Science Applications International Corp (SAIC) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to SAIC's fourth-quarter fiscal year 2026 earnings call. (Operator Instructions)

大家好，感謝您耐心等候。歡迎參加 SAIC 2026 會計年度第四季財報電話會議。(接線員指示)

Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Jon Raviv, Vice President of Investor Relations. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給投資人關係副總裁 Jon Raviv。請開始。

Good morning, and thank you for joining SAIC's fourth-quarter Fiscal Year 2026 Earnings Call. My name is John Raviv, Vice President of Investor Relations, and joining me today to discuss our business and financial results are Jim Regan, our Chief Executive Officer; and Prabu Natarajan, our Chief Financial Officer.

各位早安，感謝您參加 SAIC 2026 會計年度第四季財報電話會議。我叫 John Raviv，投資人關係副總裁。今天與我一同出席、討論我們的業務與財務結果的有：執行長 Jim Regan，以及財務長 Prabu Natarajan。

Today, we will discuss our results for the quarter that ended January 30. Please note that we may make forward-looking statements on today's call that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from statements made on this call. I refer you to our SEC filings for a discussion of these risks.

今天我們將討論截至 1 月 30 日止季度的業績。請注意，我們在今天的電話會議中可能會發表前瞻性陳述，這些陳述受已知與未知風險及不確定性影響，可能導致實際結果與本次電話會議所述內容存在重大差異。關於這些風險的討論，請參閱我們向 SEC 提交的文件。

In addition, we will discuss non-GAAP financial measures and other metrics, which we believe provide useful information for investors. These non-GAAP measures should be considered in addition to and not a substitute for financial measures in accordance with GAAP. A more fulsome explanation of these measures can also be found in our SEC filings.

此外，我們也將討論非 GAAP 財務衡量指標及其他指標，我們相信這些資訊對投資人具有參考價值。這些非 GAAP 指標應與依 GAAP 編製的財務衡量指標一併考量，而非用以取代。關於這些指標更完整的說明，也可在我們的 SEC 申報文件中找到。

It is now my pleasure to turn the call over to our CEO, Jim Regan.

現在我很高興把電話會議交給我們的執行長 Jim Regan。

Thank you, John, and thanks to everyone for joining our call. I'm happy to be here as CEO, and I'm grateful to our Board, to our team and to all of our stakeholders for the faith that they've put in me to continue the critical work of sharpening our focus, strengthening our execution and driving better results. After a thorough search for a permanent CEO by a leading national executive search firm, the Board concluded that, among other things, maintaining continuity and leadership along with deep industry knowledge, was essential to SAIC's long-term success.

謝謝你，John，也感謝各位參加我們的電話會議。我很高興以執行長身分在此，也感謝董事會、團隊以及所有利害關係人對我的信任，讓我能持續推動關鍵工作：更聚焦、強化執行力並帶來更好的成果。在一家全國領先的高階主管獵才公司進行徹底的常任執行長遴選後，董事會認為，除其他因素外，維持延續性與領導力，以及深厚的產業知識，對 SAIC 的長期成功至關重要。

After careful consideration, they selected me for the role. And honestly, when I stepped in as Interim CEO in October, I didn't expect to enjoy the role as much as I have. One of the most rewarding aspects has been working alongside an outstanding team, supporting critical customer missions and creating value for our stakeholders. This includes my partnership with our CFO, Prabu Natarajan, whose leadership has been invaluable. So while accepting the permanent role was not my original intention, I'm humbled and honored to have this opportunity.

經過審慎評估後，他們選擇由我擔任此職。坦白說，當我在 10 月接任臨時執行長時，並沒想到自己會如此享受這個角色。其中最有成就感的一點，是能與一支傑出的團隊並肩合作，支援客戶的關鍵任務，並為我們的利害關係人創造價值。這也包括我與財務長 Prabu Natarajan 的合作，他的領導力一直非常寶貴。因此，雖然接受常任職務並非我最初的打算，但能獲得這個機會，我深感謙卑與榮幸。

Since joining the Board in 2023, my appreciation for SAIC's past achievements, current strengths and future potential grew even deeper. With a career focused on operational excellence and value creation across this industry, I'm excited to continue building on our strong foundation to deliver meaningful results to all of our stakeholders.

自 2023 年加入董事會以來，我對 SAIC 過去的成就、當前的優勢以及未來的潛力，有了更深的體會。我的職涯一直聚焦於本產業的卓越營運與價值創造，我很期待在我們堅實的基礎上持續建設，為所有利害關係人交付有意義的成果。

FY27 is a year of commitment. We are committed to our strategy to align and focus the portfolio. We are committed to improving our internal processes and external results. And as always, we are committed to serving our customers' most important missions, including elevated operational tempo around the globe.

FY27 是承諾之年。我們承諾依循策略，對投資組合進行對齊並聚焦。我們承諾改善內部流程與外部成果。並且一如既往，我們承諾服務客戶最重要的任務，包括在全球範圍內提升的作業節奏。

The tragic reality of war underscores the importance of mission expertise and customer intimacy that companies like SAIC have cultivated over many years. It also demands that our industry continue to invest and innovate to deliver capabilities and capacity. This is what we've done for decades, and this is what we will continue to do.

戰爭的悲劇現實凸顯了任務專業能力與客戶緊密度的重要性，而像 SAIC 這樣的公司多年來一直在培養這些能力。這也要求我們的產業持續投資並創新，以交付能力與產能。這是我們數十年來一直在做的事，也將是我們未來持續要做的事。

SAIC's legacy of innovation and commitment to high-value customer priorities are valuable assets. At times, we may have struggled to convert these assets into consistent performance, but we're making discrete changes across the company to improve our results. I want to focus briefly on business development, where we recently hired a seasoned Chief Growth Officer to the leadership team to prioritize BD and drive higher win rates for recompetes and new business.

SAIC 的創新傳承以及對高價值客戶優先事項的承諾，是寶貴資產。有時我們可能難以將這些資產轉化為一致的績效，但我們正在公司各處推動明確的變革，以改善成果。我想簡要聚焦在業務開發方面：我們近期延攬一位資深的成長長（Chief Growth Officer）加入領導團隊，以優先推動 BD，並提高續約競標與新業務的得標率。

This involves being selective as we approach cost plus less differentiated work, and it means leaning into the pursuit of opportunities where we have a greater right to win and higher rates of customer retention. This is addition by subtraction, being selective in some areas, frees up resources to pursue others. This means that we're going to be more focused with our bidding in FY27, and we're now aiming for $25 billion to $28 billion of submissions, where we expect to support our dual goals of growing the top line and improving margin.

這包括在面對成本加成（cost plus）且差異化較低的工作時更為審慎取捨，也意味著更積極追逐我們更有「勝出權利」且客戶留存率更高的機會。這是「減法帶來加法」：在某些領域更有選擇性，能釋放資源去追求其他機會。這表示 FY27 我們的投標將更聚焦；目前我們的目標是提交 250 億至 280 億美元的投標案（submissions），以支持我們同時達成營收成長與提升利潤率的雙重目標。

The team is also performing well on our existing book of business, removing indirect costs and achieving higher growth in higher-margin programs. This supports double-digit margins going forward. And as I said last quarter, we are committed to building on this progress in three ways: first, sharpening our focus on execution to increase capacity for investment in the business; second, more efficiently deploying our financial resources to drive growth; and third, prioritizing yield and bid quality across our business development function, which taken together, enables us to inject speed and innovation into our core capabilities to drive better growth and continued margin expansion.

團隊在既有業務組合上的表現也很出色，正在降低間接成本，並在高毛利專案中實現更高成長。這將支持未來維持雙位數利潤率。正如我上季所說，我們承諾以三種方式延續這項進展：第一，進一步聚焦執行，以提升對業務投資的能力；第二，更有效率地配置財務資源以推動成長；第三，在業務開發職能中優先提升得標產出（yield）與投標品質。綜合而言，這使我們能在核心能力中注入速度與創新，帶動更佳成長並持續擴大利潤率。

Turning to results. As we discussed in our pre-announcement last month, fourth quarter revenue was below our initial expectations, largely due to procurement delays and customer disruptions as the environment continues to be uneven. However, I'm encouraged by our margin performance despite this top line choppiness with FY26 margin of 9.7%, and you see improvement ahead as we guide to 10% adjusted EBITDA margin at the midpoint for FY27, the first time the company is guiding to double-digit margin on a full year basis.

接著談業績。如同我們上月的預先公告所述，第四季營收低於我們最初預期，主要原因是採購延宕與客戶端中斷，因為整體環境仍不均衡。然而，儘管營收端波動，我對我們的利潤率表現感到鼓舞：FY26 利潤率為 9.7%；而展望未來，我們對 FY27 的指引在中位數為 10% 的調整後 EBITDA 利潤率，這是公司首次在全年基礎上給出雙位數利潤率指引。

Cash flow continues to be exceptional, thanks to efforts across the organization. And despite revenue fishing about 5% below our initial guidance from last year, our free cash flow exceeded our guidance by 10%. This demonstrates strong execution as well as the resilience of our business model. We expect another year of organic contraction in FY27 largely due to recent recompete losses in the large enterprise IT market.

在全組織努力下，現金流持續表現卓越。儘管營收較去年我們最初指引低了約 5%，我們的自由現金流仍超出指引 10%。這展現了強勁的執行力以及我們商業模式的韌性。我們預期 FY27 有機成長仍將收縮，主要是因近期在大型企業 IT 市場的續約競標失利所致。

While we're encouraged to hear senior leaders emphasize fixed price outcome-oriented contracting, we have yet to see these laudable goals translate into reality evenly across our customers as some continue to use acquisition approaches where it's hard to differentiate. Instead, we are focused on opportunities where clients establish clear outcomes that enable SAIC to deliver innovation and measurable value throughout the life of the program.

雖然我們樂見高層領導者強調固定價格、以成果為導向的合約模式，但我們尚未看到這些值得稱許的目標在各客戶間均衡落地；部分客戶仍採用難以差異化的採購方式。因此，我們將聚焦於客戶能建立清晰成果目標的機會，讓 SAIC 能在專案全生命週期中交付創新與可衡量的價值。

Across our civilian enterprise IT portfolio, these principles have driven stronger performance and elevated win rates. Our successful work with treasury, commerce, transportation and the state of Texas demonstrates our cost-effective strategy for modernizing and supporting vital networks. By continually evaluating new technologies and delivering enhancements, we sustain long-term partnerships like the State Department's Vanguard program, which we've supported for 15 years.

在我們的民用企業 IT 投資組合中，這些原則已帶動更強勁的表現並提升得標率。我們在財政部、商務部、運輸部以及德州政府的成功案例，展現了我們以具成本效益的策略來現代化並支援關鍵網路。透過持續評估新技術並交付強化功能，我們得以維繫長期合作夥伴關係，例如國務院的 Vanguard 計畫，我們已支援 15 年。

Looking ahead, we're collaborating with clients to pilot and implement AI-powered agents to stabilize and secure critical networks. The speed of these innovations is essential for helping our customers address the evolving threat landscape and meet affordability objectives.

展望未來，我們正與客戶合作，試點並導入 AI 驅動的代理（agents），以穩定並保護關鍵網路。這些創新的速度至關重要，有助於客戶因應不斷演變的威脅態勢，並達成可負擔性目標。

While this large enterprise IT market has weighed on our results, it's a shrinking piece of the pie from 17% of company revenues in FY25 to an expected 10% in FY27, and we have good visibility into most of this remaining portfolio. It includes the T-Cloud takeaway, which has four years of performance remaining and includes the Vanguard program, which is performing exceptionally well. These are both fixed price or T&M enterprise IT contracts, the kind of work where we can differentiate and have the greater right to win.

雖然這個大型企業 IT 市場對我們的業績造成壓力，但其在公司營收中的占比正逐步縮小，將從 FY25 的 17% 降至 FY27 預期的 10%，而且我們對這部分剩餘組合中的大多數項目具有良好的可視性。其中包括 T-Cloud 承接項目，尚有四年的履約期，並包含 Vanguard 計畫，目前表現極為出色。這兩者皆為固定價格或按工時與材料（T&M）的企業 IT 合約，屬於我們能夠展現差異化、且更具勝出優勢的工作類型。

In the meantime, we continue to be excited about what made SAIC great to begin with, delivering innovative science, technology and engineering solutions in support of the security of the United States and its allies. For instance, our GMASS program sustains and upgrades radars critical to homeland defense. Our DHS work delivers integrated hardware and software solutions to help secure the border. Our JRE data link router provides real-time battlespace awareness. Our recent COBRA and TENCAP-HOPE awards support multi-domain war fighting by enabling rapid technology insertion, integration and innovation, and our munitions programs enhance combat capability and capacity. These are all customer priorities for securing the present and winning the future.

同時，我們仍對 SAIC 最初之所以卓越的核心能力感到振奮：提供創新的科學、技術與工程解決方案，以支持美國及其盟友的安全。例如，我們的 GMASS 計畫維持並升級對國土防禦至關重要的雷達。我們在國土安全部（DHS）的工作提供整合式硬體與軟體解決方案，以協助邊境安全。我們的 JRE 數據鏈路路由器提供即時戰場態勢感知。我們近期獲得的 COBRA 與 TENCAP-HOPE 授標，透過促成快速技術導入、整合與創新，支援多域作戰；而我們的彈藥計畫則提升作戰能力與產能。這些都是客戶在確保當下與贏得未來方面的優先事項。

We are also investing in areas with the highest and clearest demand signals, whether it is expanding production capacity on key programs or investment for greater innovation and differentiation. We are currently engaging with customers at the highest levels to increase our throughput across multiple efforts. And our continued focus on executing against the $100 million in cost reduction targets is expected to provide us with operational and financial flexibility to continue to invest in areas with the greatest return potential while continuing to improve our margins.

我們也在需求訊號最強且最明確的領域加大投資，無論是擴充關鍵計畫的產能，或是投入以提升創新與差異化。目前我們正與客戶最高層級積極互動，以提升我們在多項工作上的產出能力。此外，我們持續聚焦於落實 1 億美元的成本削減目標，預期將為我們帶來營運與財務上的彈性，使我們能在持續改善利潤率的同時，繼續投資於具最高回報潛力的領域。

Our recently announced enterprise transformation initiative is the first time the company has done a bottoms-up review of its processes and procedures since the split in 2013. We have some of our best people committed to this project, which should result in a more efficient SAIC with increased investment capacity to support innovation, growth and margins.

我們近期宣布的企業轉型計畫，是公司自 2013 年分拆以來，首次對流程與作業程序進行由下而上的全面檢視。我們投入公司最優秀的一批人才參與此專案，預期將打造更高效率的 SAIC，並提升投資能力，以支持創新、成長與利潤率。

We're also encouraged that we will be making this journey in a supportive budget environment marked by large appropriations already in place with expectations for further budget growth ahead. I can speak for our Board in saying that we see significant opportunity to drive value for our shareholders, create greater opportunities for our employees and, most importantly, continue the mission of supporting our customers and our country.

我們也感到鼓舞的是，我們將在一個具支持性的預算環境中推進這段旅程：目前已有大額撥款到位，且市場預期未來預算仍將進一步成長。我可以代表董事會表示，我們看到為股東創造價值的重大機會，為員工創造更多機會，並且最重要的是，持續履行支持客戶與國家的使命。

And with that, I'll turn the call over to Prabu.

接下來，我把電話會議交給 Prabu。

Thank you, Jim, and good morning to those joining our call. My comments today will focus on a review of our fourth quarter and full year results our outlook for FY27 and the meaningful opportunities we see to create value for shareholders.

謝謝你，Jim，也向加入我們電話會議的各位道早安。我今天的評論將聚焦於回顧我們第四季與全年業績、FY27 的展望，以及我們所看到能為股東創造價值的重大機會。

Turning to slide 4. Our fourth quarter results were consistent with the update we provided on February 11. We reported fourth quarter revenue of $1.75 billion, representing an organic contraction of approximately 6% due primarily to a $60 million year-over-year reduction of low-margin revenue from the Cloud One program with no-bid, and a $45 million headwind related to a nonrecurring software license sale in the prior year fourth quarter. Full year revenue of $7.26 billion declined approximately 3% organically, primarily due to our decision to no-bid low-margin Cloud One revenue, which was an approximately $200 million headwind for the year.

請看第 4 頁投影片。我們第四季的結果與 2 月 11 日提供的更新一致。我們第四季營收為 17.5 億美元，有機下滑約 6%，主要原因是 Cloud One 計畫因不再投標（no-bid）導致低毛利營收年減 6,000 萬美元，以及前一年度第四季一次性軟體授權銷售所帶來的 4,500 萬美元不利影響。全年營收 72.6 億美元，有機下滑約 3%，主要同樣來自我們決定不再投標低毛利的 Cloud One 營收，該因素全年約造成 2 億美元的逆風。

We reported adjusted EBITDA of $181 million in the quarter, resulting in a margin of 10.3%, which reflects strong program execution and recently enacted cost efficiency efforts. This performance contributed to full year margin of 9.7%, which is roughly 20 basis points ahead of the guidance we provided last quarter. We continue to see meaningful opportunities to improve margins in the near future while also investing to drive innovation and growth.

本季調整後 EBITDA 為 1.81 億美元，利潤率為 10.3%，反映出強勁的專案執行力以及近期推行的成本效率措施。此表現帶動全年利潤率達 9.7%，較我們上季提供的指引約高出 20 個基點。我們仍看到在近期提升利潤率的重大機會，同時也會持續投資以推動創新與成長。

Adjusted diluted earnings per share was $2.62 in the quarter and $10.75 for the year and benefited from stronger margins and a favorable tax rate, which offset lower revenues. Free cash flow was $336 million in the quarter and resulted in full year free cash flow of $577 million, a robust result as we remain focused on maintaining our peer best cash conversion and deploying the capital to maximize long-term value for all stakeholders.

本季調整後稀釋每股盈餘為 2.62 美元，全年為 10.75 美元；在營收較低的情況下，較強的利潤率與有利的稅率抵銷了營收下滑的影響。本季自由現金流為 3.36 億美元，帶動全年自由現金流達 5.77 億美元；在我們持續專注於維持同業最佳的現金轉換能力，並部署資本以最大化所有利害關係人長期價值之際，這是一項強勁的成果。

Turning to slide 6. I want to put the fiscal year 2026 results in context. It was a year of multiple disruptions, including internal leadership changes, budget headwinds and significant customer workforce impacts. While we saw top line pressure, we are proud of the team's resilience and hard work to achieve robust margins and cash flow.

請看第 6 頁投影片。我想將 2026 會計年度的結果放在脈絡中說明。這一年出現多重干擾因素，包括內部領導層變動、預算逆風，以及客戶端人力結構受到顯著影響。儘管營收端承壓，我們仍為團隊展現的韌性與努力感到自豪，最終達成強勁的利潤率與現金流。

Our reported EBITDA at year-end was 2% below our initial guidance last year, and free cash flow was better than our initial guidance. We see similar dynamics compared to the initial FY26 targets we shared about three years ago. As Jim said, these results demonstrate the resilience of our business model and the enduring nature of our mission work although we know we have work to do to improve growth.

年末我們的已報告 EBITDA 較去年初始指引低 2%，而自由現金流則優於我們的初始指引。相較於我們約三年前分享的 FY26 初始目標，我們也看到類似的動態。如 Jim 所說，這些結果展現了我們商業模式的韌性與使命型業務的持久性，儘管我們也清楚知道仍需努力改善成長表現。

Turning to slide 7. We are reaffirming the guidance for fiscal year 2027 we provided on February 11. As we indicated at that time, we expect total revenue in a range of $7 billion to $7.2 billion, representing organic contraction of 2% to 4%. The year-over-year decline is driven mainly by recompete losses which we have previously discussed.

請看第 7 頁投影片。我們重申 2 月 11 日提供的 2027 會計年度指引。如當時所述，我們預期總營收介於 70 億至 72 億美元，代表有機下滑 2% 至 4%。年對年下滑主要由我們先前討論過的續約競標（recompete）失利所致。

Collectively, we expect these programs to represent a headwind of approximately $400 million in FY27. We expect to partially offset this headwind with the continued ramp-up of new business wins from FY25 and FY26. Our guidance for adjusted EBITDA in a range of $705 million to $715 million reflects margins between 9.9% to 10.1%, representing a year-over-year increase at the midpoint of approximately 30 basis points, and we are executing our cost efficiency efforts, which we believe can drive upside to our margin outlook.

整體而言，我們預期這些計畫在 FY27 將帶來約 4 億美元的逆風。我們預期可透過 FY25 與 FY26 新得標業務的持續放量，部分抵銷此逆風。我們對調整後 EBITDA 的指引為 7.05 億至 7.15 億美元，對應利潤率 9.9% 至 10.1%；以中位數計，年對年約提升 30 個基點。我們正推進成本效率措施，並相信這些措施可為利潤率展望帶來上行空間。

We've also begun a multiyear enterprise transformation journey to unlock significant value and eliminate burdensome and outdated business processes to create a more agile organization, focused on innovation, speed and growth. We will provide an update on our Q2 call relative to progress on this initiative. Our adjusted diluted earnings per share guidance of $9.50 to $9.70 is unchanged from our previous FY27 guidance last quarter, with the lower top line offset by a decline in our share count.

我們也已啟動一項多年期的企業轉型旅程，以釋放顯著價值並消除繁重且過時的業務流程，打造更敏捷的組織，聚焦於創新、速度與成長。我們將在第二季（Q2）電話會議中，就此計畫的進展提供更新。我們的調整後稀釋每股盈餘指引為 9.50 至 9.70 美元，與上季先前的 FY27 指引一致；較低的營收規模將由股數下降所抵銷。

We are maintaining our guidance for free cash flow of at least $600 million, which will translate into over $14 of free cash flow per share. As we have previously highlighted, our FY27 guidance reflects approximately $70 million in nonrecurring cash tax benefits from recent legislation. Even without this benefit, in FY28, we expect to generate at least $530 million in free cash flow or approximately $13 of free cash flow per share.

我們維持自由現金流至少 6 億美元的指引，這將轉化為每股超過 14 美元的自由現金流。如我們先前強調，FY27 指引包含近期立法帶來約 7,000 萬美元的一次性現金稅務利益。即使不計入此利益，在 FY28 我們仍預期可產生至少 5.3 億美元的自由現金流，或每股約 13 美元的自由現金流。

As Jim indicated, we recognize the significant value creation potential that exists based on our ability to deliver more sustained revenue growth in the future. As a result, I want to discuss some of the key risks and opportunities moving forward. As I mentioned, our guide for an organic revenue decline assumes that our recompete losses are only partially offset by the continued ramp on previously won work.

如 Jim 所指出，我們認知到，若能在未來實現更持續的營收成長，將具備顯著的價值創造潛力。因此，我想討論未來推進過程中的一些關鍵風險與機會。如我先前提到，我們對有機營收下滑的指引假設，是續約競標失利僅能由先前得標工作持續放量所部分抵銷。

There are several large wins ramping at a slower rate than we expected, likely due to budget uncertainty and the lingering effects of a more resource-constrained customer procurement function. Total revenue from these programs was $350 million in FY26, and we are assuming $500 million in FY27 based on reasonable assumptions. This compares to a potential run rate in excess of $800 million based on contract value and period of performance.

有幾個大型得標案的放量速度比我們預期更慢，可能是因為預算不確定性，以及客戶採購職能仍受資源受限的影響尚未消退。這些專案在 FY26 的總營收為 3.5 億美元，而我們基於合理假設，預估 FY27 為 5 億美元。相較之下，若依合約價值與履約期間推算，其潛在的年化運行率可能超過 8 億美元。

While there is potential downside should some of this ramp not materialize, we believe that on balance, the upside scenario is more likely over the next 12 to 18 months based on customer demand and supportive budgets. This could be a meaningful tailwind.

雖然若部分放量未能實現，確實存在下行風險，但我們認為綜合來看，基於客戶需求與具支撐性的預算，未來 12 到 18 個月更可能出現上行情境。這可能會成為一股重要的順風。

In addition, our strong pipeline and alignment with customer priorities, which we expect to be well funded in a $1 trillion plus defense budget are strong indicators of future growth. As we previously said, outside of our cost plus enterprise IT work, our win rates on both recompetes and new business are in line with or higher than industry standards.

此外，我們強勁的案源管線以及與客戶優先事項的一致性（我們預期在超過 1 兆美元的國防預算中將獲得充足資金支持）是未來成長的強力指標。如我們先前所說，除了我們的成本加成（cost plus）企業 IT 業務之外，我們在續約競標（recompete）與新業務上的得標率，與產業標準一致或更高。

Turning to slide 8. our pipeline and submission goals are more focused on these higher return efforts, reflecting initial results of our renewed BD discipline. While submission levels are lower than our previous target, we view them as sufficient to achieve our goals. And we expect trailing book-to-bill to improve over the course of the year as we play more offense than defense this year on our captures.

接著看第 8 張投影片。我們的案源管線與投標提交目標更聚焦於這些高報酬的工作，反映出我們重啟商務開發（BD）紀律的初步成果。雖然提交量低於我們先前的目標，但我們認為足以達成我們的目標。而且我們預期，隨著今年在標案爭取上更偏向主動進攻而非被動防守，過去 12 個月的接單出貨比（book-to-bill）將在一年內逐步改善。

We recognize that an increasingly favorable budget backdrop is only relevant if we can improve enterprise-wide performance, focus on the markets where we have the strongest right to win and deliver for our customers. The leadership that Jim has provided in these areas and his emphasis on focus and accountability across the company has had tangible results over the past several months. I'm confident that our efforts will continue to translate into significant value creation for our shareholders in the coming years.

我們也認知到，愈來愈有利的預算環境只有在我們能提升全企業的營運表現、聚焦於我們最具「勝出權」（right to win）的市場，並為客戶交付成果時才有意義。Jim 在這些面向所提供的領導，以及他對全公司聚焦與問責的強調，在過去幾個月已帶來具體成果。我有信心，我們的努力將在未來幾年持續為股東創造顯著價值。

With that, I'll turn the call over for Q&A.

接下來，我把電話交給 Q&A。

(Operator Instructions) John Godyn, Citi.

（接線員指示）Citi 的 John Godyn。

This is Jeremy Jason on John Godyn's team. I just want to kind of hit things off by saying, Jim, congrats on new role. I just want to ask now that you've moved from the interim role to the permanent one what is the single most significant sort of portfolio pivot you believe is required to align the company with the next roughly 10 years of government budget priorities? And more importantly, like what's the message you want to say to the investor base or trying to bridge that gap between your experience and the specific issues like recompete have hampered growth in recent years?

我是 John Godyn 團隊的 Jeremy Jason。我想先開場說一下，Jim，恭喜你擔任新職務。我想請教，既然你已從代理職轉為正式職，你認為為了讓公司與未來大約 10 年政府預算優先事項對齊，最重要、最具影響力的一項投資組合（portfolio）轉向是什麼？更重要的是，你想對投資人基礎傳達什麼訊息，或如何在你的經驗與一些特定議題（例如續約競標）之間搭起橋樑？這些議題在近年抑制了成長。

Well, thanks for your kind words, Jason. I think that first of all, the moment that I stepped from being an interim to being the permanent person in charge, it was pretty amazing how my perspective changed from managing the day-to-day and being focused on getting our business development function back in gear, which is still a focus of mine, but adding to that the need to reassess our strategy, which is a process that we normally undertake during the summertime, and I'm actively engaged in right now.

謝謝你的好意，Jason。我想首先，當我從代理負責人轉為正式負責人的那一刻，很驚訝我的視角改變得如此之快：從管理日常、專注於讓我們的商務開發職能重新上軌道（這仍是我的重點），到同時必須重新檢視我們的策略；而這通常是我們在夏季進行的流程，我目前也正積極投入其中。

I think it might be premature for me to announce any strategic pivots other than a couple of notes that are probably worth providing for you. First of all, the first thing that I think that we needed to do, and I think of it as a bit of a pivot is to get focused on those areas where we have the right to win and those areas where customer retention is the reward for innovation and strong performance.

我認為，除了幾點可能值得先向你說明之外，現在就宣布任何策略轉向可能還言之過早。首先，我認為我們需要做的第一件事——我把它視為某種轉向——就是聚焦在我們具備「勝出權」的領域，以及在那些以創新與強勁表現換取客戶留存作為回報的領域。

And the thing that we've been seeing over the last year has been the things that are more commoditized where you're not only finding it more difficult to differentiate and keep customers, but it's also more difficult to get paid for the hard work that we do on some of the more vanilla enterprise IT things. I think that we want to continue doing to the extent we've got it, but also to deemphasize it as kind of a strategic imperative. So that, I think, is the first epiphany that it didn't take very long for me and probably to wrap our heads around.

而我們在過去一年看到的是：在更偏商品化的領域，你不僅更難以差異化並留住客戶，也更難就我們在一些較為基本的企業 IT 工作上所付出的辛勞取得合理報酬。我認為我們會在既有基礎上持續做下去，但也會降低其作為策略要務的優先性。所以我想，這是我很快就意識到、也不難讓大家理解的第一個關鍵體悟。

I think that the next thing is to start moving into some pretty hard focus on realizing the benefits of the business model we acquired with Silveredge is one thing. We think that the things that we've acquired from them on the intellectual property side as well as some of the capabilities that we have to serve our intelligence customers with AI enablement in classified networks is something that we think is extensible beyond the customers that they brought with them and we're working to leverage that. We'll probably have more to talk about in terms of any further strategic pivots as we work through the strategy process through the season.

我認為下一步，是開始更聚焦於實現我們透過 Silveredge 收購而取得之商業模式的效益，這是一件事。我們認為，從他們取得的智慧財產，以及我們在機密網路中以 AI 賦能來服務情報客戶的一些能力，不僅可用於他們帶來的既有客戶，也具備向外延伸的潛力，我們正努力加以槓桿運用。隨著我們在本季持續推進策略流程，關於任何進一步的策略轉向，我們之後可能會有更多可以分享的內容。

John Siegmann, Stifel.

Stifel 的 John Siegmann。

Good morning. This is actually Sebastian Rivera for John Siegmann. Congrats to Jim as well on the full-time position now. I guess would love to kind of hear your thoughts regarding the FY27 guidance, roughly $35 million of CapEx here. It doesn't suggest too much change relative to last year, and I believe that FY26 number was about $4 million lower than the year prior. And I guess, I would have thought the change environment today kind of creates incremental opportunities to invest but would love to kind of get your thoughts there.

早安。我是代替 John Siegmann 的 Sebastian Rivera。也恭喜 Jim 現在轉為全職職位。我想聽聽你對 FY27 指引的看法，這裡資本支出（CapEx）大約 3,500 萬美元。看起來相較去年變化不大，而且我記得 FY26 的數字大約比前一年低 400 萬美元。我原本以為目前的變動環境會帶來額外的投資機會，因此想請你談談你的看法。

Sure. And appreciate the question, Sebastian. With what we have today in hand, we think that the CapEx is adequate to meet the current demand signals that we have on programs that require production capacity that largely exists in a number of our locations for the programs where we actually make things. But I think that in Prabu's remarks, you mentioned that we have a flexible business model. And we're in active discussions with customers about what they might see as the need to ramp up production on certain programs.

好的。也謝謝你的提問，Sebastian。就我們目前掌握的情況來看，我們認為這個 CapEx 水準足以滿足我們在需要產能的專案上所看到的現階段需求訊號；而這些產能多半已存在於我們幾個實際進行製造的據點。不過我想在 Prabu 的談話中，你提到我們有一個具彈性的商業模式。我們也正與客戶積極討論，他們可能認為在某些專案上需要加速提升產量。

And to the extent that we get the demand signals, which by the way, I've talked to senior leadership at the Department of War, they understand very clearly that industry when they receive demand signals, they could pivot, we are no exception. To the extent that we get demand from customers to ramp up productions of certain weapons capabilities, we're prepared to increase the plant capacity, increase space, spend money on tooling to meet those demands.

而且在我們收到需求訊號的情況下——順帶一提，我已與戰爭部（Department of War）的高階領導談過，他們非常清楚產業在收到需求訊號後可以轉向調整——我們也不例外。若客戶要求我們提高某些武器能力的產量，我們已準備好擴增廠房產能、增加空間，並投入治具／工裝（tooling）等資本支出以滿足需求。

The revenue and the take rate on those is not reflected in the guide today. But to the extent that there's any reason to update it in the future, we'll certainly let you know. So I think that the short answer to your question, Sebastian, is we have a business model and we're prepared to flex it, and we're prepared to spend more money on additional capacity to the extent that our customer comes to us and ask for it.

這些項目的營收與承接率（take rate）目前尚未反映在今天的指引中。但若未來有任何需要更新指引的理由，我們一定會告知各位。所以我想對你的問題，Sebastian，簡而言之：我們有一個商業模式，也準備好彈性調整；只要客戶提出需求，我們也準備好為額外產能投入更多資金。

Sebastian, Prabu here. Thank you for the question. I think the only thing that I would add to Jim's response is that we are investing where we see clear demand signals. And we are engaging with customers at the highest levels on some of these opportunities. I would also think of the $100 million in cost reductions as freeing up capacity for investment that may not show up in CapEx necessarily, but it does provide us some ammunition to be able to invest in some differentiation as we go to market in a handful of areas.

Sebastian，我是 Prabu。謝謝你的提問。我想我能補充 Jim 回覆的一點是：我們會在看到明確需求訊號的地方進行投資。而且我們正以最高層級與客戶就其中一些機會進行接洽。另外，我也會把 1 億美元的成本削減視為釋放出可用於投資的能力；這些投資未必會直接反映在 CapEx 上，但確實讓我們有更多「彈藥」能在少數幾個領域投入差異化能力，以支持我們的市場拓展。

Finally, I would also say that investment takes many forms. We actively think of the investments that we make to include the time we spend with customers, helping understand needs, shaping solutions to fit the needs and then actually actively investing in a business development and capture function that allows us to be more differentiated when we offer, I think, real solutions.

最後，我也想說投資有很多種形式。我們主動把我們所做的投資，納入我們與客戶相處所花的時間、協助理解需求、塑造符合需求的解決方案，並且實際積極投入業務開發與捕獲（capture）職能，讓我們在提出我認為是真正解決方案時，能更具差異化。

We are also investing, Silveredge is a classic example of investing a couple of hundred million off our balance sheet to be able to fund to bring some real new capabilities into the organization. And I think finally, but certainly not the least important of which is we're actively building capabilities, whether that's mission labs or our mission data platform or our classified networks. There are areas that show up beyond CapEx line that we are investing in.

我們也在投資，Silveredge 就是典型例子：我們從資產負債表中投入數億美元，以便提供資金，把一些真正新的能力帶進組織。而我認為最後但同樣重要的是，我們正在積極建構能力，不論是 mission labs、我們的任務資料平台，或是我們的機密網路。有些領域並不會呈現在資本支出（CapEx）那一行，但我們仍在投入。

And finally, I would say I foot stomp the fact that we are investing in some really key talent and Jim talked about the Chief Growth Officer we brought to the company. but we are investing in some real talent inside the organization, refreshing our old structure. And so our investment has taken multiple forms, but we are very comfortable that we are investing in line with the signals that we are getting, and we are frankly not waiting for contracts to start the investment, we are trying to get ahead of where the needs are going to be so that we can be ready for when those things show up in a pipeline somewhere. Thanks for the question.

最後，我要特別強調的是，我們正在投資一些非常關鍵的人才。Jim 提到我們引進到公司的首席成長長（Chief Growth Officer），但我們也在組織內部投資真正的人才，更新我們既有的架構。因此，我們的投資呈現多種形式，但我們非常有信心這些投資與我們收到的訊號一致；坦白說，我們不是等到合約到手才開始投資，我們正試著走在需求前面，確保當那些需求在某個管線中出現時，我們已經準備就緒。謝謝你的提問。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Thank you. Good morning. Jim, I mean you've been sharpening the BD process for a few months now. I know that's ongoing. How does that take you to build momentum and actually start converting that to revenue and how much opportunity is there on a shorter-term basis to drive maybe some OCG growth?

謝謝。早安。Jim，我的意思是你這幾個月一直在強化 BD（業務開發）流程。我知道這還在進行中。這需要多久才能建立動能並真正開始轉化為營收？以及在較短期內，有多少機會可以推動、也許帶動一些 OCG 成長？

It's a great question, Gavin. I think that there's kind of two elements to that answer. The first one is to say that, as you know, the sales cycle in this business, converting a proposal into revenue can take a painfully long period of time, in some cases, not at all. I think that to the extent that our team is able to move the needle on win rates on work that is already in production in the proposal shop and build some more innovation, perhaps an even more disciplined around how the finished product comes out that can move the needle on win rates within six months.

這是個很好的問題，Gavin。我認為答案大致有兩個要素。第一個是，如你所知，這個業務的銷售週期，把一份提案轉成營收可能需要痛苦地漫長時間，有些情況甚至根本不會轉成營收。我認為，只要我們的團隊能在已經在提案產線中的工作上提升得標率（win rates），並帶來更多創新，或許在成品產出方式上更有紀律，就能在六個月內推動得標率的提升。

I think it's probably worth noting that while we were disappointed by the outcome on a couple of these large recompetes during the year, our win rates on new work in the year -- in the most recent quarters has been in line with our expectation and industry averages. So I think that we're really pleased with that. And with less exposure in FY27 to the large recompetes like we had some significant exposure last year, I feel really good about our ability to achieve the kind of book-to-bill that we need to get us back on a growth trajectory after we lapped out the impact of these recompete losses that we've recently experienced.

我想也值得一提的是，雖然我們對今年幾個大型續約競標（recompetes）的結果感到失望，但我們在年度內、在最近幾個季度的新案得標率，符合我們的預期與產業平均。所以我認為我們對此非常滿意。而且 FY27 我們對大型續約競標的曝險較低，不像去年有相當大的曝險；在我們消化完近期這些續約競標失利的影響後，我對我們達成所需的接單/出貨比（book-to-bill），並讓公司回到成長軌道的能力感到非常有信心。

I think that the last comment that I would have and Prabu might want to amplify on this as well is that one of the things that I think that we're doing really well already is ensuring that the spend and investment on capture and winning work is focused on the $28 billion or so of opportunities that we have the greatest opportunity to win, to differentiate to drive margin improvement in the business in addition to whatever margin improvement we're going to be seeing out of the business initiatives that we've been outlining.

我最後想補充的一點是，Prabu 也許也會想再延伸說明：我認為我們已經做得很好的其中一件事，是確保在捕獲（capture）與贏得案子上的支出與投資，聚焦在大約 280 億美元的機會上——也就是我們最有機會贏、最能做出差異化、並能推動業務利潤率改善的那些機會；此外，還有我們一直在說明的各項業務倡議所帶來的利潤率改善。

This year, we've called an addition by subtraction earlier. And what that really means is that focusing on the things that will drive higher win rates and higher opportunities to retain customers for longer.

今年，我們先前稱之為「減法帶來加法」（addition by subtraction）。而這真正的意思是：聚焦在能帶動更高得標率、以及更高機會讓客戶留存更久的事情上。

Thank you, Jim. Gavin, I appreciate the question. Maybe a couple of data points on the guide itself. We are right now assuming about a 2% to 3% OCG in our current baseline guide for fiscal '27. That is consistent with our 2% to 3% last year, which was the lowest of the five years that I've been here in the company. So while we're not expecting things to get better, we don't expect things to get worse either on OCG. And therefore, on balance, I would say, biased to the upside to the extent that the enacted budget translates into tangible procurement action over the course of the next three quarters or so.

謝謝你，Jim。Gavin，感謝你的提問。我想就指引本身補充幾個數據點。我們目前在 FY27 的基準指引中，假設 OCG 約為 2% 到 3%。這與我們去年 2% 到 3% 一致，而那是我在公司這五年來最低的一年。所以雖然我們不預期情況會變好，但也不預期 OCG 會變得更差。因此，整體而言，只要已通過的預算在接下來大約三個季度能轉化為具體的採購行動，我會說偏向上行。

I think, as Jim said, I would foot-stomp the fact that our win rates on non-enterprise IT work. Some of the work we do on the engineering side as well as the mission IT side, our win rates on new have approached 50% or more at various points over the last couple of years. So our win rates really demonstrate, I think, that we have the right to win in these areas. And I think just as importantly, our recompete win rates on non-commoditized enterprise IT is sort of in that 85% to 90% range. So good win rates outside of the commoditized enterprise IT work.

我想如 Jim 所說，我也要特別強調：我們在非企業 IT（enterprise IT）工作的得標率——包含我們在工程端以及任務 IT 端所做的一些工作——過去幾年在不同時間點，新案得標率已接近 50% 或更高。所以我認為，我們的得標率確實證明我們在這些領域具備「應該能贏」的條件。而且同樣重要的是，我們在非商品化（non-commoditized）的企業 IT 續約競標得標率，大約在 85% 到 90% 的區間。也就是說，在商品化企業 IT 以外的工作上，我們有不錯的得標率。

And again, while it doesn't [help lose] through these recompetes, the reality is, I think there is very little of that left in the portfolio at this point, as we said in the prepared remarks, about 10% left of revenues from large, I would say, cost-plus EIT work. And so I do think that on balance, we're probably at the other side of this slope here. And given that we have about 5% of recompete headwinds with the $400 million or so that we disclosed, the reality is the absence of this headwind going into next year is going to be a tailwind in and of itself.

再者，雖然在這些續約競標中失利並沒有幫助，但現實是，我認為目前在投資組合中剩下的已經很少；正如我們在事先準備的講稿中所說，大型、我會稱之為成本加成（cost-plus）的 EIT 工作所帶來的營收，大約只剩 10%。因此我確實認為，整體而言，我們大概已經走過這段下坡。而且鑑於我們揭露的約 4 億美元所帶來大約 5% 的續約競標逆風，現實是，明年不再有這個逆風，本身就會成為順風。

So again, I think we feel good about where the positioning is. None of these matters, none of what I say matters unless we execute well, and this is the message internally as well as externally, but we've got to keep every recompete that comes our way and we have to keep up the win rates on you, and that's where the focus is for the team.

所以再說一次，我認為我們對目前的定位感到樂觀。但除非我們執行得好，否則我說的這些都沒有意義；這也是我們對內與對外的訊息——我們必須守住每一個迎面而來的續約競標，也必須維持你所提到的得標率，而這就是團隊的聚焦重點。

Sheila Kahyaoglu, Jefferies

Sheila Kahyaoglu，Jefferies

Good morning, guys. Thank you. Congrats, Jim and to Joe as well. Maybe two questions, if I could start. The first question would be just on the what do you think on the enterprise IT work? And I know you probably did a good job of this at the conference, like what changed? Was it an SAIC decision? Does the competitive landscape change? And then as we think about the $25 billion pipeline, how do we think about SAIC getting on the offensive?

各位早安。謝謝。也恭喜 Jim，Joe 也一樣。如果可以的話，我有兩個問題。第一個問題是關於企業 IT 工作：你怎麼看？我知道你可能在會議上已經講得很清楚了——到底改變了什麼？這是 SAIC 的決策嗎？競爭格局有改變嗎？然後當我們思考 250 億美元的管線時，我們該如何看待 SAIC 轉為主動出擊？

I will start, and I think probably might amplify on my enterprise IT answers. I think that what we've seen is increasingly, customers there's a handful of our customers that are buying based on what I might say is kind of more of a cookie-cutter recipe for what they're looking for where it's heavily embedded with network management network uptime, help desk support things that are harder to differentiate than in the things that blend more of a mission focused in with the IT side.

我先開始回答，我想之後也許會再補充我的企業 IT 相關看法。我認為我們看到的是，愈來愈多客戶——其中有少數客戶——採購時是依據我所說的一種「制式配方」（cookie-cutter recipe）來決定他們要找什麼；內容高度嵌入網路管理、網路正常運作時間（network uptime）、服務台支援（help desk support）等，這些比起把更多任務導向（mission-focused）與 IT 端融合在一起的工作，更難做出差異化。

Think about on the -- maybe on the more to mission IT, it's probably supporting networks, to support the war fighter networks to blend multiple areas of information and synthesize it into a pane of glass for people that do mission planning. Those are the things that we think that we can continue to excel at or earn our share on recompetes and of new work. So I think that when we stepped back and took a hard look at different flavors of enterprise IT work, that gave us some greater visibility into the kind of things that we would continue to pursue, continue to win and the things that we're probably going to deemphasize in our pipeline going forward.

想一想在——也許更偏向任務型 IT 的部分，它大概是在支援網路，支援作戰人員的網路，把多個資訊領域融合起來並加以綜整，為進行任務規劃的人提供一個單一視窗（pane of glass）。這些是我們認為可以持續擅長、並在再競標（recompete）以及新工作上持續出色或爭取到我們應得份額的事情。所以我認為，當我們退一步、嚴肅檢視不同類型的企業 IT 工作時，這讓我們更清楚看見哪些類型是我們會持續追求、持續贏得的，以及哪些是我們在未來的案源管線中可能會降低比重的。

Prabu, do you have anything to add?

Prabu，你還有什麼要補充的嗎？

Yeah, Sheila, a couple of things I'd probably want to add. I think the recognition that being selective on sort of, I would say, cost plus enterprise IT was sort of a conclusion we came to over the course of the last several months. I think if you look at the track record of where our largest recompete challenges have been and it doesn't take a bunch of research to get to NASA Aegis, parts of Cloud One, USCENTCOM, [Army Ritz]. I think the common thread line running through all of these is that it is very hard to differentiate on predominantly cost plus work where it is very hard to separate yourself from the competition.

有的，Sheila，我大概想補充幾點。我認為，對於某種——我會說——成本加成（cost plus）的企業 IT 要更有選擇性，這是我們在過去幾個月逐步得出的結論。我想如果你回頭看我們最大的一些再競標挑戰出現在哪裡，其實不需要做太多研究就會指向 NASA Aegis、Cloud One 的部分案子、USCENTCOM、[Army Ritz]。我認為這些案子共同的主軸是：在以成本加成為主的工作上很難做出差異化，也很難讓自己從競爭對手中脫穎而出。

And sometimes, the magic is in how one writes a proposal more than what the delivery on the ground looks like. So I think it's just a recognition that we've come to. We also had perhaps more of that enterprise IT work in our pipeline five years ago than we do today. So that's been a gradual evolution. Our decision to consciously no-bid $200 million of compute and store as part of Cloud One.

而且有時候，關鍵在於提案怎麼寫，甚至比實際在現場的交付長什麼樣子更重要。所以我認為這只是我們所形成的一個認知。另外，五年前我們的管線裡可能有更多這類企業 IT 工作，但今天已經少很多了。所以這是一個逐步演進的過程。我們決定在 Cloud One 的「運算與儲存」這一部分刻意不投標（no-bid）2 億美元的案子。

Candidly, we contracted 3%. All of that 3% was related to one decision to no-bid, that Cloud One contract. That was a recognition that we communicated externally that that is not the kind of work we want to be doing long term as we think about focusing the resources of the company into meaningful areas that will truly restore, I would say, and reestablish the legacy of this company. So I think it's an evolution of what we've come to in terms of our own portfolio.

坦白說，我們的收縮是 3%。這 3% 全部都與一個決定有關，也就是對那個 Cloud One 合約選擇不投標。我們也對外溝通過，這代表我們認知到：從長期來看，這不是我們想做的工作類型；我們希望把公司的資源聚焦在真正有意義的領域，我會說，能夠真正恢復並重建這家公司傳統（legacy）的領域。所以我認為，這反映了我們對自身組合（portfolio）所形成的演進與結論。

Broadly speaking, I'd say if you looked at competitors and where win rates are for enterprise IT versus non-enterprise IT work, you will see some of the same, I'm going to say, volatility in recompete win rates within our competitors. I think the reality was we had more of it than perhaps others, but you should expect to see some of the same volatility.

廣義來說，如果你看競爭對手在企業 IT 與非企業 IT 工作上的得標率，你會看到一些相同的——我會說——在再競標得標率上的波動性，也存在於我們的競爭對手之中。現實是，我們過去這類案子可能比其他人更多，但你應該也會預期看到類似的波動。

And then finally, on the pipeline question, the one thing I would add to the comment that we're playing more offense than defense, is the fact that our pipeline is inflecting to higher levels of non-EIT work, mission work and engineering work and more of our opportunities on our submits this year and next year are more towards the takeaway side than the recompete side. Our largest single recompete coming up is our Vanguard Department of State program that we are feeling really good about.

最後，關於管線的問題，我想在「我們更偏向進攻而非防守」這句話之外補充的是：我們的管線正在轉向更高比例的非 EIT 工作、任務型工作與工程工作；而且我們今年與明年送出的投標機會中，更多是偏向「搶案（takeaway）」而不是「再競標（recompete）」。我們接下來最大的一個再競標案，是我們在國務院的 Vanguard 計畫，我們對它的感覺非常好。

We've done it for 15 years.

我們已經做了 15 年。

We've done it for 15 years. And candidly, I think that's our sentiment underlying their narrative that we get to play a little bit more offense this year than we've had the luxury over the last couple of years.

我們已經做了 15 年。坦白說，我認為這就是我們敘事背後的情緒：今年我們可以比過去幾年更有餘裕地多打一點進攻。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Good morning. Congratulations, Jim and John and Joe. I wanted to just ask on within the midpoint of the guidance, maybe if there's any parameter you could tell us on how much you have to quite go get? You told us about on-contract growth. But based on the backlog you have today, how do you get -- what do you still need to bid in turn, if you will, in the year? And then if you could just remind us of when the year-over-year headwinds of $400 million of repeat losses abates, when's the last quarter that that becomes the headwind moves of the numbers? Thank you.

早安。恭喜 Jim、John 和 Joe。我想問的是，在你們指引（guidance）的中位數假設下，你們是否能提供一些參數，說明還需要「去拿到」多少？你們談到了合約內成長（on-contract growth）。但以你們目前的積壓訂單（backlog）來看，今年你們還需要再投標、再轉換多少（如果可以這麼說）？另外也請提醒我們，年對年 4 億美元的再競標流失（repeat losses）所造成的逆風，什麼時候會消退？最後一個仍然形成逆風的季度是哪一季？謝謝。

Gautam, Prabu here. Thanks for the question. I'll take that one. In terms of the negative to the negative [4%] of contraction. As I said earlier, we are assuming nominal amounts of OCG, 2% to 3% of OCG and not a ton in the way of new business go get. And so, I think very much focused on what's within our control this year and not a lot of assumptions built in around what we need to win in order to actually in order to get to the guide that we have out there.

Gautam，我是 Prabu。謝謝你的問題。我來回答這題。就收縮的負向——負的 [4%] 收縮而言。如我先前所說，我們假設合約內成長（OCG）是名目水準，大約 2% 到 3% 的 OCG，並不需要太多新增業務的「go get」。因此，我認為今年我們非常聚焦在可控的事情上，並沒有在「我們必須贏得哪些案子」這件事上做很多假設，來支撐我們目前對外給出的指引。

So I think there's always going to be a mix of some recompetes and new that is in the mix in the business. Our backlog is sufficient with our trailing 12-month book to bill of 1.1. I think the backlog exists for us to get to the guide without a lot of heroics this year. But that is how we wanted to position the conversation coming into this fiscal year compared to perhaps last year where we had a little more in the way of go-gets. And of course, we had a tremendous amount of disruption from DOGE and other procurement disruptions over the course of the year. So I think it's very much a guide that we have control over that the team is fully committed to and does not take a ton of heroics for us to get to over the course of the year. But candidly, that means we just have to put our head down and execute every single quarter.

所以我認為，業務組合裡永遠都會同時包含一些再競標與一些新案。以我們過去 12 個月的接單出貨比（book-to-bill）1.1 來看，我們的積壓訂單是足夠的；我們可以達到指引，而不需要今年做出很多「英雄式」的超常發揮。但這就是我們希望在進入本財年時，對外溝通的定位；相較之下，去年我們在「go get」方面的需求稍微多一些。當然，去年我們也受到 DOGE 以及其他採購中斷的巨大干擾，貫穿了整個年度。所以我認為，這份指引是我們能掌控的，團隊也完全承諾要達成；而且要達到它並不需要太多超常發揮。但坦白說，這也意味著我們必須埋頭把每一個季度都執行到位。

In terms of the headwinds on a quarterly basis, I think I would say it's fair to assume that the headwinds are going to persist with us for the first -- for all four quarters of the year. I think that's probably the most sensible way to think about it. Naturally, there will be some, I'm going to say, some changes over the course of the quarter as we lapped on some programs and lap into some other programs, but the reality is you should assume that there's about four quarters of headwinds and that Q1 of next year is probably going to be the cleanest quarter on a compare basis.

至於按季度來看的逆風，我想可以說，合理的假設是：逆風會在今年的前——也就是全年四個季度都會伴隨著我們。我認為這大概是最合理的思考方式。當然，隨著我們在某些專案上完成同比基期（lapped）並進入其他專案，季度之間會有一些——我會說——變化；但現實是，你應該假設大約有四個季度的逆風，而明年 Q1 在同比比較上可能會是最乾淨的一季。

Colin Canfield, Cantor Fitzgerald.

Colin Canfield，Cantor Fitzgerald。

Thank you for taking the question. Maybe focusing on [FAR] 3.0. If you could talk a little bit about federal acquisition regulation and essentially what you're hearing in terms of kind of the next set of objectives look like, what that means for SAIC and any sort of kind of timing around outcomes? Thank you.

謝謝讓我提問。我想聚焦在 [FAR] 3.0。你能否談談《聯邦採購規則》（Federal Acquisition Regulation），以及你們聽到的下一階段目標大概會是什麼、這對 SAIC 意味著什麼，以及成果落地的時間點大概如何？謝謝。

Sure. I had a chance to be with a senior department (inaudible) official about that just this past privy along with some other CEOs in a small forum. And I think that, first of all, there's tremendous urgency that we haven't seen in decades around procurement reform in general, including updates and upgrades to the far. There's a lot that I think we can expect to see stripped down and stripped out. And some new provisions put in there are going to be really aimed at improving speed and throughput from the defense industrial base.

當然可以。就在最近，我有機會和一位資深部門（聽不清）官員就此議題交流，並與其他幾位 CEO 在一個小型場合一起參與。我認為，首先，在整體採購改革（procurement reform）方面——包括對 FAR 的更新與升級——我們看到一種數十年未見的強烈急迫感。我想我們可以預期會看到很多內容被精簡、被移除。同時也會加入一些新的條款，將真正著眼於提升國防工業基礎（defense industrial base）的速度與產出效率（throughput）。

I think that with that said, there is going to be some spotty implementation. And there is a large acquisition community that needs to be retrained, needs to be upskilled, reskilled. But in the meantime, when the need exists, I think that our customer in the building is going to be relying on things like OTAs and other innovative contracting vehicles, including the use of commercial pricing and commercial contracting mechanisms to get what they need done faster.

我認為話雖如此，實施上將會出現一些零星、不一致的情況。而且有一個龐大的採購社群需要再訓練、需要提升技能、重新培訓。但在此期間，當需求存在時，我認為我們在大樓裡的客戶將會依賴像是 OTA（其他交易授權）以及其他創新的簽約載具，包括使用商業定價與商業合約機制，來更快完成他們需要做的事情。

That said, we do have a commercial operating segment that's available, and we're actively using it to bid some of these things that the customer is needing. We have made some changes in our own procurement and contracting organization to be ready to meet the requirement for speed. And we have an internal initiative aimed at not just handling it from the procurement side, but also how we bid differently. And that's one thing that our new Chief Growth Officer is actively engaged at so that we can meet the customer demand when they bring it to us.

話雖如此，我們確實有一個可用的商業營運部門，而且我們正積極運用它來投標客戶所需要的其中一些事項。我們已在自身的採購與合約組織上做出一些調整，以便準備好滿足速度方面的要求。我們也有一項內部倡議，目標不僅是從採購端來處理，也包括我們如何以不同方式投標。而這也是我們的新任首席成長長（Chief Growth Officer）正積極投入的一件事，讓我們能在客戶把需求帶到我們面前時滿足其需求。

Got it. And then maybe as you think about kind of your feature as a hardware integrator. Can you just perhaps talk about kind of your relationship set, and your opportunity set across the branches? We've seen obviously a lot of capital start to flow into [BC] developed products but not as much focus on kind of the integration of all of the capabilities, right?

了解。接著也許談談你們作為硬體整合商的定位。你能否談談你們的關係網絡，以及你們在各軍種/部門之間的機會版圖？我們顯然看到大量資本開始流入 [BC] 開發的產品，但對於把所有能力整合起來這件事，關注度似乎沒有那麼高，對吧？

Is this the leading players, but you still have a lot of stuff that's kind of Series B, Series C that fundamentally will need something like SAIC's kind of acquisition pipeline or the (inaudible) around national security and the cleared folks. So can you just maybe talk about kind of within that context so far, how you think about SAIC's ability to go and integrate a lot of these kind of earlier-stage products? Thank you.

這些是領先的玩家，但你仍然有很多處於 B 輪、C 輪階段的公司，從根本上將需要像 SAIC 這樣的採購管線，或是圍繞國家安全以及具備安全許可人員的（聽不清）。所以能否在這樣的背景下談談，到目前為止你如何看待 SAIC 去整合許多這類早期產品的能力？謝謝。

Colin, Prabu here. I'll take that one. I think you're hitting on something that is incredibly important that the strength of the total defense industrial base is going to be relevant and necessary to deliver what the Warfighter needs. And so, I think there are folks like SAIC that are in the ecosystem that have, for decades, brought evolving capabilities to the Warfighter because we have an acute understanding of how the mission works. And I don't think that that demand signal is going to look any softer in the next five years. So we are actively partnering with venture companies.

Colin，我是 Prabu。這題我來回答。我認為你點出了一個極其重要的事情：整體國防工業基礎的強健程度，將與交付作戰人員所需能力息息相關且不可或缺。因此，我認為像 SAIC 這樣在生態系中的公司，數十年來之所以能把不斷演進的能力帶給作戰人員，是因為我們對任務如何運作有非常敏銳的理解。而我不認為未來五年這個需求訊號會變得更弱。所以我們正積極與創投公司合作。

We have a venture program that we are very proud of that we actively bring capabilities, integrate them in the number of hardware, software integration centers we have across the country, whether that's Huntsville, or Charleston in South Carolina or in Crane, Indiana, where we do a tremendous amount of hardware and software integration, and we are just getting better at that kind of work and there is a decent chunk of it in our pipeline. And so I do think that we have the sort of mission set, if you will, where our expertise and our mission and our domain understanding is going to be critical as we graduate more of these smaller companies into the larger ecosystem. So we're looking forward to partnering with them.

我們有一個引以為傲的創投計畫，會主動引入各項能力，並在我們遍布全國的多個硬體、軟體整合中心進行整合，不論是在 Huntsville、南卡羅來納州的 Charleston，或是在印第安納州的 Crane；在這些地方我們進行大量的硬體與軟體整合，而我們在這類工作上也持續做得更好，且我們的管線中有相當一部分就是這類案子。因此我確實認為，我們具備那種「任務集合」（如果你願意這麼說），也就是當我們把更多這些小公司培育、導入更大的生態系時，我們的專業、任務理解與領域知識將會至關重要。所以我們很期待與他們合作。

And as you know, this is how this business, this industry has evolved over the last, I would say, 50, 60 years, and I don't expect the next 20 or 30 to look any different. I think to be fair, some of the new entrants have put, I think, rightfully so, pressure on the incumbents to deliver faster, better capability and at cheaper prices. And I think that competition is a good thing. So we are looking forward to it. And we are doing a really nice job integrating some really good capability into the ecosystem.

而且如你所知，這正是這門生意、這個產業在過去我想 50、60 年來的演進方式，我也不預期接下來 20 或 30 年會有任何不同。我認為公平地說，一些新進者確實——而且我認為這是合理的——對既有業者施加了壓力，要求以更快速度、更好能力、以及更低價格交付。我認為競爭是好事。所以我們很期待。而且我們在把一些非常好的能力整合進生態系方面，做得相當不錯。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

Thanks. You mentioned the evaluation that you have ongoing is the first I think bottoms-up evaluation processes and so forth since the split. But the company has been trying to address these issues for a number of years. So maybe the process is different this time, but the pursuit is an ongoing one. How do you manage the culture and the morale when we're -- you're sort of reexamining something that's been kind of a focal point? And do you envision any changes in compensation as being helpful in achieving your end?

謝謝。你提到你們正在進行的評估，是我認為自分拆以來第一次自下而上的評估流程等等。但公司其實已經嘗試處理這些問題好幾年了。所以也許這次流程不同，但追求改善是持續進行的。當你們——你們正在重新檢視一個一直以來算是焦點的議題時，你要如何管理企業文化與士氣？另外，你是否預期在薪酬方面做出任何改變，會有助於達成你們的目標？

Tobey, I appreciate that question. I think at least once or twice every week, I get an e-mail from one of our 23,000 employees applauding what we're doing and giving me some real-life examples of things that we could do differently to help them get their jobs done easier. Sometimes they're seemingly mundane but still important. Some of them are things that I wouldn't have been made aware of had not someone sent me an e-mail directly. And I look at that, I read it, I send it to the team in the program office that's running this.

Tobey，我很感謝這個問題。我想至少每週一到兩次，我會收到我們 23,000 名員工中某位寄來的電子郵件，稱讚我們正在做的事情，並提供一些真實案例，說明我們可以用不同方式來做，讓他們更容易把工作完成。有些看似瑣碎，但仍然重要。其中一些事情，如果不是有人直接寄信給我，我根本不會知道。我會看、會讀，然後把它轉給負責推動這項工作的專案辦公室團隊。

So I would say that the employees are saying finally, we're doing some things to get some of the gunk out of the system. It's a -- gunk is a technical term for me on this, and we're definitely working hard in getting this program to get things working better, faster, more efficient, not just for our internal teams, but it also will translate into gains for our customers as we're able to be a bit more nimble. So I would say that there's tremendous receptivity to this.

所以我會說，員工的反應是：終於，我們開始做一些事情，把系統裡的「髒東西」清掉。這裡的「髒東西」對我來說算是個技術用語；而我們確實正努力推動這個計畫，讓事情運作得更好、更快、更有效率，不僅是對我們內部團隊，也會轉化為客戶端的收益，因為我們能更靈活一些。所以我會說，大家對此的接受度非常高。

And I think that it's going to allow us to make decisions faster, get stuff done faster, but also take a lot of the cost that's going to fall out of that and reinvest it into the things that we've been talking about in terms of growth. I think that we have the capability with that to add more account management teams, people who are walking the halls of the building to bring new ideas to customers and increase the daily communication about what we need to do to help them be more successful. And with that, I think it's probably one of the most important things that we're going to get done this year.

而且我認為這將使我們能更快做決策、更快把事情做完，同時也能把因此釋放出來的許多成本，重新投入到我們一直在談的成長相關事項上。我認為藉由這點，我們有能力增設更多客戶/帳戶管理團隊——那些在大樓裡穿梭走動的人——把新想法帶給客戶，並提升日常溝通頻率，討論我們需要做什麼來幫助他們更成功。而基於這些，我認為這可能是我們今年要完成的最重要事情之一。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

Good morning, everyone. Is it possible to give us the details of recompetes of size that you have in your fiscal '27 and fiscal '28, just kind of cover the next two years, which programs, when and how big are they for you now in revenue?

各位早安。你們是否可以提供一下在 2027 財年與 2028 財年、規模較大的再競標（recompete）案子的細節？也就是涵蓋接下來兩年：哪些專案、何時、以及它們目前對你們的營收規模有多大？

Noah, Prabu here. I'll take the first stab at this. I think -- if I think about significant programs, as you know, 10% to 20% of the business comes up for recompete every year. So if I think about the largest recompetes out there, Department of State Vanguard, is the single largest program that is going through a recompete cycle in fiscal '27, okay?

Noah，我是 Prabu。我先嘗試回答。我想——如果我思考重大專案，如你所知，每年大約有 10% 到 20% 的業務會進入再競標。所以如果我想到外面最大的再競標案，國務院 Vanguard，是在 2027 財年進入再競標週期的單一最大專案，好嗎？

And that program, as we know, the scope of the program has increased. We're on year 15 of that program, and we've been qualified to bid and compete for work on 4 of the 5 work streams. The 1 work stream that we chose not to bid because it would have created OCI for us for the other 4 work streams. So that is the single largest recompete that we have.

而且如我們所知，那個計畫的範圍已經擴大。我們已進入該計畫的第15年，並且已取得資格，得以在5個工作流中的4個工作流上投標並競爭承攬工作。有1個工作流我們選擇不投標，因為那會使我們在其他4個工作流上產生OCI。因此，這是我們所面臨的最大一筆重新競標案。

Beyond that, we always have programs that are in the, I'm going to say, 75 to 150 range, let's call it, 1% or 2% a year. We always have 1 or 2 of those every year. But in reality, we're also bidding a multiple of that in the form of takeaway opportunities in the pipeline. So I tend to not think of those actively as sort of significant recompete risks.

除此之外，我們一直都有一些計畫，我會說大約落在75到150的區間，姑且稱之為每年1%或2%。我們每年總會有1到2個這樣的案子。但實際上，我們在管線中也以「搶案／替代」機會的形式，投標了遠高於此倍數的案量。所以我傾向不把那些視為重大的重新競標風險。

I think the reality is the way we're approaching this, Noah, is keep as much of the work share on Vanguard as possible, hopefully, even eke out a little gain there. But our baseline assumption right now for this year is that we've accommodated all kinds of contingencies into the minus 2% to minus 4%, but Vanguard is probably the only one that's worth calling out right now.

我認為現實是，我們目前採取的做法，Noah，是盡可能把在Vanguard上的工作份額保留下來，並希望甚至能在那裡再多爭取一點增量。但我們今年的基準假設是：我們已把各種應變情境都納入負2%到負4%的範圍內，而Vanguard大概是目前唯一值得特別點名的項目。

When will you be recompeting that? And can you size it for us, approximately annual revenue for you?

你們什麼時候會就那個案子進行重新競標？另外，你能否大致量化一下，對你們而言每年的營收規模？

Yes. So we will be going through a recompete cycle on Vanguard. Again, it's going to go by work stream to work stream. There are 4 work streams that will get recompeted over the course of this year. We are the incumbent. We will be competing for all 4. We've been qualified to compete and we are in the down selected category. And so it's unlikely to materialize on -- in terms of impact to revenue any time, I would say, safely in the first half of this year.

可以。所以我們將會在Vanguard上進入一個重新競標週期。同樣地，這會依工作流逐一進行。今年之內會有4個工作流陸續重新競標。我們是現任承包商。我們會競標這4個工作流的全部。我們已取得競標資格，並且已進入縮減名單（down selected）類別。因此，就對營收的影響而言，我認為在今年上半年內應該不太可能出現實質影響，可以說相對安全。

If anything, we may have some nominal impacts in the second half, but I'd say nominal. So more of the impacts, if we were to be in an unfortunate position of not keeping most of that work, most of that impact, maybe, felt next year and not this year. So that's how I would probably preface it.

即便有的話，我們可能在下半年看到一些名目上的影響，但我會說只是名目上的。所以更大的影響，如果我們不幸未能保住大部分工作，那些影響可能會在明年而不是今年感受到。大概就是我會先這樣鋪陳。

Okay. And then would it be possible to talk about how the funding environment has evolved year-to-date? I know that's a short-term question, maybe it gets into splitting hairs. But just given the -- as you described, the funding of obligated dollars has been slow and choppy and uneven. In January, it sounded like some in the industry saw that getting better I'm just curious if that improved through the quarter, it got worse through the quarter? Is it better or worse today or the same versus how the year ended?

了解。那麼，是否可以談談截至目前為止，今年以來資金環境的演變？我知道這是個短期問題，可能有點吹毛求疵。但就你所描述的——已承諾資金（obligated dollars）的撥付一直緩慢、顛簸且不均衡。一月時，聽起來業界有人覺得情況在改善；我想了解的是，這種改善在本季內是持續變好、還是變差？相較於去年年底，今天的情況是更好、更差，還是差不多？

I'm going to say the health warning here is that whatever I say now is probably going to be OBE probably at the end of the week. But there is what we've seen, I think it is true that January for outlays was better than the preceding 3 months for sure. I think on outlays, as you know, there's probably about a 3-month lag between outlays and revenue performance. So a good January month on outlays means that April, May should look healthier than it would have looked otherwise.

我先提醒一下：我現在說的任何內容，可能到本週末就會變成OBE（已被後續事件取代）。不過，就我們所見，我認為確實是一月的支出（outlays）比前面三個月要好得多。而且如你所知，在支出與營收表現之間大概有約三個月的落後期。所以一月支出表現好，意味著四月、五月看起來會比原本更健康。

I think the more important milestone that we're tracking to is a milestone in the second quarter of our fiscal year, sort of the June, July, August time frame. Certainly, by June or July, if you look at where the agencies are relative to their -- relative comparing outlays to the appropriations or the budget amounts, I think that will tell us if we're going to see a year-end flush in terms of money that needs to be spent before the end of the government fiscal year. So that's probably the clearest goalpost that we would say is out there.

我認為我們追蹤的更重要里程碑，是我們會計年度第二季的一個時間點，大約在6月、7月、8月那段期間。當然，到了6月或7月，如果你看各機關的支出相對於其撥款（appropriations）或預算金額的狀況，我認為那會告訴我們：在政府會計年度結束前，是否會出現一波年終集中支出（year-end flush），也就是必須在年底前把錢花掉。所以那大概是我們認為最清楚的一個觀察目標。

But in reality, we do think that the appropriations have to get spent. Therefore, the money will have to come. I think for us, it's very much a question of timing and how quickly is the spigot going to open up. And this is where the sort of the constraints on the government procurement functions have been difficult to size and estimate. But hopefully, things get better here in the -- certainly in the second half from the summer time through the end of the fiscal year, Noah, then perhaps immediate change in the first quarter of this fiscal year for us.

但實際上，我們確實認為撥款最終必須被花掉。因此，資金終究會到位。我想對我們而言，關鍵很大程度在於時點：水龍頭會多快打開。而這也是政府採購職能所受的各種限制，讓人難以衡量與估算的地方。但希望情況能在下半年改善——至少從夏季一路到會計年度結束，Noah；那麼對我們而言，也許在本會計年度第一季就會看到立即的變化。

I'm showing no further questions in queue at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

我這邊顯示目前佇列中沒有其他問題。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。