Science Applications International Corp (SAIC) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SAIC Fiscal Year 2026 second-quarter earnings conference call. (Operator Instructions) Please be advised, today's conference is being recorded.

您好，感謝您的支持。歡迎參加上汽集團2026財年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Joseph DeNardi, Senior Vice President, Investor Relations, and Treasurer. Please go ahead.

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 Joseph DeNardi。請繼續。

Good morning, and thank you for joining SAIC's second-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 Tony 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財年第二季財報電話會議。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 Tony Townes-Whitley 和我們的財務長 Prabu Natarajan。

Today, we will discuss our results for the second quarter of fiscal year 2026 that ended August 1, 2025. Please note that we may make forward-looking statements on today's calls 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. We may elect to update the forward-looking statements at some point in the future, but we specifically disclaim any obligation to do so.

今天，我們將討論截至 2025 年 8 月 1 日的 2026 財年第二季的業績。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。我請您參閱我們向美國證券交易委員會提交的文件，以了解這些風險的討論，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任何這樣做的義務。

In addition, we will discuss non-GAAP financial measures and other metrics, which we provide useful information for investors, and both our press release and supplemental financial presentation slides include reconciliations to comparable GAAP measures. The non-GAAP measures should be considered in addition to and not a substitute for financial measures in accordance GAAP.

此外，我們將討論非公認會計準則財務指標和其他指標，為投資者提供有用的信息，我們的新聞稿和補充財務簡報幻燈片都包含與可比較公認會計準則指標的對帳。非公認會計準則 (non-GAAP) 指標應被視為對公認會計準則 (GAAP) 財務指標的補充，而非替代。

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

現在我很高興介紹我們的執行長 Tony Townes-Whitley。

Thank you, Joe, and good morning to everyone on our call. Overall, our results in the quarter were mixed, with revenue below our expectations, declining 2.7% year over year, but profit margins rebounding well from the first quarter by strong program execution. In addition, we delivered a second consecutive quarter with a book-to-bill comfortably over 1.0, driving our year-to-date book-to-bill to 1.4. Our qualified pipeline, planned submit levels, and backlog of pending awards all remain strong, and we believe the investments made and business development processes implemented in recent quarters position us well to capitalize on a rich set of opportunities.

謝謝你，喬，大家早安。整體而言，本季我們的業績好壞參半，營收低於預期，年減 2.7%，但由於專案執行力度強勁，利潤率較第一季大幅反彈。此外，我們連續第二季訂單出貨比輕鬆超過1.0，使年初至今的訂單出貨比達到1.4。我們的合格項目儲備、計劃提交水平以及待批訂單積壓均保持強勁。我們相信，最近幾季的投資和實施的業務發展流程將使我們處於有利地位，能夠充分利用一系列豐富的機會。

As you can see from our revenue performance in the quarter and our updated outlook, we are seeing a more challenging environment than we had previously forecasted. There are three drivers behind this: first, slower conversion of on-contract growth opportunities into revenue, second, an increase in the impact from program disruptions; and third, delays on our new business awards. As we highlighted on our first quarter call, our prior revenue guidance for the year of 2% to 4% growth assume several points of contribution from a combination of on-contract growth and new business wins ramping up within certain time frame.

從本季的營收表現和最新的展望可以看出，我們所面臨的環境比我們先前預測的更具挑戰性。造成此現象的原因有三：首先，合約成長機會轉化為收入的速度較慢；其次，專案中斷的影響增加；第三，新業務授予的延遲。正如我們在第一季電話會議上所強調的那樣，我們先前對今年 2% 至 4% 成長的收入預測假設合約成長和新業務勝利在一定時間範圍內的增加將帶來幾個貢獻點。

While recent new business, including TENCAP HOPE with the Air Force and the key program with the Navy, valued at approximately $350 million will contribute modestly to this year and further ramp in fiscal year '27, on contract revenue growth has been impacted by funding uncertainty added scrutiny related to efforts to reduce government spending, and a government workforce dealing with increased turnover. These headwinds have been more pronounced at customers working through particularly meaningful transformation or facing greater budget uncertainty.

雖然最近的新業務，包括與空軍的 TENCAP HOPE 和與海軍的關鍵項目（價值約 3.5 億美元），將對今年的收入做出適度貢獻，並在 2027 財年進一步增加，但合約收入增長受到了資金不確定性、為削減政府開支而增加的審查以及政府工作人員應對人員流動增加的影響。對於正在經歷特別重大的轉型或面臨更大預算不確定性的客戶來說，這些不利因素更加明顯。

As you will recall from our first-quarter call, we indicated that delays in new business awards would require a greater contribution from on contract revenue in order for us to meet our plans for the year. Based on trends we've seen in recent months, we now see that is unlikely to materialize. And we've updated our guidance for fiscal year '26 and fiscal year '27 accordingly. Our revised outlook for fiscal year '26 revenue assumes that current trends continue through the remainder of the year with very little contribution from additional new business or on-contract growth.

您可能還記得，在我們的第一季電話會議上，我們表示，新業務授予的延遲將需要合約收入做出更大的貢獻，以便我們可以實現今年的計劃。根據我們最近幾個月看到的趨勢，我們現在認為這不太可能實現。我們也相應更新了 26 財年和 27 財年的指引。我們對 26 財年收入的修訂前景假設目前的趨勢將持續到今年剩餘時間，而新增業務或合約成長的貢獻將非常小。

While we believe that much of the revenue headwind we are facing is temporary and will normalize over time, we are taking purposeful action to align our cost structure with a more changing revenue environment expected over the next several quarters. As we highlighted on last year's Q3 call, our cost structure is variable and the preparation we have taken in recent quarters positions us well to respond appropriately with cost efficiency initiatives to mitigate the impact on EBITDA and free cash flow from lower revenue.

雖然我們相信我們面臨的大部分收入逆風是暫時的，並且會隨著時間的推移而正常化，但我們正在採取有針對性的行動，使我們的成本結構與未來幾季預計的更變化的收入環境保持一致。正如我們在去年第三季電話會議上所強調的那樣，我們的成本結構是可變的，我們最近幾季所做的準備使我們能夠採取適當的成本效益措施來減輕收入下降對 EBITDA 和自由現金流的影響。

While some of these initiatives are already underway, we will discuss the specifics in greater detail on our third quarter call. The savings resulting from these initiatives give us greater confidence in our ability to continue to deliver margin improvement while investing appropriately for growth and value creation in the coming years. Given the relative magnitude of our revision to revenue, I want to be very clear that the revised outlook assumes that impacts from on-contract growth and new business award delays continue, which we believe is a prudent assumption given the current market. As a result, we see the updated guidance range as appropriately de-risked based on our current assessment of market conditions.

雖然其中一些舉措已經在進行中，但我們將在第三季電話會議上更詳細地討論具體細節。這些措施帶來的節省使我們更有信心，我們有能力繼續提高利潤率，同時在未來幾年為成長和價值創造進行適當的投資。鑑於我們對收入的修訂的相對幅度，我想非常清楚地表明，修訂後的展望假設合約成長和新業務授予延遲的影響持續存在，我們認為，考慮到當前的市場，這是一個謹慎的假設。因此，根據我們對目前市場狀況的評估，我們認為更新後的指導範圍已適當地降低了風險。

Now while the current market volatility and the impact it is having on our near-term revenue is disappointing, I'm encouraged by the signs of progress we're seeing in the execution of our strategy.

雖然當前的市場波動及其對我們近期收入的影響令人失望，但我們在執行策略時看到的進展跡象令我感到鼓舞。

When I became CEO approximately two years ago, the strategy review we completed indicated that substantial changes were needed across many facets of the business in order for SAIC to regain a position of leadership and maximize long-term value for our employees, customers, and shareholders. We knew that the path towards regaining the leadership would not be linear. While this quarter's results, revised outlook and recent market volatility have been challenging, and we are addressing them head-on.

大約兩年前，當我成為執行長時，我們完成的策略審查表明，上汽集團需要對業務的許多方面進行重大變革，以便重新獲得領導地位，並為我們的員工、客戶和股東實現長期價值最大化。我們知道，重新奪回領導權的道路不會是一帆風順的。雖然本季的業績、修訂後的前景和近期的市場波動帶來了挑戰，但我們正在積極應對。

I will draw your attention to factors that are most relevant for our success beyond this period of revenue softness and over the long term. Our year-to-date recompete win rate is in line with our target. And our planned recompetes over the next 12 months are fairly typical with a handful of programs in the 1% to 3% of revenue range.

我將提請你們注意那些與我們在這段收入疲軟時期之後以及長期的成功最相關的因素。我們今年迄今的重新競爭勝率符合我們的目標。我們計劃在未來 12 個月內重新開展競爭，其中少數幾個項目的收入在 1% 到 3% 之間。

We expect to show continued progress over time in sustaining our recompete win rate at current levels. Our win rate on new business is also roughly in line with our target as we have been successful on two of the six larger pursuits adjudicated year-to-date. As I indicated earlier, our pipeline of expected awards in the coming quarters remain solid.

我們期望隨著時間的推移，繼續保持現有水準的再競爭勝率。我們在新業務上的成功率也與我們的目標大致一致，因為今年迄今為止我們在六項較大的業務中已經成功完成了兩項。正如我之前指出的，我們未來幾季的預期獎項仍然穩固。

Restoring our recompete win rates to our target range and winning our fair share of new business pursuits, while increasing our submit levels is a good formula for sustainable growth over the long term. We are encouraged by the political support to provide solid levels of funding in areas, including border security, FAA modernization and homeland missile defense.

將我們的重新競爭勝率恢復到目標範圍並贏得公平份額的新業務追求，同時提高我們的提交水平是實現長期可持續增長的良好公式。我們受到政治支持的鼓舞，將在邊境安全、聯邦航空管理局現代化和國土飛彈防禦等領域提供堅​​實的資金支持。

However, we expect this administration's focus on efficiency to continue and suspect that budget timelines are likely to be dynamic in the coming quarters. We remain confident that our strategy and business model position us well to adapt and win by delivering outcomes at speed for our customers. We are seeing increased opportunities to drive greater efficiency across our business as we leverage artificial intelligence for core operations. We expect this to materialize as an incremental tailwind to margins and savings for our customers in the coming years. I want to conclude by thanking our employees for their dedication and focus.

然而，我們預計本屆政府將繼續關注效率，並懷疑未來幾季的預算時間表可能會改變。我們堅信，我們的策略和商業模式使我們能夠適應變化，並透過快速為客戶提供成果而贏得勝利。隨著我們利用人工智慧進行核心運營，我們看到了提高整個業務效率的機會越來越多。我們預計，這將在未來幾年為我們的客戶帶來利潤和儲蓄的逐步成長。最後，我要感謝員工的奉獻和專注。

During our recent quarterly review of the business, I emphasize to our teams the importance of culture, leadership and employee engagement as we continue to navigate a dynamic market and more challenging near-term revenue outlook. I am proud of how we've shown up for our customers and each other over the past several months. Our culture anchored around our dedication to the mission of national security positions us well to grow and create long-term value for all of our stakeholders.

在我們最近的季度業務審查中，我向我們的團隊強調了文化、領導力和員工敬業度的重要性，因為我們將繼續應對充滿活力的市場和更具挑戰性的近期收入前景。我為我們在過去幾個月為客戶和彼此所做的貢獻感到自豪。我們的文化以對國家安全使命的奉獻為基礎，使我們能夠為所有利益相關者發展並創造長期價值。

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. Second-quarter revenue declined 2.7%, driven mainly by a 3% year-over-year headwind related to Cloud 1 Compute and Store revenue, not fully offset by new business volume. The variance when compared to our first quarter growth rate and prior expectation is primarily a lesser contribution from on-contract growth, which slowed to 3% in 2Q from 8% in 1Q and a modest increase from the impact of program disruptions.

謝謝你，托尼，各位參加我們電話會議的人早安。第二季營收下降 2.7%，主要原因是 Cloud 1 Compute 和 Store 營收年減 3%，但新業務量並未完全抵銷此影響。與我們第一季的成長率和先前的預期相比，這種差異主要是因為合約成長的貢獻較小，從第一季的 8% 放緩至第二季的 3%，並且由於專案中斷的影響而略有增加。

Second-quarter adjusted EBITDA was $185 million, resulting in adjusted EBITDA margin of 10.5%. Results benefited from strong program execution and a favorable legal settlement, which was offset by an impact to state taxes related to the One Big Beautiful Bill Act. The underlying margin adjustment for these two items of 10.2% reflects improved profitability across our contract portfolio and represents an increase of 180 basis points quarter to quarter and 80 basis points year over year. Adjusted diluted earnings per share of $3.63 benefited from a favorable tax settlement and increased adjusted EBITDA in the quarter.

第二季調整後的 EBITDA 為 1.85 億美元，調整後的 EBITDA 利潤率為 10.5%。業績受益於強有力的計劃執行和有利的法律​​和解，但被“一項大美麗法案”對州稅的影響所抵消。這兩項的基礎利潤調整為 10.2%，反映了我們整個合約組合的獲利能力提高，季增 180 個基點，年增 80 個基點。調整後每股攤薄收益為 3.63 美元，受益於有利的稅收結算和本季調整後 EBITDA 的成長。

Second-quarter free cash flow improved meaningfully from first quarter to $150 million, though we continue to see some challenges related to the timing of invoice payments across a small set of contracts. As Toni indicated, we are updating our guidance for FY26 and FY27 to reflect a more challenging revenue environment. We are lowering FY26 revenue to a range of $7.25 billion to $7.325 billion, representing organic contraction of 2% to 3%. We expect organic revenue to decline by approximately 5.5% and 4% in 3Q and 4Q, respectively.

第二季的自由現金流較第一季大幅改善，達到 1.5 億美元，但我們仍然看到與一小部分合約的發票付款時間相關的一些挑戰。正如東尼所指出的，我們正在更新 26 財年和 27 財年的指導，以反映更具挑戰性的收入環境。我們將 26 財年收入下調至 72.5 億美元至 73.25 億美元之間，這意味著有機收縮 2% 至 3%。我們預計第三季和第四季有機收入將分別下降約 5.5% 和 4%。

Our revised FY27 revenue guidance of 0% to 3% assumes a more subdued contribution from on-contract growth of 2% to 3%, a modest benefit from new business and a more typical headwind from contract transitions. Note that we will annualize the headwinds related to the NASA EAST loss and the Cloud 1 Compute and Store program in our third and fourth quarters, respectively.

我們修訂後的 2027 財年營收指引為 0% 至 3%，假設合約成長貢獻度較低，為 2% 至 3%，新業務帶來適度收益，合約過渡帶來更典型的阻力。請注意，我們將分別在第三季和第四季將與 NASA EAST 損失和 Cloud 1 Compute and Store 計畫相關的不利因素年度化。

FY26 adjusted EBITDA margin guidance is being lowered due to the onetime impact from Section 174 changes to our state and local taxes, which represents a 10 basis points headwind this year. We are reiterating our FY27 adjusted EBITDA margin guidance of 9.5% to 9.7%. As Toni indicated, we will look to mitigate the impact of lower revenue with cost efficiency initiatives, which increase our confidence in the year-over-year margin improvement plans we've outlined. We will update you on our Q3 and Q4 calls regarding the implementation of these plans and the potential upside to our margin targets they could drive.

由於第 174 條對我們州和地方稅的一次性影響，26 財年調整後的 EBITDA 利潤率指引被下調，這代表著今年的 10 個基點的阻力。我們重申 27 財年調整後的 EBITDA 利潤率預期為 9.5% 至 9.7%。正如東尼所指出的，我們將尋求透過成本效率措施來減輕收入下降的影響，這增強了我們對所概述的同比利潤率改善計劃的信心。我們將在第三季和第四季的電話會議上向您通報這些計劃的實施情況以及它們可能對我們的利潤目標帶來的潛在好處。

We are increasing our FY26 adjusted EPS guidance to a range of $9.40 to $9.60, which benefits from the tax settlement in 2Q and a revised full-year effective tax rate assumption of 14%. Our revised FY27 EPS guidance of $9 to $9.20 assumes a more normalized effective tax rate of approximately 23%.

我們將 26 財年調整後每股收益預期上調至 9.40 美元至 9.60 美元之間，這得益於第二季度的稅收結算和修訂後的全年有效稅率假設 14%。我們修訂後的 27 財年每股收益指引為 9 美元至 9.20 美元，假設更正常的有效稅率約為 23%。

We are increasing our FY26 free cash flow guidance to greater than $550 million, which reflects a reduction in cash flow due to lower expected EBITDA, offset by lower cash taxes due to Section 174, and we are assuming a similar dynamic in FY27. We are still finalizing our planning and the relative impact on cash taxes between FY26, FY27, and FY28 but expect the three years combined to see a reduction in cash taxes of approximately $200 million.

我們將 26 財年的自由現金流指引提高至 5.5 億美元以上，這反映了由於預期 EBITDA 降低導致的現金流量減少，但被第 174 條導致的現金稅降低所抵消，我們假設 27 財年也會出現類似的動態。我們仍在最終確定我們的計劃以及 26 財年、27 財年和 28 財年對現金稅的相對影響，但預計這三年合計現金稅將減少約 2 億美元。

We are on track to deliver nearly $12 in free cash flow per share in FY26 and between $13 and $14 in free cash flow per share in FY27, both higher than prior estimates. Our capital deployment plans over the next few years remain focused on driving long-term value for shareholders with sufficient capacity to support this with both share repurchases and capability-focused M&A.

我們預計在 26 財年實現每股近 12 美元的自由現金流，在 27 財年實現每股 13 至 14 美元的自由現金流，這兩個數字均高於先前的預期。我們未來幾年的資本部署計劃仍然專注於為股東創造長期價值，並透過股票回購和以能力為重點的併購來支持這一目標。

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

現在我將把電話轉入問答環節。

(Operator Instructions) Jonathan Ladewig, Stifel.

（操作員指示）Jonathan Ladewig，Stifel。

The disaggregation, how you broke down the revenue outlook change is helpful specific to on-contract growth? Can you comment a bit more on what type of work or customers you're seeing the greatest impacts? And does the loss of this mid-single digit on contract growth represent a share shift to someone else or a deferral of that potential work? Or is this a real efficiency that government is driving? Thank you.

分解，您如何分解收入前景變化對合約成長有幫助？您能否進一步評論哪種類型的工作或客戶對您影響最大？合約成長中位數的損失是否代表份額轉移到其他人身上，還是潛在工作的延遲？或者這是政府正在推動的真正效率？謝謝。

Yeah. Let me take both the first and second part of your question. In terms of -- as we -- so as I mentioned in the script, in some of the areas for on-contract growth where we've seen the challenge in converting that to revenue, the delays and the environmental, if you will, conditions. We've seen that in areas where there's great transformation across government, particularly in the Army where we have the Army transformation initiative, which was launched earlier this year, which represents a double-digit cut to the Army and in specific areas, some areas where SAIC is supporting in programs like S3I for us in Huntsville.

是的。讓我來回答一下你問題的第一部分和第二部分。就我所提到的腳本而言，在某些合約成長領域，我們看到了將其轉化為收入的挑戰，包括延遲和環境條件。我們看到，在一些政府部門發生巨大轉變的領域，特別是在陸軍，我們在今年早些時候啟動了陸軍轉型計劃，這意味著陸軍的經費將出現兩位數的削減，在一些特定領域，SAIC 正在為亨茨維爾的 S3I 等項目提供支持。

In these areas, we see a slowdown, if you will, a delay in our ability to grow and present new capabilities and opportunities to our customers timing switch turnover in personnel, new processes, new norms, new reviews, and that is creating some of this delay.

在這些領域，我們看到了成長放緩，或者說，我們向客戶展示新能力和新機會的能力出現了延遲，人員流動、新流程、新規範、新評論的時間轉換也出現了延遲，而這造成了部分延遲。

Other areas in some parts of the civilian space, where for example, the Department of Treasury, where we have a large peak cloud program, that too has experienced significant delays in our ability to increase our on-contract position. And then I could offer up a couple of other programs, maybe in the Space Force arena. So we're seeing it across government.

在民用領域的其他一些領域，例如財政部，我們有一個大型峰值雲計劃，但在增加合約地位的能力方面也經歷了重大延遲。然後我可以提供幾個其他項目，也許是在太空部隊領域。我們在政府各部門都看到了這種情況。

Look, is it related to a share battle with competitors versus an efficiency of the government, I would argue for the latter. The efficiency which, in many ways, we have to acknowledge that the government, OMB, and other parts of government GSA have been very diligent in driving government efficiency efforts. Many to the benefit of the US taxpayer.

看看，這是否與競爭對手的份額爭奪有關，還是與政府的效率有關，我認為是後者。在許多方面，我們必須承認政府、OMB 和政府 GSA 的其他部門一直非常努力地推動政府效率工作。許多都有利於美國納稅人。

And so we have to applaud many of those efforts, but the day-to-day reality on the ground is that it has caused delays. And as we navigate those delays, our ability to convert revenue from those opportunities has stalled. And hence, we have tried to show a prudent framework for how we look at the rest of the year, assuming that, that environment continues, and we believe that it will normalize over time over the next few quarters, which is why we've tried to de-risk, if you will, our guidance to you at the Street relative to assuming little to no improvement on the on-contract growth or in a change -- a fundamental change in the award of new business over the next two, three quarters. So that's what's represented in our call.

因此，我們必須對其中的許多努力表示讚賞，但實際情況是，這些努力卻造成了延誤。當我們處理這些延遲時，我們從這些機會中轉化收入的能力已經停滯。因此，我們試圖展示一個審慎的框架來展望今年剩餘的時間，假設這種環境持續下去，並且我們相信它將在未來幾個季度內逐漸正常化，這就是為什麼我們試圖降低風險，如果你願意的話，我們向華爾街提供的指導相對於假設合同增長幾乎沒有改善或變化 - 未來兩三個季度新業務授予的根本變化。這就是我們在通話中所表達的意思。

Thank you.

謝謝。

Seth Seifman, JPMorgan.

塞思‧塞夫曼，摩根大通。

Okay. I wanted to -- maybe a follow-up on that a little bit. Do you think -- you're talking about some changes in the customer approach here. Does that -- Toni, how do you think that should affect kind of the structure of this industry over time and the number of players and what type of returns that people can expect.

好的。我想——也許可以對此進行一些跟進。您認為—您在這裡談論的是客戶方法的一些變化。東尼，您認為這會如何影響這個行業的長期結構、參與者數量以及人們可以期待的回報類型。

Yeah. Let me take a first swing, and I'd like Prabu also to respond as well. Look, I think we have all acknowledged the volatility in the market over the last few quarters with changes of fundamental reduction in the government personnel and I would say a disproportionate impact on government acquisition personnel, which is the channel to the private sector. And hence, delays and changes in process, escalations for approvals. I think that should be anticipated -- should have been anticipated.

是的。讓我先發表一下意見，我也希望普拉布能做出回應。看，我想我們都承認過去幾季市場波動，政府人員發生了根本性減少，我想說這對政府採購人員（通往私部門的管道）產生了不成比例的影響。因此，流程出現延遲和變化，審批也隨之升級。我認為這是可以預料到的——應該已經預料到了。

We brought that forward, and I'm sure our peers have brought to you. In terms of whether that resets the market in any structural way, A, I would say it would be very -- it would be too soon to tell. But b, I would suggest to you that I think all are trying to react to this new environment and delay does not mean that we don't expect things normalize over time. As we look into fiscal year '27 for us which would be in the next few quarters, we are starting to see signals of, I would say, normalization.

我們提出了這一點，我相信我們的同行也已經向你們提出了這一點。至於這是否會以任何結構性的方式重置市場，答：我想說現在下結論還為時過早。但是 b，我想告訴你，我認為所有人都在試圖對這種新環境做出反應，而延遲並不意味著我們不希望事情隨著時間的推移而正常化。當我們展望未來幾季的 27 財年時，我們開始看到正常化的訊號。

Does anyone have a crystal ball exactly when that will convert to revenue as we've seen in the past? No. But I would say things have started to settle. And we are expecting that they will in fiscal year '27. We're actually encouraged in some of the clarity we have on where the government is putting budget and priorities that line up with some of the investments in areas of our capability. And we are also encouraged that we see reform of acquisition that we think will be positive for many parts of our market as well.

是否有人能準確地預測這些支出何時會像我們過去所見的那樣轉化為收入？不。但我想說事情已經開始穩定下來了。我們預計他們將在 27 財年實現這一目標。事實上，我們很高興看到政府的預算和優先事項與我們能力範圍內的一些投資一致。我們也很高興看到收購改革，我們認為這對我們市場的許多部分也將產生積極影響。

So I don't want to suggest to you that this is a durable effect over time, but I would suggest to you that organizations like ourselves who want to be prudent and want to be conservative in our view are going to try to explain and express this environment, I'd say, for the next two to four quarters. Prabu, any other thoughts you might have.

因此，我不想向你們暗示這是一種持久的影響，但我想向你們建議，像我們這樣希望保持謹慎和保守的組織將嘗試解釋和表達這種環境，我想，在接下來的兩到四個季度裡。Prabu，您還有其他想法嗎？

Thank you, Toni. That was perfect. Seth, on the structural question, I'd sort of sort of break this down into two components. One is sort of players in the industry. Clearly, there, we are seeing new entrants in the market, non-traditionals with more commercial orientation to them. And I then would break down the other component of change being more commercial-like terms and conditions, maybe a little more expectation that contractors bear a little more risk on fixed-price programs.

謝謝你，托尼。那太完美了。塞思，關於結構問題，我會將其分解為兩個部分。一類是行業參與者。顯然，我們看到市場上出現了新進入者，他們是非傳統的、具有更多商業導向的。然後，我會將變化的另一個組成部分分解為更商業化的條款和條件，也許更多地期望承包商在固定價格計劃中承擔更多風險。

So I'd sort of bifurcate the structural changes potentially underlined as being in those two buckets. Obviously, we've talked about the benefit of having more fixed price in the portfolio. Our civil business is predominantly fixed price in T&M and obviously, we're delivering very healthy margins from that business. So I think we're almost welcoming the chains to more fixed price orientation, more outcome-based orientation to our programs.

因此，我會將可能強調的結構性變化分為兩類。顯然，我們已經討論了投資組合中擁有更多固定價格的好處。我們的民用業務主要是 T&M 的固定價格，顯然，我們從該業務中獲得了非常豐厚的利潤。因此，我認為我們幾乎歡迎連鎖店對我們的項目採取更固定價格導向、更以結果為導向的做法。

And as far as the structural change with new entrants, I think we welcome newcomers in the industry as a mission integrator. I think we believe sincerely that the offerings from commercial vendors still will require mission integration at its core to be able to operate inside of the government environment. So we welcome the competition in the industrial base, and we are looking forward to the change.

至於新進入者的結構性變化，我認為我們作為任務整合者歡迎行業新人加入。我認為我們真誠地相信，商業供應商的產品仍然需要以任務集成為核心，才能在政府環境中運作。所以我們歡迎產業基礎的競爭，我們期待改變。

And then last footnote, I would say, we're not really seeing any significant changes in the terms and conditions yet. And therefore, I would say there's probably more rhetoric than reality right now on the expectation for terms and conditions to change dramatically. So while we're watching the change and we're navigating as best as we can in an uncertain environment, our fundamental focus is growing EBITDA and growing cash for our shareholders and remaining shareholder friendly.

最後我想說的是，我們還沒有看到條款和條件有任何重大變化。因此，我想說，目前對於條款和條件發生重大變化的預期可能更多的是言辭而不是現實。因此，在我們關注變化並在充滿不確定性的環境中盡力前進的同時，我們的基本重點是增加 EBITDA 和為股東增加現金並繼續保持對股東的友好。

Okay. Okay. That's very helpful. Thanks. And then maybe just a follow-up on that. I think during the -- earlier, you mentioned Huntsville, and kind of think of that as an area where due to the Army Missile Command being there a place where we should be seeing a lot more resources flowing into given the focus on missiles and missile defense. So is that something where you see maybe some temporary? Is that more of a temporary disruption there and a place where you see opportunity over time?

好的。好的。這非常有幫助。謝謝。然後也許只是對此進行跟進。我認為在——之前，您提到了亨茨維爾，並認為由於陸軍導彈司令部的存在，我們應該看到更多的資源流入該地區，因為重點是導彈和導彈防禦。那麼，您認為這可能是暫時的嗎？這是否只是暫時的混亂，而隨著時間的推移，您會看到機會？

No, I think that's fair. I think there is a mixed reaction there. Temporarily and what we have sort of guided to, we do have challenges on the day-to-day changes there. There's been quite a bit of transformation happening there, as you know, within the Army, but particularly within Avnic or the Missile Command. But as you've also heard, Space Force moving to Huntsville, there's a lot of opportunity moving in that direction as well.

不，我認為這很公平。我認為那裡的反應很複雜。暫時而言，正如我們所引導的，我們確實面臨著那裡日常變化的挑戰。如你所知，陸軍內部，特別是 Avnic 或飛彈司令部內部發生了相當大的轉變。但正如你所聽到的，太空部隊遷往亨茨維爾，朝著這個方向也有很多機會。

And we are very well positioned, as you know, with a significant footprint there and engagement in that community. So we see upside. But I think, again, it's prudent for us to at least communicate to you that the environmental day-to-day experience is one that has challenged our ability to convert revenue from our existing contractual footprint, and we expect that to improve over time. And obviously, we'll come back to you with any updates to guidance as we see greater improvement on our on-contract growth.

如您所知，我們在那裡佔據著非常有利的地位，並積極參與當地社區事務。因此，我們看到了好處。但我認為，我們至少應該謹慎地告訴您，日常的環境體驗對我們將現有合約足跡轉化為收入的能力提出了挑戰，我們預計這種情況會隨著時間的推移而改善。顯然，隨著我們的合約成長取得更大改善，我們會向您提供任何指導更新。

Okay, okay. That's very helpful. Thank you.

好的，好的。這非常有幫助。謝謝。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

I was wondering if you could talk about the cost efficiency measures that you cited to allow you to get year-over-year margin expansion? And maybe speak to the tension between doing something on the cost side now and the revenue top line is sort of tepid as long as you think that's story and that's sort of a multiyear in nature?

我想知道您是否可以談談您提到的成本效率措施，以使您的利潤率逐年擴大？也許可以說現在在成本方面採取一些措施與收入頂線之間的緊張關係有點不溫不火，只要你認為這是一個故事，而且本質上是一個多年的故事？

I appreciate the question and the two dimensions of the question first in terms of what we're doing and then the balance that should be there that is not reactive, but actually part of a -- that we are still committed to and continuing to invest in certain parts of our value creation for the business. If I was to describe sort of broadly, and I think we said in the script that we would come back to you next quarter to give some more specifics.

我很欣賞這個問題，它包含兩個方面，首先是我們正在做的事情，其次是應該保持的平衡，這種平衡不是被動的，而是我們仍然致力於並繼續投資於為企業創造價值的某些部分。如果我要廣泛地描述的話，我想我們在腳本中說過，我們會在下個季度回來向您提供更多細節。

But at this stage, I'd like to characterize we're leveraging our enterprise operating model, which was part of our strategic input over the last two years to really build rigor in on any full-scale enterprise operating model to accelerate the adoption of AI across our core functions. That's really one of the areas that we think has the ability to have margin improvement, both what we can provide for our customers, but also, quite frankly, for our shareholders.

但在這個階段，我想描述我們正在利用我們的企業營運模式，這是我們過去兩年策略投入的一部分，旨在真正建立任何全面企業營運模式的嚴謹性，以加速我們核心職能部門採用人工智慧。我們認為，這確實是能夠提高利潤率的領域之一，既能為客戶提供服務，坦白說，也能為股東提供服務。

And that said, we have a pretty full-scale program of how that's being rolled out across the organization, and we can give some more detail there. But it is important to suggest that that has been part of our strategy throughout.

儘管如此，我們有一個相當全面的計劃，說明如何在整個組織中推行該計劃，我們可以提供更多細節。但重要的是，這始終是我們策略的一部分。

I believe the market across the market companies are looking at this kind of capability. And whether that be agentic or generative or various forms of AI and automation, we're building that into our core infrastructure and expect that to have some results over the next few quarters. And again, to the extent that we can continue to do that, have that as a lever as we go forward, it gives us greater confidence that we can meet the expected EBITDA expectations of the Street if revenue continues to be compromised on the top line.

我相信整個市場的所有公司都在關注這種能力。無論是代理型、生成型還是各種形式的人工智慧和自動化，我們都將其建置到我們的核心基礎設施中，並期望在未來幾季取得一些成果。再說一次，只要我們能夠繼續這樣做，並以此作為我們前進的槓桿，那麼即使收入繼續受到影響，我們也會更有信心能夠滿足華爾街對 EBITDA 的預期。

Hey, Tobey. The only thing I would add to that is that we -- the actions have begun. We are sort of on our way there. The reality is, I think we're going to take the rest of the year to calibrate against expectations for next year. The one area, and I want to be really clear about this, in the PowerPoint charts that we attached to the earnings release, we said there are two variables here. We don't really want to impact the submissions that we are committed to making for this year or next year.

嘿，托比。我唯一想補充的是，我們的行動已經開始。我們差不多已經到達那裡了。事實上，我認為我們將利用今年剩餘的時間來調整對明年的預期。我想非常清楚地說明這一點，在我們附在收益報告中的 PowerPoint 圖表中，我們說這裡有兩個變數。我們確實不想影響我們今年或明年承諾提交的內容。

So I think if there's a bias, there's a bias towards ensuring that we don't decelerate on the submission volume, because we are continuing to put in good bids. We're winning our share of recompetes and new. So the focus is keep that up while we get efficiencies elsewhere in the business to be able to fund and pay for that. And the reality is that's where the focus is right now. And we are continuing to be very specific about our expectations on recompetes for margin.

因此，我認為如果存在偏見，那麼就存在偏見，以確保我們不會在提交量上放慢速度，因為我們正在繼續提出好的出價。我們正在贏得屬於我們的重新競爭和新競爭。因此，我們的重點是保持這種狀態，同時提高業務其他方面的效率，以便能夠為此提供資金和支付費用。而事實上，這正是我們目前的焦點所在。我們將繼續非常具體地闡述我們對利潤重新競爭的期望。

Our expectations for new business margin as well as execution margins and the operating model is allowing us, just spend a little more time with the program teams on generating more margin from the portfolio that we have today, and I will simply call out the Civil business that is really delivering mid- to high 13% margins now up nearly 100 basis points year over year.

我們對新業務利潤率以及執行利潤率和營運模式的期望允許我們與專案團隊一起花更多時間從我們今天的投資組合中創造更多利潤，我只想說民用業務確實提供了中高 13% 的利潤率，同比增長近 100 個基點。

So we have some real opportunity but what you're hearing from us is a lot of focus around where the attention should be spent and what we expect to get out of the portfolio we have, instead of hoping for a portfolio we don't have. So the focus is running the business effectively day to day.

因此，我們確實有一些機會，但您從我們這裡聽到的主要是應該把注意力放在哪裡，以及我們期望從現有的投資組合中獲得什麼，而不是希望獲得我們沒有的投資組合。因此，重點是每天有效地經營業務。

And I kind of wanted to ask a follow-up on a previous question with respect to industry composition, consolidation, portfolio shaping, not just from an SAIC perspective, but broadly, this experience with those and a change in the way the market has historically operated. Do you think that management teams and the industry have had enough time with it to develop action plans for sort of composing the business in a portfolio of exposures in a way that they have a direction for the longer term? Or are we still in sort of a wait and see an information-gathering phase?

我想就先前關於產業組成、整合、投資組合塑造的問題進行一個後續提問，不僅僅是從 SAIC 的角度，而是從更廣泛的角度，探討這些方面的經驗以及市場歷史運作方式的變化。您是否認為管理團隊和產業有足夠的時間來製定行動計劃，以便將業務組合成投資組合，從而為長期發展指明方向？或者我們仍處於觀望資訊收集階段？

I think we see -- it's a very fair question. I think I would kind of find a midpoint between your two bookends there. Have we had -- have we seen some information? Has there been clarity on budget in terms of budget priorities? Has there been indication of going commercial, commercial direct, and that type of demand signals that are being sent?

我想我們明白了——這是一個非常公平的問題。我想我會在你的兩個書擋之間找到一個中點。我們有沒有看到一些資訊？預算的優先順序是否明確？是否有跡象表明將進行商業化、商業直銷以及發出此類需求信號？

I think we've seen those and we started to collate. I think as all companies are in this market, we've adapted to those demand signals where we're encouraged, I would suggest to you, is in the nature of the work we do, when we call ourselves a mission integrator, we are encouraged when the market also acknowledges that as a need across various government agencies.

我想我們已經看到了這些並且開始整理。我認為，由於所有公司都處於這個市場中，我們已經適應了這些需求信號，我們受到鼓勵，我想向你們建議，這是我們工作的性質，當我們稱自己為任務集成商時，當市場也承認這是各個政府機構的需求時，我們受到鼓勵。

As we've seen with an award we mentioned last quarter with FDA or the space agency as part of looking for a mission integrator to help with the management of the satellite program. We've seen that in the recent requirements from the Department of Defense as they revised their requirements process to ask for mission engineering and mission integration as the key touch point to the private sector for new capabilities being brought. And we've seen that even in the conversations with FAA if they look to modernize what they've asked for is integration.

正如我們在上個季度與 FDA 或航太局簽訂的合約中所看到的，我們正在尋找任務整合商來幫助管理衛星計畫。我們看到，國防部最近修改了需求流程，要求將任務工程和任務整合作為與私營部門接觸新能力的關鍵接觸點。我們已經看到，即使在與 FAA 的對話中，如果他們希望現代化，他們所要求的也是整合。

So in many ways, we feel like what we do and what we said we do well is being -- is showing up in demand signals across the government. So that part and the prioritization of programs has become clear. To Prabu's earlier statements, there are new entrants. There is a clear signal for commercial capability and as an integrator of commercial capability.

因此，在很多方面，我們覺得我們所做的事情和我們所說的做得很好的事情正在體現在政府的需求訊號中。因此，該部分和程序的優先順序已經變得清晰。正如普拉布先前的聲明，有新進入者。對於商業能力和作為商業能力的整合者來說，有一個明確的訊號。

We see that as a tailwind, not a headwind, notwithstanding the current environment where we have some challenges in revenue conversion, we still see -- I would argue, still feel bullish about the portfolio we have, to Prabu's point, being conservative in the frame of how we speak to on-contract growth and new business over the next few quarters doesn't suggest that as we start to see new signals, we can adjust that guidance back to the Street.

我們認為這是順風，而不是逆風，儘管在當前環境下我們在收入轉換方面面臨一些挑戰，但我們仍然看到——我認為，仍然對我們的投資組合感到樂觀，正如 Prabu 所說，在未來幾個季度中，我們對合同增長和新業務持保守態度並不意味著當我們開始看到新的信號時，我們可以將這一指導調整回華爾街。

And Tobey, the only thing I would add to that is, I think those in sort of the related disruptions, in fairness, I think, would be a good wake of call for industry. And I do think that there are parts of the market where if you're focused on pure labor-based services without differentiation, in sort of either enterprise IT or mission IT, that is hard to differentiate, you are vulnerable for recompetes.

托比，我唯一想補充的是，我認為這些相關的中斷，公平地說，對於行業來說是一個很好的警鐘。我確實認為，在市場的某些部分，如果你專注於純粹的基於勞動力的服務而沒有差異化，無論是企業 IT 還是任務 IT，都很難實現差異化，那麼你很容易受到重新競爭的影響。

And I think that has been our experience. And I think it would be a crisis that's wasted by industry. If we don't step up and change the way we go to market, approach labor-based models, and frankly, convert more of labor based into differentiated tech offerings for our customers. And I think that is what the new entrants are promising.

我認為這就是我們的經驗。我認為這將是一場被工業界浪費的危機。如果我們不加快步伐，改變我們進入市場的方式，採用基於勞動力的模式，坦白說，將更多的基於勞動力的模式轉化為為客戶提供差異化的技術產品。我認為這正是新進者所承諾的。

Now query can, anyone you deliver at scale in the way that the traditional, I'm going to say, players deliver. I think to me, that's the challenge for industry. And we are determined to not waste this crisis.

現在查詢可以，任何人都可以按照傳統的方式大規模交付，我要說的是，玩家交付。我認為，對我來說，這是業界面臨的挑戰。我們決心不浪費這場危機。

And the good news, I'll just add, is the final consoles, but we started this conversation 18 to 24 months ago. We started in the conversion of our portfolio towards mission, differentiated mission and enterprise IT. You see our venturing increase in all things we've been doing commercial. So not only is a crisis on you don't want to waste, but we want to be ahead of that in terms of not just reacting, but really driving our -- and maybe accelerating parts of our strategy that we put in place, as I said, about 18 to 24 months ago.

我只想補充一點，好消息是最終的遊戲機，但我們在 18 到 24 個月前就開始了這場對話。我們開始將我們的產品組合轉向使命、差異化使命和企業 IT。您可以看到，我們在所有商業活動中的冒險精神都在增強。因此，我們不僅不想浪費危機，而且我們希望在應對危機方面領先一步，不僅要做出反應，還要真正推動——甚至可能加速我們制定的部分策略，正如我所說的，大約 18 到 24 個月前。

Thank you.

謝謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，康托·菲茨杰拉德。

Maybe following up to Seth's question. Could the team maybe quantify kind of the bridge for '27 growth. So essentially like the three buckets of on contract growth, new program growth and efficiency headwinds. Maybe if you could break that out quantitatively kind of -- or maybe just high level, like what are the kind of big moving pieces, '26 to'27? Thank you.

或許可以回答 Seth 的問題。團隊能否量化 27 年成長的橋樑？因此本質上就像合約成長、新專案成長和效率阻力這三個面向。也許你可以從數量上把它分解出來——或者只是從高層次上，例如‘26’到‘27’有哪些大的移動部分？謝謝。

Yeah. Hey, Colin. I appreciate the question. I'll take a first crack at it here. Big picture, flat to 3% is our guide, and I'm going to try and bridge us to the midpoint of that number, about 1.5%. I think we are generally assuming that growth will come out of backlog. So we expect to end the year with, I'm going to say, roughly between 70% and 90% in backlog that's going to convert into revenue next year.

是的。嘿，科林。我很感謝你提出這個問題。我將在這裡首先嘗試一下。總體而言，我們的指導方針是持平於 3%，我將嘗試將我們帶到該數字的中點，即 1.5% 左右。我認為我們普遍認為成長將來自積壓。因此，我們預計今年年底的積壓訂單量約有 70% 到 90% 將在明年轉化為收入。

And I would say, on top of that, we are assuming about, I'm going to say, 1% to 3% of on-contract growth, more in line with where we expect to be this year. In other words, our baseline assumption is that things don't get worse, that they remain stable. And obviously, to the extent on contract growth recovers next year, then obviously, there's potential for us to do better inside of that range at this point on the 3% -- 0% to 3%.

我想說的是，除此之外，我們假設合約成長率約為 1% 至 3%，這與我們今年的預期更加一致。換句話說，我們的基本假設是情況不會變得更糟，而是保持穩定。顯然，如果明年合約成長恢復到一定程度，那麼我們顯然有潛力在 3%（0% 到 3%）的範圍內做得更好。

On new business, all we are sort of factoring right now are wins that we already have in our midst and that we expect to convert to revenue. And those are a couple of programs that Toni referenced in her script that have been slower to ramp this year. And we are hoping that those programs begin to ramp up. The only other note I would make here is that, since the end of the quarter, we have about another $1 billion of wins that have not cleared protest windows.

對於新業務，我們現在考慮的只是我們已經取得的勝利，我們期望將其轉化為收入。托尼在劇本中提到了幾個今年進展較慢的項目。我們希望這些項目能夠開始取得進展。我在這裡唯一要指出的是，自本季末以來，我們還有大約 10 億美元的收益尚未清除抗議窗口。

So we're sort of out there but it's another $1 billion potentially to our bookings in Q3. So a combination of those three things, but fundamentally, a clear-eyed conservative view of, I would say, what growth looks like with no expectation that things dramatically improve on contract growth. Toni?

因此，我們有點偏離了目標，但第三季我們的預訂量可能還會增加 10 億美元。因此，這三件事是綜合的，但從根本上來說，我想說，對成長的樣子持清醒的保守觀點，並不期望合約成長會大幅改善。托尼？

Yeah. The only thing I would add there are the levers that are in place. We've tested these levers. And obviously, we've had conversations with the Street about these levers. And I think, as Prabu mentioned, we have a way to understand whether this condition, this environmental condition is changing, and when we can make any changes to update this guidance.

是的。我唯一要補充的是，槓桿已經到位。我們已經測試過這些槓桿。顯然，我們已經與華爾街就這些手段進行了討論。我認為，正如普拉布所提到的，我們有辦法了解這種狀況、這種環境條件是否正在發生變化，以及我們何時可以做出任何改變來更新這項指導。

When I look at our underlying levers for book-to-bill, obviously, we feel good about where we are at this year. We had mentioned 1.2 by H1. We still see line of sight to that within this fiscal year. Our submits holding and sustaining our win rates at target for both recompete and new business, which was a question we had, I would say, a couple of years ago that we feel good that we turned that corner and a pending award backlog that's still covers at the $20 billion. I think those are the levers that are there that suggest that when we can address the delay environment, we have enough in the kitty, if you will, to start to drive to within the range we've offered as well as hopefully be able to improve upon it.

當我審視訂單出貨比的潛在槓桿時，顯然我們對今年的狀況感到滿意。我們已透過 H1 提到 1.2。我們仍然認為本財年內我們仍有望實現這一目標。我們的提交保持並維持了我們在重新競爭和新業務方面的勝率，這是我們幾年前遇到的一個問題，我想說，我們很高興我們扭轉了局面，並且待決獎項積壓仍然達到 200 億美元。我認為，這些槓桿表明，當我們能夠解決延遲環境問題時，我們就會有足夠的資金，如果你願意的話，可以開始在我們提供的範圍內行駛，並希望能夠改進它。

Got it. Thank you. And then maybe focusing on leverage. I appreciate the kind of commentary around the presentation around 3 times. But you've gone above that in the past, and obviously, shares are off today. And like given the kind of Section 174 benefits, I think it's 14% free cash flow yield on 27% free cash flow per share. So how do you think about going above 3 times net debt to EBITDA to do something like an accelerated share repurchase or more repo?

知道了。謝謝。然後也許會關注槓桿。我很欣賞圍繞演講 3 次左右的評論。但過去股價已經超過這個水平，顯然，今天的股價下跌了。考慮到第 174 條的福利，我認為每股 27% 的自由現金流可帶來 14% 的自由現金流收益率。那麼，您如何看待將淨債務與 EBITDA 比率提高 3 倍以上來採取加速股票回購或更多回購之類的措施？

Yeah. Hey, Colin. A fair question. I mean, look, I think what we've signaled in the past is target about 3 times that we don't mind being a little bit over or a little bit under 3 times. Obviously, we approach our share repurchases with a grid in place, and we get to update the grid every quarter. And to the extent price reacts negatively, we have the capacity to buy more shares.

是的。嘿，科林。這是一個公平的問題。我的意思是，你看，我認為我們過去所暗示的目標是 3 倍左右，我們不介意稍微超過或稍微低於 3 倍。顯然，我們在股票回購時會使用網格，並且每季都會更新網格。如果價格出現負面反應，我們有能力買進更多股票。

So fundamentally, no change to the capital deployment. I think given the compression we've seen in our EBITDA, I think it's only fair to ensure that we don't run leverage up to a place where we are not comfortable in an uncertain environment. So I think that's the balance. But I would say big picture, we're on our way to buying between $350 million and $400 million this year, and we'll probably end up retiring more shares at these prices than what we previously contemplated, but I'm cognizant of leverage.

因此從根本上來說，資本配置沒有改變。我認為，考慮到我們的 EBITDA 受到的壓縮，公平的做法是確保我們不會將槓桿率提高到在不確定的環境中讓我們感到不舒服的水平。所以我認為這就是平衡。但我想說，從總體來看，我們今年的購買量將在 3.5 億至 4 億美元之間，而且我們最終可能會以比之前預想的更多的價格回購股票，但我意識到了槓桿的作用。

Got it. And just one more. A lot of focus on efficiency on this call, but I think it's probably worth differentiating between like what I would call is one-half calendar efficiencies, which is folks ripping up contracts and trying to rip up contracts and then posting it on Twitter. And then kind of second half position fees, which is government officials trying to kind of shake the FY26 budget process and that taking some kind of slowness dynamics that are -- that come with new administration.

知道了。還有一個。這次通話中很多人關注的是效率，但我認為可能值得區分我所說的半日曆效率，即人們撕毀合約並試圖撕毀合約然後將其發佈在 Twitter 上。然後是下半年的職位費用，這是政府官員試圖改變 FY26 預算流程，並採取新政府帶來的某種緩慢動態。

So maybe just digging into it, can you maybe differentiate how much of the efficiency dynamics you're seeing or what we would call kind of one-half disruptive efficiencies or more kind of second half FY26, FY27 shaping efficiencies? Thank you.

因此，也許深入研究一下，您能否區分您所看到的效率動態，或者我們所說的一半破壞性效率或更多的 26 財年下半年、27 財年的塑造效率？謝謝。

Yeah. I'm going to maybe take a first crack at this. I would say, by and large, the disruptions have been to our current fiscal year. I think, are expecting that the flavor of the disruptions probably continue into the end of the year for us, in our end of our fiscal year.

是的。我可能會先嘗試一下這個。我想說，總的來說，這些幹擾已經影響了我們目前的財政年度。我認為，預計這種混亂的影響可能會持續到今年年底，也就是我們的財政年度結束時。

But I would say not yet disruptions that we believe are about FY27. So more of a '26 flavor to it, which is why I think we are off the view at this point that the environment is stable. Though we would love for it to improve, that has not actually happened. And the trades that our customers are making, frankly, are trades with respect to current government fiscal year that ends at this end of September. And our expectation is that we're going to be in a CR to start the new fiscal year. So I think that's our assumption, but it's mostly '26 focused.

但我想說的是，我們認為 2027 財年左右的中斷尚未發生。因此它更具 26 年的味道，這就是為什麼我認為我們現在不再認為環境是穩定。儘管我們希望它能夠有所改善，但實際上並沒有發生。坦白說，我們的客戶進行的交易是與今年九月底結束的當前政府財政年度相關的交易。我們的期望是，我們將以 CR 開始新的財政年度。所以我認為這是我們的假設，但它主要集中在 26 年。

Yeah. I would say I agree on the '26 and would suggest that don't see improvements also don't see a decline. When we say stable, this is why we're holding to again, a prudent view of '26 and carried into '27 in terms of what the stability and quite frankly, some of the signals on the ground for efficiency. And I want to make sure when we speak to that, while it has had volatility on our day-to-day with our customers, we do see progress the government is making towards overall increases in efficiency across the various agencies, and we're partnered with the government to that outcome.

是的。我想說我同意 26 的觀點，並且認為既沒有看到改善，也沒有看到下降。當我們說穩定時，這就是為什麼我們再次堅持對 26 年持謹慎態度，並在 27 年繼續保持穩定性和坦率地說在效率方面的一些信號。我想確保的是，當我們談論這個問題時，雖然它對我們與客戶的日常工作產生了波動，但我們確實看到政府在提高各個機構的整體效率方面正在取得進展，並且我們正與政府合作以實現這一目標。

Got it. Thank you for the color. I appreciate that.

知道了。謝謝你的顏色。我很感激。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Two questions. One, I was just curious if you could frame what your expectations are for the government fiscal year-end flush if we have one? And then secondly, if you could speak to exposure in your contingencies if we do go into a shutdown of some protracted length, call it, a month or two, how would that show up? And how would that impact the P&L?

兩個問題。首先，我很好奇，如果我們有政府財政年度結束時的支出，您是否可以概括一下您對財政年度結束時支出的期望？其次，如果您能談談應急措施中的風險敞口，如果我們確實進入了一段較長的停工狀態，比如說一個月或兩個月，那將會出現什麼情況？這會對損益表產生什麼影響？

Yeah. Let me -- I'll take the first part of that on the flush environment and have Prabu speak to expectations relative to -- or contingencies relative to a CR environment. Look, I think we all talk about sweeps and flush at the end of a government fiscal year. I would suggest to you that it has been irregular relative to prior fiscal years, given the Reconciliation Act.

是的。讓我 - 我將討論有關沖洗環境的第一部分，並讓 Prabu 談談相對於 CR 環境的期望或應急情況。聽著，我想我們都在談論政府財政年度結束時的清掃和沖洗。我想告訴你，考慮到《和解法案》，今年的財政年度與前幾個財政年度相比是不正常的。

And all that has happened with budget reconciliation in many ways, what might have been a flush environment might portend increasing on-contract growth for various organizations have actually gone in very specific line items relative to reconciliation. And so we have not seen significant opportunity in that environment towards the end here of the government fiscal year. Relative to the CR, Prabu, do you want to highlight?

預算調節在許多方面都發生了變化，原本可能較為寬裕的環境可能預示著各個組織的合約成長實際上已經進入了與調節相關的非常具體的專案。因此，在政府財政年度即將結束時，我們並沒有看到這種環境下的重大機會。相對於 CR，Prabu，您想強調什麼嗎？

Yeah. Gautam, thanks for the question. I think we have a few different precedents over the last handful of years. And I would say the longest was, if I recall, 38 or 39 days, and the revenue impact that year was a little less than 1% for a full month, if you will. And I think query, if that scenario plays out, would you be able to recover that in the fiscal year?

是的。Gautam，謝謝你的提問。我認為過去幾年我們有幾個不同的先例。我記得最長的一次是 38 或 39 天，那一年的收入影響在整整一個月內略低於 1%。我想問一下，如果這種情況發生，你能在財政年度收回成本嗎？

I think our assumption is we're going to have a CR at year-end. And to the extent to it we end up with a shutdown that's lengthy, then certainly, we'll have to talk about it on the December call. But CR is our base case. There was an impact to cash, but generally, cash tends to recover within a couple of billing cycles. So I would not really expect a material impact to cash. So I would say, a marginal impact on revenues and probably a little -- no impact on cash, if it's a traditional shutdown, if you will.

我認為我們的假設是我們將在年底進行 CR。如果我們最終的停擺時間很長，那麼我們當然必須在 12 月的電話會議上討論這個問題。但 CR 是我們的基本情況。這對現金產生了影響，但一般來說，現金往往會在幾個計費週期內恢復。因此我並不認為這會對現金產生實質影響。所以我想說，如果這是一次傳統的停工，那麼對收入的影響很小，對現金的影響可能很小，沒有影響。

Thank you.

謝謝。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

This is Max Miller on for Gavin. A two-part question for you. A, has there been an incremental change in the customers' attitude towards procurement over the past 90 days specifically that led you to revisit the guide? And then, B, looking forward, it's clear you expect the back half to be stable but not necessarily improve what would it take for you to become more constructive on the outlook and that recovery in on-contract growth? It sounds like there are some signals of normalization that you're already seeing.

這是 Max Miller 為 Gavin 表演的。向您提起兩個問題。A，在過去 90 天裡，客戶對採購的態度是否發生了漸進式變化，導致您重新審視該指南？然後，B，展望未來，很明顯您預計下半年會保持穩定但不一定會改善，您需要做些什麼才能對前景和合約成長的復甦變得更加有建設性？聽起來您已經看到了一些正常化的訊號。

Yeah. Fair questions. I think on the front end was the question about on-contract growth. Actually, remind me of the first question, I am sorry, come back one more time on your first part of your question.

是的。公平的問題。我認為前端的問題是關於合約成長的問題。實際上，提醒我第一個問題，很抱歉，請再一次回答你問題的第一部分。

Just if there's been an incremental change in the past 90 days specifically that led you guys to revisit the guidance?

只是過去 90 天內是否發生了漸進式變化，導致你們重新審視指導意見？

Yeah. I wouldn't say an incremental change over the last 90 days. I think we started in the last quarter speaking to a roughly 1% impact on program cuts and that we could track that. And we are still tracking to something in that range in terms of program cuts. I think what we started to see in the environment was the effect of delay. Delay in our interaction with our customers, our ability to add to our current contract footprint.

是的。我不會說過去 90 天發生了漸進式變化。我認為我們從上個季度開始談論對專案削減的影響大約為 1%，我們可以追蹤這一點。就專案削減而言，我們仍在追蹤這一範圍內的某些內容。我認為我們開始在環境中看到的是延遲的影響。我們與客戶的互動延遲，我們擴大現有合約範圍的能力也延遲。

So on-contract growth was the first sort of big signal for us that we were going to have revenue compression. We also had mentioned in our first-quarter earnings call that our guide and our call were going to be particularly dependent on new business landing in a specific time frame. And we still see delays in that new business, as you can see in our pending award backlog.

因此，合約成長對我們來說是收入將壓縮的第一個重大訊號。我們也在第一季財報電話會議上提到，我們的指導和電話會議將特別依賴特定時間範圍內的新業務落地。而且我們仍然看到新業務的延遲，正如您在我們待決獎項積壓中看到的那樣。

Third, I think we also mentioned and have seen now slow in the ramp of new business that we have won. And so we mentioned a program like TENCAP and others where we have new business wins, we assume a ramp on that, and those ramps have also been slower.

第三，我想我們也提到過，我們贏得的新業務的成長速度現在正在放緩。因此，我們提到了像 TENCAP 這樣的項目以及其他一些我們贏得新業務的項目，我們假設這些項目會有一個成長，而這些成長速度也比較慢。

So those three indicators, I think, are what we've seen that have adjusted our revenue guide. Would I say they octane to 4 in the last 90 days? No, I think some of the root probably efforts were there, root causes were there, but we started to show -- they started to show up across our various programs. And so we felt it prudent to obviously address that.

因此，我認為這三個指標就是我們所看到的調整收入指南的指標。我可以說他們在過去 90 天內辛烷值上升到了 4 嗎？不，我認為一些根本的努力可能已經存在，根本原因已經存在，但我們開始展現——它們開始在我們的各種項目中顯現出來。因此，我們認為解決這個問題是明智之舉。

I think the second part of your question was what would it take what would be the indicators in the second half and/or as we look forward to adjust guide in a more constructive manner. Look, I think it's the same. The same indicators are there. On-contract growth and the engagement that we have with our customers, our ability to convert to revenue on existing contracts will be a very significant indicator for us and improvements in that environment, improvements on the timing and the conversion of that revenue would be an indicator and the direction up.

我認為你問題的第二部分是，下半年需要哪些指標，以及/或我們期待以更具建設性的方式調整指導。你看，我認為是一樣的。相同的指標也存在。合約成長和我們與客戶的互動，我們將現有合約轉化為收入的能力對我們來說是一個非常重要的指標，並且該環境的改善，時間安排的改善和收入的轉換將是一個指標和上升方向。

On new business award, getting awards actually adjudicated. We always put in some understanding of some timeline relative to protest given our protest environment. But even with that, getting awards actually adjudicated would be -- and again, assuming that win rates hold as we've seen at target level, that would portend that we would have potential upside to the guidance that we've offered, getting those awards adjudicated.

關於新業務獎，實際上是獲得獎項的評審。考慮到我們的抗議環境，我們總是對與抗議相關的一些時間表有所了解。但即便如此，獲得真正的獎項裁決仍將是——而且，假設勝率保持在我們所看到的目標水平，這將預示著我們提供的指導有潛在的上升空間，即獲得這些獎項的裁決。

And then quite frankly, the third would be being able to increase our ramp and our velocity on existing programs that are new, and we've mentioned a couple of those. Those will be the indicators that help us understand if we can, if you will, improve upon the guide that we've offered.

坦白說，第三點就是能夠提高我們現有新專案的進度和速度，我們已經提到了其中的幾個。這些指標將幫助我們了解是否可以改善我們提供的指南。

Got it. That makes sense. Thank you. And then for 2027, it sounds like the base assumption is that the funding environment is mostly similar to this year. Is there any assumption that it improves later on in the year? Or is the assumption right now that it's similar for the majority of '27?

知道了。這很有道理。謝謝。對 2027 年來說，基本假設是融資環境與今年大致相似。是否有任何假設認為今年稍後情況會有所改善？或者現在的假設是 27 年的情況大多是類似的？

There's probably, Max, a glide path here where the latter half of '27 probably does improve if we are in a CR. I think that's just math would tell you that it has to improve. I think our baseline assumption, I don't want to get into the cadence of providing quarterly just yet for FY27. We'll do that on the December call. But I do expect that the second half of '27 will be smoother than the first half of '27, but that is with the health warning that we don't know everything we need to know in order to provide that guidance crisply.

馬克斯，這裡可能有一條下滑路徑，如果我們處於 CR 中，那麼 27 年下半年的情況可能會有所改善。我認為數學會告訴你它必須改進。我認為我們的基本假設是，我還不想進入 27 財年每季提供的節奏。我們將在 12 月的電話會議上討論此事。但我確實預計 2027 年下半年會比上半年更加順利，但這是有健康警告的，我們並不了解所有需要了解的信息，以便能夠清晰地提供指導。

Got it. Thank you very much.

知道了。非常感謝。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Just wanted to ask about the cautious cost efficiency measure you're contemplating. I wasn't clear, but I think you're saying that those are not contemplated in your updated EBITDA margin, EBITDA guidance. Is that correct that you haven't actually included those potential cost efficiencies?

只是想問一下您正在考慮的謹慎的成本效益措施。我沒有說清楚，但我認為您說的是，這些並沒有包含在您更新的 EBITDA 利潤率、EBITDA 指導中。您實際上並沒有將這些潛在的成本效率考慮在內，這是正確的嗎？

That is correct, David.

沒錯，大衛。

Okay. And then if you look at yourselves relative to your large peers, I mean, certainly, some of your large peers have highlighted impact from dose and budgets and all the things that you're saying today. But it looks like you're seeing a larger relative impact, what would you attribute that to? I mean, I know the business mix plays into this. But what would you attribute the extent of the impact you're seeing relative to your peers?

好的。然後，如果你們將自己與大型同行進行比較，我的意思是，當然，你們的一些大型同行已經強調了劑量和預算的影響以及你們今天所說的所有事情。但看起來您看到了更大的相對影響，您認為這是什麼原因造成的？我的意思是，我知道業務組合在其中發揮了作用。但是，相對於你的同行，你認為你所看到的影響程度如何呢？

So look, I would really call out a couple of things. First, I think as we talk about on-contract growth, that is particularly program-based. So where we have footprint with specific customers on specific programs, and we've mentioned, I think I mentioned in the earlier script that where we see large transformation occurring or where there's great budget uncertainty, we see a higher correlation of the on-contract growth environment being more challenged.

所以，看，我真的想說幾件事。首先，我認為當我們談論合約成長時，這尤其基於計劃。因此，當我們在特定項目上與特定客戶有聯繫時，我們已經提到過，我想我在之前的腳本中提到過，當我們看到發生大規模轉型或預算存在很大不確定性時，我們看到合約成長環境的相關性更高，面臨的挑戰也更大。

So we could compare footprint to footprint, but I think it is more meaningful and profound to suggest that that the market is experiencing some of these delays and where we see the greater challenge is where our customers are, quite frankly, in the highest volatility. As you talk about new business awards, I think, again, the entire market is experiencing some delays on the new business awards.

因此，我們可以將足跡與足跡進行比較，但我認為更有意義和深刻的是，市場正在經歷一些延遲，而我們看到的更大挑戰是我們的客戶所處的位置，坦白說，處於最高波動性之中。當您談到新業務獎項時，我認為整個市場在新業務獎項方面正經歷一些延遲。

We have some large awards, and we see a larger -- a longer delay relative to large transformative awards. And so to the extent to that populates your pipeline, I think you're going to experience that maybe disproportionately.

我們獲得了一些大獎，但與大型變革性獎項相比，我們看到了更大的延遲。因此，就填充您的管道的程度而言，我認為您可能會不成比例地體驗到這一點。

So I would suggest you a program ramp, I don't think that is particularly unique for us as well on new programs. But to the extent that we are, I think, also trying to, as we have, I think, historically, give a very unvarnished position a fairly prudent position on what we think the environmental conditions are, how long we think they will be in place and the impact that they're having. I think that is probably how I would take away how we are communicating versus or in relation to some of our peers.

因此，我建議您進行程序提升，我認為這對我們新程序來說並不是特別獨特。但我認為，在某種程度上，我們也在試圖像我們歷史上所做的那樣，就我們認為的環境條件是什麼、我們認為這些條件將持續多長時間以及它們將產生的影響，採取一個非常坦率的、相當審慎的立場。我認為這可能是我們如何與我們的同行溝通或相互聯繫的方式。

Okay. And my last question on the recompete side, I think you mentioned that you have a number of recompetes kind of in the 1% to 3% range. Could you just size, what your total recompete -- the recompete bucket is in fiscal '26 and fiscal '27? And what you've kind of assumed within that in terms of recompete win rate that's baked into your revenue guide for both years?

好的。關於重新競爭的最後一個問題，我想您提到過，重新競爭的數量在 1% 到 3% 的範圍內。您能否估算一下 26 財年和 27 財年的總重新競爭規模是多少？那麼您對兩年收入指南中納入的重新競爭勝率有何假設？

David, I'll take that one. In terms of -- maybe I'll start with the second part of it first. In terms of our assumptions around recompete, we would say, if you think about it, 80% to 90% would be a pretty good recompete win rate for next year. And new business, we would say 30% to 40%. That's probably the going-in assumption right now.

大衛，我要這個。就——也許我會先從第二部分開始。就我們對重新競爭的假設而言，我們會說，如果你仔細想想，80% 到 90% 對於明年的重新競爭來說是一個相當不錯的勝率。對於新業務，我們預計佔比為 30% 至 40%。這可能是目前的假設。

In terms of what is specifically factored in, we traditionally don't get into the eaches on the recompete. So that's why we've sort of called it out as a handful of programs that are in the 1% to 3% range, which is pretty normal. If I had to zoom out a little, I would say, 10% to 15%, which is typically our run rate I would note that our recompete win rates have stabilized pretty significantly in the last couple of years, and we are back to what is assumed to be a traditional industry standard of about 90%.

至於具體考慮哪些因素，我們傳統上不會深入研究重新競爭的各個面向。這就是為什麼我們將其稱為少數處於 1% 到 3% 範圍內的項目，這是非常正常的。如果我必須稍微縮小一點，我會說，10% 到 15%，這通常是我們的運行率，我會注意到我們的重新競爭勝利率在過去幾年中已經相當穩定，我們回到了被認為是傳統行業標準的 90% 左右。

And as we sit here, the only known headwind is AFM, which is the Air Force, where we had a pre-award protest a couple of months ago. That is the only known recompete headwind because NASA EAST lapse out of Q3 and Cloud 1, where we walked away, frankly, from going after that program that also lapse out about Q4. So only one known program right now that is probably worth about 0.5% to 1% for next year, but that is really the only known headwind in the -- and Vanguard has been extended for a couple of years. So I'd say it looks cleaner than it has looked in the last couple of years.

當我們坐在這裡時，唯一已知的阻力是 AFM，即空軍，幾個月前我們曾對其發起授予前抗議。這是唯一已知的重新競爭阻力，因為 NASA EAST 退出了 Q3 和 Cloud 1，坦白說，我們放棄了繼續執行該計劃，該計劃也在 Q4 左右失效。因此，目前已知的只有一個項目可能在明年價值約為 0.5% 到 1%，但這實際上是唯一已知的逆風——而 Vanguard 已經延長了幾年。所以我想說它看起來比過去幾年更乾淨。

Great. Thanks very much.

偉大的。非常感謝。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

I guess this has sort of been asked a little bit, but the biggest question for me is just duration of what's happening in your end markets? And is it temporary? Or is it structural and multiyear or something in between? And I guess it seems like the customer is clearly wanting to go through a major reprioritization across government spending within DoD, within FedCiv, whether that's Doge, the '26 request, the DoD memos.

我想這個問題已經被問過幾次了，但對我來說最大的問題是你們的終端市場正在發生的事情的持續時間？這是暫時的嗎？還是它是結構性的、多年的或介於兩者之間的？我想，客戶似乎顯然希望對國防部、FedCiv 內部的政府支出進行重大的重新排序，無論是 Doge、'26 請求還是國防部備忘錄。

Toni, you gave an example of programs actually being reduced in size, not just delayed, government moves slow, other spending downturns historically are can be fairly long. I guess I'm a little surprised that you're still referencing this as delays in timing and change in administration.

東尼，你舉了一個例子，項目實際上被縮減了規模，而不僅僅是被推遲，政府行動緩慢，歷史上其他支出低迷期可能會持續相當長的時間。我想我有點驚訝你仍然將此稱為時間延遲和政府變動。

And ultimately, I guess the question is when you're providing multiyear financial outlook and maybe more importantly, how you manage the business and cost and its structural size, how are you thinking about and debating internally this being a three- to five-year structural shift versus three to five year quarter -- sorry, three to five quarter temporary issue?

最終，我想問題是，當您提供多年財務展望時，也許更重要的是，您如何管理業務和成本及其結構規模，您如何在內部思考和討論這是一個三到五年的結構性轉變，還是三到五年一個季度——抱歉，三到五個季度的臨時問題？

I think it's a fair question. Let me go back to where I started the conversation earlier on this call. The strategy that we put forward involves the shifting of our portfolio towards enterprise and mission IT. And that was prior to an administration change, the belief that we needed to move to more differentiated capability in stickier revenue and longer term and more mission-critical environments and quite frankly, to integrate more commercial technology and introduce more commercial technology into those mission environments.

我認為這是一個公平的問題。讓我回到剛才通話中開始談話的地方。我們提出的策略涉及將我們的投資組合轉向企業和任務 IT。那是在政府更迭之前，我們相信我們需要在更具黏性的收入、更長期和更關鍵的任務環境中轉向更加差異化的能力，坦白說，需要整合更多的商業技術，並將更多的商業技術引入這些任務環境中。

That was in place. And in many ways, that continues. There's no signal that we've seen from the current administration that would suggests that, that strategy is the wrong one. In fact, if anything, we've probably had to accelerate that.

一切就緒。並且從很多方面來說，這種情況仍在繼續。我們沒有看到現任政府發出任何信號表明該戰略是錯誤的。事實上，如果有的話，我們可能必須加速這一進程。

The other part of our strategy was getting our own go-to-market in place with a business development engine that is, I would argue, delivering at least on the key, getting us back to target on win rates, increasing our submissions, improving the accretive nature of our recompete bids and been able to sustain a pending award backlog. So the elements of the business, both the go-to-market as well as our portfolio, I would argue there is nothing structurally that should fundamentally change, if not just accelerate.

我們策略的另一部分是透過業務發展引擎來實現我們自己的市場進入，我認為，這至少在關鍵方面實現了目標，使我們回到中標率的目標，增加了我們的提交量，提高了我們重新競爭投標的增值性質，並能夠維持待決的獎項積壓。因此，我認為，對於業務要素，包括市場進入和產品組合，從結構上來說，沒有什麼應該發生根本性的改變，甚至應該加速。

We've got a temporal -- what we would argue to be a temporal condition relative to how we engage with customers on on-contract growth delays and how we adapt to an environment that has delays and new changes and new norms.

我們有一個時間——我們認為這是一個時間條件，相對於我們如何與客戶就合約成長延遲進行接觸，以及我們如何適應有延遲、新變化和新規範的環境。

Then Prabu spoke to the conversation and the demand signal. How are we listening to the demand signal for direct commercial pots, commercial business models as well as commercial tech being brought. How do we go into more Share as-a-Service offerings or share and savings offerings or again, more commercial. So we are absolutely accelerating those capabilities, fixed price, and outcome-based contracting, our ability to deliver. We've had a very solid track record in fixed price and T&M contracts and our ability to deliver that.

然後普拉布談到了談話和需求訊號。我們如何傾聽直接商業大麻、商業模式以及商業技術的需求訊號。我們如何提供更多的共享即服務產品或共享和儲蓄產品或更多商業產品。因此，我們絕對會加速這些能力、固定價格和基於結果的合約以及我們的交付能力。我們在固定價格和 T&M 合約方面有著非常良好的業績記錄，並且我們有能力履行這些合約。

So I would argue that in many ways, we are taking the strategy we had and accelerating it in this environment. We are making more bets on the venture side. We are partnering with nontraditional defense contractors, and we are highlighting mission integration in an open environment with investments in Mission labs and the ability to do end-to-end integration with more and more commercial tech.

因此我認為，在許多方面，我們都在採取原有的策略，並在這種環境下加速前進。我們在創投方面投入了更多資金。我們正在與非傳統國防承包商合作，並透過對任務實驗室的投資以及與越來越多的商業技術進行端到端整合的能力，強調在開放環境中進行任務整合。

So the strategy itself is a multidimensional strategy that would suggest we've got to have in the short term the ability to, if you will, bridge this current environment, which is challenging for us, and we are doing that both in terms of looking at AI adoption across another ways that we make sure that we contain and hold our cost structure in place as well, we are also making sure we continue to invest in the differentiation that Prabu spoke to in terms of IP and other capabilities. and disrupting in some ways, our own labor model, which we believe is going to be a challenge going forward in terms of a market that will look for more product-like capability. All of that was sort of envisioned in the strategy.

因此，該戰略本身是一個多維戰略，這意味著我們必須在短期內有能力彌合當前對我們來說充滿挑戰的環境，我們正在從另一個角度看待人工智能的採用，以確保我們控制並保持我們的成本結構，我們也確保我們繼續在 Prabu 提到的知識產權和其他能力方面的差異化上進行投資。並在某些方面顛覆我們自己的勞動模式，我們認為這將是一個挑戰，因為市場將尋求更多類似產品的能力。所有這些都是戰略中預見的。

In many ways, we are accelerating that in this current environment, and we see in setting some targets for the future I would argue that as we move into the second horizon of this strategy, we actually will be lined up with where supply and demand should hopefully intersect in what we built and what the government is asking for.

在當前環境下，我們在許多方面都在加速這一進程，在為未來設定一些目標時，我認為，隨著我們進入這一戰略的第二個階段，我們實際上將與供給和需求在我們所建設的和政府所要求的方面有望相交的地方保持一致。

So I would say this is -- this environment has forced, if anything, has forced us to accelerate our strategy and has forced us to further clarify our efforts and create more levers, if you will, to offset in a revenue type environment to offset by holding to our cost structure.

所以我想說的是——這種環境迫使我們加快策略，迫使我們進一步明確努力方向，創造更多槓桿，在收入類型的環境中透過堅持成本結構來抵消。

Toni, if I might add to that. Noah, the assumption on how we operate the business. I think the budget assumption would be that it's going to be a difficult budget environment and flat to low single digits would be probably a reasonable assumption, it's probably not a perfect assumption. And that even within the flat to low single-digit growth rate, there will be efforts to reprioritize where the budget dollars go. That is the baseline budget assumption.

東尼，如果我可以補充一點的話。諾亞，關於我們如何經營業務的假設。我認為預算假設是這將是一個困難的預算環境，持平至低個位數可能是一個合理的假設，但可能不是一個完美的假設。即使在持平或低個位數成長率的情況下，也會努力重新確定預算資金的流向。這是基準預算假設。

As far as the -- how we manage the business question, I think we have to assume that things get worse before they get better, and part of the focus, Toni has brought to the team around AI, around better execution is really to ensure that we are staying ahead of whatever revenue compression we see in the market. That means committed to delivering EBITDA dollar growth consistently to the Street, which is why we're holding our guide right now for next year or 9.5% to 9.7%. So our focus is assuming that the disruption continues longer than three to five quarters, how would you manage this business, and that's the conversation we're having, and those are the plans we're making.

至於我們如何管理業務問題，我認為我們必須假設情況在好轉之前會變得更糟，而 Toni 為團隊帶來的圍繞人工智慧和更好的執行的部分關注點實際上是為了確保我們能夠領先於市場上看到的任何收入壓縮。這意味著致力於持續為華爾街帶來 EBITDA 美元成長，這就是我們現在維持明年 9.5% 至 9.7% 的指導價的原因。因此，我們的重點是假設中斷持續超過三到五個季度，您將如何管理這項業務，這就是我們正在進行的討論，也是我們正在製定的計劃。

And importantly, part of the plans will be to see where is the greatest source of compression inside of the portfolio relative to the next two to three years. And as Toni rightly said, labor-based models will be disrupted, maybe not linearly, but in some fashion, they will be disrupted. And I think part of our effort is to essentially ensure that we can, if you will, cannibalize our own labor base to ensure we are delivering more differentiation, hence more value and hence, more earnings and cash for our shareholders so that's how we're thinking about opening the business and planning to towards.

重要的是，計劃的一部分將是了解未來兩到三年內投資組合中最大的壓縮來源在哪裡。正如托尼所說，以勞動力為基礎的模式將會被顛覆，也許不是線性的，但在某種程度上，它們將會被顛覆。我認為，我們的部分努力本質上是為了確保我們可以（如果願意的話）蠶食我們自己的勞動力基礎，以確保我們提供更多的差異化，從而提供更多的價值，為我們的股東帶來更多的收益和現金，這就是我們考慮開展業務併計劃實現的目標。

I really appreciate the thoughtful and detailed answer there. Prabu, just one more, can you break out for '26 and '27 EPS and free cash flow guidance for each of those four, what's the change in the net income versus what's the change in tax? Sorry, I should say net income from the pretax.

我真的很感謝那裡周到而詳細的回答。Prabu，再問一個問題，您能否分別列出這四家公司 26 年和 27 年的每股盈餘和自由現金流預測，淨收入的變化與稅收的變化是多少？抱歉，我應該說是稅前淨收入。

Yeah. So I'll give you the components of it. Noah and Joe can certainly give you a little more detail for FY27. I think the way we're thinking about the updated '27 guide is we are going to see a reduction in top line relative to our prior assumption, which is going to lower the EBITDA we generate from the business, and think of that as a $30 million to $40 million reduction to cash and then offset by Section 174, which is a $110 million offset for next year.

是的。所以我會給你它的組成部分。Noah 和 Joe 當然可以為您提供有關 FY27 的更多詳細資訊。我認為，我們對更新後的 27 年指南的看法是，我們將看到營業收入相對於我們先前的假設有所減少，這將降低我們從業務中產生的 EBITDA，並將其視為現金減少 3000 萬至 4000 萬美元，然後由第 174 條抵消，即明年的 1.1 億美元抵消額。

So the net change is an increase to free cash flow to about $600 million, which is our current expectation for free cash flow in FY27. Similar dynamic for '26, where we are lowering the EBITDA dollars generated from the business, but offsetting it with, I would say, implied $60 million of cash tax benefit from Section 174.

因此，淨變動是自由現金流增加至約 6 億美元，這是我們目前對 27 財年自由現金流的預期。26 年的情況類似，我們降低了業務產生的 EBITDA 美元，但我想說，可以用第 174 條隱含的 6,000 萬美元現金稅收優惠來抵銷。

And right now, the big change on EPS between '26 and '27 is that this year, we are going to benefit from an incredibly low tax rate of about 14% hence, the $9 change guide for this year. Next year, our current assumption is that I will have immense confidence in our tax team. Our current assumption is 23% for next year and every point on the tax rate is worth about $0.10. It's a dime. So a 9% change to the tax rate is worth nearly $1 in EPS.

目前，26 年和 27 年 EPS 之間的巨大變化是，今年我們將受益於約 14% 的極低稅率，因此，今年的變化指南為 9 美元。明年，我們目前的假設是，我將對我們的稅務團隊充滿信心。我們目前假設明年的稅率為23%，稅率上的每一個點大約價值0.10美元。這是一毛錢。因此，稅率 9% 的變化將使每股收益減少近 1 美元。

So if we deliver the same tax rate next year as we did this year, we'd be $1 higher on EPS. Stated differently if this year we're more like next year, we'd be $1 lower.

因此，如果我們明年的稅率與今年相同，我們的每股盈餘將高出 1 美元。換句話說，如果今年的情況更像明年，我們就會低 1 美元。

That is super helpful. And the cash tax reversal that you get in -- do you hold that for a while? Or does that decline over time? Or what happens to that over time?

這非常有幫助。您獲得的現金稅收減免 — — 您會持有一段時間嗎？或者隨著時間的推移會下降嗎？或者隨著時間的推移會發生什麼？

Yeah. So we expect big picture to get back about, let's call it, $200 million -- a little over $200 million which is the 174 taxes we paid up over the last three years. Our current expectation, as we prefaced on the call, is that we'll get about $60 million back this year, another $110 million back next year, and Matt would suggest we should get a little more back in '28. And then we'd have to come back to you, and we'll update for '28 a little bit later in the year. But I think a normal run rate for free cash flow, you should think of that as being in that $530 million, $540 million range for FY28. So kind of more normalized.

是的。因此，我們預計整體收入將收回約 2 億美元——略高於 2 億美元，這是我們在過去三年中繳納的 174 筆稅款。正如我們在電話會議上所說的那樣，我們目前的預期是，今年我們將收回約 6000 萬美元，明年將收回 1.1 億美元，而馬特建議我們應該在 28 年收回更多一點。然後我們必須回到你身邊，我們會在今年晚些時候更新 28 年的情況。但我認為，自由現金流的正常運作率應該在 28 財年的 5.3 億美元至 5.4 億美元範圍內。因此更加規範化。

Okay. I really appreciate all the detail. Thank you.

好的。我真的很感謝所有的細節。謝謝。

And I'm not showing any further questions at this time. And as such, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

我現在不想再問任何問題。今天的演講就到此結束了。現在您可以斷開連接，享受美好的一天。