Science Applications International Corp (SAIC) 2025 Q4 法說會逐字稿

Good day, and thank you for standby. Welcome to the SAIC FY 2025 Q4 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Joe DeNardi, Senior Vice President, Investor Relations, and Treasurer. Please go ahead.

您好，感謝您的支持。歡迎參加上汽集團2025財年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係高級副總裁兼財務主管喬·德納爾迪 (Joe DeNardi)。請繼續。

Good morning, and thank you for joining SAIC's fourth quarter fiscal year 2025 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 Natrajan, our Chief Financial Officer.

早安，感謝您參加上汽集團2025財年第四季財報電話會議。我叫 Joe DeNardi，是投資者關係高級副總裁兼財務主管；今天與我一起討論我們的業務和財務業績的還有我們的執行長 Toni Townes-Whitley；以及我們的財務長 Prabu Natrajan。

Today, we will discuss our results fourth quarter of fiscal year 2025 that ended January 31, 2025. Please note that we may make forward-looking statements on this 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.

今天，我們將討論截至 2025 年 1 月 31 日的 2025 財年第四季的業績。請注意，我們可能會在本次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。我請您參閱我們提交給美國證券交易委員會 (SEC) 的文件，其中討論了這些風險，包括我們 10-K 表格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. We may elect to update the forward-looking statements at some point in the future, but we specifically disclaim any obligation to do so.

此外，這些聲明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。

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. I want to start with a heartfelt thank you to my colleagues at SAIC for their focus, dedication, and empathy amidst a dynamic operating environment for the company and our customers.

謝謝你，喬，祝我們通話中的各位早安。首先，我要衷心感謝上汽集團的同事們，感謝他們在公司和客戶充滿活力的營運環境中展現的專注、奉獻和同理心。

The strong financial results we delivered to close the year with our commitment to driving improved mission outcomes for our customers. I will now provide an update on current market condition in our perspective on the risks and opportunities from the -- administration focus on accelerating the deployment of technology to drive greater efficiency across the government.

我們致力於為客戶帶來更好的任務成果，並在年底取得了強勁的財務表現。我現在將從我們對風險和機會的角度來看待當前的市場狀況——政府專注於加速技術部署，以提高整個政府的效率。

To date, the financial impact SAIC from recent executive orders and program cancellations across the government has been nominal, and our conversation with the administration to date have been productive. However, given how dynamic the environment has been, we believe it prudent to be prepared for conditions change. Prabu will discuss in greater detail in his remarks, some of the actions we have taken to date.

到目前為止，政府各部門最近的行政命令和專案取消對 SAIC 的財務影響很小，而且我們與政府的對話也很有成效。然而，考慮到環境的動態，我們認為為情況的變化做好準備是明智之舉。普拉布將在他的演講中更詳細地討論我們迄今為止採取的一些行動。

While our base case does not assume a meaningful change in the size of our addressable market in the coming years, we do expect changes to the procurement environment that will place a better emphasis on mission criticality and infusion of cutting-edge technology as well as outcome-based contracting. We view this as an acceleration. Perhaps a rapid acceleration of prior trends and one that our strategy and investments are designed to address.

雖然我們的基本情況並不假設未來幾年我們的潛在市場規模發生重大變化，但我們確實預計採購環境將發生變化，更加重視任務關鍵性和尖端技術的注入以及基於結果的合約。我們認為這是一種加速。也許是先前趨勢的快速加速，而我們的策略和投資正是為了解決這個問題。

On slide 4 of our earnings presentation, we have shared several examples of programs which demonstrate our ability to build and integrate technology at the speed of the mission. I would like to call out a few of those examples today.

在我們的收益報告的第 4 張投影片中，我們分享了幾個專案範例，這些範例展示了我們按照任務速度建立和整合技術的能力。今天我想舉幾個這樣的例子。

For customs and border protection on the task PD program, we've rolled out facial and touchless fingerprint technology to over 5,000 ICE agents fully integrated with our cloud, machine learning and AI capabilities to rapidly identify shipments and travellers more efficiently and accurately for additional inspection.

對於任務 PD 計劃中的海關和邊境保護，我們已向超過 5,000 名 ICE 代理推出了面部和非接觸式指紋技術，並與我們的雲端、機器學習和 AI 功能完全集成，以便更高效、更準確地快速識別貨物和旅行者，以進行額外檢查。

We have redesigned the license plate recognition system to a flexible open architecture system, which has relieved the agency from legacy vendor lock and has made 700 of these deployed systems configurable to weather conditions across more than 100 of the busiest land border crossings and US border checkpoint nationwide.

我們將車牌識別系統重新設計為靈活的開放式架構系統，從而使該機構擺脫了傳統供應商鎖定的束縛，並使部署的 700 個系統能夠根據全國 100 多個最繁忙的陸地邊境口岸和美國邊境檢查站的天氣狀況進行配置。

For the space force on our GMASS program, we have leveraged our digital engineering and on-demand software development solutions to sustain and upgrade various systems in the United States and around the world at rates quicker and cheaper than the legacy providers. Our performance has contributed to GMASS ramping to full run rate revenue faster than we had originally anticipated.

對於我們 GMASS 計劃中的太空部隊，我們利用我們的數位工程和按需軟體開發解決方案，以比傳統提供者更快、更便宜的速度維護和升級美國和世界各地的各種系統。我們的表現促使 GMASS 的收入比我們最初預期的更快達到滿載運轉狀態。

In our commercial operating sector, we have a menu of offerings that customers can purchase in commercial terms. Revenue from our commercial operating sector has increased from less than $1 million in fiscal year '22 and to approximately $45 million in fiscal year '25 and a goal of approximately $100 million by fiscal year '28, with healthy margins consistent with commercial terms.

在我們的商業營運部門，我們提供了一系列產品供客戶以商業方式購買。我們商業營運部門的收入從 22 財年的不到 100 萬美元增加到 25 財年的約 4,500 萬美元，目標是到 28 財年達到約 1 億美元，利潤率符合商業條款。

Our top-selling offering is our DevSecOps sprints, which provide a skilled team of software developers ready to deploy rapidly fix and leave when the project is complete, typically in two week increments making them cost efficient and agile effectively Sprint's as a service. What makes our teams uniquely positioned to deliver this value is our role as a mission integrator with intimate and irreplaceable knowledge of customer missions. In other words, Gritty Tech which underpins our legacy and undergirds our future.

我們最暢銷的產品是 DevSecOps 衝刺，它提供了一支熟練的軟體開發人員團隊，可以在專案完成後快速部署、修復並離開，通常以兩週為增量，使其成為一種經濟高效、敏捷的 Sprint 服務。我們的團隊之所以能夠以獨特的方式實現這一價值，是因為我們作為任務整合者，對客戶任務有著深入且不可取代的了解。換句話說，堅韌的科技支撐著我們的傳統，也支撐著我們的未來。

Lastly, we are currently assessing our cost plus portfolio to determine with some specificity and appropriate guardrails how much of this work could transition to fixed type contracting over time. As we have shared, we have performed quite well within our fixed price portfolio over the years, beginning with our acquisition of Unisys Federal in fiscal year '21.

最後，我們目前正在評估我們的成本加成組合，以便透過一些具體性和適當的保護措施來確定有多少工作可以隨著時間的推移轉變為固定類型的承包。正如我們所分享的，從 21 財年收購 Unisys Federal 開始，多年來我們的固定價格投資組合表現相當出色。

Our initial view is that a significant portion could migrate to fixed price over time, assuming that the scope of work is well defined and opportunities for cost plus carve-outs still exist. This is an opportunity for our industry and the right thing to do for our customers.

我們最初的看法是，假設工作範圍明確界定，且成本加豁免的機會仍然存在，那麼很大一部分可能會隨著時間的推移轉為固定價格。這對我們的產業來說是一個機遇，對我們的客戶來說也是一件正確的事。

I'll now provide an update on our enterprise growth strategy and business development trends. We delivered net bookings in the fourth quarter of $1.3 billion and $6.6 billion in fiscal year '25 for a book-to-bill of 0.9. Not included in fourth quarter bookings since it was awarded subsequent to quarter close, SAIC won the $1.8 billion system software life cycle engineering contract, which is the next iteration of the software life cycle development program, one of SAIC's largest programs by revenue. I am proud of our team in Huntsville for their efforts in securing this important program and for the continuation of our long-term partnership with the army.

我現在將介紹我們的企業成長策略和業務發展趨勢的最新情況。我們在第四季的淨訂單額為 13 億美元，25 財年的淨訂單額為 66 億美元，訂單出貨比為 0.9。由於該合約是在季度結束後授予的，因此未計入第四季度的訂單。上汽集團贏得了價值 18 億美元的系統軟體生命週期工程合同，這是軟體生命週期開發專案的下一個迭代，也是上汽集團收入最高的專案之一。我為我們亨茨維爾的團隊為確保這一重要項目所做的努力以及與軍隊繼續保持長期合作關係感到自豪。

As we show on slide 5, we submitted bids totalling $28 billion in fiscal year '25, well ahead of our initial plan of $22 billion. Our backlog of submitted bids increased to just over $20 billion at year-end on a trailing 12-month basis, over half of which is currently expected to award over the next two quarters to three quarters.

如投影片 5 所示，我們在 25 財年提交了總額為 280 億美元的投標，遠遠超出了我們最初計劃的 220 億美元。截至去年年底，我們積壓的投標金額比過去 12 個月增加到 200 多億美元，其中預計有一半以上將在未來兩個季度到三個季度內授予。

Our win on SSLE and our strong backlog of submitted bids provide visibility into driving our book-to-bill to our target of 1.2 by the first half of FY26. Of course, subject to the caveat, the timing may be impacted by the ongoing uncertainty facing our customers. While there have been some recent examples of procurement time lines being extended, it has not been broad-based.

我們在 SSLE 上的勝利以及我們提交的大量投標積壓使我們有信心在 2026 財年上半年將訂單出貨比推高至 1.2 的目標。當然，根據警告，時間可能會受到客戶面臨的持續不確定性的影響。儘管最近有一些採購時間延長的例子，但並不是普遍現象。

In addition, it is important to remember that procurement delays, while generally a headwind to bookings also pronged recompete schedules such that the net back to revenue and earnings will be far less material. I will now provide a review of our fourth quarter and full year financial results.

此外，重要的是要記住，採購延遲雖然通常會對預訂造成不利影響，但也會阻礙重新競爭的計劃，從而使收入和收益的淨回報變得不那麼重要。我現在將回顧我們第四季和全年的財務表現。

We reported fourth quarter revenue of $1.84 billion, an increase of 6% year-over-year driven mainly by new program wins and on contract growth, which offset program completions. Full year fiscal year '25 revenue of $7.48 billion represented 2.1% organic growth which is at the high end of the guidance we provided at the start of the year.

我們公佈第四季度營收為 18.4 億美元，年增 6%，主要原因是新專案的中標和合約的成長抵消了專案完成的影響。25 財年全年營收為 74.8 億美元，有機成長率為 2.1%，達到我們年初給出的預期上限。

Fourth quarter adjusted EBITDA of $177 million resulted in a margin of 9.6%. For the full year, adjusted EBITDA of $710 million produced a margin of 9.5%, which was 20 basis points ahead of guidance due primarily to strong program performance and lower incentive compensation expense compared to the prior year.

第四季調整後的 EBITDA 為 1.77 億美元，利潤率為 9.6%。全年調整後的 EBITDA 為 7.1 億美元，利潤率為 9.5%，比預期高出 20 個基點，這主要得益於強勁的項目表現和與上一年相比較低的激勵薪酬費用。

Adjusted diluted earnings per share was $2.57, for the fourth quarter and $9.13 for the full year, benefiting from the strong operating performance and a lower effective tax rate. We delivered free cash flow of $236 million in the fourth quarter and $507 million for the year, resulting in free cash flow per share of just over $10.

受益於強勁的經營業績和較低的有效稅率，第四季度調整後每股攤薄收益為 2.57 美元，全年調整後每股攤薄收益為 9.13 美元。我們在第四季度實現了 2.36 億美元的自由現金流，全年實現了 5.07 億美元的自由現金流，每股自由現金流略高於 10 美元。

As Prabu will discuss we expect to achieve our target for free cash flow per share of $11 in fiscal year '26 and $12 in fiscal year '27 and believe we can accomplish this in various revenue scenarios. Again, I want to thank everyone at SAIC for the dedication they've shown to the company, one another, and our customers.

正如 Prabu 所討論的，我們預計在 26 財年實現每股 11 美元的自由現金流目標，在 27 財年實現每股 12 美元的自由現金流目標，並相信我們可以在各種收入情境下實現這一目標。再次，我要感謝上汽集團的每一位員工，感謝他們對公司、彼此、對顧客的奉獻。

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

說完這些，我會把電話轉給普拉布。

Thank you, Tony, and good morning to everyone joining our call. I will focus my remarks today on our financial guidance for FY26 and an update on our capital deployment plans. We are guiding revenues to a range of $7.6 billion to $7.75 billion, representing approximately 3% organic growth at the midpoint.

謝謝你，托尼，大家早安，歡迎參加我們的電話會議。今天我將重點介紹我們對 26 財年的財務指導以及我們的資本配置計劃的最新情況。我們預計營收將在 76 億美元至 77.5 億美元之間，中間值約為 3% 的有機成長。

As we detail on slide 8, we expect growth to accelerate from 1% to 3% in the first half to 2% to 4% in the second half. This cadence is driven primarily by the timing of recompete headwinds, which are more pronounced in the first quarter and ease through the year.

正如我們在第 8 張投影片中詳細說明的那樣，我們預計成長率將從上半年的 1% 到 3% 加速到下半年的 2% 到 4%。這種節奏主要由重新競爭逆風的時間所驅動，這種逆風在第一季更為明顯，並會在全年逐漸減弱。

Our guidance assumes a roughly 2-point headwind from recompete losses primarily related to a NASA program that exited our business in October. In addition, we expect a roughly $200 million headwind related to low-margin Air Force Cloud One compute and store revenue, which we chose to know bid that will be spread evenly through the year. We expect this headwind to be offset by a fairly even contribution from the continued ramp-up on previously on new business include T-Cloud, DTAM, CBC2 and on contract growth across a number of programs.

我們的指導假設重新競爭損失將帶來約 2 個百分點的逆風，這主要與 10 月退出我們業務的 NASA 計畫有關。此外，我們預計低利潤率的空軍雲一號運算和儲存收入將帶來約 2 億美元的逆風，我們選擇知道這些逆風將在全年均勻分佈。我們預計，這一不利因素將被先前新業務（包括 T-Cloud、DTAM、CBC2）的持續成長以及多個專案的合約成長所帶來的相當均衡的貢獻所抵消。

While our guidance assumes no material disruptions resulting from the government's ongoing efficiency initiatives, we are preparing to respond with actions aimed at producing similar EBITDA and free cash flow if we see incremental revenue pressures.

雖然我們的指導假設政府正在進行的效率舉措不會造成重大干擾，但如果我們看到收入壓力增加，我們正準備採取行動，以產生類似的 EBITDA 和自由現金流。

For EBITDA margin, we are guiding to a range of 9.4% to 9.6%, an increase of 10 basis points, driven by strong program performance efficiencies from internal process improvements and incremental scrutiny on investments given the uncertain revenue environment.

對於 EBITDA 利潤率，我們預計其範圍在 9.4% 至 9.6% 之間，即增加 10 個基點，這得益於內部流程改進帶來的強勁項目績效效率以及在收入環境不確定的情況下對投資的逐步審查。

As shown on slide 10, we expect this trend to continue into FY27 with margins improving an additional 10 basis points to a range of 9.5% to 9.7%. We are guiding adjusted diluted earnings per share to a range of $9.10 to $9.30, largely due to increased earnings and a lower share count, offset by a higher effective tax rate of 23%.

如投影片 10 所示，我們預期這一趨勢將持續到 27 財年，利潤率將再提高 10 個基點，達到 9.5% 至 9.7% 的範圍。我們預計調整後每股攤薄收益將在 9.10 美元至 9.30 美元之間，這主要是由於收益增加和股份數量減少，但被 23% 的較高有效稅率所抵消。

Free cash flow of $510 million to $530 million should translate into approximately $11 per share and continue to have good visibility to $12 per share in FY27. We expect to repurchase between $350 million to $400 million in FY26 and '27, while maintaining sufficient capacity for capability-focused M&A or additional share repurchases. This is unchanged from our prior framework. We are further refining our incentive compensation plans to ensure alignment with our investors.

5.1 億美元至 5.3 億美元的自由現金流應轉化為每股約 11 美元，並在 2027 財年繼續保持每股 12 美元的良好前景。我們預計在 26 財年和 27 財年回購 3.5 億至 4 億美元，同時保持足夠的能力進行以能力為重點的併購或額外的股票回購。這與我們之前的框架沒有改變。我們正在進一步完善我們的激勵薪酬計劃，以確保與我們的投資者保持一致。

For FY26, plans for all eligible employees will be based on enterprise-wide performance versus the prior plan, which blended enterprise and business group performance, as we focus on our strategy to more efficiently allocate capital across the company and operate as one SAIC, we believe aligning behind a single scorecard will enhance that push.

對於 26 財年，所有符合條件員工的計劃將基於整個企業的績效，而先前的計劃則融合了企業和業務集團的績效，因為我們專注於我們的策略，以便更有效地在整個公司內分配資本並作為一個 SAIC 運營，我們相信在單一記分卡下進行協調將增強這一推動力。

Finally, as you will see in their upcoming SEC filings, several members of the executive leadership team have indicated an intent to make a discretionary purchase of SAIC shares in the near future to further align our team's interest with those of our shareholders.

最後，正如您將在即將提交給美國證券交易委員會的文件中看到的那樣，執行領導團隊的幾位成員已表示有意在不久的將來酌情購買上汽集團的股份，以進一步使我們團隊的利益與股東的利益保持一致。

I'll now turn the call over to begin Q&A.

我現在將轉入問答環節。

(Operator Instructions)

（操作員指示）

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Just making sure we understand the $1.8 billion recompete, can you talk us through how that impacts book-to-bill for the future quarter? Thanks.

為了確保我們了解 18 億美元的重新競爭，您能否向我們講一下這對未來季度的訂單出貨比有何影響？謝謝。

Good morning, Colin. Thank you for the question. And again, let me just reiterate how pleased I am with the Q4 results and having this award as well as a pending award backlog that we have shared through our results.

早安，科林。謝謝你的提問。再次，我只想重申一下，我對第四季度的業績以及獲得這個獎項以及我們透過業績分享的待決獎項積壓感到非常高興。

On SSLE, on this particular win, from a trailing 12-month perspective, this win would get us close to the 1.0 trailing 12 months. You heard us report at 0.9 prior at the quarter or year-end close. So that would be the impact on the trailing 12-month. Obviously, we see this as an important continuation of our relationship with the Army Aviation and Missile Command. And quite frankly, not only the win but also the ongoing work that we expect on this contract, we think, sets us up fairly well for this part of the business.

對於 SSLE，就這一特定勝利而言，從過去 12 個月的角度來看，這場勝利將使我們接近過去 12 個月的 1.0。您聽到我們在本季或年末結束時報告了 0.9 的業績。這將對過去 12 個月產生影響。顯然，我們認為這是我們與陸軍航空和飛彈司令部關係的重要延續。坦白說，我們認為，不僅是贏得這份合同，而且我們期望這份合同的持續工作，都為我們開展這部分業務做好了充分準備。

Got it. And then maybe talking about the incremental submit increase, so going from '26 or '28 -- excuse me. Can you just talk a little bit about what's in that incremental $6 billion of submits and where do you feel that SAIC is a right to win on those incremental or incremental cement, excuse me?

知道了。然後也許談論增量提交的增加，所以從'26或'28開始 - 對不起。您能否簡單談談這 60 億美元的增量提交內容以及您認為上汽集團在哪些方面有權贏得這些增量或增量水泥的青睞，不好意思？

If we're talking about the increase from '22 to '28, look, we think there's a combination of reasons for that to include the efficiency of having standardized our business development function using an enterprise operating model to drive that, and we talk about it in terms of not only bid more, the quantity but also did better, the nature of those bids being on strategy and, quite frankly, marginally accretive to prior bids.

如果我們談論從 22 年到 28 年的成長，那麼，我們認為這其中有多種原因，包括使用企業營運模式來推動業務發展職能標準化的效率，而且我們談論的不僅是出價更多、數量更多，而且做得更好，這些出價的性質是基於戰略的，坦率地說，比之前的出價略有增加。

When we look at that pending plan right now, about 2/3 of that pipeline that we are waiting to have awarded and adjudicated is in the mission and enterprise IT arena. About 2/3 of that is new business, 1/3 is recompete. So we feel balanced in both the new business recompete component as well as that this is the strategic area that we put in place in 2024 growth strategy and that the majority, again, over 2/3 of our pipeline are in the strategic areas of our portfolio.

當我們現在查看該待決計劃時，我們發現等待授予和裁決的管道中約有 2/3 屬於任務和企業 IT 領域。其中約三分之二是新業務，三分之一是重新競爭。因此，我們在新業務重新競爭部分以及我們在 2024 年成長策略中實施的策略領域都感到平衡，而且我們大部分（超過 2/3）的管道都位於我們投資組合的策略領域。

Colin, the only thing I would add to that would be that the margins that are implied in the submissions are also higher than current company-wide margins. So therefore, that's the other side of this that we're pleased to see that we're continuing to move core margins up in the business.

科林，我唯一要補充的是，提交文件中暗示的利潤率也高於目前全公司的利潤率。因此，從另一方面來說，我們很高興地看到，我們正在繼續提高業務的核心利潤率。

Got it. Got it. Definitely understood that algorithm. Maybe just last one for me before I get back in the queue. So if I think about the bid pipe, can you just maybe talk a little bit about the nature of the budget dollars and this -- pipe whether it's tied more to FY25 or FY26 budget?

知道了。知道了。肯定理解了那個演算法。在我回到隊列之前，這也許只是最後一個。因此，如果我考慮投標管道，您能否稍微談談預算資金的性質以及這個管道是否與 FY25 或 FY26 預算更相關？

The nature of the budget dollars and the submit pipeline means the submissions for this year. Look, we've got -- as we look at this year, the way we understand the CR that's in place for the year, we believe that there's some flexibility in that CR that we have not seen in previous contain resolutions.

預算金額的性質和提交管道意味著今年的提交。你看，我們已經有了——當我們回顧今年，我們理解今年實施的 CR 的方式時，我們相信 CR 具有一些我們在以前的遏制決議中沒有見過的靈活性。

So when we think about the ability to have new parts, the ability to have flex across the defense, particularly Department of Defense and Intel sectors, we feel strongly that our current pipeline, as submitted is competitive. It can be funded in this environment, and it's sufficient, quite frankly, to drive to the 1.2 book-to-bill that we have been putting forward as our first half exit in book-to-bill.

因此，當我們考慮到擁有新零件的能力、在國防領域（特別是國防部和英特爾部門）靈活運用的能力時，我們強烈感覺到，我們目前提交的管道具有競爭力。在這種環境下，它可以獲得資金，坦白說，這足以推動我們實現 1.2 的訂單出貨比，這是我們上半年訂單出貨比退出時提出的目標。

So right now, we feel pretty strong about that. Obviously, we're monitoring on a daily basis. The CR information came in last week, we're staying on this on every 24-hour run here, and we'll update if any conditions fundamentally change. But right now, we feel fairly solid.

所以現在，我們對此感覺非常強烈。顯然，我們每天都在進行監控。CR 資訊是上週發布的，我們會每 24 小時關註一次，如果情況發生根本性變化，我們會進行更新。但現在，我們感覺相當穩固。

Got it. Thank you.

知道了。謝謝。

Jason Gursky, Citi.

花旗銀行的傑森古爾斯基。

Good morning, Toni, everybody else. Toni, quick question for you. You emphasized a bit the potential for -- a shift ahead of you from comp plus to firm fixed price. I'm just kind of curious how that will work mechanically for you all as you've done that analysis. Is there the potential that we see higher margins but lower revenue at one of the things that you've kind of discovered as you've gone through that analysis?

早安，托尼，各位朋友。東尼，我想問你一個快速問題。您稍微強調了從 comp plus 到固定價格轉變的可能性。我只是有點好奇，當你們完成分析後，它在機械上對你們來說將如何運作。您在進行分析時是否發現，利潤率可能會提高，但收入可能會降低？

Look, thanks, first of all, for the question, Jason. We've been doing that analysis for a number of orders, quite frankly, we have looked at opportunities to move our cost-plus contracts into more of a fixed price environment. We see the upside as well as we understand the additional risk. What it requires for us to probably spend more time making sure that we have the frame for what we call service level agreements, very clear agreements with the government of what success looks like measurable.

首先，感謝傑森提出這個問題。我們已經對許多訂單進行了分析，坦白說，我們已經尋找機會將成本加成合約轉變為更固定價格的環境。我們看到了好處，也了解額外的風險。我們可能需要花費更多的時間來確保我們擁有所謂的服務水準協議的框架，與政府達成非常明確的協議，說明成功的可衡量性。

We've seen in our civilian business, which you see a good portion of fixed price, we're in our civilian business that we've been able to not only compete in that business, but also deliver it at higher margins and continue to be competitive in that space. So we feel like we have a lot that we can -- if you will transfer from that billion business into other parts of our organization and to other business groups for fixed price.

我們看到，在我們的民用業務中，有很大一部分是固定價格，在民用業務中，我們不僅能夠在該業務中競爭，而且還能以更高的利潤率提供服務，並繼續在該領域保持競爭力。因此，我們覺得我們有很多事情要做——如果您願意以固定價格將這 10 億美元的業務轉移到我們組織的其他部分和其他業務集團。

And right now, I don't know we have the assumption that revenue would necessarily decline. I think more -- we probably see it more as a margin improvement opportunity with the appropriate execution with the appropriate guardrails as it relates to service level agreements with the customer, not yet a revenue impact that we see to date. Prabu, anything you might have there?

而現在，我不知道我們是否認為收入必然會下降。我認為更重要的是——我們可能更多地將其視為利潤率提高的機會，透過適當的執行和適當的保護，因為它與客戶的服務水平協議有關，而不是我們迄今為止看到的收入影響。普拉布，你那裡有什麼東西嗎？

Hey, Jason, the only thing I would add to that would be the transition from cost to fixed price will depend on the customer and the current contract vehicles. If we assume that invasive changes occur in the procurement environment, you're going to likely see the transition happen sooner than one might reasonably expect. On the other hand, by and large, we expect the transition to happen as things come up for renewal as we introduce more fixed price work inside of existing cost plus.

嘿，傑森，我唯一要補充的是，從成本到固定價格的轉變將取決於客戶和當前的合約車輛。如果我們假設採購環境發生侵入性變化，那麼您可能會看到轉變比人們合理預期的更快發生。另一方面，總的來說，我們預計，隨著我們在現有成本加成中引入更多固定價格工作，隨著續約的到來，轉變將會發生。

So I think I suspect it's going to be more gradual. And to the extent that it happens a little bit sooner, in theory, what that would imply is that you will have less cost as a contractor and higher margin percentages and therefore, arguably perhaps an impact but the reality is, I think we expect the transition itself to be gradual and we'll be working with our customers to facilitate that transition whenever we think that is in our best interest in the customer -- as interest. So it's an ongoing process, so stay tuned.

所以我認為它將會變得更加漸進。從理論上講，如果這一轉變發生得更快一些，就意味著作為承包商，您的成本會更低，利潤率會更高，因此，可以說可能會產生影響，但現實是，我認為我們預計轉變本身將是漸進的，只要我們認為這符合客戶的最佳利益，我們就會與客戶合作來促進這一轉變。這是一個持續的過程，敬請關注。

Right. Okay. That's helpful. I appreciate that. And then my follow-up question just has to do with risks and opportunities around what we've all been reading in the headlines at DoD, where they've got, I think the list is something like 17 protected capability sets. And then they're asking the rest of the building to go find some percentage. I think the headline number has been 8%. In cut, so that they can reallocate -- freed up money through those efficiencies to support those core 17-or-so capabilities.

正確的。好的。這很有幫助。我很感激。然後我的後續問題與我們在國防部頭條新聞中讀到的風險和機會有關，我認為他們的清單大約有 17 個受保護的能力集合。然後他們要求大樓的其餘部分去尋找一些百分比。我認為總體數字是8%。削減開支，以便他們能夠重新分配——透過提高效率釋放資金來支持約 17 個核心能力。

So I'm just kind of curious, as you assess the portfolio and the things that you have in your pipeline and your bid submits, where the risks and opportunities are there for you, those protected areas, where do you have exposure? And where do you think you might have some risks on the areas that are asked being asked to do and such. Thanks.

所以我只是有點好奇，當您評估投資組合以及您的管道和投標中的東西時，您面臨哪些風險和機遇，那些受保護的領域，您在哪裡有曝光機會？您認為在被要求做的事情上哪些方面可能會存在風險？謝謝。

Hey, Jason, thank you for the question. And obviously, a great one. I'll take the first crack at it and then one just chime in here. In terms of the protected capability sets, I think part of the message that we're communicating is that if the program is considered mission-critical, then you're likely to see programs like that continue in an environment like this. And I think that's why instead of trying to figure out, is there sort of a capability set match to the existing portfolio, just selecting the right targets, continuing to invest in capabilities that we believe are broadly needed across the customer landscape is the right way to do it.

嘿，傑森，謝謝你的提問。顯然，這是一個偉大的例子。我會先嘗試一下，然後有人會附和我的意見。就受保護的能力集而言，我認為我們傳達的訊息的一部分是，如果該計劃被視為任務關鍵型，那麼你很可能會看到類似的計劃在這樣的環境中繼續進行。我認為這就是為什麼我們不需要試圖弄清楚是否有某種能力與現有產品組合相匹配，而只需選擇正確的目標，繼續投資於我們認為整個客戶領域廣泛需要的能力，這才是正確的做法。

So we are focused on making sure that the programs we're bidding on and executing on are mission-critical that we could do them effectively and execute well because we all know that in a constrained budget environment or where reallocation decisions get made, that underperforming programs are likely to see the brunt of that.

因此，我們專注於確保我們競標和執行的專案都是關鍵任務，以便我們能夠有效地完成它們並很好地執行，因為我們都知道，在預算受限的環境中或做出重新分配決策的情況下，表現不佳的專案可能會首當其衝。

That is just history in this business, as you know, from a from decades here in the industry as well. So the reality is that's the focus right now. And while we are investing in critical areas that are relevant to the 17 or so critical mission sets. I think our fundamental focus is are we executing and delivering mission-critical capabilities to the customer. Toni?

如你所知，這只是這個行業的歷史，也是這個行業幾十年來的歷史。所以事實上這就是目前的重點。我們正在投資與大約 17 個關鍵任務集相關的關鍵領域。我認為我們最根本的關注點是我們是否向客戶執行和交付關鍵任務能力。托尼？

And I guess, I'd just summarize that back to the data point that I gave initially. Over 2/3 of our submit portfolio or pipeline for this year is in mission-critical, mission IT and enterprise IT capabilities that are driving directly towards mission programs and/or the IT infrastructure supporting the mission in substantively technical ways.

我想，我只是將其總結回我最初給出的數據點。我們今年提交的投資組合或管道中超過 2/3 屬於任務關鍵型、任務 IT 和企業 IT 能力，這些能力直接面向任務計劃和/或以實質性技術方式支援任務的 IT 基礎設施。

And so this is where we tend to look at it in terms of the portion of our portfolio that we are bidding that is driving mission-critical outcomes and that we believe will be durable. That funding will continue to be durable and that we're well positioned in that space.

因此，我們傾向於從我們正在競標的投資組合的一部分的角度來看待這個問題，這些部分正在推動關鍵任務成果，並且我們相信這些成果將是持久的。這筆資金將繼續持續，而且我們在該領域處於有利地位。

Great. Thanks. Appreciate it.

偉大的。謝謝。非常感謝。

Matt Akers, Wells Fargo.

富國銀行的馬特‧艾克斯 (Matt Akers)。

Hey, guys. Good morning. Thanks for the question. I wanted to ask about one of the pushes from this government efficiency initiatives, we've seen a lot of layoffs of sort -- of the old workforce. So I'm just curious how you think about that.

嘿，大家好。早安.謝謝你的提問。我想問政府效率措施的推動作用之一，我們看到很多老勞動力被解雇了。所以我只是好奇你對此有何看法。

Is there a portion of business that may be exposed to that as a risk in the near term than maybe there are fewer people to benefit longer term, potentially, maybe there's an opportunity for you to pick up some of that work? Or just kind of how you think about that dynamic for SAIC?

是否有一部分企業在短期內可能會面臨這種風險，而從長遠來看受益的人可能會更少，也許您有機會接手其中的一些工作？或者您如何看待上汽集團的這種動態？

Yes. Matt, I think it's a fair question. Obviously, we're tracking all of the various -- coming out those and other parts of the administering that affect program-by-program agency to agency. To date, we've seen -- it's been fairly nominal. We have not seen a significant impact. I think we are also prepared and working with our customers directly as their personnel changes or the, let's say, potential cuts in their workforce, how do we support them on the ground with ongoing continuity of, if you will, business operation.

是的。馬特，我認為這是一個公平的問題。顯然，我們正在追蹤各種各樣的情況——這些情況以及其他影響各個專案和機構的管理部分。到目前為止，我們已經看到——這是相當名義上的。我們尚未看到重大影響。我認為我們也做好了準備，並直接與我們的客戶合作，因為他們的人事變動，或者比如說，他們的員工可能被裁減，我們如何在當地為他們提供持續的業務運營支援。

I think many of us see that as both an opportunity, as you mentioned, where we -- may be contractor staff that may be part of the ongoing continuity of those government operations, both midterm and long term. So we are very close to our customers right now and providing them all the support that they need and understanding what personnel cuts mean for them and for their particular missions.

我認為我們中的許多人都認為這是一個機會，正如您所說，我們可能是承包商員工，可能是政府中期和長期營運持續的一部分。因此，我們現在非常貼近客戶，為他們提供所需的所有支持，並了解裁員對他們及其特定任務意味著什麼。

I would say there's no unique area that we -- that has stood out as a specific, you know what our footprint is in civilian and in our civilian agencies, particularly we are mission-critical cabinet agencies that have not had major cuts to date, but we are all tracking against that.

我想說的是，我們沒有特別突出的領域——你知道我們在民事和民事機構的足跡是什麼嗎？特別是我們那些關鍵任務內閣機構，迄今為止還沒有進行過大規模削減，但我們都在追蹤這些削減。

Hey, Matt, the only thing I would add to that is we continue to have productive discussions with our counterparts and focused on mission criticality and what agencies we're serving and to suggest that there's going to be no impact from any of this would likely be viewed as naive. And the reality is there are so many mixed signals we get every day from a variety of different sources that it's hard to react to every one of them.

嘿，馬特，我唯一想補充的是，我們將繼續與我們的同行進行富有成效的討論，並重點關注任務的關鍵性以及我們所服務的機構，並且暗示這不會產生任何影響可能會被視為天真的。而現實情況是，我們每天都會從各種不同的來源收到如此多的混合訊號，以至於很難對每個訊號做出反應。

So just being able to zoom out a little and think about big picture underlying trends, I think it's probably the right posture for us. So I think that's why we're back to very much focused on -- what we do has to be mission-critical to justify the investments we're making in the organization as well as generating good ROI, replicability of solutions across the landscape.

因此，只要能夠稍微放遠目光，思考一下大局中潛在的趨勢，我認為這對我們來說可能是正確的姿態。所以我認為這就是為什麼我們重新高度關注——我們所做的事情必須是至關重要的，以證明我們在組織中所做的投資是合理的，並產生良好的投資回報率，以及解決方案在整個領域的可複製性。

That is a really important part of the investment thesis we have inside the company. And our view is if we do those two things effectively and make smart capital allocation decisions, we're going to ride this out as certain as these times are. So that's sort of how we think about it.

這是我們公司內部投資理論中非常重要的一部分。我們的觀點是，如果我們有效地做到這兩點，並做出明智的資本配置決策，我們就能安然度過這段時期。這就是我們對此的看法。

Yes. Got it. And as a follow-up. So the 2% to 4% organic growth this year, could you talk about your backlog, I guess, it is down year-over-year, we're operating over CR. I guess how much of that is already in backlog. Or how much may be -- do we maybe new work to come through to get to that 2% to 4% level?

是的。知道了。並作為後續行動。因此，今年的有機成長率為 2% 至 4%，您能談談您的積壓訂單嗎？我猜，它比去年同期有所下降，我們的營運超過了 CR。我猜想其中有多少已經積壓了。或者說我們需要做多少新工作才能達到 2% 到 4% 的水平？

Great question, Matt. I would say a very high percentage of that 2% to 4%, I would say probably north of 75% now. I sort of rounded up a little bit and say about 3/4 in backlog. We are not relying on a ton of new business revenue in the year. I think or submit plan and our book-to-bill for the year suggests that we expect to have a good year on book-to-bill, but overall, we're not expecting a ton of incremental revenue. I think you're exactly right to be tempered in the question, which is in a CR environment, how much of a -- is there.

問得好，馬特。我想說這 2% 到 4% 的比例非常高，現在可能已經超過 75% 了。我稍微總結了一下，積壓的訂單大約是 3/4。我們並不依賴今年大量的新業務收入。我認為或提交計劃以及我們今年的訂單出貨比表明我們預計今年的訂單出貨比會很好，但總體而言，我們並不期望有大量的增量收入。我認為你對這個問題的答案是完全正確的，即在 CR 環境中，有多少 - 存在。

And I think our operating plan for the year is very much an on-contract growth operating plan with some higher targets this year. relative to even our performance last year, which I thought was a pretty good on-contract growth year. So I think that's the name of the game for the near term. And hopefully, we'll start to see some awards come here over the next couple of quarters and hopefully sets us up for the second half and into FY27. Toni?

我認為我們今年的營運計劃很大程度上是一個合約成長營運計劃，今年有一些更高的目標。相對於我們去年的業績而言，我認為去年是合約成長相當不錯的一年。所以我認為這就是近期遊戲的名稱。希望我們能在接下來的幾個季度內開始看到一些獎項，並希望這能為我們下半年和 2027 財年做好準備。托尼？

I think that was -- I think probably that was it, that was spot on. And again, staying close to the customers, a very solid Q4 close on program execution in every dimension continuing that into the year. And this on-contract growth expectation has increased year-over-year.

我認為那是——我認為可能就是那樣，那是正確的。再次，我們與客戶保持密切聯繫，在第四季度，我們在各個方面都紮實完成了計劃執行，並將這一勢頭延續到了今年。而這種合約成長預期逐年增加。

In this environment, we obviously want to be in the right places that are being funded that are being -- that are deemed mission-critical and quite frankly, bringing commercial solutions and using our commercial operating segment even more is our expectation this year to introduce more, if you will, technically state-of-the-art capability into these mission areas. And that's probably an area that's another lever that we've been able to exercise over the last couple of years, you'll see more of that this year.

在這種環境下，我們顯然希望處於正確的位置，獲得資金，這些位置被視為關鍵任務，坦率地說，帶來商業解決方案並更多地利用我們的商業運營部門是我們今年的期望，如果你願意的話，將更多技術上最先進的能力引入這些任務領域。這可能是我們在過去幾年中能夠運用的另一個槓桿領域，今年你會看到更多這樣的槓桿。

Thanks. If I could do one more. I guess, seasonality, you talked about first half being a little bit slower. Is there seasonality like within Q1 versus Q2, do we start out slower and you kind of both quarters will still be positive growth or negative and then accelerate from there?

謝謝。如果我能再做一次。我想，就季節性而言，您談到上半年會稍微慢一點。是否存在像第一季和第二季度那樣的季節性，我們是否一開始會比較慢，但兩個季度仍然會是正增長還是負增長，然後從那裡開始加速？

Yes, fair question, Matt. I think with all of the health warnings come with quarterly level guidance, and I think we do our best try to estimate what these trends look like and I think we're seeing a little more in the way of recompete headwinds in Q1 relative to Q2.

是的，公平地問，馬特。我認為所有健康警告都伴隨著季度指導，我認為我們會盡力估計這些趨勢是什麼樣的，我認為與第二季度相比，我們在第一季度看到的重新競爭逆風會更多一些。

And for example, C4 ES, which is we compete that we lost in Q1 last year, we'll actually lap out at the end of Q1 of this year. So in theory, that would suggest that Q2 ought to be better than Q1. But candidly, with $18 million being 1% to revenue in a quarter, the reality is that's easy to move the dial inside of a quarter and between quarters. So with the caveat of that things are going to move around a little bit. I think it's fair to say fewer headwinds in Q2 and in Q1.

例如，我們在去年第一季失敗的競爭對手 C4 ES，實際上將在今年第一季末退出市場。因此從理論上講，這表明第二季度應該比第一季更好。但坦白說，1,800 萬美元佔一個季度營收的 1%，事實上，在一個季度內和不同季度之間，這一數字很容易發生變化。因此，有一點需要注意，事情將會發生一些變化。我認為可以公平地說，第二季和第一季面臨的阻力會更小。

Yes, right. But in both -- I mean, the idea of the H1 over H2 or H2 with rollover H1 in terms of higher growth. We do anticipate growing throughout the year. And the combination of how we grow, as Prabu has mentioned, as well as we do see some movement to the right on recompetes across the government. And so we're looking at and understanding what that may mean for our year as well as we push out some recompete risk towards the end of the year.

是的，對。但就兩者而言 — — 我的意思是，就更高的成長而言，H1 優於 H2 或 H2 優於 H1。我們確實預計全年都會成長。正如普拉布所提到的那樣，我們的發展方式以及我們確實看到政府內部在重新競爭方面出現了一些向右的動向。因此，我們正在研究和了解這對我們今年意味著什麼，同時我們將在年底前消除一些重新競爭的風險。

Got it. Thank you.

知道了。謝謝。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Hey, guys. Good morning.

嘿，大家好。早安.

Good morning, Gavin.

早上好，加文。

Sounds like there is still a lot of uncertainty. And like probably you mentioned the mixed signals, and I appreciate you guys are being very proactive. Anything specific that gave you confidence to raise low end of the '26 guidance in light of that?

聽起來仍然存在著許多不確定性。就像您可能提到的混合訊號一樣，我很欣賞你們的積極主動性。有鑑於此，有什麼具體因素讓您有信心提高 26 年指導值的低端嗎？

I would say here's maybe how we think about this, Gavin. I think the signals are very mixed. And then we look at what do we actually know as we go into the spring. And Toni, I think, absolutely correctly summarized it the impacts have be nominal. And then we look back to say, how do we end the year. And I think we get that we grew about a little over 4% in Q3, close to 6% in Q4. And candidly, we've grown above 5%, probably 50% of the last eight quarters.

我想說，這也許就是我們對此的看法，加文。我認為這些訊號非常混雜。然後我們看看進入春季後我們實際上知道什麼。我認為托尼完全正確地總結了這一點，其影響是名義上的。然後我們回顧一下，問自己該如何結束這一年。我認為我們在第三季的成長率略高於 4%，在第四季的成長率接近 6%。坦白說，過去八個季度我們的成長率都超過了 5%，大概是 50%。

And so I think the actual organic growth thesis is intact, and our teams are doing a good job scouring and figuring out how to grow this business organically, absent new larger recompete wins. And that OCG machine is working effectively.

因此，我認為實際的有機成長理論是完整的，我們的團隊正在很好地探索和研究如何在缺乏新的更大的競爭勝利的情況下有機地發展這項業務。而且那台 OCG 機器運作有效。

And that doesn't mean any of this guidance is a -- gimme. It just means that we are betting on ourselves a little bit to say, can we keep the momentum up. And I think we're keen on delivering solid OCG. And if something changes, our reputation and we'll be the first to come out and say we're seeing some headwinds, but we're not seeing those just yet.

但這並不意味著這些指導都是可以隨意給予的。這只是意味著我們在對自己進行一些打賭，看看我們能否保持這種勢頭。我認為我們熱衷於提供可靠的 OCG。如果情況發生變化，我們的聲譽和我們將首先站出來表示我們遇到了一些阻力，但我們現在還沒有看到這些阻力。

Great. Yes. I appreciate all the transparency. Does it feel like visibility is improving or day by day that things are getting increasingly less certain?

偉大的。是的。我感謝大家的透明度。是不是感覺可見度正在提高，還是事情一天天變得越來越不確定？

Gavin, that's a great question right there. And look, I think obviously, we are tracking this on a daily basis. But we are -- I think whenever messages get compounded or reinforced, you start to see a little bit better directionally, obviously, having the CR in place for the year set some expectations. It does actually offset some of the volatility by acknowledging that we have a CR in place and a CR that has flexibility more than what we've seen in prior years. So that, I would say, is a net positive in terms of just stabilizing our environment and helping us make good decisions going forward.

加文，這個問題問得非常好。而且，我認為顯然我們每天都在追蹤此事。但是，我認為，每當資訊被複合或強化時，你就會開始看到更好的方向，顯然，今年的 CR 到位設定了一些期望。透過承認我們已經建立了 CR，並且 CR 比前幾年更具靈活性，它確實抵消了部分波動。因此，我想說，這對於穩定我們的環境和幫助我們在未來做出正確的決策來說，是一個積極的方面。

I think the other -- there's education going on. And I think as we engage both with GSA and other parts of the government, we've been able to clarify the work that we do, explain where SAIC fits in this ecosystem, explain the mission criticality of our work as well as some of the technical work that we do to support at an enterprise IT level and I think with greater explanation, it will start to, if you will, bring down some of the more knee-jerk reactions that all of us have had over the last few weeks.

我認為另一個是教育。我認為，當我們與 GSA 和政府其他部門接觸時，我們已經能夠闡明我們所做的工作，解釋 SAIC 在這個生態系統中的位置，解釋我們工作的關鍵任務以及我們為支持企業 IT 級別而進行的一些技術工作，我認為，有了更詳細的解釋，它將開始減少我們所有人在過去幾週中產生的一些下意識反應。

And so I actually feel like it's moving towards a little more stability, not to say there won't be new initiatives that are introduced, but we are seeing at least some coalescing around clarity on the CR, clarity on flexibility within the CR, clarity on who SAIC is engaging with the new administration. And as they learn more about who we are, I think it's going to become very, very clear on the mission role we play.

因此，我實際上感覺它正在朝著更穩定的方向發展，這並不是說不會推出新的舉措，而是我們至少看到圍繞 CR 的清晰度、CR 內部靈活性的清晰度、SAIC 與新政府合作的清晰度等方面的一些凝聚。隨著他們對我們的了解越來越多，我認為他們就會越來越清楚我們所扮演的使命角色。

That's great color. Appreciate it.

顏色真棒。非常感謝。

Seth Siefman, JPMorgan.

摩根大通的賽斯‧西夫曼。

Hi, good morning. This is Rocco on for Seth.

嗨，早安。這是 Rocco 代替 Seth 上場的。

Good morning.

早安.

The prior goal was to increase the share of civil work. However, with the spraying priorities of this administration, does the strategy still makes sense? Or will SAIC shift to focus more towards defense and intelligence work?

先前的目標是增加土木工程的份額。然而，考慮到本屆政府的噴灑優先政策，該策略是否仍有意義？或者 SAIC 會將重點更多地轉向國防和情報工作？

I'm sorry, could you repeat the first part of your question? I heard the last part, excuse me.

抱歉，您能重複問題的第一部分嗎？我聽到的是最後一部分，不好意思。

Yes, sorry. With the prior kind of focus being on increasing the share of civil work, but with this administration is kind of focused on cutting the civil budget and moving more towards defense. Is that SAIC's strategy kind of shifting with that administration?

是的，抱歉。先前的重點是增加民用工程的份額，但本屆政府的重點是削減民用工程預算，更多地轉向國防。上汽集團的策略是否會隨著政府的變動而改變？

No. We haven't made a shift in strategy to date. I mean our civilian work is just around 20% of our overall portfolio. We have done well at civilian, as you can see, as a reportable segment, had a very, very solid year this last year. If you look at the footprint of where we are within civilian, we're in mission-critical spaces around five to six key cabinet agencies that are continually going to be funded, we believe, and particularly in the mission areas where we find ourselves.

不。到目前為止，我們還沒有改變戰略。我的意思是我們的民事工作僅占我們整體業務的 20% 左右。如您所見，作為一個可報告的部門，我們在民用領域做得很好，去年取得了非常非常穩健的表現。如果你看一下我們在民用領域的足跡，你會發現我們正處於關鍵任務領域，大約有五到六個關鍵內閣機構，我們相信這些機構將持續獲得資金，特別是在我們所處的任務區。

So I'm not going to say that we are bullish. I would say, of course, we're watching the market to see if there are any fundamental changes. But right now, our strategy was a strategy that focused on a portfolio shift to enterprise and mission IT across our portfolio, which we are accomplishing as we look at our pipeline moving to 2/3, in the 2/3 in those areas.

所以我不會說我們樂觀。我想說，當然，我們正在關注市場，看看是否有任何根本性的變化。但目前，我們的策略是專注於將投資組合轉向企業和任務 IT，我們正在實現這一目標，因為我們正在考慮將我們的產品線轉移到這些領域的 2/3。

And as civilian was a growth sector, where we are in civilian, we have been growing, and we expect to continue to grow if we see a fundamental shift. Obviously, we'll pause and reevaluate. But right now, we feel like given where we're positioned, we'll hold with the strategy that we put in place.

由於民用領域是一個成長領域，我們在民用領域也一直在成長，如果我們看到根本性的轉變，我們預計還會繼續成長。顯然，我們會暫停並重新評估。但現在，我們覺得考慮到我們所處的位置，我們會堅持我們所製定的策略。

Right. Then building on it, how should we think about the segment growth between civil and defense this year and moving forward?

正確的。那麼在此基礎上，我們該如何看待今年民用和國防之間的細分成長以及未來的發展？

I mean, civil versus our other business groups. Look, I mean we had a phenomenal year this year, I think -- I'm sorry.

我的意思是，民事與我們的其他業務集團相比。聽著，我的意思是我們今年度過了非凡的一年，我想——我很抱歉。

I guess, yes.

我想是的。

Okay. Yes. Okay. We're in agreement. Great. Civil had a great year, and they are part of our overall expectation to continue to grow, particularly in the on-contract growth arena. They also have a pretty significant part of our pending award pipeline as well or backlog as well.

好的。是的。好的。我們意見一致。偉大的。Civil 度過了出色的一年，我們總體預期他們將繼續成長，特別是在合約成長領域。他們也擁有我們待批獎項或積壓獎項中相當重要的一部分。

I think that when we look at it, we do expect that the growth rates relative to the market will be higher in defense and intel than civilian on the growth side, in terms -- not our growth rates with the market and how spending will occur. But for Civil, there's always the conversation about how we grow on contract, how we have a significant pipeline there and how we are positioned in mission-critical areas. So my expectation is not a fundamental mix shift between civilian and defense in terms of our expectations of growth. Prabu, any thought?

我認為，當我們審視這個問題時，我們確實預期國防和英特爾相對於市場的成長率將高於民用市場，就成長率而言——不是我們的市場成長率以及支出如何發生而言。但對於 Civil 而言，我們總是在討論如何根據合約發展，如何在那裡建立重要的管道，以及如何在關鍵任務領域定位。因此，就我們的成長預期而言，我的預期不是民用和國防之間的根本性轉變。普拉布，有什麼想法嗎？

The only thing I would add is, as you know, we do not provide guidance at the segment level. And I think it's fair to say that we see good prospects for growth in both of our reportable segments. Three, the recompete headwinds and the decision to walk away from the low-margin computing store is actually in our defense business. Specifically Air Force and based on Air Force, respectively.

我唯一想補充的是，如您所知，我們不提供細分層面的指導。我認為可以公平地說，我們看到兩個報告部門都具有良好的成長前景。第三，重新競爭的逆風和放棄低利潤計算商店的決定實際上屬於我們的國防業務。分別為具體空軍和基於空軍。

So I think if you sort of nominally adjusted for those headwinds, I would say both segments are going to grow. The reality is, I think we do have some known headwinds in Defense and Intel and that's likely going to impact the relative growth rates which obviously will report as we cycle through the year. But as you know, we do not provide specific guidance on the segments themselves.

因此，我認為，如果你對這些不利因素進行名義上的調整，我會說這兩個部分都會成長。事實是，我認為我們在國防和英特爾領域確實面臨一些已知的阻力，這可能會影響相對增長率，而這顯然會在全年周期中顯現出來。但如您所知，我們並未針對各個部分本身提供具體的指導。

Great. Thank you.

偉大的。謝謝。

Ellen Page, Jefferies.

艾倫·佩吉 (E​​llen Page)、傑富瑞 (Jefferies)。

Hi, guys. Thanks for the question. Maybe just on a contract basis. I think you had a favorable outcome on the FAA ATAPS protest during the quarter. How are you thinking about that contract going forward? And more broadly, with FAA, how are you thinking about the funding support there given it become more of a priority under the current administration?

嗨，大家好。謝謝你的提問。也許只是基於合約。我認為本季你們對 FAA ATAPS 抗議活動取得了有利的結果。您認為該合約的未來發展如何？更廣泛地說，鑑於聯邦航空管理局在現任政府的領導下變得更加優先，您如何考慮為其提供資金支持？

Hey, Ellen, thanks for the question. Thanks for joining the call. Yes, you're accurate in terms of the favorable protest that extended our time on that contract. And we are monitoring to see what that goes. We tend to not comment beyond what the initial government decision was. And so we're going to continue with the expectation that we will be able to continue to deliver against that very important program for FAA.

嘿，艾倫，謝謝你的提問。感謝您參加電話會議。是的，您說的沒錯，我們透過有利的抗議延長了合約期限。我們正在監測情況的進展。我們傾向於不對政府最初的決定以外的內容發表任何評論。因此，我們將繼續期望能夠繼續完成對 FAA 來說非常重要的這項計劃。

I had opportunity to spend some time with the Secretary of Transportation last week and can see his focus after Duffy on all things related to FAA and modernization in that program is, I think, critical to that effort. So right now, we feel like we're going to continue to deliver against that program until there's a newer contract action. We're seeing it as part of our ongoing work this year.

上週我有幸與交通部長進行了一段時間的會談，我發現在達菲之後，他的重點是與聯邦航空管理局有關的所有事務，而該計劃的現代化對於這項工作至關重要。因此現在，我們覺得我們將繼續執行該計劃，直到有新的合約行動。我們將其視為今年正在進行的工作的一部分。

And Ellen, the only thing I would add is we do provide air traffic training, control training programs through our CTS program and I think it's fair to say that we should expect to see higher volumes specifically from that program because we do see that area as a priority for the FAA beyond ATAPS.

艾倫，我唯一想補充的是，我們確實透過 CTS 計劃提供空中交通培訓和控制培訓計劃，我認為可以公平地說，我們應該期望從該計劃中看到更高的培訓量，因為我們確實將該領域視為 FAA 除 ATAPS 之外的優先事項。

Great. And then on the S3I recompete that you went after close. I think that's the first of four recompete you had or contracts you had. How are you thinking about the rest of that program coming up for bid in the next?

偉大的。然後你在 S3I 重新比賽中接近勝利。我認為這是你四次重新競爭或簽訂的合約中的第一個。您認為該計劃的其餘部分在下次招標中會如何進行？

Yes, I'll take -- yes, fair question, Ellen. I remember that this is like deja vu. I feel like Bill Murray a little bit about that. So we do have all four of them over the next several years. There's one that's -- furthest out beyond FY28. The next two are in various levels of shaping and procurement.

是的，我會接受──是的，公平的問題，艾倫。我記得這就像似曾相識。在這方面我感覺自己有點像比爾·莫瑞。因此，在接下來的幾年裡，我們確實會擁有這四個。有一個是最晚於 FY28 的。接下來的兩個處於不同的塑造和採購水平。

We are obviously focused on ensuring that what we deliver is mission-critical and that we can improve our execution on a day in day out basis. So I would say, fair to say that the procurements are generally staying on track. So I would say, over the next couple of years, you'll at least two of those four programs come up where we compete.

我們顯然專注於確保我們交付的產品對任務至關重要，並且我們能夠日復一日地提高我們的執行力。所以我想說，公平地說，採購總體上進展順利。所以我想說，在接下來的幾年裡，這四個項目中至少有兩個會出現在我們競爭的範圍內。

And all of the -- Ellen, all of the indications on our program reviews are that we are executing super well. against those programs now from customers at to our day-to-day requirements. And so we feel pretty solid about our execution and our opportunity to be able to hold on to those programs going forward.

而且所有——艾倫，我們專案評估的所有跡像都表明我們的執行情況非常好。現在，這些程序已從客戶那裡滿足了我們的日常需求。因此，我們對我們的執行情況以及繼續推進這些計劃的機會感到非常有信心。

Right. Thank you. I'll hop back in the queue.

正確的。謝謝。我會重新回到隊列中。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Hey, good morning, guys.

嘿，大家早安。

Good morning.

早安.

I wanted to ask if you could give us some anecdotes on the ground of -- you mentioned kind of nominal impact from the administration changeover in those, how does it manifest? How has it manifested across your business, if at all?

我想問您是否可以告訴我們一些關於——您提到了政府更迭的名義影響，它是如何體現的？如果有的話，它對您的業務有何體現？

Well, Gautam, I think we could all acknowledge that we see delays in different parts of the business, right? So I think more than do we see financial impacts at this point -- fund financial impacts, we do see delays and delays could translate in having some kind of financial impact. delays in contract actions, delays in, obviously, pending awards that we're holding to that -- so the awards, contract actions in our current footprint of work.

好吧，高塔姆，我想我們都承認我們看到業務的不同部分出現了延遲，對嗎？因此，我認為，目前我們看到的不僅僅是財務影響——基金財務影響，我們確實看到了延遲，而延遲可能會轉化為某種財務影響。合約行動的延遲，顯然，我們正在等待的待決獎項的延遲 - 因此，獎項，合約行動都在我們目前的工作範圍內。

And to be fair, on the ground, there are new players, sometimes personnel are -- who have left the organization. We have new personnel to engage with, and we have to somewhat reset some relationships and norms given the changeover in various agencies.

公平地說，實際上，有一些新球員，有時是一些離開了該組織的新人員。我們需要與新員工打交道，考慮到各個機構的變動，我們必須在某種程度上重新設定一些關係和規範。

So I think there's an environmental set of conditions. There's a delay factor. And I think those are the two that are probably most notable and the need, and I'm super proud of our team, the entire team and my leadership team in making sure that all of the incoming leaders understand what SAIC does and the mission criticality of what we do.

所以我認為存在一系列環境條件。存在延遲因素。我認為這兩個可能是最值得注意和最需要的，我為我們的團隊、整個團隊和我的領導團隊感到非常自豪，他們確保所有新任領導人都了解 SAIC 所做的事情以及我們所做工作的使命關鍵性。

Gautam, the only thing I would add to that would be if we think about what seems to get some level of scrutiny, contracts that are viewed as consulting arrangements where people fly in for -- to our meetings and fly out. I think those are likely to get a little more attention is I think the folks and the government are recognizing, that's generally not what we do. We are mission-focused with people that have hands on keyboard. Generally not a core part of our business.

高塔姆，我唯一要補充的是，如果我們考慮一下似乎受到一定程度審查的合同，這些合同被視為諮詢安排，人們乘飛機來參加我們的會議，然後乘飛機離開。我認為這些可能會引起更多的關注，我認為人民和政府都意識到，這通常不是我們所做的。我們專注於那些手握鍵盤的人們的使命。通常不是我們業務的核心部分。

I think the other thing that you'll likely see is, is there a focus on simply buying and selling at higher profits to the government. In other words, think of these as sort of your fairly typical reseller agreements that arguably, one might suggest not a lot of ton of value add for the government. So there's a little bit of focus there. Again, I think this is why as the administration sort of taking shape here and folks are getting acclimated to the kinds of work we do and the programs we execute on.

我認為您可能會看到的另一件事是，人們是否只專注於以更高的利潤向政府進行買賣。換句話說，可以把它們看作是一種相當典型的經銷商協議，可以說，人們可能會認為它們不會為政府帶來太多的附加價值。因此，這裡有一點重點。再說一次，我認為這就是為什麼隨著政府在這裡逐漸成形，人們也開始適應我們所做的工作和執行的專案。

I think there's a recognition that perhaps the headlines are, I would a little more of a knee-jerk reaction. I think as Toni exactly pointed out, there's a little more of an understanding of what it is we do. Our role as integrators, putting together very disparate pieces of data and architectures and consumption patterns inside the government in a way that is cost-effective for the government long term.

我認為人們可能已經認識到了標題的含義，我會對此做出更多的下意識反應。我認為，正如托尼所指出的，我們對所做的事情有了更多的了解。我們的角色是整合商，將政府內部非常分散的資料、架構和消費模式整合在一起，以便政府能夠長期保持成本效益。

I think there's a growing recognition of that. The uncertainty also manifests in, I would say, very -- contacting e-mails, five of them over the course of 48 hours and just knowing not to react to that or any one e-mail and just saying, can we just keep our heads about us and sort of navigate the environment together with our customer who frankly also have the same level of uncertainty. So I think it's an environment that is uncertain. And I think our priorities to not overreact and make sure that we're doing the right things -- that we offer.

我認為人們對此的認識正在不斷提高。我想說，不確定性也體現在——聯絡電子郵件，48 小時內發了 5 封郵件，我們知道不要對這封郵件或任何一封郵件做出反應，只是說，我們能否保持頭腦清醒，與我們的客戶一起應對環境，坦率地說，我們的客戶也有同樣程度的不確定性。所以我認為這是一個不確定的環境。我認為我們的首要任務是不要反應過度，並確保我們所做的事情是正確的——我們提供的服務。

That's very helpful color. I don't have to put words in your mouth, but it sounds as though what you're describing is more a function of an administration change versus any sort of intervention on any given contract to take away work or end work. You're not seeing that right? You're not seeing --

這是非常有用的顏色。我不需要替你說話，但聽起來你所描述的更像是一種行政變革的功能，而不是對任何特定合約進行任何形式的干預以剝奪工作或結束工作。你沒看清楚吧？你沒有看到--

Yes. Unfortunately, Gautam, that probably would be putting words in my mouth. So I would just say that is, by and large, folks understanding during transition. And because of the change out in personnel, we're seeing a little bit of catch-up in terms of just the base level of knowledge on programs. And I'd say the caveat on the second part of your question is we just don't know what we don't know, and we're just watching to see how the environment plays out.

是的。不幸的是，Gautam，這可能就是強加於我的話了。所以我只想說，總的來說，人們在過渡期間是能夠理解的。而且由於人員的變動，我們在程序基礎知識方面取得了一些進展。我想說，關於你問題的第二部分，需要注意的是，我們不知道我們不知道什麼，我們只是在觀察環境如何發展。

Fair enough. That's helpful. One last one for me. Obviously, there's also this relook at by dose and the new administration could actually be beneficial to the industry via more outsourcing eventually. I'm curious also on the SBA side, have you seen any movement to foot to kind of maybe lower the threshold of small business set asides that kind of forces contractors like yourself to sub out a lot of work or to sub to a prime that the small business set aside. Any movement of what policy wise, that could actually be beneficial to larger services firms like yourself. Thank you.

很公平。這很有幫助。對我來說還有最後一個。顯然，新政府也對劑量進行了重新審視，最終可以透過更多的外包為該行業帶來實際利益。我也很好奇，在 SBA 方面，您是否看到任何舉措來降低小型企業預留的門檻，從而迫使像您這樣的承包商分包大量工作或分包小型企業預留的主要工作。任何政策上的變動實際上都可能對像您這樣的大型服務公司有利。謝謝。

Yes, the SBA set aside program has already gone through a number of, if you will, reducing of the threshold for small business set aside. I believe 5% was the last that I saw, and that's still being discussed with the new administration.

是的，如果您願意的話，SBA 預留計劃已經經歷了多次降低小型企業預留門檻的舉措。我相信 5% 是我所看到的最後一個數字，而且新政府仍在討論這個數字。

So we're always tracking this sort of what the threshold looks like. I think the more profound part of your observation and question is, what are the opportunities for a company like ours in this new environment? And a combination of conversion of contract type, which has always been an interest to us in certain areas where we can -- and we've sometimes inserted fixed price line items within existing cost plus, but the idea of being able to move to more favorable contracting is we see as an opportunity.

因此，我們一直在追蹤這種閾值。我認為您的觀察和問題中更深刻的部分是，在這種新環境下，我們這樣的公司有哪些機會？我們對合約類型的轉換一直很感興趣，有時我們會在現有的成本加成中插入固定價格項目，但能夠轉向更優惠的合同，我們認為這是一個機會。

The opportunity to support the government if personnel reductions if you will, reductions in force and ongoing government operational continuity are at risk that we could be a partner to support in that regard. The opportunity to use more of our commercial operating segment to with new technologies coming in from different parts, some from the sort of defense side and other sectors, we want to be able to use what we have been building in our portfolio to integrate some of the more state-of-the-art commercial technologies that exist. And we feel like we're an integrator that's really well positioned to do that.

如果裁員、裁員和政府持續運作的連續性面臨風險，我們可以成為這方面的合作夥伴，為政府提供支援。我們希望能夠利用我們更多的商業營運部門來利用來自不同部門的新技術，一些來自國防方面和其他部門，我們希望能夠利用我們在投資組合中構建的技術來整合現有的一些最先進的商業技術。我們覺得自己是一家非常適合做這件事的整合商。

So of course, we don't want to be bullish about this environment from the perspective of there's no risk. There is absolutely risk, and there is volatility. And yet, we do see opportunity in every conversation we have balances those two and gets proactive about being able to speak with our customers about opportunities even before they fully materialize.

因此，當然，從沒有風險的角度來看，我們不想對這種環境持樂觀態度。絕對有風險，也存在波動。然而，我們確實在每一次對話中都看到了機會，我們平衡了這兩者，並在機會完全實現之前就積極主動地與客戶談論這些機會。

So I would say it's a balanced environment still, across -- every day is a new set of conversations and a new set of e-mails to Prabu's point. But it's going to be how we manage ourselves through this and I feel very, very to have a team on the ground as well as here surrounding them our executive team that is fairly unflappable in this kind of environment. We've been there. We know how to operate through it.

因此我想說這仍然是一個平衡的環境——每天都會有一系列新的對話和一系列新的電子郵件來回應普拉布的觀點。但關鍵在於我們如何管理自己度過難關，我非常高興擁有一支實地團隊以及圍繞在他們周圍的執行團隊，他們在這種環境下相當鎮定。我們去過那裡。我們知道如何解決它。

Thank you very much, guys. Good luck.

非常感謝你們，夥伴們。祝你好運。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Hi, good morning. Thanks for taking the question. This is Josh Korn on for David. I wanted to follow up on the last question. Last quarter, you highlighted, I think it was 11% of the business that's professional services related. Do you view any of that portion of the business as elevated risk given the current environment? Thanks.

嗨，早安。感謝您回答這個問題。我是喬許·科恩 (Josh Korn)，代表大衛 (David) 發言。我想繼續回答最後一個問題。上個季度，您強調過，我認為 11% 的業務與專業服務有關。鑑於當前環境，您是否認為該部分業務有較高的風險？謝謝。

Josh, maybe I'll take the first part of it. So that 11%, you're exactly right. that includes our professional services and embedded within it is actually the core part of our SETA work. And so as we think about the 11% there, our SETA portfolio has remained relatively stable here through all of the changes. And so not a lot of updates there. And I think we're just prepared to respond to the procurement environment, but our SETA portfolio, as you know, is top-notch, and the team is doing a fantastic job continuing to drive real value for that customer.

喬希，也許我會選擇第一部分。所以那 11%，你說得完全正確。其中包括我們的專業服務，其中實際上嵌入了我們 SETA 工作的核心部分。因此，當我們考慮那裡的 11% 時，我們的 SETA 投資組合在所有變化中都保持相對穩定。因此那裡沒有太多更新。我認為我們已經準備好應對採購環境，但正如您所知，我們的 SETA 產品組合是一流的，而且團隊正在出色地繼續為該客戶創造真正的價值。

And to Prabu's point, our understanding, Josh, is from our own customers here is that our SETA, the capability we provide is deemed as mission-critical by our customers. So we're not as concerned about that part of the portfolio given the designation that our customers have given us.

至於 Prabu 的觀點，Josh，我們從自己的客戶那裡了解到，我們的 SETA，即我們提供的功能被客戶視為任務關鍵型。因此，考慮到客戶給予我們的指定，我們並不那麼擔心投資組合的這一部分。

Okay. Great. Thanks. And then I just wanted to ask about recompetes overall. If you could give us any more specifics on where you're running relative to the bid and what you're assuming for win rates next year and the year after? Thanks.

好的。偉大的。謝謝。然後我只想問一下關於重新競爭的整體情況。您能否向我們提供更多有關您在競標中的表現的具體細節，以及您對明年和後年的中標率的預測？謝謝。

Yes. I'll take maybe the first crack at this one and Toni just -- so I would say they are not quite yet where we want them to be. but it is our and the team's full expectation that we will restore recompete to the high 80% to 90% range in relatively long time.

是的。我可能會首先嘗試這一點，而托尼只是——所以我想說他們還沒有達到我們想要的水平。但我們和團隊都滿懷希望，能夠在相對較長的時間內將競爭率恢復到 80% 到 90% 的高點。

So I would say that's the going-in assumption. Our new business win rates continue to be pretty good. And so as I've said multiple times, we think about win rates on a blended basis. And any time you bid, let's call it, $28 billion, and your blended win rates are 30% or 40%, that should set you up for a good bookings here.

所以我想說這就是進入的假設。我們的新業務成功率持續保持良好。正如我多次說過的，我們是在混合基礎上考慮勝率的。無論何時，只要您的出價為 280 億美元，並且您的混合得標率為 30% 或 40%，那麼您在這裡就能獲得不錯的預訂。

We've also indicated, as you know, Josh, in our own narrative here that our headwinds coming into this year are less than what we came into last year with. And that those headwinds include program transitioned and recompete. So we see that the -- if you will, the trend is improving year-over-year. We're not where we need to be, but we are better than where we were and we are identifying and we've also said the environment that we have right now may be one where there may be some movement right against some recompetes as we look forward as the government is determining what constitutes their critical portfolio going forward.

正如喬希你所知，我們在自己的敘述中也指出，今年我們面臨的阻力比去年還要小。這些不利因素包括專案轉型和重新競爭。因此，我們看到——如果你願意的話，趨勢正在逐年改善。我們還沒有達到我們需要的水平，但是我們已經比以前更好了，我們正在確認，我們也說過，我們目前所處的環境可能是，在我們期待政府確定什麼構成他們未來的關鍵投資組合時，可能會出現一些反對一些重新競爭的行動。

So we are focusing on program execution, heads down, meeting all of our and exceeding all of the customer requirements because as you know, the best way to win in the recompete basis, deliver super well and bring innovation to that delivery. So the more we track that, the more we see that in our outcomes, we feel better about our recompete prospects going forward.

因此，我們專注於專案執行，全力以赴，滿足所有客戶的要求並超越所有客戶的要求，因為如您所知，在重新競爭的基礎上取勝的最佳方式是提供出色的服務並為交付帶來創新。因此，我們追蹤得越多，就越能看到結果，我們對未來重新競爭的前景感到更加滿意。

Great. Thank you.

偉大的。謝謝。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Thank you. Wanted to dig into the recompete win rate and maybe a little bit of a fundamental driver there. How are the company's CPAR scores trending in particular, on your larger programs because one would think that there's probably a pretty strong connection between that and your expectation for improving win rates?

謝謝。想要深入了解重新競爭的勝率，或許還有一點根本的驅動因素。公司的 CPAR 分數趨勢如何，尤其是在您較大的專案中，因為人們會認為這與您對提高勝率的期望之間可能存在相當密切的聯繫？

Hey, Tobey, thank you for the question. We are reviewing. I think we talked about a few quarters ago that we had put in more rigor in our program review process, to not only look at CPAR scores, but to ask a broader set of customers for their feedback on the program, so expand the customer base as well as to ask more questions about that -- to include and most particularly around innovation.

嘿，托比，謝謝你的提問。我們正在審查。我想我們在幾個季度前就討論過，我們在專案審查過程中更加嚴格，不僅要看 CPAR 分數，還要向更廣泛的客戶徵求他們對專案的反饋，從而擴大客戶群，並提出更多有關的問題——特別是圍繞創新的問題。

So those were changes we made to our process. And what I feel better about than I did a year ago is that we're asking a broader set of customers, we're asking about the innovation that's being delivered. And both of those we found as a correlation to possibly having fairly solid customer sat prior -- customer response prior but not having that full correlate with a recompete win.

這些就是我們對流程所做的改變。與一年前相比，我感覺更好的是，我們正在詢問更廣泛的客戶，我們正在詢問正在進行的創新。我們發現，這兩者都與之前可能擁有相當穩固的客戶滿意度——先前的客戶反應有關，但與重新競爭的勝利並不完全相關。

So we feel like we're doing -- we've got all the levers and inputs and those outcomes from expanding the customer base and having more innovative conversations around innovation, we think, are starting to show up, if you will, in results, positive customer feedback -- and when they're not positive, we're being able to assess that and quickly intervene and introduce more from the portfolio.

因此，我們覺得我們正在做的——我們已經掌握了所有的槓桿和投入，而透過擴大客戶群和圍繞創新進行更多創新對話而取得的成果，我們認為，這些成果開始顯現出來，如果你願意的話，結果是積極的客戶反饋——當它們不是積極的時，我們能夠評估並迅速乾預，並從產品組合中引入更多。

So I think CPAR's is absolutely a critical metric, but I think getting beyond to a broader audience and having a broader conversation is what we see as our way of future-proofing our position on recompetes going forward.

因此，我認為 CPAR 絕對是一個關鍵指標，但我認為，接觸更廣泛的受眾並進行更廣泛的對話才是我們確保未來在重新競爭中的地位的方式。

Toni, that was great. Tobey, the only other thing I would add is there's almost a counterintuitive correlation between CPAR scores and recompete win rates. And that is because customers that put us to recompete cycles, expect real innovation to be delivered during the program. And so I think as Toni said, with the enterprise operating model, the focus there around ensuring that we are bringing day-to-day innovation is going to be really helpful.

托尼，太棒了。托比，我唯一想補充的是，CPAR 分數和重新競爭的勝率之間幾乎存在著一種違反直覺的相關性。這是因為讓我們重新參與競爭週期的客戶期望在專案期間實現真正的創新。因此，我認為，正如托尼所說，在企業營運模式下，專注於確保我們每天都能帶來創新，這將非常有幫助。

The other thing that does show up sometimes on recompetes is how well you begin a program. And customers have long memories as they should. We do as well and making sure that we transition programs effectively.

另一件有時會在重新競爭中出現的事情是你開始一個專案的情況如何。顧客的記憶力也應該很好。我們也這樣做，並確保有效地轉變計劃。

And I think with the enterprise operating model, we've stood up transition teams and most recently on our Air Force North ICE program, we did program very recently and that the team has done an outstanding job relative to what the customer was getting from the prior incumbent of the program. So I'd say those are really important things, again, heads to the ground, do the right thing and do it unfeelingly well, and hopefully, we survive the uncertainty. That's the approach.

我認為，透過企業營運模式，我們已經成立了過渡團隊，最近，我們針對空軍北方 ICE 計劃進行了編程，並且相對於客戶從該計劃的前任那裡得到的服務而言，該團隊做得非常出色。所以我想說這些都是非常重要的事情，再次強調，腳踏實地，做正確的事，並且真心實意地做好，希望我們能夠度過這個充滿不確定性的時期。這就是方法。

Thanks very much. My follow-up relates to NASA. Could we get your comms on what you're hearing from that customer and just given the proximity that Josh has from business relationship with that customer, curious whether this has been an area of more stability or more relative volatility relative to what you're hearing from other agencies? Thank you.

非常感謝。我的後續行動與 NASA 有關。我們能否了解您從該客戶那裡聽到的消息，考慮到 Josh 與該客戶的業務關係密切，好奇與您從其他機構聽到的消息相比，這是一個更穩定的領域還是相對波動更大的領域？謝謝。

Hey, Tobey, we haven't heard anything uniquely from NASA. We're not overly concerned of our positioning there. We have not had signal of greater volatility in the spaces where we are. As you know, we do a bit of enterprise IT support there at NASA. We have some parts of our pipeline. We've looked at our new business, both with pending award as well as what is moving forward that we will be bidding this year. We've got great partnerships in place with many of the sort of tech players that are looking at NASA. And so I don't see us as handicapping that business in any unique way based on any signals we're getting at this point.

嘿，托比，我們還沒有聽到 NASA 的任何獨特消息。我們並不太擔心我們在那裡的定位。我們尚未收到所在空間出現更大波動的訊號。如您所知，我們在 NASA 提供一些企業 IT 支援。我們擁有部分管道。我們已經研究了我們的新業務，包括待決獎項以及今年將要競標的進展。我們與許多關注 NASA 的科技公司建立了良好的合作關係。因此，我認為根據我們目前收到的任何信號，我們不會以任何獨特的方式阻礙該業務的發展。

Thank you.

謝謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Thank you for clarifying SSLE work. If you can clarify how much of that gets booked in fiscal one quarter '26?

感謝您澄清 SSLE 工作。您能否澄清一下，其中有多少是在 26 財年第一季預訂的？

I'm sorry, recompete --

抱歉，重新比賽--

Hey, Colin, maybe I'll take a crack at this. I think maybe a little bit of sort of a history premier yourself -- so the way that this program works is the current program has to run off before the new program kicks in. And we still have a few quarters left of the current program. This was exactly what happened when we transitioned from the prior AMCOM program to S3I. So S3I into the next avatar of these programs is going to look the same.

嘿，科林，也許我應該嘗試一下。我認為您自己可能有點像歷史總理——所以這個程序的工作方式是，當前程序必須先運行完畢，然後新程序才能啟動。當前計劃還剩下幾個季度。這正是我們從先前的 AMCOM 計劃過渡到 S3I 時所發生的情況。因此，S3I 進入這些程序的下一個化身將會看起來相同。

As we sit here, obviously, we'll have our bookings decision to make in Q1 when we report. Like we always, we look at the $1.8 billion on the program is representing perhaps a run rate on the current progress has grown pretty nicely over the last few years.

當我們坐在這裡時，顯然，我們將在第一季報告時做出預訂決定。和往常一樣，我們認為該計劃的 18 億美元可能代表著當前進展的運行率在過去幾年中增長得相當不錯。

The team has done an amazing job and the $1.8 billion reflects the run rate on the program right now with some room for potential improvement. What that means for the net booking as we take some factoring on the previous version of it. I think that's probably a few hundred million, I would say, on the prior program, just given that, that program is ending a little bit sooner than we might have anticipated. So that's sort of the net, the net should be comfortably over $1 billion.

該團隊做出了令人驚嘆的工作，18 億美元的投資反映了該項目目前的運行率，但仍有一定的改進空間。這對於網路預訂意味著什麼，因為我們對先前的版本進行了一些考慮。我認為，就先前的專案而言，這可能達到幾億美元，只是考慮到該專案結束得比我們預期的要早一些。這就是淨額，淨額應該輕鬆超過 10 億美元。

Okay. Got it. Got it. I appreciate that math. And then maybe just on the prepared remarks it looks like the margin improvement is driven a little bit of pie, more focused investing maybe biz dev or just kind of general cost and program improvement.

好的。知道了。知道了。我很欣賞那門數學。然後也許只是根據準備好的評論來看，利潤率的提高似乎是由一點點的餡餅、更有針對性的投資、可能是業務開發或只是一般成本和計劃改進所推動的。

So maybe talk a little bit about kind of where you're focused on driving savings and how you're balancing that versus investing for growth? And then just one kind of third part there. is maybe talking a little bit about the algorithm for margin expansion in your backlog and whether that's more hardware-driven and some engineering or more enterprise IT and kind of more expertise type work? Thank you.

那麼，您能否稍微談談您在推動儲蓄方面所關注的重點，以及如何在儲蓄與投資成長之間取得平衡？然後那裡就只有一種第三部分。您可以稍微談談積壓訂單中利潤擴張的演算法，以及它是否更多地由硬體驅動和一些工程驅動，還是更多的企業 IT 和更多專業類型的工作？謝謝。

Yes. Why don't I take the first part then I'll pass the algorithm question to Prabu. I'd love to pass out our questions to Prabu anyway. So look, in terms of the margin side. We are looking at -- we've obviously got a very sharp to any internal investments and making sure we have a very clear understanding from almost a ROIC mindset on what that return would and we are circumspect around those investments. We've made investments prior year. We shared with you were doing less than what we did prior year.

是的。我為什麼不先考第一部分，然後我會把演算法問題交給 Prabu。無論如何，我很樂意向 Prabu 提出我們的問題。因此，從利潤方面來看。我們正在研究——我們顯然對任何內部投資都非常敏銳，並確保我們從幾乎 ROIC 的思維方式非常清楚地了解回報將會是什麼，並且我們對這些投資持謹慎態度。我們去年已經進行了投資。我們與你們分享的是我們所做的比去年少。

And yet in the same context, we are also looking at, as we've talked about, the margin improvement that we have in our big pipeline. So we're incrementally improving on what we're bidding. We are driving underlying margin in our program execution, which was evidenced in Q4. We're looking, as I said, at investments. And we're also proactively suggesting where appropriate conversion on contracts that we have currently that may drive a more accretive position moving into more fixed-price contracting. And I assume that to be a gradual process and to be customer connected. That's not something we can do in a lottery.

然而，在同樣的背景下，正如我們所討論的，我們也在關注我們大型管道中的利潤率的提高。因此，我們正在逐步改進我們的競標內容。我們正在推動專案執行中的潛在利潤率，這在第四季度得到了證實。正如我所說，我們正在尋找投資。我們也積極建議在適當的情況下轉換我們目前的合同，這可能會推動更具增值的地位轉向更多的固定價格合約。我認為這是一個漸進的過程，並且要與客戶緊密聯繫。這不是我們在彩票中可以做的事情。

As always, we are tight on our costs. Management and do a phenomenal job. I think the enterprise operating model has helped us see and understand in our program reviews, very solid cost management. This company runs with, I think, a great bit of scrutiny on every time spent and we will continue with that in terms of driving. But the underlying core fundamental health of this business is improving quarter-over-quarter. We've seen that. And that includes the margin profile of the business. On the algorithm side. Prabu?

像往常一樣，我們的成本很緊。管理並做出了非凡的工作。我認為企業營運模式幫助我們在專案評估中看到並了解非常穩健的成本管理。我認為，這家公司在營運過程中對每一次花費都進行了嚴格的審查，在駕駛方面我們也將繼續這樣做。但該業務的核心基本健康狀況正在逐季改善。我們已經看到了。其中包括業務的利潤狀況。在演算法方面。普拉布？

Thank you, Toni. I think the way we're thinking about sort of margin expansion opportunity is as we're bidding things that are over accretive for the pipeline. We are also requiring folks that are bidding on recompetes to move margin rates up. So we're seeing that impact both inside of the things that we're competing on recompeting right now, worse and the new business front.

謝謝你，托尼。我認為，我們考慮利潤擴張機會的方式是，我們正在競標那些對管道有過度增值作用的東西。我們也要求參與競標的人們提高保證金率。因此，我們看到這種影響既影響我們目前正在進行的競爭，也影響到新的業務領域。

Clearly, I think we have chosen to remain asset light, and we are not going to trade margin expansion for hardware intensity or balance sheet intensity. And that philosophy, I think, Toni has said it multiple times. I think we are going to remain asset light in the way we approach it. So we're trying to do it in the good old-fashioned way, which is how do you get 10 basis points, 20 basis points out of every single program that are going up for recompetes and squeezing a little more margin.

顯然，我認為我們選擇保持輕資產，我們不會為了硬體強度或資產負債表強度而犧牲利潤率的擴張。我認為東尼已經多次提到這種哲學。我認為我們將採取輕資產的方式來處理此事。因此，我們嘗試以傳統的方式去做，即如何從每個重新競爭的項目中獲得 10 個基點、20 個基點，並擠出更多利潤。

So this mission IT and enterprise IT. Our point of view is that if we are delivering real innovation to customers, customers are actually open to having discussions around fee rates and transitioning certain plans to fixed price.

所以這個任務 IT 和企業 IT。我們的觀點是，如果我們為客戶提供真正的創新，客戶實際上會願意討論費率並將某些計劃轉變為固定價格。

So I think that's really the focus, which is -- it will be fully adjusted cut costs for the sake of cutting costs and then stifling the growth engine inside the company. And that every spring, we have a conversation around are we rightsizing some things and making sure that we don't stifle the growth for the company is one of the most important priorities that Toni and I and the leadership have going through the cycle because that would be the easiest thing to do, and it's probably the worst thing we can do on a long-term business. So that's the balance we're trying to strike. We don't always get it right. I know it grew up all the time, but the reality is that's what we aspire to do.

所以我認為這才是真正的重點——為了削減成本而全面削減成本，然後抑制公司內部的成長引擎。每年春天，我們都會討論是否要調整某些業務，並確保我們不會抑制公司的成長，這是托尼和我以及領導層在整個週期中最重要的優先事項之一，因為這是最容易做的事情，但對於長期業務來說，這可能是最糟糕的事情。這就是我們試圖達成的平衡。我們並不總是能做到正確。我知道它一直在成長，但事實上這就是我們渴望做的。

And then maybe one last one on SAIC is a lot of, I think, focus on kind of ambition -- stuff on the call. So maybe focusing more on SAIC, the space cap Engineering Solutions. Can you just maybe talk a little bit more about aspirations for the business?

然後，關於 SAIC 的最後一個問題，我認為，重點在於某種雄心壯志——電話會議中的內容。因此，也許更多地關注 SAIC，即太空上限工程解決方案。能否再多談談對企業的期望？

I think SAIC has stood up some small set integration, but it sounds like there's an opportunity to leverage the digital engineering investments on the side of the business to do, not so hardware but more kind of like the back end of partner. So maybe talk a little bit about kind of how you view SAIC's position and kind of spacecraft design space cap integration on it.

我認為上汽集團已經建立了一些小規模的集成，但聽起來似乎有機會利用業務方面的數位工程投資來做這件事，不是硬件，而更像是合作夥伴的後端。那麼，也許您可以稍微談談您如何看待 SAIC 的地位以及太空船設計空間上限整合。

Asset-light integration. So somebody else is payload, somebody else's bus and focused on how do we put that together a software-enabled way that focuses then on integrating the work and focused on the data that comes out of the platform. That's how we're thinking about that part of the business. So I don't expect us to become a systems integrator at scale, building hardware for space. That is not of our business.

輕資產整合。因此，其他人是有效載荷，其他人的總線，並專​​注於如何以軟體支援的方式將它們組合在一起，然後專注於整合工作並專注於從平台出來的數據。這就是我們對該部分業務的看法。所以我並不期望我們成為大規模的系統整合商，為太空建立硬體。那不關我們的事。

Leveraging digital, I think you brought out correctly. Digital engineering and a number of the -- and we highlighted these differentiators even last year in our overall investor conversation. Digital engineering is a core capability that the Spain Intel group are using to try to drive that integration going forward.

利用數位技術，我認為你的觀點是正確的。數位工程和一些——我們甚至在去年的整體投資者對話中就強調了這些差異化因素。數位工程是西班牙英特爾集團用來推動未來整合的核心能力。

And look, we've got a few programs. If you look at ground-based monetization. You look at the production satellites all of that to Prabu's point, is not about us being a builder of it's an integrator across. And that's where we stay in our lane, and we bring, I think, great value.

看看，我們有幾個程式。如果你看一下地面貨幣化。你看生產衛星，所有這些都符合 Prabu 的觀點，我們不是建造者，而是整合者。這就是我們堅持自己的路線的地方，我認為我們帶來了巨大的價值。

Got it. Appreciate the color as always. Thanks for questions.

知道了。一如既往地欣賞顏色。感謝您的提問。

Thank you.

謝謝。

Thank you. This is going to conclude today's question-and-answer session. Ladies and gentlemen, this is also going to conclude today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

謝謝。今天的問答環節到此結束。女士們、先生們，今天的電話會議也到此結束。感謝您的參與，您現在可以斷開連接了。祝大家有個愉快的一天。