Science Applications International Corp (SAIC) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the SAIC fiscal year 2026 quarter one earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加上汽集團2026財年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would not like to hand the conference over to your speaker today, Joseph DeNardi, Senior Vice President, Investor Relations and Treasurer. Please go ahead.

我不想將今天的會議交給你們的發言人、投資者關係高級副總裁兼財務主管 Joseph DeNardi。請繼續。

Good morning, and thank you for joining SAIC's first-quarter fiscal year 2026 earnings call. My name is Joe DeNardi, Senior Vice President of Investor Relations and Treasurer. And joining me today to discuss our business and financial results are Toni Townes-Whitley, our Chief Executive Officer; and Prabu Natarajan, our Chief Financial Officer.

早安，感謝您參加上汽集團2026財年第一季財報電話會議。我叫喬‧德納爾迪 (Joe DeNardi)，是投資人關係資深副總裁兼財務長。今天與我一起討論我們的業務和財務業績的有我們的執行長 Toni Townes-Whitley 和我們的財務長 Prabu Natarajan。

Today, we will discuss our results for the first quarter of fiscal year 2026 that ended May 2, 2025. 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.

今天，我們將討論截至 2025 年 5 月 2 日的 2026 財年第一季的業績。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. 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。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 will focus my remarks on an update of our current operating environment, followed by a review of our business development and financial results in the quarter.

謝謝你，喬，祝我們通話中的各位早安。我的發言將重點介紹我們目前的經營環境，然後回顧本季的業務發展和財務表現。

As I did last quarter, I want to start by thanking our employees for their dedication to our mission and their support of our customers. While the operating environment has stabilized in recent months and recent budget developments provide improved clarity around future spending, we continue to see higher rates of turnover among our customers contributing to procurement delays and award timelines moving to the right.

正如上個季度所做的那樣，我首先要感謝我們的員工對我們使命的奉獻以及對客戶的支持。儘管近幾個月來經營環境已經穩定下來，最近的預算發展也為未來支出提供了更清晰的認識，但我們仍然看到客戶的流動率上升，導致採購延遲和授予時間表向右移動。

The year-to-date net impact to our financial results from the government's efficiency initiatives remain nominal with an estimated annualized revenue impact of less than 1%. We expect conditions to remain very fluid over the next few months as budget negotiations play out and agencies continue to implement the strategic priorities of this administration.

今年迄今為止，政府效率措施對我們財務表現的淨影響仍然很小，預計年化收入影響不到 1%。隨著預算談判的展開以及各機構繼續執行本屆政府的戰略重點，我們預計未來幾個月的情況仍將非常不穩定。

Our initial assessment of the President's government fiscal year '26 budget request is that the overall funding levels and strategic priorities create both opportunities and potential challenges, but on balance are supportive of our growth strategy. We were encouraged to see a solid request for defense spending with a proposed increase of 13%, including reconciliation and political support to provide additional funding in excess of that requested.

我們對總統政府 26 財年預算請求的初步評估是，整體資金水準和戰略重點既創造了機遇，也帶來了潛在挑戰，但總的來說，它們支持我們的成長策略。我們感到鼓舞的是，看到國防開支的堅實請求，提議增加 13%，其中包括和解和政治支持，以提供超出請求的額外資金。

As the administration prioritize spending with a focus on readiness, we do expect certain branches of the DoD to see stronger budget support than others with a particular emphasis on the Navy, Air Force and Space Force.

由於政府優先考慮以戰備為重點的支出，我們確實預期國防部的某些部門將比其他部門獲得更強有力的預算支持，尤其強調海軍、空軍和太空部隊。

While the Army may face a more challenging budget outlook, we believe the balance we have across the Department of Defense with roughly comparable levels of revenue from these four branches positions us well to navigate these uncertain times.

雖然陸軍可能面臨更具挑戰性的預算前景，但我們相信，國防部的平衡以及這四個部門大致相當的收入水平使我們能夠很好地度過這些不確定的時期。

The mission criticality of our work is evidenced by the durability of our portfolio throughout DOGE-related scrutiny in recent months and our ability to support many of the Department of Defense's 17 top priorities as detailed by Secretary Hegseth.

我們工作任務的關鍵性體現在近幾個月來我們在 DOGE 相關審查中投資組合的持久性，以及我們支持國防部長赫格塞斯詳述的 17 個首要任務中許多任務的能力。

We have key programs and demonstrated technical leadership in a number of these, most notably Southwest border activities, homeland missile defense, Virginia-class submarines, priority-critical cybersecurity, core readiness and Combatant Commands support agency funding.

我們在其中一些領域擁有關鍵項目並展示了技術領導力，其中最顯著的是西南邊境活動、國土飛彈防禦、維吉尼亞級潛艇、優先關鍵網路安全、核心戰備和作戰司令部支援機構資金。

The strategy we began implementing roughly 18 months ago to pivot our portfolio to mission and enterprise IT aligned with the priorities of the new administration and the acceleration of technology adoption to increase lethality and efficiency.

大約 18 個月前，我們開始實施將投資組合轉向任務和企業 IT 的策略，這與新政府的優先事項以及加速採用技術以提高殺傷力和效率相一致。

The Space Development Agency's recent decision to include a mission integrator role for tranche 3 after having not done so for tranches 1 and 2 highlights the importance of integration to achieving complex outcomes on schedule.

美國太空發展局最近決定在第 3 階段中設立任務整合商的角色，而第 1 階段和第 2 階段則沒有這樣做，這凸顯了整合對於按時實現複雜成果的重要性。

SAIC was awarded this new cost-plus program role in Q1 as part of a $55 million contract where we will leverage our proven expertise in mission integration and digital engineering to drive program success at speed.

作為一份價值 5500 萬美元的合約的一部分，SAIC 在第一季度獲得了這一新的成本加成專案角色，我們將利用我們在任務整合和數位工程方面經過驗證的專業知識來快速推動專案成功。

Regarding non-defense budgets, the areas of focus for SAIC at our five largest civilian agency customers were well supported, including over $1 billion of additional budget for the Department of Transportation to fund improvements at the FAA, over $40 billion to the Department of Homeland Security focused in part on procuring advanced border security technology, stable funding for our Department of State IT operations as evidenced by the recent two year extension awarded for our Vanguard program, specific support for technology improvements to drive greater efficiency at the Department of Treasury, and over $1 billion for the Department of Veterans Affairs to accelerate the modernization of health records and simplification of legacy IT systems.

至於非國防預算，SAIC 在我們五大民間機構客戶的重點領域得到了大力支持，包括為交通部提供超過 10 億美元的額外預算，用於資助 FAA 的改進；為國土安全部提供超過 400 億美元的資金，部分用於採購先進的邊境安全技術；為國務院的 IT營運提供穩定的資金，正如我們最近為先鋒計畫授予的兩年延期所證明的那樣；為技術改進提供具體支持，以提高財政部的效率；以及為退伍軍人事務部提供超過 10 億美元的資金，以加速健康記錄的現代化和遺留 IT 系統的簡化。

As a reminder, annual revenue from these top five agencies represents over 70% of total revenue for our civilian segment. I will now provide a review of our first quarter business development and financial results. We delivered net bookings of $2.4 billion for a book-to-bill of 1.3, which included securing a key recompete, the five year system software life cycle engineering contract for the Army and an eight year IT services program for the Pension Benefit Guaranty Corporation.

提醒一下，這五大機構的年收入占我們民間部門總收入的 70% 以上。我現在將回顧我們第一季的業務發展和財務表現。我們實現了 24 億美元的淨訂單，訂單出貨比為 1.3，其中包括獲得一項關鍵的重新競爭合約、為陸軍簽訂的五年期系統軟體生命週期工程合約以及為退休金福利擔保公司簽訂的八年期 IT 服務計劃。

In addition, subsequent to quarter close, we have received awards with a total contract value exceeding $2 billion, including a two year extension on our Department of State Vanguard program and a large new business win with the Air Force.

此外，在本季度結束後，我們獲得了總價值超過 20 億美元的合同，其中包括國務院先鋒計劃的兩年延期以及與空軍的一項大型新業務。

While certain of the quarter-to-date awards remain in the protest window and may not be reflected in second quarter bookings as a result, we are pleased with the progress we are seeing in our business development efforts.

雖然某些季度迄今的獎勵仍處於抗議窗口期，因此可能不會反映在第二季度的預訂中，但我們對業務發展工作中取得的進展感到滿意。

In the first quarter, we submitted proposals with a total contract value of $7 billion, and we're seeing continued strong momentum in submit volume in the second quarter and expect to reach approximately $28 billion to $30 billion for the full year.

第一季度，我們提交的提案總合約價值為 70 億美元，第二季提交量持續保持強勁勢頭，預計全年將達到約 280 億至 300 億美元。

Our backlog of pending awards remained steady at approximately $20 billion and provides us with good line of sight into continued improvement in bookings as we target 1.2 trailing 12-month book-to-bill in the coming quarters.

我們的待決合約積壓量保持穩定在約 200 億美元，這為我們繼續改善訂單量提供了良好的前景，我們的目標是在未來幾個季度將過去 12 個月的訂單出貨比提高到 1.2。

While our pipeline and backlog of submissions continues to support reaching this target by the second quarter, it is reasonable to assume that procurement delays could lead to this moving to the right by one to two quarters. We do not expect these potential award delays to materially impact our revenue performance in fiscal year '26 or fiscal year '27, assuming the broader operating environment remains stable.

雖然我們的待辦事項和積壓提交工作繼續支持在第二季度實現這一目標，但可以合理地假設，採購延遲可能會導致這一目標向右移動一到兩個季度。假設整體營運環境保持穩定，我們預期這些潛在的獎勵延遲不會對我們 26 財年或 27 財年的營收表現產生重大影響。

I will now review our first quarter financial results. We reported revenue of $1.877 billion, representing growth of approximately 2% due to the continued ramp on new and existing programs, including T-Cloud, IMDC2 and GMASS, which offset lower revenue from contract completions and transitions.

我現在將回顧我們第一季的財務表現。我們報告的收入為 18.77 億美元，成長約 2%，這歸因於 T-Cloud、IMDC2 和 GMASS 等新項目和現有項目的持續成長，抵消了合約完成和移交帶來的收入下降。

Adjusted EBITDA in the first quarter was $157 million, resulting in an adjusted EBITDA margin of 8.4%. Margin performance was impacted by the typical seasonality of investments, including our healthy submit volumes and higher cost on a fixed price program in our space business.

第一季調整後 EBITDA 為 1.57 億美元，調整後 EBITDA 利潤率為 8.4%。利潤率表現受到投資典型季節性的影響，包括我們健康的提交量和太空業務中固定價格計劃的較高成本。

Subsequent to quarter close, we received favorable option period extensions on this program and moved into the sustainment phase of this program, which we expect will contribute to improved financial performance going forward.

季度結束後，我們獲得了該計劃的有利選擇期延長，並進入了該計劃的維持階段，我們預計這將有助於改善未來的財務表現。

Adjusted diluted earnings per share of $1.92 was flat year-over-year as the lower share count offset a higher tax rate and lower adjusted EBITDA in the quarter. Free cash flow was negative $44 million and was impacted by the timing of receivables on two programs, which resulted in approximately $75 million shifting out of the first quarter.

調整後每股攤薄收益為 1.92 美元，與去年同期持平，因為較低的股數抵消了本季較高的稅率和較低的調整後 EBITDA。自由現金流為負 4,400 萬美元，受到兩個專案應收帳款時間的影響，導致第一季約有 7,500 萬美元流出。

Shortly after quarter close, we caught up on one of those two programs, are making progress on the second and do not expect this to impact full year guidance. The delays experienced are not related to program performance but rather to new personnel and processes in place at certain customers as we navigate these uncertain times with them.

季度結束後不久，我們就完成了其中一個項目，第二個項目也取得了進展，預計這不會影響全年指引。所經歷的延誤與程序性能無關，而是與我們在與某些客戶一起度過這些不確定的時期時為他們配備的新人員和新流程有關。

Overall, we're off to a solid start in fiscal year '26 with palpable enthusiasm for the momentum we are building across the company. We expect to make further demonstrable progress against our strategy, position SAIC for sustained profitable growth in the coming quarters and look forward to sharing our results with you.

整體而言，我們在 26 財年取得了良好的開端，整個公司對所營造的良好動能充滿熱情。我們期望我們的策略取得進一步的明顯進展，使上汽集團在未來幾季實現持續的獲利成長，並期待與您分享我們的成果。

I'll now turn the call over to Prabu.

現在我將把電話轉給普拉布。

Thank you, Toni, and good morning to those joining our call. My remarks today will focus on our outlook for FY26 and an update on our capital deployment plans. Our guidance for revenue in the range of $7.6 billion to $7.75 billion, represents organic growth of approximately 2.5% at the midpoint.

謝謝你，托尼，各位參加我們電話會議的人早安。我今天的演講將重點關注我們對 26 財年的展望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，中間值代表有機成長率約為 2.5%。

We continue to expect growth of 1% to 3% in the first half of the year and 2% to 4% in the second half with the improving growth driven by new business ramping up and a more modest headwind from contract transitions in the fourth quarter.

我們繼續預期上半年成長率為 1% 至 3%，下半年成長率為 2% 至 4%，成長改善主要得益於新業務的成長以及第四季合約過渡帶來的較為溫和的阻力。

Should the ramp on new business move to the right as a result of the macro environment, more of our growth in FY26 will need to come from on-contract growth. This outlook is consistent with our prior framework.

如果宏觀環境導致新業務成長向右移動，那麼 2026 財年的更多成長將需要來自合約成長。這一觀點與我們先前的框架一致。

We are reiterating our guidance for adjusted EBITDA and adjusted EBITDA margin. First quarter margins were impacted by the timing of investments that we typically see higher bid and proposal costs related to procurement delays and an unfavorable profit adjustment on a fixed price program in our space business.

我們重申對調整後 EBITDA 和調整後 EBITDA 利潤率的指導。第一季的利潤率受到投資時機的影響，我們通常會看到與採購延遲相關的更高的投標和提案成本以及我們太空業務的固定價格計劃的不利利潤調整。

As Toni mentioned, subsequent to quarter close, we received an award exercising option periods for this fixed price program as it transitions into the sustainment phase over the coming weeks, which along with the execution initiatives we have implemented, should help improve margins going forward.

正如托尼所提到的，在季度結束後，我們收到了行使該固定價格計劃的期權期的獎勵，因為它將在未來幾週內過渡到維持階段，這與我們已經實施的執行計劃一起，應該有助於提高未來的利潤率。

While we have some work to do to offset the first quarter headwind from these items, we remain focused on executing and delivering on our full year margin guidance of 9.4% to 9.6%. As we've signaled before, our flexible cost structure permits us to calibrate our spend in line with the macro environment.

雖然我們還需要做一些工作來抵消這些專案對第一季的不利影響，但我們仍然專注於執行和實現 9.4% 至 9.6% 的全年利潤率預期。正如我們之前所暗示的，我們靈活的成本結構使我們能夠根據宏觀環境調整支出。

We are reiterating our full year adjusted diluted earnings per share guidance of $9.10 to $9.30, which assumes an effective tax rate of 23% and a weighted average share count of approximately $47 million. Our free cash flow guidance of $510 million to $530 million equates to approximately $11 per share of free cash flow.

我們重申全年調整後每股攤薄收益預期為 9.10 美元至 9.30 美元，假設有效稅率為 23%，加權平均股數約為 4,700 萬美元。我們的自由現金流預期為 5.1 億美元至 5.3 億美元，相當於每股自由現金流約 11 美元。

Despite 1Q free cash flow being impacted by slower collections on two programs, we expect trends to improve in 2Q. As a reminder, consistent with FY25, the timing of free cash flow in FY26 will be impacted by one additional payroll cycle in our first and third quarters which results in approximately $125 million of cash outflow in each quarter.

儘管第一季的自由現金流受到兩個項目收款速度放緩的影響，但我們預計第二季趨勢將會改善。提醒一下，與 FY25 一致，FY26 的自由現金流時間將受到第一季和第三季一個額外工資週期的影響，導致每季約 1.25 億美元的現金流出。

With regard to capital deployment, we repurchased approximately $125 million of shares in the first quarter. We continue to target annual repurchases in a range of $350 million to $400 million with additional capacity of $150 million to $200 million for either capability-focused stuck in M&A or incremental share repurchase. We remain well ahead of our three year capital deployment commitment on repurchases and have ample capacity for capability-based tuck-ins.

在資本配置方面，我們在第一季回購了約1.25億美元的股票。我們繼續將年度回購目標定在 3.5 億至 4 億美元之間，並額外預留 1.5 億至 2 億美元的回購額度，用於以能力為重點的併購或增量股票回購。我們在回購方面的三年資本部署承諾仍然遙遙領先，並且擁有充足的基於能力的補充能力。

With that, I will turn the call over to the operator to begin Q&A.

說完這些，我將把電話轉給接線生開始問答。

(Operator Instructions) Gavin Parsons, UBS.

（操作員指示）加文·帕森斯（Gavin Parsons），瑞銀。

Hey, thanks guys, good morning.

嘿，謝謝大家，早安。

Good morning Gavin.

早上好，加文。

Good morning Gavin.

早上好，加文。

You mentioned the operating environment has stabilized but still seems to be a lot of new directives coming out of say, the DoD, in particular, so just hoping you could just give us an update on what you're hearing from the customer and some of the budget priorities. Thanks.

您提到營運環境已經穩定，但似乎仍然有很多新指令出台，特別是來自國防部，所以我希望您能向我們介紹一下您從客戶那裡聽到的消息以及一些預算優先事項。謝謝。

Yeah, thank you for the question, David. So as we talk to the operating environment, I would say, the things that have stabilized, as you know, we came through the last few months with a focus from GSA and an audit relative to the DOGE effort. And that, we believe, has settled out.

是的，謝謝你的提問，大衛。因此，當我們談論營運環境時，我想說，情況已經穩定下來，正如你所知，我們在過去幾個月中重點關注了 GSA 和與 DOGE 工作相關的審計。我們相信，這個問題已經解決了。

We were able to respond to GSA identify the programs and the mission-critical role that we've been playing and quite frankly, have had very few conversations since submitting all of our information, and I think we got to the right place of understanding the role that SAIC is playing.

我們能夠回應 GSA，確定我們一直在扮演的專案和關鍵任務角色，坦白說，自從提交所有資訊以來，我們進行的對話很少，我認為我們已經正確理解了 SAIC 所扮演的角色。

At the agency level, we do have a significant turnover of personnel occurring in the agencies, particularly acquisition personnel, which has been more demonstrable, I think, than maybe initially understood in terms of how many acquisition personnel are part of the turnover process. We've had some new processes at the agencies relative to funding and how they engage and move forward in basic contracting processes.

在機構層面，我們確實發現機構內的人員流動非常大，特別是採購人員，我認為，就有多少採購人員參與了流動過程而言，這比我們最初理解的更加明顯。我們在各機構中實施了一些與資金以及它們如何參與和推進基本承包流程相關的新流程。

As well as you've seen, obviously, some executive orders from Department of Defense, Secretary Hegseth relative to ongoing focus on lethality and mission criticality of the work and how they're looking to move forward with commercial technology, which again, we would argue aligns with the strategic pivot we've been doing on our portfolio towards more enterprise mission solutions and how we deliver those.

正如您所看到的，國防部長赫格塞斯顯然發布了一些行政命令，要求持續關注工作的殺傷力和任務關鍵性，以及他們如何尋求推進商業技術，我們認為這與我們在投資組合中朝著更多企業任務解決方案以及我們如何交付這些解決方案的戰略重點相一致。

I would say we're still obviously assessing all of the most recent executive orders that are out. But on par, we believe that it aligns more with our strategy going forward, and we're focusing on how we bring those solutions faster and faster to the agency customers.

我想說，我們顯然仍在評估所有最近發布的行政命令。但同時，我們相信這更符合我們未來的策略，我們專注於如何越來越快地將這些解決方案帶給代理商客戶。

Have you seen the procurement environment get more competitive as maybe the bid process has become more disruptive?

您是否發現採購環境變得更加具有競爭力，因為投標過程可能變得更加混亂？

I think it's a fair question on competitiveness. As you know, we've been amping up our submissions and being very selective in terms of being on strategy with the bids that we've been making. And as we become more and more focused on mission enterprise IT, I fully expect a more competitive environment, not just as a function of the new administration, but of the type of work that we are actually bidding.

我認為這是一個關於競爭力的公平問題。如您所知，我們一直在加強投標力度，並且在投標策略方面非常謹慎。隨著我們越來越關注任務企業 IT，我完全期待一個更具競爭力的環境，這不僅是新政府的職能，也是我們實際競標的工作類型的職能。

That said, with the higher rate of submissions and we look at our historical win rates, even if -- which have tended to be on the new business side higher than the industry average. But even accounting for any slip in those back towards an industry average, we feel confident that we have a submission pipe -- pending award pipeline and win rate applied to drive the growth that we've been communicating to The Street and the guidance that we've offered.

話雖如此，由於提交率較高，我們回顧了我們的歷史成功率，即使在新業務方面，我們的成功率也往往高於行業平均水平。但即使考慮到這些數字回落至行業平均水平的任何下滑，我們仍然有信心，我們有一個提交渠道——待定的獎勵渠道和獲勝率，可以推動我們一直與華爾街溝通的增長和我們提供的指導。

Hey Gavin, the only thing I would add to that would be we are not seeing sort of LPTA type trends, the procurement still seem to be best value, and that's where the focus is. So some price pressure, which is difficult to see, but not back to kind of the 2012, 2013 circa.

嘿，加文，我唯一想補充的是，我們沒有看到 LPTA 類型的趨勢，採購似乎仍然具有最佳價值，這就是重點所在。因此，一些價格壓力很難看到，但不會回到 2012 年、2013 年左右的水平。

Okay, thank you Toni, Prabu.

好的，謝謝你，東尼，普拉布。

Thank you.

謝謝。

Thank you.

謝謝。

Gautam Khanna, Cowen.

高塔姆·卡納，考恩。

Was on mute there guys. I appreciate the comments this morning. I was curious if you could just remind us of what the known headwinds are now that Vanguard's got an extension as we look out over the next 12 to 24 months from contracts that are either being broken up as you recompete them or things that -- just the known headwinds from losses already incurred? If you could just frame that.

那裡的人都靜音了。我很感謝今天上午的評論。我很好奇，您能否提醒我們一下，既然先鋒集團獲得延期，那麼我們展望未來 12 到 24 個月面臨的已知阻力是什麼？這些阻力要么來自您重新競爭時被解除的合同，要么來自已經發生的損失所帶來的已知阻力？如果你能把它框起來就好了。

Nice to hear from you this morning. Yeah, no worries. Let me start, and I think Prabu will round out. As it relates to headwinds on the recompete side, our view really hasn't changed since last quarter. We've got, as you know, our NASA program loss from last year that will round out in third quarter of this year.

很高興今天早上收到你的來信。是的，不用擔心。讓我先開始，我認為普拉布會完成。就重新競爭的阻力而言，我們的觀點自上個季度以來確實沒有改變。如您所知，我們去年的 NASA 專案虧損將在今年第三季結束。

That's sort of our only known recompete headwind of any meaningful size. We also, as you know, made the conscious decision to no bid our lower-margin Cloud One program and the headwind there is reflected in our Q1 results.

這是我們所知的唯一具有重大意義的重新競爭逆風。如您所知，我們也做出了有意識的決定，不再競標利潤率較低的 Cloud One 計劃，而這一不利因素已反映在我們的第一季業績中。

We've got some increased modestly in the second quarter, and then we'll stabilize throughout the rest of the year and look at an annualized sort of $200 million of run rate there. But that was a conscious decision to go more strategically in our cloud services area. Outside of that, we don't see any known -- there's no known recompete risk.

我們在第二季取得了一些小幅成長，然後在今年剩餘時間內保持穩定，並預計年化運行率將達到 2 億美元。但這是我們在雲端服務領域採取更具策略性的明智決定。除此之外，我們沒有看到任何已知的——沒有已知的重新競爭風險。

As you know, we had -- we filed a pre-award protest on one program that was announced recently. And so we're not in a position to comment on that particular program. However, that program, we did get a six month extension interestingly, and we don't see that having an impact on our FY26 financials. So when I look at those three areas, I don't see any impacts uniquely from what we have already communicated to The Street.

如您所知，我們對最近宣布的一項項目提出了授予前抗議。因此我們無法對該特定計劃發表評論。然而，有趣的是，該計劃確實獲得了六個月的延期，我們認為這不會對我們的 FY26 財務狀況產生影響。因此，當我審視這三個領域時，我沒有看到任何與我們已經向華爾街傳達的訊息不同的影響。

Prabu, any thought?

普拉布，有什麼想法嗎？

That was right on, Toni. Gautam, in caps, which is a loss of the NASA losses laps out at the end of our Q3 and should be less of a headwind heading into Q4 of this year. That's really the only known 1 aside from the Atom pre-award protest, which is unlikely to really impact this year's revenues.

你說得對，托尼。大寫的 Gautam 表示 NASA 的虧損在第三季末有所緩解，但對於今年第四季而言，這應該不會造成太大的不利影響。除了 Atom 中標前抗議之外，這實際上是唯一已知的事件，不太可能真正影響今年的收入。

We had mentioned in the -- I'm sorry, real quick in the earnings statement, I just wanted to highlight that we did mention, and we want to be cognizant of -- with some of the DoD conversations that have happened as well as the Army transformation initiative that was launched that we do see across our DoD sector that there will be places of priority and deprioritization that we are tracking very directly.

我們曾在收益表中提到過——抱歉，我只是想強調一下，我們確實提到過，而且我們想要意識到——隨著國防部的一些對話以及陸軍轉型計劃的啟動，我們確實看到整個國防部部門將有優先和非優先領域，我們正在非常直接地跟踪這些領域。

So in terms of a headwind, I think our Army business, we've been looking at the impact there, but we are also very well positioned within our Air Force Combat and Command Navy and Space and Intel businesses to offset any challenges there.

因此，就逆風而言，我認為我們的陸軍業務，我們一直在關注那裡的影響，但我們在空軍作戰和指揮海軍和太空以及英特爾業務中也處於非常有利的位置，可以抵消那裡的任何挑戰。

That's helpful, thank you. And just on the cost overrun that you guys described in the prepared remarks, can you frame the nature of that? And how -- you mentioned the work has been extended, but how comfortable are you on kind of recovering from the level at which you had the negative EAC.

這很有幫助，謝謝。關於你們在準備好的評論中所描述的成本超支問題，你能描述一下其性質嗎？您提到工作已經延長，但是您對從 EAC 處於負面水平時恢復過來感覺如何？

Yeah, so I think -- again, I'll start -- and I think Prabu has some comments here as well. Look, this is a program, a fixed price program, a development -- protect development program with Space Development Agency where it is fairly unique across our portfolio, the nature and the complexity of the work we're doing here.

是的，所以我認為——再次，我會開始——而且我認為 Prabu 在這裡也有一些評論。你看，這是一個項目，一個固定價格項目，一個開發項目——與太空發展局合作的保護開發項目，它在我們的投資組合中是相當獨特的，我們在這裡所做的工作的性質和復雜性也是相當獨特的。

And we have seen some costs initially driven by our -- some challenges on the tech development phase of the program. However, we do feel good about the progress we've made on the technical side and the feedback we've had from the customer relative to that progress.

我們已經看到一些成本最初是由我們的——該計劃技術開發階段的一些挑戰——所驅動的。然而，我們對我們在技術方面取得的進展以及從客戶那裡得到的回饋感到滿意。

We've got an EAC that's captured all the additional costs required to get us into the sustainment phase over the next few months. And as Prabu and I both mentioned in our remarks, option period extensions that we've received most recently give us some relief in terms of other hardware delays and things we've seen that have been outside of our control of the program that those will be addressed.

我們有一個 EAC，它涵蓋了未來幾個月內進入維持階段所需的所有額外成本。正如普拉布和我在我們的演講中提到的那樣，我們最近收到的選項期限延長使我們在其他硬體延遲和我們所看到的超出我們控制範圍的事情方面得到了一些緩解，這些問題將得到解決。

So going forward, as we look at Q1, I would say, was more anomalous versus indicative of a concern with that program. We are doing work quite frankly, that we're very excited about for SDA, and there's some additional profitable opportunities with that work. So we feel like we're rightsizing the ship. Obviously, we're tracking it very, very closely in a very detailed way, but we feel like we turned the corner. Prabu, do you have any thoughts?

因此，展望未來，當我們回顧第一季時，我想說，這更多的是異常現象，而不是對該計劃的擔憂。坦白說，我們對 SDA 所做的工作感到非常興奮，而且這項工作還帶來了一些額外的盈利機會。所以我們感覺我們正在調整船舶的規模。顯然，我們正在非常密切、非常詳細地跟踪它，但我們感覺我們已經度過了難關。普拉布，你有什麼想法嗎？

That was perfect, Toni. Gautam, this is somewhat unique of a program for us as we're sort of building the ecosystem of applications that can be deployed on our bid. And I think, as Toni said, we've got a good handle on the baseline, and we do expect to get into sustainment in the coming weeks. So the active core development part of it is coming to an end.

太完美了，托尼。Gautam，這對我們來說是一個有點獨特的計劃，因為我們正在建立可以在我們的競標中部署的應用程式生態系統。我認為，正如托尼所說，我們已經很好地掌握了基線，我們確實希望在未來幾週內進入維持階段。因此，其積極的核心開發部分即將結束。

And it's getting a lot of time from the management team, as you can imagine. And we're doing everything we can to get into the sustainment phase. We do expect to get healthier on the program and we do believe that EAC adequately captures the remaining risk over the next couple of months on the program as we're in the development phase.

正如您所想的，它佔據了管理團隊大量的時間。我們正在竭盡全力進入維持階段。我們確實希望該計劃能夠變得更加健康，並且我們確實相信，由於我們正處於開發階段，EAC 能夠充分捕捉未來幾個月該計劃的剩餘風險。

Thanks guys.

謝謝大家。

Thank you.

謝謝。

Jason Gersky, Citi.

花旗銀行的 Jason Gersky。

Hey, good morning, everybody. Toni you mentioned (multiple speakers) you mentioned both Civil and Army during your prepared remarks. You've got five business leaders there Air Force focused on the Army, Space, Navy and the civilian business.

嘿，大家早安。托尼，您提到（多位發言者），您在準備好的發言中提到了民用和陸軍。那裡有五位商業領袖，空軍專注於陸軍、太空、海軍和民用業務。

Can you just maybe kind of do a walk around the world here and talk about the atmospheric and each one of those end markets, so to speak. You mentioned the fiscal '26 budget showing some support in some areas.

您能否在這裡走遍世界並談論那裡的氛圍和每個終端市場？您提到 26 財年預算顯示在某些領域獲得了一些支持。

You mentioned the civilian -- it's got 70% of your programs, you feel like you've got good support for. But maybe just go through each one of those end markets there and talk about the risks and opportunities for each?

您提到了民用——它佔據了你們 70% 的項目，你們覺得你們得到了很好的支持。但也許只是了解那裡的每個終端市場，並討論一下每個市場的風險和機會？

Sure, thank you, Jason, for the question. So let's start with our civilian business. As you know, we report that separately. We've been focusing on really over -- even over the last year, as we said, the civilian business was a critical one for us.

當然，謝謝傑森提出這個問題。那麼就讓我們從民用業務開始吧。如您所知，我們會單獨報告此事。我們一直非常關注——即使在過去的一年裡，正如我們所說，民用業務對我們來說也是至關重要的。

We want to see further growth in that business, and we have seen, quite frankly, growth in that business. We expect margin improvement in that business as well. And part of that is because of the footprint that we have, where we're located, the agencies were located and where the funding we see going towards the agencies and the work that we are currently doing.

我們希望看到該業務進一步成長，坦白說，我們已經看到該業務的成長。我們預計該業務的利潤率也會提高。部分原因在於我們的足跡、我們所在的位置、各機構所在的位置以及我們看到的用於各機構和我們目前正在進行的工作的資金流向。

So if we look at work in the CBP arena within Department of Homeland Security, if we look at the role that treasury is playing and the work that we do in supporting the cloud infrastructure for that agency, that department as well as obviously IRS within that department as we look at State Department and the role of the airplane and the consolidation of other functions within State Department, we see that as grandizing the IT backbone there within State Department.

因此，如果我們看看國土安全部在海關和邊境保護局 (CBP) 領域的工作，如果我們看看財政部所扮演的角色以及我們為該機構、該部門以及該部門內的國稅局 (IRS) 支持雲基礎設施所做的工作，如果我們看看國務院和飛機的作用以及國務院內其他職能的整合，我們會發現這在大干的 IT 國內的 IT 國內。

We look at Department of Transportation and FAA and the clear investments that are being made in air traffic controller training as well as the FAA infrastructure. If you just take a look at where we are positioned best, they are also the areas where the administration is looking to invest, looking to bring more commercial technology, and I believe we are well position there.

我們關注交通部和美國聯邦航空局在空中交通管制員培訓以及美國聯邦航空局基礎設施方面的明確投資。如果你看看我們的最佳定位，你會發現這些也是政府希望投資、希望引進更多商業技術的領域，我相信我們在那裡處於有利地位。

Hence, why we feel -- obviously, I won't go to the word bullish at this point, but I would suggest that we do believe we are not in the midst of significant tailwinds in our headwinds in our civilian business and we see opportunity there.

因此，為什麼我們感覺——顯然，我現在不會用樂觀這個詞，但我想說，我們確實相信，我們在民用業務中並沒有面臨重大的順風和逆風，而且我們看到了機會。

If you go to the DoD front, we have 4 business groups that are on different parts of the National Security Intelligence infrastructure. I mentioned Army, the Army Transformation Initiative with significant cuts and shifts that are being made out of the RDT&E and other types of line item within the Army.

如果你去國防部方面，我們有 4 個業務組，分別負責國家安全情報基礎設施的不同部分。我提到了陸軍、陸軍轉型計劃，其中對 RDT&E 以及陸軍內部其他類型的項目進行了大幅削減和調整。

We are positioned well with our recent win that we announced with S3I to do -- continue our support for Huntsville and the work that's being done out of the Aviation Missile Command there, but we're also positioned in other areas around (inaudible) improving ground and other types of work in C2 arena.

我們最近與 S3I 宣布了合作勝利，這為我們做好了準備——繼續支持亨茨維爾和航空飛彈司令部在那裡開展的工作，但我們也在（聽不清楚）改善地面和 C2 領域的其他領域開展工作。

And that is our fastest growing opportunity within the Army is in our command and control capabilities, what we call our C2 and that arena is one that we see will be funded and continue to be funded and dollars are being reallocated in that position.

這是我們陸軍內部成長最快的機會，即我們的指揮和控制能力，即我們所說的 C2，我們看到這個領域將會得到資助，並將繼續得到資助，資金正在這個領域重新分配。

If we look across our Air Force and Combatant Commands, again a very has been a fast-growing part of our business. We are very well positioned in all mission-critical work there. If we look at the IndoPacific and the work that we do for Indo Paycom, the Joint Fires network, the cloud-based C2 work, we feel very well positioned there in the current programs that we have as well as in a pipeline that is significant, a forward-looking pipeline on the Air Force side.

如果我們縱觀我們的空軍和作戰司令部，就會發現這再次成為我們業務中成長最快的部分。我們在那裡所有關鍵任務工作中都處於非常有利的地位。如果我們看看印度太平洋地區以及我們為印度支付網路、聯合火力網路和基於雲端的 C2 工作所做的工作，我們會覺得在我們現有的項目以及空軍方面重要的、具有前瞻性的管道中，我們處於非常有利的位置。

Space and Intel, significant pipeline we built around our Intel business as well. As you've heard, some of the ramp that we mentioned in terms of growth on GMASS and other programs within our space and we mentioned obviously a recent win on integration within FDA. This is a fast-growing area for us in the space, particularly space defense. So we feel strongly there.

太空和英特爾，我們也圍繞著英特爾業務建立了重要的管道。正如您所聽到的，我們提到的 GMASS 和我們領域內其他項目的成長有一些提升，我們顯然提到了最近在 FDA 內部整合方面取得的勝利。這是我們在太空領域快速發展的領域，尤其是太空防禦。所以我們對此有強烈的感受。

And then our Navy business which obviously has -- is a range of work that we do across programs like Mark 48, our Torpedo after body tailcone support all the way to the work that we do in C2 and Command and Control in San Diego.

然後我們的海軍業務顯然包括一系列工作，涵蓋 Mark 48 等項目、魚雷後機身尾錐支撐，以及我們在聖地亞哥的 C2 和指揮與控制方面所做的工作。

All of those we see areas where the Navy we're understanding the signals, a little less clear exactly where the major investments will be, but as the Navy takes on more commercial and cloud based, we can leverage from the cloud-based work we've done in Air Force and civilian into the Navy.

我們看到海軍正在了解所有這些訊號，但不太清楚主要投資的具體方向，但隨著海軍承擔更多的商業和雲端運算任務，我們可以利用我們在空軍和民用領域所做的雲端運算工作，將其應用到海軍。

So we feel pretty solid there, and their results have been have shown us that we can demonstrably grow there without structural challenges and in fact, improve margins. So when I look across the business left to right, I feel like we've got enough diversity in the portfolio to offset risk as well as we've got opportunity in the portfolio to support the guidance we've offered to The Street.

因此，我們感覺在那裡相當穩固，他們的業績也向我們表明，我們可以在那裡實現明顯的成長，而不會面臨結構性挑戰，事實上，還可以提高利潤率。因此，當我從左到右審視整個業務時，我感覺我們的投資組合具有足夠的多樣性來抵消風險，並且我們的投資組合也有機會支持我們向華爾街提供的指導。

Okay, great. And maybe just one quick follow-up and Prabu, maybe you can opine here as well, given your experience with awards and budget flushes and all that kind of good stuff. Its thing unique about fiscal '25, given the full year CR. I know we haven't necessarily done this before.

好的，太好了。也許只是一個快速的後續問題，普拉布，考慮到你在獎勵和預算沖洗以及所有這類好東西方面的經驗，也許你也可以在這裡發表意見。考慮到全年 CR，這是 25 財年的一個獨特之處。我知道我們以前不一定做過這樣的事。

But does this make it more challenging for timely awards? Does it set us up for more awards to happen in the third calendar quarter? Just kind of curious what kind of restraints and opportunities there are around this full year CR and what it means for bookings this year because you alluded to on-contract growth needing to be there for you if awards slipped to the right. So I'm just kind of curious how this is all going to play out this year from your perspective.

但這是否會使及時頒發獎項變得更具挑戰性？這是否會為我們在第三季頒發更多獎項做好準備？只是有點好奇今年全年的 CR 有什麼樣的限制和機會，以及這對今年的預訂意味著什麼，因為您提到如果獎項向右下滑，您需要有合約成長。所以我只是有點好奇從你的角度來看今年這一切會如何發展。

Hey Jason, thank you for the question. I'll go first, and then Toni will add some additional color here as we go. Big picture, we've really not seen a slowdown in the actual solicitation of proposals. So the environment continues to be pretty robust, I would say, and we are expecting to have a good submit quarter in Q2. We are seeing some delays, especially around the larger awards.

嘿傑森，謝謝你的提問。我先來，然後 Toni 會在這裡添加一些顏色。從整體來看，我們確實沒有看到實際徵集提案的速度有所放緩。因此我想說，環境繼續保持相當強勁，我們預計第二季將有一個良好的提交季度。我們看到了一些延遲，特別是在較大的獎項方面。

Let's call it, circa $1 billion plus that is going through some extra scrutiny inside of the various agencies to ensure that that the programs and the contracts are delivering real value to the US taxpayer. So we're seeing a little bit of that, but it's more anecdotal than not, and it's hard to really pick a trend and say, therefore, we are expecting to see that sort of play out over the rest of the year.

我們可以說，大約 10 億美元以上的資金正在經過各個機構內部的額外審查，以確保這些項目和合約能為美國納稅人帶來真正的價值。所以我們看到了一些這樣的情況，但這更多的是軼事，很難真正找出一種趨勢並說出來，因此，我們預計在今年剩餘時間內會看到這種趨勢。

In reality, I think we did see a slew of things happen right after we finished Q1, and we noted in excess of $2 billion of contracts, about half of which was actually new business for us. So we're cautiously optimistic that maybe the gates are starting to open up a little in terms of the actual announcements.

實際上，我認為我們確實看到第一季結束後發生了一系列事情，我們注意到合約金額超過 20 億美元，其中約一半實際上是我們的新業務。因此，我們謹慎樂觀地認為，就實際公告而言，大門可能開始稍微打開一些。

As we said in the prepared remarks, I think for the near term, instead of relying on new business to generate the ramp needed to get -- to the comfortably get to the guide, the reality is the team is focused on contract growth in the near term, and Q1 was actually a really solid quarter for on-contract growth.

正如我們在準備好的評論中所說的那樣，我認為在短期內，團隊不應該依賴新業務來產生所需的增長——輕鬆地達到指南，而是應該專注於短期內的合約成長，而第一季實際上是合約成長非常穩健的一個季度。

So I would say, starting with maybe the premise of the question around the CR, I think the CR feels a little bit different than prior CRs and maybe a little more flexibility at the customer level as they navigate a very uncertain environment on their end.

因此我想說，也許從圍繞 CR 的問題的前提開始，我認為 CR 與以前的 CR 感覺有點不同，並且在客戶層面可能具有更多的靈活性，因為他們在他們那邊應對非常不確定的環境。

The reality is, I think we are cautiously optimistic that if we stay focused on generating good on-contract growth for the next quarter or two, there's enough in the way of new stuff out there that even if things get delayed by a quarter or so, we don't really expect it to have a significant impact for the year. Toni?

事實是，我認為我們謹慎樂觀地認為，如果我們繼續專注於在未來一兩個季度實現良好的合約成長，那麼就會有足夠多的新產品面市，即使事情被推遲一個季度左右，我們也不會真正期望它會對今年產生重大影響。托尼？

No. I think you're spot on, Prabu. And I think we are trying to assess all the variables the CR is one. I think Prabu mentioned the flexibility in that CR is something we haven't seen previously. So it feels a little bit different you offset that with personnel turnover and other changes that may create more of the impact than maybe the CR itself, and we're working through those.

不。我認為你說得對，普拉布。我認為我們正在嘗試評估所有變量，CR 就是其中之一。我認為 Prabu 提到的 CR 的靈活性是我們以前從未見過的。因此，透過人員流動和其他變化來抵消這種影響感覺有點不同，這些變化可能比 CR 本身產生更大的影響，我們正在努力解決這些問題。

But we haven't seen any single trend that would be so dominant that it would effect or color, if you will, the way we look at the year, we've seen actual -- I think it's interesting to look at our first quarter submits and the second quarter we think will be just as robust.

但我們還沒有看到任何單一趨勢會如此主導，以至於它會影響或改變我們對今年的看法，我們已經看到了實際情況——我認為看看我們第一季的提交情況很有趣，我們認為第二季將同樣強勁。

It's an interesting environment where we are able to submit proposals, and we are getting awards that are occurring. The question will be what does the year rely on? It's a combination of, as it's always been on contract growth if we had seen a slowdown there, we'd be concerned.

這是一個有趣的環境，我們可以提交提案，並獲得獎勵。問題是這一年要靠什麼？這是一個綜合因素，就像合約成長一直存在的情況一樣，如果我們看到合約成長放緩，我們就會感到擔憂。

And -- but we have not -- we've seen that hold as well as we've got $19.8 billion in pending awards that we expect to adjudicate over the next few quarters here and be able to hold to the expectations we set of a trailing 12 month 1.2 book-to-bill this year.

而且 — — 但我們沒有 — — 我們已經看到這種情況得到保持，因為我們有 198 億美元的待決獎項，我們預計將在接下來的幾個季度內進行裁決，並能夠保持我們設定的今年過去 12 個月 1.2 的訂單出貨比的預期。

Okay, great. Thanks. I'll pass the line.

好的，太好了。謝謝。我會通過這條線。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Good morning guys, and thank you. So Toni, you just talked about this a little bit that you're feeling more confident with the pipeline and the conversion, but the trailing 12 month book-to-bill is 0.8. So how do you think about that relative to your guidance and the exit rate for the year implied at a mid-single-digit growth rate. How do you get there in terms of the recompetes and the new book of business that you might have?

大家早安，謝謝大家。東尼，你剛才提到了這一點，你對產品線和轉換率更有信心，但過去12個月的訂單出貨比是0.8。那麼，相對於你的預期以及今年以中位數個位數成長率為基準的退出率，你如何看待這一點？就重新競爭和新業務而言，您如何實現這一目標？

Hey, good morning, Sheila. Thank you for the question. Hey, look, from a compare -- look, we had a tough compare Q1 to Q1 for the trailing 12 months. We had a significant Q1 in the prior year. So in quarter book-to-bill, I was pleased. Obviously, we would have liked to pull a couple of the deals that came right after the quarter closed.

嘿，早上好，希拉。謝謝你的提問。嘿，看，從比較來看——看，我們對過去 12 個月的第一季與第一季進行了艱難的比較。我們去年第一季的業績表現十分出色。因此，對於本季的訂單出貨比，我感到很滿意。顯然，我們希望完成本季結束後立即達成的幾筆交易。

If we had had a week's difference in timing, I think we'd be having a different conversation right now in terms of the likelihood of our trailing 12 months getting to 1.2 by the end of H1, which is, I think, the premise of your question. Given what's occurred since the quarter closed, what we see in our sites for Q2 and Q3, we still feel fairly confident that we are able to get to that trailing 12 month this year.

如果我們的時間上有一周的差異，我想我們現在就會就過去 12 個月上半年末達到 1.2 的可能性進行不同的討論，我認為這就是你問題的前提。考慮到自本季結束以來發生的情況，以及我們在第二季和第三季的網站上看到的情況，我們仍然相當有信心在今年實現過去 12 個月的目標。

And obviously, that's assuming that the award environment continues and what we've seen, and there's nothing drastically affecting that over the next few months and quarters. So from that perspective. And then I think the second part of your question, Sheila, was correlated to what's the book-to-bill needed relative to holding our guide for the entire year from a revenue perspective.

顯然，這是假設獎勵環境能夠持續下去，正如我們所見，並且在接下來的幾個月和幾個季度中不會發生任何重大影響。從這個角度來看。然後我認為你問題的第二部分，希拉，與從收入角度來看，相對於全年保持指導，所需的訂單出貨比是多少有關。

And obviously, that's a combination of the on-contract growth that Prabu just mentioned, ramp-up on key programs. We mentioned some awards that have come in. We'll see what the protest environment looks like relative to those awards and whether those ramp-ups or transitions can begin even earlier than anticipated, which again helped to underpin the revenue call for the year.

顯然，這是 Prabu 剛才提到的合約成長和關鍵項目增加的結合。我們提到了一些已獲得的獎項。我們將觀察相對於這些獎項的抗議環境如何，以及這些增加或轉變是否能比預期更早開始，這再次有助於支撐今年的收入預測。

We're not coming off our guidance because we do have line of sight to how we can grow to the expected level and obviously, a combination of new business that we expect to land in the next couple of quarters as well as our current path on on-contract growth.

我們不會放棄我們的指導，因為我們確實知道如何成長到預期水平，而且顯然，我們預計將在未來幾個季度實現新業務，以及我們目前的合約成長路徑。

The last part of that will be to make sure that we don't have any self-inflicted wounds on the recompete side. And as I've already said earlier, I think, in response to an earlier question, in terms of what we've seen to date, we feel still fairly confident that we are starting to address the recompete issue, and it will not create the headwind for us this year.

最後一點是確保我們在重新競爭時不會對自己造成任何傷害。正如我之前所說，我認為，在回答先前的問題時，就我們迄今為止所看到的情況而言，我們仍然相當有信心，我們正在開始解決重新競爭的問題，而且它不會在今年給我們帶來阻力。

Hey Sheila, the only thing I would add to that is that in order to get to the 1.2 trailing 12 months, we need somewhere between $3.5 billion and $4 billion of net bookings in Q2. And since the end of the quarter, we've generated bookings of over $2 billion. So I'm going to say we're about halfway there to what we need to do for the remaining two months of the quarter.

嘿，希拉，我唯一要補充的是，為了達到過去 12 個月的 1.2，我們需要在第二季度實現 35 億美元至 40 億美元的淨預訂。自本季末以來，我們的預訂金額已超過 20 億美元。所以我想說，我們已經完成了本季剩餘兩個月所需工作的一半。

As we signaled in the script, if things do slip, we expect the slip to impact maybe a quarter or two when we get to 1.2, but the reality is we feel good about getting to that 1.2 which should get us to a place where we can support the 4% to 5% revenue growth rate guide that we've offered for FY27.

正如我們在腳本中所暗示的那樣，如果情況確實出現下滑，我們預計當我們達到 1.2 時，這種下滑可能會影響一兩個季度，但事實上，我們對達到 1.2 感到滿意，這應該可以讓我們達到一個可以支持我們為 27 財年提供的 4% 至 5% 的收入增長率指南的水平。

So cautiously optimistic, but there are a few things that are outside of our control right now, and we're watching the environment. Our new business win rate is pretty good, has remained pretty healthy through the first quarter of this year. And I think we just have to make sure that we are executing to what we've committed to.

因此我們保持謹慎樂觀，但目前有些事情是我們無法控制的，我們正在觀察環境。我們的新業務成功率相當不錯，今年第一季一直保持相當健康的水平。我認為我們只需要確保履行我們的承諾。

Super helpful color. And maybe if I could ask one more on margins, margins of 8.4% in the quarter implies a ramp of 100 basis points to meet the full year guidance. So maybe two things on the margins. One, Civil was better in the quarter. How does that fell off in the second half? And then can you quantify the impact from that space fixed price program? And is there a milestone needed to ensure that it's sort of net neutral to earnings?

超有用的顏色。如果我可以再問一個關於利潤率的問題，那麼本季 8.4% 的利潤率意味著要增加 100 個基點才能達到全年預期。所以邊緣可能有兩件事。首先，本季 Civil 表現較好。下半年情況怎麼會下滑呢？那麼，您能量化該空間固定價格計劃的影響嗎？是否需要一個里程碑來確保它對收益來說是淨中性的？

Can you start now on Civil, I hit the Space program. Go ahead. We're going to tag team. Go ahead, Prabu.

你現在可以開始民用專案了嗎，我參與了太空計畫。前進。我們要組隊。繼續吧，普拉布。

Hey Sheila, on big picture, Civil actually saw a little bit of margin expansion in Q1 relative to Q1 of last year. And we expected that trend to continue over the course of the year. In addition to that, the team has done, I think, an admirable job getting fuller control of our cost baseline.

嘿，希拉，從總體來看，Civil 公司第一季的利潤率與去年第一季相比實際上略有擴大。我們預計這一趨勢將在今年持續下去。除此之外，我認為團隊在全面控製成本基準方面做得非常出色。

As you know, the vast majority of our T&M and fixed price work is in our civil business. So the team is doing a pretty good job, and we expect to continue to see the ramp there. I think Q1 EBITDA margins were up 30 to 40 bps compared to Q1 of last year, and the business grew 7% or 8% in Q1. So they've done what one would have thought would be a harder combination of things to accomplish, which is top line growth as well as margin expansion.

如您所知，我們的絕大部分測試與測量和固定價格工作都屬於民用業務。所以團隊做得非常好，我們期望繼續看到那裡的進步。我認為第一季的 EBITDA 利潤率與去年第一季相比上升了 30 到 40 個基點，第一季的業務成長了 7% 或 8%。因此，他們完成了人們認為更難實現的目標，即收入成長和利潤率擴大。

I think on the space side, I would say it's about a $3 million to $5 million impact from that single program. And in addition to that, we had cost over on relative to the very active proposal activity that we had in Q1. So we view the second -- the latter of that to be more timing and so I think between the two of them, we probably had about a 50 to 60 basis point impact to the quarter, which would normalize back to about the 9%, which coincidentally happened to be the 9% that we started last year's Q1 as well.

我認為在太空方面，單一項目的影響將達到 300 萬至 500 萬美元。除此之外，相較於第一季非常活躍的提案活動，我們的成本已經超標。因此，我們認為後者更具時機性，因此我認為，兩者之間可能對本季度產生了約 50 至 60 個基點的影響，然後恢復到 9% 左右的正常水平，巧合的是，這也是我們去年第一季開始時的 9%。

So apples-to-apples, I think we see a bridge back to 9% at Q1 normalized for this. And on the Space business, as we said, we are expecting to get into the sustainment phase of this program in the coming weeks. We do have the option periods extended, and therefore, we do expect to get healthy on the program starting in Q2, but definitely over the course of the year.

因此，從各方面來看，我認為我們會看到第一季的成長速度回升至 9%。關於太空業務，正如我們所說，我們預計將在未來幾週進入該計劃的維持階段。我們的選擇期確實延長了，因此，我們確實希望從第二季度開始，該計劃能夠健康發展，但肯定會在全年內實現。

I think that was it.

我想就是這樣了。

Thank you. Yeah, that was it. Thank you.

謝謝。是的，就是這樣。謝謝。

Thank you.

謝謝。

Toby Sommer, Truist.

托比·索默（Toby Sommer），Truist。

Thank you. I wanted to ask for your early perspective on an element of the DevSec memo that was out recently. How do you think about the risk to yourselves and the industry that federal customers increasingly made contracts directly from a service provider, whereby a prime contractor is not an integrator or a consultant quotes?

謝謝。我想詢問您對最近發布的 DevSec 備忘錄中某個內容的看法。您如何看待聯邦客戶越來越多地直接從服務提供者簽訂合約（其中總承包商不是整合商或顧問報價）對您自己和產業構成的風險？

Hey, Tobey, good to hear from you. Yeah, fair question. Obviously, we are all trying to assess the most recent communications that are coming out of DoD. Look, I think initially, the conversation there was relative to management consulting and we have gone through a pretty extensive audit and conversation with the DOGE infrastructure as well as many agency leaders, and I personally engage with customers understanding what the work of SAIC is and that it is, in fact, not management consulting as it was defined.

嘿，托比，很高興收到你的來信。是的，公平的問題。顯然，我們都在試圖評估國防部發布的最新資訊。你看，我認為最初，那裡的談話是與管理諮詢有關的，我們已經進行了相當廣泛的審計，並與 DOGE 基礎設施以及許多機構領導人進行了對話，我個人與客戶接觸，了解 SAIC 的工作是什麼，事實上，它不是管理諮詢，因為它被定義為。

Similarly, as you hear words on integration of sort of the middle person or middle man role, the reseller role, there are very few areas in our portfolio where we play that type of role. In fact, we are a direct provider of solutions and capabilities and what we'll call hands on keyboard kind of capability, and our customers are very much aware of that, and we have reconfirmed that through our most recent months in our -- through our GSA audit and are reconfirming that now with the customer set. So I think that things will shake out. I'm sure there's a lot of language that's being parsed right now.

同樣，正如您所聽到的關於整合中間人或中間商角色、經銷商角色的說法，在我們的投資組合中，我們扮演這種角色的領域很少。事實上，我們是解決方案和功能的直接提供者，我們稱之為手動鍵盤功能，我們的客戶非常清楚這一點，我們在最近幾個月透過 GSA 審計再次確認了這一點，現在我們正在向客戶再次確認這一點。所以我認為事情會得到解決。我確信現在有很多語言正在被解析。

The role we play and even some of the recent awards that we've announced and some we will announce I think, indicates not only the mission-criticality of our work, but how we deliver that work in more and more commercial models.

我認為，我們所扮演的角色，甚至我們最近宣布的一些獎項以及我們將要宣布的一些獎項，不僅表明了我們工作的關鍵性，也表明了我們如何在越來越多的商業模式下開展這項工作。

We have Software-as-a-Service kinds of capabilities. We can sell our capabilities right off of marketplaces that exist, and our customers understand the commercial nature of what we do. And quite frankly, I think we'll qualify us in the group that has been perceived as the approach that DoD is trying to take going forward. So of course, we're not (inaudible) share.

我們擁有軟體即服務類型的功能。我們可以直接在現有的市場上銷售我們的能力，我們的客戶了解我們所做工作的商業性質。坦白說，我認為我們將有資格加入國防部未來試圖採取的方法的團體。所以當然，我們不會（聽不清楚）分享。

We're keeping our ears open and obviously trying to make sure we understand any signals coming from the Department of Defense. But at this point, we don't see a significant risk as a result of recent communications.

我們時刻保持警惕，顯然是為了確保我們理解來自國防部的任何訊號。但目前，根據最近的溝通，我們並不認為有重大風險。

Thanks for that answer. One follow-up for me. Sort of how has your -- the development of DOGE and now the budget process and priorities with the skinny budget and what's going on in Congress, how has that informed how you think about future new business capture in your bid and proposal activity. Does that -- has that led to sort of a refinement as you look out 12, 24, 36 months to change at all the posture of what you've been looking at?

謝謝你的回答。對我來說還有一次後續行動。您的 DOGE 的發展如何？現在預算流程和緊縮預算下的優先事項以及國會的情況如何？這些如何影響了您對未來在投標和提案活動中獲取新業務的看法。當您展望 12、24、36 個月後，這是否會導致某種改進，從而徹底改變您所關注的事物的姿態？

That's a great question, Tobey. And I appreciate it at many levels. I would suggest to you, going back to the strategy we put in place just over 18 months ago. That strategy prior to this administration was pivoting our portfolio towards more enterprise and mission IT solutions that are delivered in a number of commercial models directly to our customer set.

托比，這個問題問得真好。我從很多層面對此表示讚賞。我建議你們回顧一下我們 18 個月前所製定的策略。本屆政府先前的策略是將我們的產品組合轉向更多的企業和任務 IT 解決方案，這些解決方案透過多種商業模式直接提供給我們的客戶。

In many ways, we've been looking to refine that and expedite our ability to further package and offer that capability again, within the constructs and the confined, if you will, of where we feel differentiation occurs, particularly in our digital engineering capability, our data platforms, our operational AI and in our Secure Cloud.

在許多方面，我們一直在尋求改進這一點，並加快我們進一步打包和再次提供這種能力的能力，在我們認為出現差異的結構和範圍內，特別是在我們的數位工程能力、我們的數據平台、我們的營運人工智慧和我們的安全雲中。

We've been able to do that with Sprints, and if you will, what we call DevSecOps, but different forms of sprints that we've been able to sell commercially directly off marketplaces where not only DoD, but customer sets have appreciated the speed with which we've been able to do mission-critical work.

我們已經能夠透過 Sprint 做到這一點，如果你願意的話，我們稱之為 DevSecOps，但不同形式的 sprint 我們已經能夠直接在市場上進行商業銷售，不僅國防部，而且客戶群都對我們能夠完成關鍵任務工作的速度表示讚賞。

So if you think about the strategy as a horizon one, we said for the next -- in fact, for the first three years, which now we're halfway through, we are probably speeding up our efforts in the path that we were already on rather than selecting a new path. We were already moving in the commercializing of our IT capability and embedding of that across our sustainment contracts and other types of work that we do for DoD, Intel and civilian customers.

因此，如果你將戰略視為視野戰略，那麼我們說，在接下來的三年裡——事實上，在前三年，現在已經過了一半，我們可能會加快我們在已經走的道路上的努力，而不是選擇一條新的道路。我們已經開始將我們的 IT 能力商業化，並將其嵌入到我們為國防部、英特爾和民用客戶所做的維持合約和其他類型的工作中。

I think the other areas we're looking to refine, we are heavy into, as you know, we've been expanding our venture program, so bringing in new technologies through ventures as well as partnering very strategically with new players existing players.

我認為我們正在努力改進的其他領域也是我們重點關注的領域，正如你所知，我們一直在擴大我們的創投計劃，透過創投引進新技術，並與新參與者和現有參與者建立策略夥伴關係。

As we've always said, we've been able to embed technology very quickly, and we've got great examples for that. So I would argue that the strategy that was in place was directionally correct slightly independent of political headwinds or tailwinds that we are, in fact, aligned, particularly in areas of lethality areas that the administration has shown for DoD mission-critical work.

正如我們一直所說的那樣，我們能夠非常快速地嵌入技術，並且我們在這方面擁有很好的例子。因此，我認為，現行戰略的方向是正確的，與政治逆風或順風略有無關，事實上，我們是一致的，特別是在政府已表明對國防部任務至關重要的殺傷力領域。

We've not only survived, but I think we've come through an audit of our work with GSA that has exemplified the mission criticality of it. And I think we're right now expediting our efforts to get to more and more commercial solutions over the next year or so. So in many ways, we feel like we're on the right path and just have to go faster.

我們不僅倖存了下來，而且我認為我們已經通過了與 GSA 合作的審計，這充分證明了其任務的關鍵性。我認為我們現在正在加快努力，以便在未來一年左右獲得越來越多的商業解決方案。因此，在很多方面，我們都覺得自己走在正確的道路上，只是需要走得更快。

Thank you very much.

非常感謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hey, thank you for the question. Maybe following up on Sheila and a little bit of what Gautam was questioning on, but can you just level set us on how we should think about Defense and Civil's margin trajectory versus the multiyear targets.

嘿，謝謝你的提問。也許可以跟進 Sheila 和 Gautam 提出的一些問題，但您能否為我們提供參考，讓我們了解一下我們應該如何看待國防和民用產品的利潤軌跡與多年目標。

I think, Toni, you said civil margins get better from here. And it sounds like 1Q should be trough in defense. But just maybe understanding essentially kind of what are the big moving pieces within the segment level margins versus your targets. Thank you.

托尼，我認為您說過民用利潤率從現在開始會變得更好。聽起來 1Q 應該是防守的低谷。但也許只是從本質上理解與您的目標相比，細分級別利潤中最大的變動因素是什麼。謝謝。

Let me take first. And I'll take that one first here. On the Civil side, I think, as we said, we do expect margins to improve from here on out given the number of things we have going on inside of the business. And candidly, their performance in Q1 is consistent with the commentary we've shared for a couple of quarters now that we do expect margins to pick up.

讓我先來。我先來談談這個。在民用方面，我認為，正如我們所說的，考慮到我們內部開展的業務數量，我們確實預計利潤率從現在開始會有所提高。坦白說，他們在第一季的表現與我們幾個季度以來的評論一致，我們確實預計利潤率會上升。

On the Defense and Intel side, I think we tend to think about this in the context of our bid thresholds, and we have different thresholds here for cost-plus, T&M and fixed price work inside of the defense and intel business.

在國防和英特爾方面，我認為我們傾向於在投標門檻的背景下考慮這個問題，並且我們對國防和英特爾業務內部的成本加成、T&M 和固定價格工作有不同的門檻。

And we are continuing to see bid volumes increase with higher than bid thresholds. And obviously, we're putting a lot of energy into execution cases here to ensure that the teams are continuing to execute at levels higher than the bit thresholds.

而且我們繼續看到投標量隨著投標門檻的提高而增加。顯然，我們在執行案例上投入了大量精力，以確保團隊能夠繼續以高於位元閾值的水平執行。

And obviously, the vast majority of the work there is cost plus work inside of the defense and intel business. So we are banking on the team's performance to demonstrate that on execution, we can actually continue to improve margins.

顯然，那裡的絕大部分工作都是成本加上國防和情報業務內部的工作。因此，我們依靠團隊的表現來證明，透過執行，我們實際上可以繼續提高利潤率。

The other thing that parts of our Defense business has been able to do is actually look at their recompete win rates relative to the margins that they're bidding on those recompetes. And they've actually with a lot of discipline, continued to move margin rates higher up, let's call it, 10, 20, 30 bps every single time a program comes up for recompete, which is almost counterintuitive.

我們的國防業務部門能夠做的另一件事是，實際查看他們的重新競爭獲勝率與他們在這些重新競爭中競標的利潤率之間的關係。事實上，他們非常嚴格，每次專案重新競爭時，保證金率就會提高，我們稱之為 10、20、30 個基點，這幾乎是違反直覺的。

You would think of margin rates coming under some pressure with recompetes, but the team has actually been able to do the opposite of that. When you then compare Civil margins improving from a trough, Defense continuing to bid higher over longer periods of time.

您可能會認為利潤率會因重新競爭而承受一些壓力，但該團隊實際上已經能夠做到相反的事情。當您比較民用產品的利潤率從低谷回升時，國防產品的利潤率會在較長時間內持續上漲。

And then Toni mentioned sort of the commercial factory offerings that we are continuing to offer to our customers. Last year was a really good year for the commercial operating segment for us. And as we said on the last earnings call, we expect the commercial sales from our business at, I'm going to say, commercial margins to go all the way to about $100 million of top line in FY28 from about $35 million.

然後托尼提到了我們將繼續向客戶提供的商業工廠產品。去年對我們的商業營運部門來說確實是豐收的一年。正如我們在上次財報電話會議上所說的那樣，我們預計我們業務的商業銷售額，也就是商業利潤率，將從 28 財年的約 3500 萬美元一路攀升至約 1 億美元。

So when you put the three factors together, that actually does create the portfolio to grind up 10 to 20 bps, annually. Now of course, as we win more work, if there is a pressure on margin rates, that's a first world problem we'd love to have because we do believe that we're going to end up generating more EBITDA dollars here, but I think that's the path to grinding up margins over time.

因此，當你把這三個因素放在一起時，實際上確實會使投資組合每年增加 10 到 20 個基點。當然，現在，隨著我們贏得更多的工作，如果利潤率面臨壓力，那就是我們樂意遇到的第一世界問題，因為我們確實相信我們最終會在這裡產生更多的 EBITDA 美元，但我認為這是隨著時間的推移提高利潤率的途徑。

And Colin, the only thing I would add to that would be, because I think I Prabu got it left to right, correct there. One of the -- in the correlation of what creates margin risk for this organization, not only bidding correctly and bidding within thresholds will increase our margin.

科林，我唯一想補充的是，因為我認為普拉布是從左到右理解的，是正確的。在為該組織帶來保證金風險的相關性中，不僅正確投標和在門檻內投標會增加我們的利潤。

But executing correctly, if you will, within the stated sort of standardized templates will ensure that we don't erode margin. And one of the areas that we're focusing on because we have so much more bid activity, we expect to win our fair share is making sure that the transition of large programs goes exceedingly well because when you start to look at margin pressure, it generally starts with the poor transition is -- doesn't bode well for the future of the program.

但是，如果您願意的話，在規定的標準化模板內正確執行將確保我們不會侵蝕利潤。由於我們有更多的投標活動，我們重點關注的領域之一是確保大型項目的過渡進展順利，我們希望贏得公平的份額，因為當你開始考慮利潤壓力時，它通常始於糟糕的過渡——這對項目的未來來說不是一個好兆頭。

And so we are putting not only our factory capabilities are some of our deeply technically trained individuals in our factory, but across our organization with a very significant focus on solid, solid transitions of every major program that we win, so that the first six months are indicative of a very solid margin path for the program going forward. So that's a risk mitigator that we've added to our sites here, and I think the executive team is all in, in monitoring that transition activity as well.

因此，我們不僅在工廠中投入了一些經過深入技術培訓的人員，而且還在整個組織中高度重視我們贏得的每一個主要項目的穩固過渡，以便前六個月的業績預示著該項目未來將有一個非常穩固的利潤路徑。這是我們在這裡的站點中添加的風險緩解措施，我認為執行團隊也全力投入監控這項過渡活動。

Got it. Got it. Thank you. And then maybe focusing on -- we've had a lot of, I think, noise in one half around government efficiency, but for all the hand-wringing, it's not the nominal, right? And if you think of like FY25 stuff (inaudible) to time and like '26 request being pretty far off what both Head of Armed Services and Head of appropriation is saying.

知道了。知道了。謝謝。然後也許重點關注——我認為，我們在政府效率方面已經聽到了很多聲音，但儘管如此，它並不是名義上的，對吧？如果你考慮 FY25 的東西（聽不清楚）的時間和 '26 的要求，那麼與武裝部隊首腦和撥款首腦所說的相差甚遠。

So maybe talk us through the commentary that you said at the start around the multiyear growth expectations? And then maybe kind of thinking through like how does -- like what is the best outcome for SAIC to the extent that like we still get $1 trillion Defense but perhaps the mix is -- there's different outcomes.

那麼，您能否向我們介紹一下您一開始對多年成長預期的評論？然後也許會思考一下——對於 SAIC 來說最好的結果是什麼，我們仍然可以獲得 1 兆美元的國防資金，但也許組合是——有不同的結果。

So maybe walk us through kind of your high-level expectations of the different outcomes of mix within the different scenarios and what I think the team would consider to be the best outcome for SAIC?

那麼，您能否向我們介紹一下您對不同場景下不同組合結果的高層期望，以及我認為團隊認為對上汽集團最好的結果是什麼？

So let me just make sure I'm answering the question. The question is relative to the mix of our portfolio meeting across Intel, defense and civilian over the next couple of years, I would suggest to you that our -- as we laid out in our strategy, we fully expected not only to pivot our portfolio towards Mission enterprise solutions, but we were looking to grow our civilian business and grow it disproportionately, and we see that effect already in place.

因此，請讓我確認一下我回答了這個問題。問題與未來幾年我們在英特爾、國防和民用領域的投資組合有關，我建議你——正如我們在戰略中所述，我們不僅完全期望將我們的投資組合轉向任務企業解決方案，而且我們還希望發展我們的民用業務並使其不成比例地增長，我們已經看到了這種效果。

So that business right now is about 20% to 22% of our current revenue and our expectation that, that may inch up to something like 25% of our revenue over the next few years, I think, is still intact. Obviously operating environment, notwithstanding that business continues to click along.

因此，目前這項業務約占我們目前收入的 20% 至 22%，我們預計，未來幾年，這項業務可能會逐漸上升至我們收入的 25% 左右，我認為，這一比例仍然沒有變化。顯然，儘管業務繼續順利發展，但經營環境仍然良好。

And again, I think that's based on our footprint. If you look across our DoD business, I would suggest there may be shifts. We mentioned some of the pressures on the Army business. We've mentioned some of the opportunities across our space business and Air Force business. But again, I think we're lined up to take advantage of the current budget environment even through a CR this year, we've said it's a flexible CR.

再說一次，我認為這是基於我們的足跡。如果你看一下我們的國防部業務，我認為可能會發生轉變。我們提到了陸軍業務面臨的一些壓力。我們已經提到了我們的太空業務和空軍業務中的一些機會。但是，我認為我們準備好利用當前的預算環境，即使透過今年的 CR，我們也說過這是一個靈活的 CR。

They've identified priorities. We've looked against the 17 defense priorities coming out of DoD and as you saw in the earnings statement, we are lined up against more than half of those directly with the work that we do. So we feel pretty solid there.

他們已經確定了優先事項。我們研究了國防部提出的 17 項國防優先事項，正如您在損益表中看到的，我們所做的工作與其中一半以上的優先事項直接相關。所以我們感覺非常穩固。

And then I think there's a very real opportunity for us to improve our positioning on the Intel side as we have a larger Intel pipeline than we've had for many, many years, and we've got some great opportunities going forward in the intel space.

然後我認為我們有一個真正的機會來改善我們在英特爾方面的定位，因為我們擁有比多年來更大的英特爾管道，並且我們在英特爾領域有一些很好的機會。

So when I look at the mix right now, I don't see a structural reason why we can't grow in the guidance that we've offered for the next couple of fiscal years, even given the budget environment that we find obviously anything draconian that would occur, we would have to go back and reassess. But based on what we see line of sight, I think we've got enough budget in the right directions and we're positioned well enough to capture that to underpin our call.

因此，當我審視目前的組合時，我沒有發現我們無法在未來幾個財年提供的指導中實現增長的結構性原因，即使在預算環境下我們發現顯然會發生任何嚴苛的情況，我們也必須回過頭來重新評估。但根據我們所看到的前景，我認為我們在正確的方向上擁有足夠的預算，我們有足夠的能力抓住這一點來支持我們的呼籲。

Hey Colin, the only thing I would add tactically is that if we have to grow, let's call it, 5% next year, I think we do need to get book-to-bill to 1.2, that will support the growth rates we've got out there. I think we are assuming that defense budgets are not going to be healthy relative to the preceding five years.

嘿，科林，從戰術上來說，我唯一要補充的是，如果我們必須增長，比如說，明年增長 5%，我認為我們確實需要將訂單出貨比提高到 1.2，這將支持我們現有的增長率。我認為，我們假設國防預算相對於前五年來說不會很健康。

In other words, that we will continue to see some pressure on budgets. Think of that as sort of flat to 3% growth. But we do think that not having some headwinds that we've had over the last few years is going to offer a little bit of a tailwind for us.

換句話說，我們將繼續看到預算面臨一些壓力。可以將其視為持平至 3% 的成長。但我們確實認為，沒有過去幾年遇到的一些逆風，將會為我們帶來一點順風。

And our new business win rates are actually pretty good and they've remained pretty good over the last three or four years. And therefore, that combination should get us to that 4%, 5% growth rate. So we don't need a sort of a high-growth Defense budget for us to be able to grow the company 4% or 5%.

我們的新業務成功率實際上相當不錯，並且在過去三四年裡一直保持相當好的水平。因此，這種結合應該能讓我們達到 4% 或 5% 的成長率。因此，我們不需要某種高成長的國防預算來實現公司 4% 或 5% 的成長。

We think the things we're doing should help us grow to that level even in the budget environment that we expect to see a little bit more constraint than maybe the last five years.

我們認為，即使在預算環境下我們預計會比過去五年受到更多限制，我們正在做的事情也應該有助於我們發展到這個水平。

Got it. Thank you for the color.

知道了。謝謝你的顏色。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

Hey, good morning everyone. I was hoping to go back to the margin -- Thank so much for the question. I was just hoping to go back to the margin discussion, Toni, where you were just describing contract terms and execution within them. And I guess there's a decent amount of discussion in the industry about the customer wanting to shift to more outcomes-based and perhaps that, including fixed price but other things.

嘿，大家早安。我希望回到邊緣——非常感謝您的提問。東尼，我只是希望回到保證金討論，你只是在其中描述合約條款及其執行情況。我想，業內已經有相當多的討論，關於客戶希望轉向更多基於結果的模式，也許包括固定價格和其他方面。

And I guess there's more opportunity in that as those contract types can be higher margin. But I guess that also shifts risk to the contractor and current mix is what it is for a reason. So how do you see the opportunity there versus it potentially being pushed in places where it's maybe too aggressive or inappropriate and it can impact margins negatively.

我猜測這其中蘊含著更多的機會，因為這些合約類型的利潤率更高。但我猜這也會將風險轉移給承包商，而目前的組合是有原因的。那麼，您如何看待其中的機遇，以及它可能被推向過於激進或不合適的領域，從而對利潤率產生負面影響。

Thanks for the question, Noah. Look, I think there's been a lot of conversation about conversion to outcome-based as well as within that outcome based, the definition or scope of fixed price. And we've been proactively looking across our portfolio with our customers into where are the best opportunities on both existing contracts that may be coming up for some form of renewal as well as bidding with looking at the opportunity to shift to a fixed price.

謝謝你的提問，諾亞。你看，我認為已經有很多關於轉換為基於結果的討論，以及在基於結果的範圍內固定價格的定義或範圍的討論。我們一直在積極地與客戶一起審視我們的投資組合，尋找現有合約中可能以某種形式續約的最佳機會，以及尋找轉向固定價格的機會進行競標。

That wholesale conversion, we haven't seen yet in any significant meaningful way where entire contracts are coming out or existing contracts are being converted to fixed price.

對於批發轉換，我們尚未看到任何具有重大意義的現象，即整個合約的解除或現有合約轉換為固定價格。

We do see obviously what we will call contract line items or scope some scope of contracts being fixed price being introduced, and that's been historically a pattern that may increase in this new environment of putting elements and there are some contracts that are better positioned for fixed price.

我們確實清楚地看到了我們稱之為合約項目或範圍的一些合約範圍被引入了固定價格，從歷史上看，這種模式可能會在這種新的元素環境中增加，並且有些合約更適合固定價格。

A lot of our work in our enterprise IT, our IT infrastructure, we think, is very, very prone to fixed price environment. Does that introduce more risk to the cut to the contractor? Absolutely. However, if you look at where we've done fixed price, most of that work is in our Civilian business.

我們認為，我們在企業 IT 和 IT 基礎架構方面的許多工作都非常容易受到固定價格環境的影響。這是否會為承包商帶來更多風險？絕對地。然而，如果你看看我們實施固定價格的地方，你會發現大部分工作都在我們的民用業務中。

And we've been able to hold very solid margins within that business, where we have a mix of T&M, time and material and fixed price, so we do have a track record of being able to deliver on a fixed price environment.

我們能夠在該業務中保持非常穩固的利潤率，我們擁有測試與製造、時間和材料以及固定價格的組合，因此我們確實擁有在固定價格環境中交付產品的記錄。

We also have been really showing up internally our standard delivery framework so that we are delivering our execution is in a standard repeatable way highly monitored, particularly in fixed price and focus on making sure we bring in personnel that have fixed price backgrounds and experience.

我們也確實在內部展示了我們的標準交付框架，以便我們以標準、可重複的方式進行高度監控的執行，特別是在固定價格方面，並專注於確保我們引進具有固定價格背景和經驗的人員。

So in that regard, while there's been quite a bit of talk relative to that, we haven't seen meaningful new bids that have come in in a fixed price conversion or changes, but we are prepared for that and again, proactively leaning in with our customers.

因此，在這方面，雖然對此已經有了相當多的討論，但我們還沒有看到以固定價格轉換或變化形式出現的有意義的新出價，但我們已經為此做好了準備，並再次積極主動地與客戶溝通。

The assumption there, we see that as a tailwind opportunity for the company as it relates to profitability. We take on more risk, but we have the opportunity to drive greater margin out of those programs. We have that track record. We acknowledge that, that may the government will expect most likely some discounts on the top line for that.

我們認為，這是一個與獲利能力相關的公司順風機會。我們承擔了更多風險，但我們有機會從這些項目中獲得更大的利潤。我們有這樣的記錄。我們承認，政府很可能會期望在收入方面有一些折扣。

But as we take a greater share of that market, we think we can offset any top line risk with some improved margin and profitability. But again, to date, other than direct conversations we were having on some unique programs with customers, we have not seen the procurement engine totally shift in that direction, at least not yet. Prabu, any other commentary?

但隨著我們佔據該市場更大的份額，我們認為我們可以透過提高利潤率和獲利能力來抵消任何營業風險。但是，到目前為止，除了我們與客戶就一些獨特的項目進行的直接對話之外，我們還沒有看到採購引擎完全朝這個方向轉變，至少現在還沒有。普拉布，還有其他評論嗎？

That was perfect, Toni.

太完美了，托尼。

Okay. I really appreciate all that. And probably just the notion of if the new business is sliding slightly to the right, you would need more on contract growth. Can you -- is it possible to put numbers around that? I mean, how much more on-contract growth can you get versus what you're already assuming? Or anything you can put around that in terms of the growth rate or dollars of revenue?

好的。我真的很感激這一切。可能只是這樣的想法：如果新業務稍微向右滑動，你就需要更多的合約成長。你能——能用數字來說明一下嗎？我的意思是，與你已經假設的相比，你能獲得多少合約成長？或者您能從成長率或收入金額的角度對此做出任何說明嗎？

Yeah, so maybe a little bit of a primer back. A few years ago, our on-contract growth numbers were, I'm going to say low single digits. That number was the highest it's been last year where we clicked up to about 5% or 6% of full year revenue in on-contract growth and that data we've shared with folks externally. I think Q1 was right in line with that level of on-contract growth, if not even a little bit higher than that.

是的，所以可能需要一些入門知識。幾年前，我們的合約成長數字，我想說是一個低個位數。這個數字是去年的最高值，當時我們的合約成長佔全年收入的 5% 或 6%，我們已經與外部人員分享了這些數據。我認為第一季的業績與合約成長水準完全一致，甚至略高一些。

And I think to the extent that we can continue to deliver on contract growth upwards of mid-single digits, we're going to need less and less of new business to get to that, I'm going to say, approximately 2.5% midpoint of our guide for this year. So that's how we're seeing it.

我認為，只要我們能夠繼續實現中等個位數以上的合約成長，我們就需要越來越少的新業務來實現這一目標，我想說，這大約是今年指導值的中點 2.5%。這就是我們所看到的。

And again, because the CR has given a little more flexibility this time around, we are seeing that as a second viable path. And of course, to the extent that some of the new business wins start to ramp sooner than that probably is the difference between whether we get to the low to mid-point of the guide range or mid- to high point of the guide range. To me, those are the variables.

而且，由於 CR 這次給予了更多的彈性，我們將其視為第二條可行途徑。當然，一些新業務的成功開始加速的速度可能比這更快，這可能是我們達到指導範圍的低點到中點還是中點到高點之間的差異。對我來說，這些都是變數。

Okay, thank you.

好的，謝謝。

Thank you. This concludes today's presentation. Thank you for participating. You may now disconnect.

謝謝。今天的演講到此結束。感謝您的參與。您現在可以斷開連線。