is viewed as one of the Air Force's most successful C2 modernization programs in decades.

該計畫被視為空軍幾十年來最成功的 C2 現代化計畫之一。

Similarly, SAIC has partnered with the Office of the Secretary of Defense, as the lead integrator on the Joint Fires network program, which is transitioning from a rapid development program as Indopac's long-range killchain command and control capability to a formal program of record based on its proven field success.

同樣，SAIC 與國防部長辦公室合作，擔任聯合火力網絡項目的牽頭集成商，該項目正在從 Indopac 遠程殺傷鏈指揮和控制能力的快速發展項目轉變為正式的記錄項目已經證明其在現場取得了成功。

This program is also an example where SAIC leverages the best available commercial technology and quickly integrates that technology into an effective mission solution.

該專案也是 SAIC 利用最佳可用商業技術並將該技術快速整合到有效的任務解決方案中的一個例子。

Most recently, this capability was integrated in record time to support Valiant Shield and annual multinational multi-domain war game exercise conducted this past June.

最近，該能力以創紀錄的速度整合，以支持今年 6 月進行的 Valiant Shield 和年度多國多領域戰爭演習。

We have many other examples such as this across the enterprise where our value proposition to the customer is clear and the capability we enable is impactful.

在整個企業中，我們還有很多類似的例子，我們對客戶的價值主張是明確的，我們所提供的功能也是有影響力的。

This is particularly so in our civilian business. where, as you can see on slide 7, the majority of our revenue comes from five agencies, which support some of our country's most essential functions, including secure borders, safe air space, support for our veterans, financial operations and diplomacy.

在我們的民用業務中尤其如此。正如您在第 7 張投影片上看到的，我們的大部分收入來自五個機構，它們支持我們國家的一些最基本職能，包括安全邊境、安全空域、對退伍軍人的支持、金融運作和外交。

As a result, under an administration prioritizing efficiency, we would expect customer adoption of these types of programs to accelerate and help offset potential funding pressures elsewhere.

因此，在以效率為優先的政府領導下，我們預計客戶對此類計畫的採用將加速，並有助於抵消其他地方的潛在資金壓力。

Prabu will provide some details on how we are scenario planning from a cost standpoint, but I wanted to be very clear that SAIC's purpose is to enable our customers to operate more efficiently and effectively through the use of technology.

Prabu 將從成本角度提供一些有關我們如何進行情境規劃的細節，但我想非常清楚地表明，SAIC 的目的是透過使用技術使我們的客戶能夠更有效率、更有效地運作。

We believe that demand for this value proposition is significant and enduring.

我們相信，對這價值主張的需求是巨大且持久的。

In closing, I want to thank the team at SAIC for their dedication and commitment to executing our strategy and delivering for our customers.

最後，我要感謝上汽團隊對執行我們的策略和為客戶提供服務的奉獻和承諾。

The work we have done this year positions us well to both navigate the nearer-term uncertainty and strengthen our place in the market longer term.

我們今年所做的工作使我們能夠很好地應對近期的不確定性並鞏固我們在長期的市場地位。

I'll now turn the call over to Prabu.

現在我將電話轉給普拉布。

Thank you, Toni, and good morning to everyone on our call.

謝謝你，托尼，祝電話會議中的各位嘉賓早安。

I'll focus my remarks today on an updated view of our fiscal year 2025 guidance.

今天，我將重點放在我們 2025 財年指引的最新情況。

I'll then discuss some illustrative scenario planning to highlight the earnings and cash flow durability of this business.

然後，我將討論一些說明性​​情境規劃，以強調該業務的獲利和現金流持久性。

I'll conclude with our approach to capital deployment, including the new $1.2 billion share repurchase authorization approved by our Board.

最後，我將介紹我們的資本配置方法，包括董事會批准的新的 12 億美元股票回購授權。

On guidance, we are increasing revenue to a range of $7.425 billion to $7.475 billion, representing organic growth of approximately 3% for the year.

根據指引，我們將營收提高至 74.25 億美元至 74.75 億美元之間，相當於全年有機成長約 3%。

The improvement versus our prior guidance is largely due to improved on-contract revenue trends and a focus to deliver on our commitments.

與我們先前的指引相比，這一改善主要歸因於合約收入趨勢的改善以及我們對履行承諾的重視。

As we have said previously, we continue to see FY26 revenue growth in a range of 2% to 4%, and our expectation is for slower growth in the first half of the year, improving to the 5% range by the end of the year as new business pursuits, which are being submitted this year, convert into revenue next year.

正如我們之前所說，我們預計 2026 財年收入增長率將在 2% 至 4% 之間，我們預計上半年收入增長率將有所放緩，到年底將回升至 5% 左右因為今年提交的新業務請求將在明年轉化為收入。

Our focus will be to continue driving on contract growth on our existing programs even as we anticipate growth from new business to inflect next year.

儘管我們預計明年新業務將成長，但我們的重點仍是繼續推動現有專案的合約成長。

We are reiterating our prior guidance for adjusted EBITDA and free cash flow and increasing our adjusted diluted earnings per share guidance by approximately $0.40, largely due to a lower effective tax rate and modestly lower share count.

我們重申先前對調整後 EBITDA 和自由現金流的指引，並將調整後每股稀釋收益指引上調約 0.40 美元，這主要是由於有效稅率較低且股數略有下降。

I would now like to discuss slide 6 and our preparations for a renewed focus on efficiency from the incoming administration.

現在，我想討論第 6 張投影片以及我們為新政府重新關注效率所做的準備。

We are preparing for potential changes to the market because it is the prudent thing to do for shareholders and better positions the company to capitalize on opportunities as they materialize.

我們正在為市場可能出現的變化做準備，因為這對股東來說是明智之舉，並且可以使公司更好地抓住出現的機會。

As we illustrate on slide 8, we have a highly variable cost structure, a discretionary and flexible budget of indirect investments and very low capital intensity, all of which contribute to our ability to remain agile and produce durable earnings and cash flow through various cycles.

正如我們在第8 張幻燈片中所展示的那樣，我們的成本結構高度可變，間接投資的預算可自由支配且靈活，資本密集度非常低，所有這些都有助於我們保持靈活性，並在各個週期產生持久的收益和現金流。

The scenarios on slide 8 are designed to only be illustrative and provide investors with a perspective on how we could adapt to different revenue environments.

第 8 頁的場景僅供說明，並提供投資者如何適應不同收入環境的觀點。

To be clear, at this point, we have seen no indication from our customers or the broader market that these scenarios will occur, and we believe our current level of investment is appropriate for the opportunities we have in front of us.

需要明確的是，目前我們還沒有從客戶或更廣泛的市場看到任何跡象表明這些情況會發生，而且我們相信我們目前的投資水平對於我們面臨的機會來說是合適的。

Additionally, if an element of the administration's efficiency efforts is increasing the usage of fixed-price contracts and a transition away from cost-plus work, we believe our track record of delivering healthy margins on this contract type indicates our ability to deliver savings for the customer and strong returns for shareholders.

此外，如果政府提高效率的努力之一是增加固定價格合約的使用，並逐漸放棄成本加成工作，那麼我們相信，我們在這種合約類型上提供健康利潤的記錄表明，我們有能力為客戶和股東帶來豐厚的回報。

In fact, more than two-thirds of the $25 billion to $30 billion we plan to submit next year is in enterprise and mission IT work, which produces higher margins than our engineering and professional service portfolios.

事實上，我們計劃明年提交的 250 億至 300 億美元中，超過三分之二將用於企業和任務 IT 工作，這比我們的工程和專業服務組合產生的利潤更高。

Finally, delivering on our free cash flow and free cash flow per share commitment is a top priority for the company. our ability to adapt our cost structure to the revenue environment without impacting our ability to respond on the upside and deploying our balance sheet prudently, but more aggressively are two key levers we have to hit our free cash flow per share target of $11 and $12 in FY26 and '27, respectively, even with softer revenue trends.

最後，實現我們的自由現金流和每股自由現金流承諾是公司的首要任務。我們有能力根據收入環境調整成本結構，而不會影響我們應對上行的能力，並謹慎地部署我們的資產負債表，但更積極地是我們必須實現每股11 美元和12 美元的自由現金流目標的兩個關鍵槓桿。

This durability of cash flows gives us confidence that focusing our capital deployment efforts on our share repurchase program is the right strategy to maximize long-term shareholder value.

這種現金流的持久性使我們相信，將資本配置精力集中在股票回購計畫上是最大化長期股東價值的正確策略。

We now expect to repurchase approximately $500 million of shares this year and will begin executing against our new $1.2 billion authorization in our fiscal fourth quarter, representing approximately 20% of our diluted shares outstanding.

我們現在預計今年將回購約 5 億美元的股票，並將在第四財季開始執行我們新的 12 億美元授權，約占我們稀釋流通股的 20%。

We continue to target repurchases of $350 million to $400 million annually in the coming years, with the option of being opportunistic based on market conditions while maintaining capacity for capability-focused M&A and holding leverage at around 3.0.

未來幾年，我們將繼續以每年 3.5 億至 4 億美元的回購為目標，並根據市場情況擇機而行，同時保持以能力為重點的併購能力並將槓桿率保持在 3.0 左右。

Lastly, as you all know, aligning incentive compensation with long-term shareholder value is an area of focus at SAIC.

最後，眾所周知，將激勵薪酬與長期股東價值結合是上汽集團關注的重點領域。

We will continue to evaluate our compensation strategy to ensure that the targets we establish are metrics which maximize our team's focus on creating long-term value for our shareholders.

我們將繼續評估我們的薪酬策略，以確保我們設定的目標是能夠最大限度地提高我們團隊專注於為股東創造長期價值的指標。

As Toni indicated, we are preparing to navigate the uncertainty in front of us while remaining focused on executing for our customers, investing in our employees and delivering for our shareholders.

正如托尼所說，我們正準備應對眼前的不確定性，同時繼續專注於為客戶提供服務、投資我們的員工以及為我們的股東帶來回報。

I will now turn the call over for Q&A.

我現在將電話轉入問答環節。

(Operator Instructions) Our first question comes from Matt Akers with Wells Fargo.

（操作員指示）我們的第一個問題來自富國銀行的馬特·埃克斯（Matt Akers）。

I wanted to ask about -- you called out the AAV contract resolution in the press release.

我想問一下——您在新聞稿中提到了 AAV 合約解決方案。

So just curious if you could size what the impact of that was this quarter?

我很好奇，您能否評估本季的影響有多大？

Matt, Prabu here.

馬特，我是普拉布。

Less than 1% to revenue for the quarter, it was about $13 million -- $13 million, $14 million of revenue.

本季營收不到 1%，約 1,300 萬美元 - 1,300 萬美元、1,400 萬美元。

Okay.

好的。

Got it.

知道了。

And then on the '25 guidance, it looks like you're expecting about 3% kind of at the midpoint here.

然後根據 25 年的指導，看起來您預計這裡的中間值約為 3%。

I think you've talked about something closer to kind of mid-single digits as long as the recompetes sort of don't go against you.

我認為你所談論的是一個更接近中等個位數的數字，只要重新競爭不會對你不利。

I guess anything else that's big that you're sort of holding back next year that you see as a recompete risk or just kind of how you're thinking about maybe potential upside to that number next year?

我想，您明年還會有哪些重大的事情需要推遲，因為您認為這會是一個重新競爭的風險，或者您認為明年這個數字可能會有怎樣的潛在上升空間？

Matt, it's Toni.

馬特，我是東尼。

Listen, I think we've always communicated over the last few quarters that we think '26, fiscal year '26 that we would get north of book-to-bill north of 1.0 on book-to-bill by the first half and then looking to trend towards more of a mid-single digit by H2.

聽著，我認為我們在過去幾個季度一直在傳達這樣的訊息：我們認為在 26 財年上半年，我們的訂單出貨比將超過 1.0，然後預計到下半年將趨向於中等個位數。

If you look at our backlog of submitted bids, as well as what we have seen as historic win rates.

如果你看看我們提交的投標積壓情況，以及我們所看到的歷史得標率。

I think that Mat is what drives that equation for FY26.

我認為 Mat 是推動 FY26 這個方程式的因素。

And we don't see -- we have talked about headwinds from recompetes and we came into this year with significant 5% to 6%.

我們沒有看到——我們已經討論過重新競爭帶來的阻力，今年我們的阻力顯著上升了 5% 到 6%。

We're going into next year with something south of that, but not still we will have some headwinds, but I think we've got all of the metrics that support mid-single-digit growth by the second half of next year.

進入明年，我們的業績將略有改善，但仍會面臨一些阻力，但我認為，到明年下半年，我們已經具備了支持中位數個位數成長的所有指標。

Matt, one other data point here.

馬特，這裡還有另一個數據點。

On the recompete headwinds heading into next year, we expect that to be a little over 2% and of course, that does not include headwinds from walking away from the compute and store part of Cloud One, which could be an incremental 2% to 3% but not a recompete headwind, but just a transition headwind, if you will.

關於明年重新競爭的阻力，我們預計這將略高於 2%，當然，這不包括放棄 Cloud One 的運算和儲存部分所帶來的阻力，這可能會增加 2% 到 3% % 但如果你願意的話，這不是重新競爭的逆風，而只是過渡的逆風。

So a little over 2% is still where the recompete headwind is, which is obviously, as Toni said, a lot better than where we were this time last year.

因此，略高於 2% 的水平仍然是重新競爭的逆風所在，但正如托尼所說，這顯然比去年同期的情況要好得多。

Our next question comes from David Strauss with Barclays.

下一個問題來自巴克萊銀行的戴維史特勞斯 (David Strauss)。

This is Josh Korn on for David.

喬許·科恩 (Josh Korn) 代表大衛 (David) 發言。

So I noticed in the slide deck so noticed in the slide deck, the recompete win rate this year is still below target.

因此我在幻燈片中註意到，今年的重新競爭勝率仍然低於目標。

So I just wanted to ask where the win rate is on recompetes, the progress you're making towards the target and any steps you're taking to improve?

所以我只想問一下重新競爭的勝率是多少，你朝著目標取得了什麼進展，以及你採取了什麼改進措施？

Josh, Toni.

喬許、東尼。

Thanks for joining the call.

感謝您加入通話。

Yes.

是的。

Look, the recompete win rate, we came in with recompetes a number that had an overhang into this year that affects us throughout the year in terms of that win rate, in terms of the dollar amount, when we lose larger deals, they have a lingering effect on that win rate.

看看，重新競爭的勝率，我們今年得出的重新競爭數字一直持續到今年，這會影響我們全年的勝率，就金額而言，當我們失去較大的交易時，他們會對勝率的持續影響。

As we just responded to the last question, we're going into next year, we believe, with something closer to a 2.5% impact of recompetes going into the next year.

正如我們剛剛回答的最後一個問題一樣，我們認為，進入明年，重新競爭的影響將接近 2.5%。

We are still working through a new centralized business development process that we put into place this fiscal year.

我們仍在努力推行本財年實施的新的集中式業務發展流程。

And as we can see, we see some early success in terms of submissions and a better, higher quality bid.

正如我們所見，我們在提交的投標以及更好、更高品質的投標方面取得了一些早期成功。

We've identified a couple of the key recompetes that have affected the number this year, and we feel better about where we are going into next year.

我們已經確定了影響今年數字的幾個關鍵的重新競爭因素，並且我們對明年的發展方向感到更有信心。

And Josh, one other data point there would be what we've communicated in the past is that our recompete win rates have been below our target win rate for recompete at 90% -- less than 90%.

喬希，另一個數據點是我們過去傳達過的，那就是我們的重新競爭勝率低於我們的目標勝率 90%——低於 90%。

And on the new business front, what we've also communicated is that, that win rate is higher than what we would normally see in the industry, which is normal being 30%, and we've been higher than that.

在新業務方面，我們還傳達的訊息是，該成功率高於行業通常的水平，通常為 30%，而我們的成功率一直高於這個水平。

And the reason we focus on the submit volume is that we think about kind of the ebbs and flows between recompetes and new to be a blend.

我們關注提交量的原因是我們考慮了重新競爭和新競爭之間的起伏以形成一種融合。

And we can then factor, frankly, the blended win rate at different submit levels to say what is that yield?

然後，我們可以坦白考慮不同提交等級的混合勝率，來算出收益是多少？

And candidly, the updated submissions perspective for FY27 is north of $30 billion, which you can run the math on a blended win rate of 30%, 40% or 50% between recompetes and new together.

坦白說，2027 財年更新後的提交前景將超過 300 億美元，您可以根據重新競爭和新競爭的混合勝率 30%、40% 或 50% 來計算。

So that's the way we think about it.

這就是我們的想法。

Hopefully, that color helps you as well.

希望這個顏色也能幫助你。

Our next question comes from Seth Seifman with JPMorgan.

我們的下一個問題來自摩根大通的 Seth Seifman。

Wanted to ask, starting off about I guess you mentioned the ability to shift more to fixed price contracts.

想問一下，首先我想你提到了轉向更多固定價格合約的能力。

And I think that it seems like that's helpful in this environment.

我認為這在目前的環境下似乎是有幫助的。

SAIC, like all of the peers, still has a sizable amount of cost plus work.

與所有同行一樣，上汽集團仍有大量的成本和工作要做。

I guess maybe if you could help people think about in this environment where there's this idea of shift to fixed price.

我想也許你可以幫助人們思考在這種環境下轉向固定價格的想法。

What's really -- why is it a decent amount of the work in the sector cost plus?

真正的問題是──為什麼該部門的成本加成佔了相當一部分工作量？

And what are the benefits for the customer in terms of having certain types of work be cost plus as well?

那麼，從某些類型的工作實現成本加成的角度來看，客戶能得到哪些好處呢？

Going to start, and I'll follow up to that.

我準備開始了，然後我會跟進。

I'll start with that one, Seth.

我先從這個開始，塞思。

I think big picture, the vast majority, as you noted, of our blend is cost plus, let's call it roughly even 4/5 of our total mix.

我認為從總體上看，正如您所說，我們的混合物的絕大部分是成本加成，我們甚至可以稱其為總混合物的大約 4/5。

And I think part of the success we've had in the organization around transitioning from cost plus to fixed price is as a service offering is inherently more efficient for the government as well as generating good returns for companies like SAIC.

我認為，我們在從成本加成到固定價格的轉變中取得的成功部分在於，提供服務本質上對政府來說更有效率，同時也能為上汽集團這樣的公司帶來豐厚的回報。

And so we have a track record of converting cost-plus programs into fixed price, and I'll call out, in particular, GMS is a program which was a takeaway from one of the primes.

因此，我們有將成本加成計劃轉換為固定價格的記錄，我要特別指出的是，GMS 是一個從其中一個主要計劃中藉鑑而來的計劃。

We are delivering a fair bit of fixed priced offerings inside of a cost-plus construct.

我們在成本加成結構中提供了相當多的固定價格產品。

And then, obviously, Mark 48 on our Navy business began as a cost plus program years ago that is now in full in production as a fixed price program.

然後，顯然，我們海軍業務中的 Mark 48 幾年前就開始作為成本加成計劃，現在已作為固定價格計劃全面投入生產。

So we have the track record of delivering that efficiency to our customers.

所以我們擁有為客戶提供這種效率的良好記錄。

And -- we also offer a number of software sprints that are fixed priced inside of our cost-plus program.

而且——我們還在成本加成計劃中提供了許多固定價格的軟體衝刺。

So we have a track record of doing it.

我們有這樣做的記錄。

I think offering it as a fixed priced offering allows us to get ahead of the cost curves on a multiyear basis to offer the best-of-breed solution to our customers as a systems-agnostic tech integrator.

我認為以固定價格提供它可以使我們在多年的基礎上領先於成本曲線，以與系統無關的技術整合商的身份為我們的客戶提供最佳的解決方案。

Toni?

托尼？

And so I guess I would just add to that.

所以我想我只需補充一點。

If you look at the overall strategy, we are actually measuring our shift from cost plus to fixed price.

如果你看一下整體策略，我們實際上正在衡量從成本加成到固定價格的轉變。

It is a part of -- a component of our strategy as we move the portfolio from professional services and engineering more into mission and enterprise IT.

這是我們策略的一部分，我們將把投資組合從專業服務和工程轉向任務和企業 IT。

A good portion of our civilian business is in the fixed price environment.

我們的民用業務很大一部分處於固定價格環境。

And so we know and we've already seen how accretive that business can be.

因此我們知道並且已經看到了這項業務的增值潛力。

And so we know how to manage both enterprise IT and mission IT and a fixed price environment, and that has been sort of core to the strategy prior to any change in administration.

因此，我們知道如何管理企業 IT 和任務 IT 以及固定價格環境，這在管理階層發生變動之前一直是策略的核心。

That was what we have been planning to do over the next few years, as indicated in the growth strategy.

正如成長策略所示，這正是我們未來幾年計劃要做的事情。

So I think at the top line, not only is it more accretive and is it better for the government.

因此我認為從整體來看，這不僅更具增值性，而且對政府也更有利。

But we're also learning how to embed if you start with cost plus, how do you embed labor categories and components of the work to be more fixed price and introduce more commercial solutions into that fixed price categories.

但是，如果從成本加成開始，我們也在學習如何嵌入，如何嵌入勞動力類別和工作組成部分以獲得更固定的價格，並在固定價格類別中引入更多的商業解決方案。

Great.

偉大的。

Great.

偉大的。

That's very helpful.

這非常有幫助。

And then maybe as a follow-up, with regard to the book-to-bill target of 1.2, just from a timing perspective, independently, if anything the company does or doesn't do, should we think about some of the friction involved in an administration transition as posing some timing risk to reaching that 1.2 in terms of will contract awards potentially getting pushed out as new folks get placed in agencies?

然後，也許作為後續行動，關於 1.2 的訂單出貨比目標，僅從時間角度來看，獨立地，如果公司做了或不做什麼，我們是否應該考慮其中涉及的一些摩擦在政府過渡期間，隨著新人進入機構，合約授予是否可能被推遲，從而對實現1.2 這一目標帶來一些時間風險？

Seth, I think that's a fair question.

塞斯，我認為這是一個合理的問題。

We're watching the market.

我們正在關注市場。

I would say there's direction and there are both directions that happen.

我想說，這是有方向的，而且會發生兩個方向。

We see some rapidity in the acquisition process in some areas and maybe some -- a little more tentativeness in others.

我們發現，在某些領域，收購進程有些迅速，但在其他領域，收購進程可能有些猶豫。

So I would say it goes in both directions, where dollars are being pushed as well as there might be a slowing down.

因此，我認為這是一個雙向的過程，美元不斷上漲，但同時也可能會放緩。

So those somewhat net against each other.

因此這些在某種程度上是互相對立的。

I think maybe the more critical metrics to look at as we land at Q3 with a significant backlog and pending awards.

我認為，當我們進入第三季時，可能會看到更關鍵的指標，因為有大量積壓訂單和待決獎項。

We've got about $0.5 billion in award value that we have already won this in protest.

我們已經贏得了價值約 5 億美元的獎金以示抗議。

When you add sort of where we are as well as we're still submitting.

當您新增我們所在的位置以及我們仍在提交的位置。

We've indicated that we'll be submitting significantly over our planned submits for the year.

我們已表示，我們今年提交的數量將大大超過計劃提交的數量。

So we'll be submitting in Q4 to close out the year.

因此我們將在第四季度提交報告以結束這一年。

I think all of that bodes well for us being able to hit our in the first half of fiscal year '26.

我認為所有這些都預示著我們能夠在 26 財年上半年實現目標。

Our next question comes from Jason Gursky with Citi.

我們的下一個問題來自花旗的 Jason Gursky。

Just a quick question for you on the mix of the business.

我只想問您一個簡單的問題，關於業務組合。

You've got a slide there that talks about your exposure to different agencies and communities within the federal government.

這裡有一張幻燈片，介紹了您在聯邦政府內與不同機構和社區的接觸情況。

It looks like the Intel community explicitly is pretty small as a percentage of the overall business at about 6% and DoD is at 71%.

看起來英特爾社群在整個業務中所佔的比例相當小，約為 6%，而國防部則佔 71%。

I'm just kind of curious though within DoD, whether some chunk of that business, you would characterize as being more intelligence focused within DoD.

我只是有點好奇，在國防部內部，您是否會將其中一部分業務描述為在國防部內部更注重情報。

Just give us a little bit of flavor of what your intelligence business looks like holistically and whether you believe that you've got some advantages there, and that's a potential further growth vector for you on.

請向我們簡單介紹一下您的情報業務的整體情況，以及您是否認為自己在這方面具有一些優勢，這是您未來的一個潛在成長方向。

Yes.

是的。

Fair question, Jason.

問得好，傑森。

I think the short answer is, yes, there are elements within our DoD business that have characteristics that you could fairly characterize as being Intel and frankly, that actually extends in nearly all of our business groups, whether it's Army Intel or Air Force Intel, there are elements that I think do link to the 6% that is showing up purely in the Intel bucket.

我認為簡短的回答是，是的，我們國防部業務中的一些元素具有你可以公平地描述為英特爾的特徵，坦率地說，這實際上延伸到我們幾乎所有的業務組，無論是陸軍英特爾還是空軍英特爾，我認為有些因素確實與純粹英特爾類別中出現的 6% 有關。

I think one of the growth vectors for us has been kind of the C2 Intel market and being a system of systems integrator getting data across the forces JF is an example we called out.

我認為我們的成長載體之一是 C2 Intel 市場，而作為系統整合商，向各部隊傳遞數據，JF 就是一個例子。

Obviously, CBC2 is an Air Force program, but it has broader applicability.

顯然，CBC2是一個空軍計劃，但它具有更廣泛的適用性。

So there's a fair amount of the work that is overlapping.

因此有相當多的工作是重疊的。

And one of the ways we're thinking about our investments across the enterprise is not just through the factory, but also investments we're making in areas where the mission shares commonality.

我們考慮對整個企業進行投資的方式之一不僅僅是透過工廠，還包括在具有共同使命的領域進行投資。

And to me, that's the way we're bringing this together at the enterprise level.

對我來說，這就是我們在企業層面將這些結合在一起的方式。

Toni?

托尼？

No, I think that's absolutely right.

不，我認為這是完全正確的。

And quite frankly, when we think about even tucked into our Air Force business right now is our combatant commands, which are really, in many ways, joint force, joint efforts and there is Intel behind, if you will, supporting all of those.

坦白說，當我們想到現在甚至隱藏在我們空軍業務中的是我們的作戰司令部時，這實際上在很多方面都是聯合部隊、聯合努力，如果你願意的話，英特爾在背後支持著所有這些。

And so that 6%, I think it's a fair thing to say that, that is sort of the discrete Intel business within Intel named agencies versus the military Intel that may be slightly comingled in the DoD number.

因此，我認為可以公平地說，6% 是英特爾指定機構內部獨立的英特爾業務，而軍方英特爾的數據可能與國防部的數據略有混合。

Right.

正確的。

Okay.

好的。

That's what I figured.

我也是這麼想的。

And then you've discussed this in various parts through prepared remarks and maybe some answers to some of these questions, but I wonder if we could just step back and look at this from a much higher level and just help us understand this idea that you've got more bids than what you were kind of targeting at the beginning of the year in the pipeline suggests that the number of bids or the amount -- the quantum of bids that you'll be submitting here over the next, call it, 24 months is maybe better than what you originally had expected.

然後你已經透過準備好的發言和對其中一些問題的回答在各個部分討論了這個問題，但我想知道我們是否可以退一步，從更高的層次來看待這個問題，並幫助我們理解你的想法你已經收到比你年初設定的目標更多的投標，這意味著投標的數量或金額——你明年將在這裡提交的投標量，稱之為， 24個月也許比您最初預期的要好。

I'm just curious why that doesn't necessarily put upward pressure on your revenue growth targets.

我只是好奇為什麼這不一定會對你的收入成長目標造成上行壓力。

So maybe just kind of if you're submitting more bids, why won't we see per se better growth out of you over the next few years?

所以也許只是如果你提交了更多的投標，為什麼我們在未來幾年不會看到你有更好的成長？

Well, I would say that I'd correlate two things on that first.

好吧，我想說首先我將把兩件事聯繫起來。

You know the timeline of the acquisition process.

您知道收購過程的時間表。

So submitting more bids in this fiscal year shows up in terms of when the bid is awarded, generally a protest environment that is subsequent to that and when we actually convert to revenue.

因此，本財政年度提交更多投標體現在中標時間、隨後的抗議環境以及我們實際轉化為收入的時間。

So what you see is that we're inflecting towards the second half of next fiscal year to start to see the actual revenue impact of the submission that you see this year.

因此，您會看到，我們正轉向下一財年下半年，開始看到今年提交的數據對實際收入的影響。

So we have to get ahead of it in terms of building that backlog of pending awards as we've shown in the data.

因此，正如數據所顯示的那樣，我們必須在積壓待決獎項方面搶佔先機。

We also have to offset any challenges in terms of a recompete loss or program transition.

我們還必須克服重新競爭損失或專案轉型方面的任何挑戰。

And so we are trying to net out appropriately.

因此，我們正在嘗試進行適當的淨額結算。

We believe we're coming into fiscal year '26 in a better position than we did in fiscal year '25, having addressed a number of the recompete challenges.

我們相信，在解決了一系列重新競爭的挑戰後，我們進入26財年的狀況將比25財年更好。

But at the end of the day, we always will offset against losses in other parts of the business or changes in the acquisition approach of the government.

但最終，我們總是會抵銷業務其他部分的損失或政府收購方式的改變。

So it's not our -- we believe we've actually aligned a significant growth number towards the second half of '26 and into '27 with this sort of submission rate.

所以這不是我們的——我們相信，透過這種提交率，我們實際上已經實現了 26 年下半年和 27 年的顯著成長。

We're pleased that we're moving ahead of pace, and what that says to us is that we're getting to a well-oiled engine and focusing on the execution and conversion of revenue and margin from that.

我們很高興能夠提前實現這一目標，這意味著我們擁有一台運作良好的引擎，並專注於收入和利潤的執行和轉換。

And Jason, the only other data point I would add is -- we are guiding to about a 5% growth rate in FY27.

傑森，我要補充的唯一其他數據點是——我們預計 2027 財年的成長率約為 5%。

So we are expecting this business to grow at the mid-single-digit rate.

因此，我們預計這項業務將以中等個位數的速度成長。

And we grew 7.5% last year in our fiscal '24 organically.

去年，我們的 24 財年有機成長率為 7.5%。

So there's structurally nothing that prevents this business from growing at mid-single digits.

因此，從結構上來說，沒有什麼可以阻止這項業務以中等個位數成長。

We've got to get some of the headwinds out of the way, and that's what is driving our inflection to about 5% growth by the end of FY26.

我們必須消除一些不利因素，這就是推動我們在2026財年末實現約5%成長率的因素。

So I think the submit volumes are there.

所以我認為提交量就在那裡。

I think in theory, if the blended win rate holds, then there is no reason for us to not be able to grow.

我認為從理論上來說，如果混合勝率保持不變，那麼我們就沒有理由無法成長。

But I think the one other thing I would add is -- and we've said this consistently, we are looking for vitamins, not calories.

但我想我要補充的另一件事是——我們一直這麼說，我們追求的是維生素，而不是卡路里。

So walking away from a Cloud One compute in-store contract, which is predominantly, I would say, calories, more than vitamins.

因此，放棄 Cloud One 計算店內合同，我想說，這主要是卡路里而不是維生素。

It's a signal that we are really trying to grow EBITDA dollars and converting EBITDA dollars into cash.

這表明我們確實在努力增加 EBITDA 美元並將 EBITDA 美元轉換為現金。

And frankly, the bet we're making on ourselves is that is demonstrating itself through the repurchase program because we inherently believe that we can actually deliver the kind of growth rate that we delivered last year at accretive margins.

坦白說，我們對自己的賭注是透過回購計畫來證明的，因為我們本質上相信我們實際上可以實現去年所實現的那種成長率和增值利潤率。

Our next question comes from Cai von Rumohr with TD Cowen.

下一個問題來自 TD Cowen 的 Cai von Rumohr。

So my understanding is you have two quite large recompetes coming up of all the state department contract that was Vanguard and then S1 which I took together, they're clearly over 2% of annual revenues.

所以我的理解是，在所有國務院合同中，有兩個相當大的重新競爭，一個是我拿下的 Vanguard 合同，另一個是 S1 合同，它們顯然占到年收入的 2% 以上。

Could you give us some update on the status of those recompetes and when you expect decisions?

您能否向我們介紹一下這些重新競爭的情況以及您預計何時會做出決定？

We are evolved, let's just start there on the state department side.

我們已經進化了，我們就從國務院方面開始吧。

We are continually tracking as you know.

如您所知，我們正持續跟踪。

That one continues to move right from our perspective, and we continue to deliver well on that program.

從我們的角度來看，這個專案繼續順利推進，我們也繼續順利地執行這個專案。

So we're doing all that we can do to meet the -- and exceed the customer expectation but we have no signal for any change or a new milestone from an acquisition perspective.

因此，我們正在竭盡全力滿足並超越客戶的期望，但從收購的角度來看，我們沒有任何變化或新里程碑的訊號。

And so we fully expect that, that will continue to move right through fiscal year '26.

因此，我們完全預期，這種趨勢將持續到 26 財年。

Again, our strong program performance and delivery is what we're counting on as a great indicator of our ability to recapture that type of work.

再次強調，我們強勁的專案表現和交付是我們重新獲得此類工作能力的有力指標。

Second, on the -- I think the S1 is what you -- it's really S3I is what the name is.

其次，我認為 S1 是——它的名字實際上是 S3I。

We feel pretty good about where we stand there.

我們對自己所處的位置感到非常滿意。

The team has been working that effort.

該團隊一直在努力。

We see that as a potential end of the fiscal year award and again, getting pretty good signals at this point, but we are watching that carefully and see that it could tip into the next fiscal year possibly, but we see that as a close of fiscal year effort.

我們認為這可能是財政年度末的獎勵，而且目前我們得到了很好的信號，但我們正在密切關注，並認為這可能會延續到下一個財政年度，但我們認為這是財政年度的努力。

And is that bigger?

那還有更大嗎？

I mean, you mentioned about 5% this year.

我的意思是，你提到今年約為 5%。

That's a very large, large numbers, it, if you win it I mean because you're bidding all the pieces.

如果你贏了，那是一個非常大的數字，我的意思是因為你競標了所有的部分。

Okay.

好的。

And last one is -- (multiple speakers) Go ahead.

最後一個問題是－（多位發言者）請講。

Go ahead.

前進。

No, Cai, I just want to make sure, S3i is a number of different -- four different programs.

不，蔡，我只是想確認一下，S3i 是四個不同的程序。

The first program has come up from recompete that will close.

第一個項目已經從即將結束的複賽中出爐。

All in, it is a very large program, absolutely, but I want to make sure you understand there are four different procurements there, which we expect the first to close by the end of this fiscal year.

總而言之，這絕對是一個非常大的項目，但我想確保你了解，其中有四個不同的採購，我們預計第一個將在本財政年度結束前完成。

And the first one, Cai, Prabu, here, is the first one is expected to be north of $1 billion when awarded.

第一個，蔡，普拉布，是第一個，預計授予時金額將超過 10 億美元。

Got it.

知道了。

Okay.

好的。

And then the last one is protest.

最後一個是抗議。

Can you update us on where you are with protests that might impact your business, Cloud One and any others that would be relevant?

您能否向我們介紹一下可能對您的業務、Cloud One 以及其他相關業務產生影響的抗議活動的情況？

So Cai, on protests, I think as we noted, there's about $0.5 billion of work that we've won that is currently in protest or reprocurement as the case may be.

因此蔡，關於抗議，我認為正如我們所指出的，我們贏得的約 5 億美元的工作目前正在接受抗議或重新採購，具體情況視情況而定。

We are cautiously optimistic that we will have those protests adjudicated, and they were both procurements that went in our favor, either new or takeaways.

我們謹慎樂觀地認為這些抗議將得到裁決，這兩項採購（無論是新產品還是外帶產品）都對我們有利。

And we are expecting in the next couple of quarters to get some adjudication run rate revenue, big picture, one way to think about it, run rate revenue would be an incremental 1% from the two programs as we start out.

我們預計在接下來的幾個季度會獲得一些裁決運行率收入，從總體上看，一種思考方式是，運行率收入將是我們開始時從兩個項目獲得的增量 1%。

And that's really all that's open right now on the protest front.

這就是目前抗議戰線上所能進行的一切。

We are not currently anything that we protested that we've lost that we're waiting for adjudication or so.

我們目前並沒有抗議我們已經失去的任何事情，我們正在等待裁決等。

Our next question comes from Ellen Page with Jefferies.

我們的下一個問題來自 Jefferies 的 Ellen Page。

Looking at margins, it looks like Federal Civil contracted about 80 bps quarter-over-quarter and it looks more in line with Defense and Intel in the quarter.

從利潤率來看，聯邦民事部門的利潤率比上一季下降了約 80 個基點，與國防和英特爾的利潤率持平。

How do we think about the trajectory of margins across the two segments?

我們如何看待這兩個部分的利潤走勢？

And what drove that contraction at Civil in the quarter?

那麼，是什麼導致了本季土木工程業務的萎縮呢？

You want to start and I'll finish?

你想開始，我來完成？

I'll start, Toni.

我先開始，東尼。

Ellen, thank you for the question.

艾倫，謝謝你的提問。

I'm very hopeful that our civilian leaders are listening to this particular question.

我非常希望我們的民間領導人正在傾聽這個特殊問題。

This is a question we tackle internally a fair bit.

這是我們內部經常討論的問題。

I think what we've signaled and maybe we'll start there first is that last year, we benefited from a handful of, I would say, nonrecurring onetime would probably be an uncharitable way to describe it, but nonrecurring good outcomes for the company that clearly boosted margins.

我認為我們已經發出的信號，也許我們首先要說的是，去年我們從一些非經常性收益中受益，我想說，一次性收益可能是一種不太客氣的描述方式，但非經常性收益對公司來說是好的結果這顯然提高了利潤率。

We've also been signaling that we expect civilian margins to trough this year.

我們也一直在暗示，預計民用產品的利潤率今年將會觸底。

In other words, what we expect to be at the end of the year is going to be circa 12% on the civilian segment margins, and we expect that to be a trough primarily reflecting the absence of those nonrecurring items from last year.

換句話說，我們預計到今年年底民用部門的利潤率將在 12% 左右，並且我們預計這將是一個低谷，主要反映了去年那些非經常性項目的缺失。

From here on out, we expect our Civil business to become more accretive -- and obviously, we want margins to expand in that business.

從現在開始，我們預計我們的民用業務將變得更具增值性——而且顯然，我們希望該業務的利潤率能夠擴大。

And given that, that business is predominantly T&M and fixed price work, our hope and our expectation is that we improve margins by 100 to 150 bps over the next few years.

鑑於該業務主要是測試與測量和固定價格工作，我們的希望和預期是未來幾年利潤率提高 100 到 150 個基點。

So that's what I would say.

這就是我要說的。

And I think that's reflective of the submissions from civilian in terms of our pipeline, we're seeing more accretive submissions coming out of civilian business.

我認為這反映了我們管道中來自民用領域的提交情況，我們看到來自民用領域的提交越來越多。

So that further supports our expectation that 12% is our low point, and we're moving forward from that and up from that on the civilian business.

所以這進一步支持了我們的預期，即 12% 是我們的最低點，我們將從這個水平開始向前邁進，並在民用業務上不斷上升。

Yes.

是的。

Ellen, I would just -- the reason that they converge so much in the quarter was that AAV settlement obviously benefited Defense and Intel.

艾倫，我只是想——他們在本季如此接近的原因是 AAV 結算顯然使國防和英特爾受益。

That's helpful.

這很有幫助。

And just on your fiscal '20 expectations. -- what are you baking in for on contract growth next year?

僅針對您的 20 年財政預期。 ——您對明年的合約成長有何預期？

And how are you thinking about the ability to push that in a potentially more difficult budget environment?

您如何看待在可能更加困難的預算環境下推動這一目標的能力？

Well, we've had an excellent year this year in terms of on-contract growth, and as Prabu indicated, we have grown 5%, 6% on on-contract growth this year. and have some similar expectations, if you will, for next year.

嗯，就合約成長而言，我們今年的表現非常出色，正如 Prabu 所指出的，今年我們的合約成長了 5% 到 6%。而如果你願意的話，對明年也抱持類似的期望。

And so one of the things that has been part of the strategy has been the ability to pivot not only in our pipeline but in our contracts, in our current programs to embed more technology, more commercial capability disrupting in some areas of our own labor-based contracts to bring more commercial solutions and where we've been able to introduce fixed price into cost-plus.

因此，我們策略的一部分是不僅能夠調整我們的管道，而且能夠調整我們的合同，調整我們目前的計劃，以嵌入更多的技術、更多的商業能力，從而顛覆我們自己的某些勞動力領域。以合約為基礎帶來更多的商業解決方案，並且我們能夠將固定價格引入成本加成。

That we're starting to see some lift as well as obviously being able to just meet the needs of our customer in a much more holistic way.

我們開始看到一些提升，並且顯然能夠以更全面的方式滿足客戶的需求。

And so we fully expect to rely on on-contract growth to at least the same extent that we have this year and possibly some lift depending on where we see unique opportunities next year.

因此，我們完全預計，我們至少會在與今年相同的程度上依賴合約成長，並且可能有一定的提升，這取決於我們明年在哪些方面看到獨特的機會。

Our next question comes from Tobey Sommer with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Tobey Sommer。

This is Sid on for Toby.

這是 Sid 為 Toby 表演的。

Curious if you could potentially quantify how the margin profile of your backlog might be different than your reported margins today and just how we should think about layering that in as growth from new business potentially in Flex?

好奇您是否可以量化您積壓訂單的利潤率狀況與您今天報告的利潤率有何不同，以及我們應該如何將其分層為 Flex 新業務的成長？

Yes, I'll start with that one first.

是的，我先從這個開始。

I think big picture over the last couple of years, we've consistently expected more from our bid thresholds.

我認為，從過去幾年的整體情況來看，我們一直對投標門檻抱有更高的期望。

And that is for every contract type, cost plus fixed price and TNM.

這適用於每種合約類型、成本加上固定價格和 TNM。

And we've moved internal hurdle rails up I would say, between 50 and 150 basis points depending on the contract type.

我想說，我們已經將內部障礙提高了，根據合約類型，提高了 50 到 150 個基點。

We've also put a lot of emphasis on ensuring that I'm going to call our students are getting the right message in terms of moving up their own operating margin performance on every recompete cycle.

我們也非常重視確保我們的學生在每次重新競爭週期中都獲得正確的訊息，從而提高他們自己的營業利潤率表現。

So we're moving the common base of programs and that is starting to reflect itself in the backlog of submissions we have where, in general, as we've shared on prior earnings calls, we are seeing higher margins come through.

因此，我們正在推進專案的共同基礎，而這開始反映在我們積壓的提交中，總體而言，正如我們在先前的財報電話會議上所分享的那樣，我們看到了更高的利潤率。

One way to think about it is if you ran the blend between defense and civil together, you can see sort of, if you will, segment operating margin sort of at a blended 9%.

一種思考方式是，如果你將國防和民用業務混合在一起，你可以看到，如果你願意的話，分部營業利潤率大約是 9%。

Our objective is to move that 10, 20, 30 bps over the course of the year, but balancing against the investments we're making in the company to ensure we can drive EBITDA dollar growth over the next several years.

我們的目標是在今年內實現 10、20、30 個基點的成長，但要與我們對公司的投資保持平衡，以確保我們能夠在未來幾年推動 EBITDA 成長。

So it's a little bit of a balance.

因此，這需要一點平衡。

No reason we couldn't get to 10%, but I think we're trying to calibrate between investing in the business capabilities as well as generating more returns from the business.

我們沒有理由無法達到 10%，但我認為我們正在嘗試在投資業務能力和從業務中獲得更多回報之間取得平衡。

Yes, no.

是、不是。

And I think as Prabu talks about the hurdle rates, that also goes to deal selection, bid selection.

我認為，正如普拉布所談論的最低收益率，這也適用於交易選擇和投標選擇。

So we're making conscious decisions if we can't get to that hurdle rate to no bid and as well to make sure that our execution expectations on margin are monitored and met and incentivize where necessary against what was bid.

因此，如果我們無法達到零出價的最低收益率，我們就會做出明智的決定，並確保我們的保證金執行預期受到監控和滿足，並在必要時根據出價提供激勵。

And so I think it's all of that discipline that probably speaks to that helps us see not only a slight increase in the accretive nature of our of our submissions, but the expected revenue that would follow in the P&L going forward.

因此，我認為所有這些紀律可能都說明，這不僅有助於我們看到提交內容的增值性質略有增加，而且還能看到未來損益表中預期的收入。

And we're not hesitating taking exception to cash terms and conditions that are not appropriate.

我們毫不猶豫地對不合適的現金條款和條件提出異議。

So I think it's just -- it's an end-to-end view of -- can we live with this contract for the next five years, especially in an uncertain environment.

所以我認為這只是——這是一個端到端的觀點——我們能否在未來五年內履行這份合同，特別是在不確定的環境下。

We want to make sure we can drive the right kind of value creation for our shareholders, and that's where the focus is right now.

我們希望確保能為股東創造正確的價值，這就是目前的重點。

There are no further questions.

沒有其它問題了。

This does conclude the question-and-answer session.

問答環節到此結束。

You may now disconnect.

您現在可以斷開連線。

Everyone, have a great day.

祝大家有個愉快的一天。