Science Applications International Corp (SAIC) 2027 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to SAIC's fiscal first quarter 2027 earnings call. (Operator Instructions) 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.

各位好，感謝您耐心等候。歡迎參加 SAIC 2027 會計年度第一季財報電話會議。(接線員指示) 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 first quarter fiscal year 2027 earnings call. My name is Jon Raviv, Vice President of Investor Relations. And joining me today to discuss our business and financial results are Jim Reagan, our Chief Executive Officer; and Prabu Natarajan, our Chief Financial Officer and EVP of Enterprise Operations. Today, we will discuss our results for the quarter ended May 1, 2026.

各位早安，感謝您參加 SAIC 2027 會計年度第一季財報電話會議。我叫 Jon Raviv，投資人關係副總裁。今天與我一同討論公司營運與財務結果的還有：我們的執行長 Jim Reagan，以及我們的財務長暨企業營運執行副總裁 Prabu Natarajan。今天我們將討論截至 2026 年 5 月 1 日止季度的業績。

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

請注意，我們在今天的電話會議中可能會發表前瞻性陳述；此類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出現重大差異。關於這些風險的討論，請參閱我們向 SEC 提交的文件。此外，我們將討論非 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 GAAP 財務衡量指標。關於這些指標更完整的說明亦可在我們的 SEC 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 good morning to everyone joining our call. I'm pleased to say that the year is off to a good start. I want to recognize our 23,000 employees whose relentless commitment to execution excellence made these results possible sustaining strong margins and industry-leading cash flow reflects the team's discipline and focus in a dynamic environment. This is operational excellence in action with our strong underlying results, highlighting our potential to deliver double-digit margins on a sustainable basis.

謝謝你，John，也向所有參與本次電話會議的各位道早安。我很高興地表示，今年開局良好。我要表揚我們 23,000 名員工，他們對卓越執行的堅定承諾讓這些成果成為可能；在充滿變動的環境中仍能維持強勁的利潤率與業界領先的現金流，反映出團隊的紀律與專注。這正是營運卓越的具體展現；我們穩健的基本面成果凸顯了我們具備以可持續方式實現雙位數利潤率的潛力。

Since I accepted the permanent CEO job earlier this year, my focus has broadened beyond execution to include spending time with all of our stakeholders, our shareholders, customers and employees. My shareholder meetings made it clear that we have work to do to regain trust by proving that we can grow organically on a sustained basis. This quarter's result is a step in the right direction, but I know this is a multi-quarter journey.

自從我在今年稍早正式接任永久執行長職務後，我的重點已從單純的執行擴大到與所有利害關係人互動，包括股東、客戶與員工。我與股東的會面清楚顯示，我們需要努力透過證明我們能夠以可持續的方式實現有機成長，來重新贏回信任。本季的結果是朝正確方向邁出的一步，但我知道這是一段跨越多個季度的旅程。

My customer meetings focused on the value that we continue to bring to enable a wide variety of missions that are increasing in their complexity and velocity. It is also clear that our industry has to invest to keep pace in a fast-moving environment. Our flexible business model is well suited to these tasks, and we are excited to deliver on these commitments.

我與客戶的會面聚焦於我們持續帶來的價值，協助他們完成各式各樣的任務，而這些任務在複雜度與節奏上都在提升。同時也很明顯，我們的產業必須投資，才能在快速變動的環境中跟上步伐。我們彈性的商業模式非常適合承擔這些任務，我們也很期待履行這些承諾。

And my employee meetings highlighted the distinct privilege I have to lead an exceptional group of people working to solve the nation's most critical challenges. I'm grateful to our team for their patience and determination and taking on new roles responsibilities and mindsets to address enduring customer demand and to create value for all of our stakeholders. So please turn to slide 3 for our key messages.

而我與員工的會面則凸顯了我能領導一群卓越人才的特殊榮幸；他們致力於解決國家最關鍵的挑戰。我感謝團隊的耐心與決心，並願意承擔新的角色、責任與思維模式，以回應長期的客戶需求，並為所有利害關係人創造價值。接下來請翻到投影片 3，查看我們的關鍵訊息。

First, we are built on a strong foundation and operate with an enduring purpose. We deliver critical capabilities to our customers to help them address their most complex challenges. And we do this by developing solutions that enable speed, capacity and decision-making dominance.

第一，我們建立在堅實的基礎之上，並以長久不變的使命為指引。我們為客戶提供關鍵能力，協助他們應對最複雜的挑戰。我們透過開發能夠提升速度、產能與決策優勢的解決方案來達成這一點。

For decades, we have evolved with our customers as we anticipate their needs and operate at the speed of mission. This evolution requires us to continuously evaluate and refine the portfolio. Now there is some natural portfolio realignment this year as we digest recompete losses, primarily in the large enterprise IT market. We're also actively controlling our future as we build a premier portfolio of integrated mission-critical capabilities more aligned to budget priorities and more insulated against the commoditization that we have seen in certain parts of the market.

數十年來，我們隨著客戶一同演進，預判其需求並以任務的速度運作。這樣的演進要求我們持續評估並精煉產品組合。今年在我們消化重新競標失利的影響時，產品組合出現一些自然的重新調整，主要發生在大型企業 IT 市場。我們也正積極掌控未來，打造一個頂尖的整合式關鍵任務能力組合，使其更符合預算優先事項，並更能抵禦我們在市場某些領域所見到的商品化趨勢。

We have initiated a portfolio review and look forward to sharing more information on our December earnings call. You should expect to see a more agile SAIC built for the future underpinned by our mission depth and capability.

我們已啟動產品組合檢視，並期待在 12 月的財報電話會議上分享更多資訊。您應可期待看到一個更敏捷、為未來而打造的 SAIC，其基礎來自我們在任務領域的深度與能力。

And as we have shared previously, we initiated a pipeline review to refine our bidding strategy to more closely align with our differentiators and where we enjoy a higher probability of winning. Our qualified pipeline sits at about USD85 billion and is more focused with enterprise IT now comprising a smaller share compared to last quarter. This reflects our selectivity in this part of the market.

此外，如同我們先前分享的，我們已啟動商機管線檢視，以精煉投標策略，使其更貼近我們的差異化優勢，以及我們勝率較高的領域。我們的合格商機管線約為 850 億美元，且更為聚焦；相較於上季，企業 IT 目前占比更小。這反映出我們在該市場區塊的選擇性。

We're also pursuing opportunities earlier and more deliberately leaning into key areas where we know we can deliver better and faster. This includes our mission and Engineering businesses, which comprise a greater share of our pipeline and are outgrowing the rest of the portfolio due to recent wins and ongoing investments. These dynamics support further organic portfolio realignment. And we continue to evaluate potential additions and subtractions to the portfolio to accelerate growth, enhance margins and further develop high-value areas where we're able to bring our investments to bear.

我們也更早、且更有策略地追求機會，並更積極投入我們確信能做得更好、更快的關鍵領域。這包括我們的任務與工程業務；其在商機管線中的占比更高，並因近期得標與持續投資而成長速度快於產品組合的其他部分。這些動態支持進一步的有機產品組合重新調整。同時，我們持續評估產品組合中可能的增減項目，以加速成長、提升利潤率，並進一步發展我們能夠發揮投資效益的高價值領域。

As I said last quarter, I'm excited by 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. And there's a lot going on in the world demanding our support. Elevated operational tempo is driving faster decision-making in a variety of hardware and software platforms where we currently play a role. We continue to engage with customers to enhance capability and capacity.

正如我上季所說，我對 SAIC 最初之所以卓越的核心感到振奮：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。而當今世界有許多情勢需要我們的支援。升高的作業節奏正推動在各式硬體與軟體平台上更快速的決策，而我們目前在其中扮演一定角色。我們持續與客戶合作，以提升能力與產能。

And we continue to leverage new tools that help us deliver more effectively and efficiently. In recent years, we have helped defense, intelligence and civilian agencies establish data and knowledge standards, develop multimodal AI and build secured data layers that underpin some of the nation's most sensitive missions. Today, we're applying AI to modernize legacy code, generate operational tasking orders, enhanced human machine teaming strengthen data fusion and hardened cyber defenses.

我們也持續運用新工具，協助我們更有效率、更有效地交付成果。近年來，我們協助國防、情報與民用機構建立資料與知識標準、開發多模態 AI，並建置安全的資料層，支撐國家最敏感的一些任務。如今，我們正運用 AI 來現代化舊有程式碼、生成作業任務指令、強化人機協作、強化資料融合，以及強化（並加固）網路防禦。

The opportunity ahead isn't about delivering an AI product. It's about how quickly we can integrate and operationalize these capabilities in real-world missions. I appreciate that we can only say so much about the opportunities, and in some cases, the risks that accompany rapid technological shifts. But at the end of the day, it comes down to our ability to put up continued performance as AI adoption increases, I look forward to delivering those results. And that brings me to top line improvement.

未來的機會不在於交付一個 AI 產品。而在於我們能以多快的速度把這些能力整合並在真實世界任務中落地運用。我理解我們對這些機會、以及在某些情況下伴隨快速技術變遷而來的風險，能說的內容有限。但歸根究柢，關鍵在於：隨著 AI 採用增加，我們是否能持續交出績效表現；我期待交付這些成果。接下來談到營收端的改善。

Appropriations are starting to flow from last year's legislation, albeit unevenly and we expect another large appropriation for FY27. While our growth does not depend on a USD1 trillion-plus defense budget, it certainly helps. RFPs and submissions are still slowed by environmental factors, although we are on track for awards. Recompete win rates are stabilizing as we expect them to return to the 90% range, and new business win rates continued to perform well above 30% and I'm encouraged by the modest organic growth that we saw this quarter despite our recompete headwinds from last year.

去年的立法所核撥的預算撥款已開始到位，儘管進度不均衡；我們也預期 2027 會計年度將有另一筆大型撥款。雖然我們的成長不仰賴 1 兆美元以上的國防預算，但這確實有所助益。由於環境因素，RFP 與提案提交仍然放緩，但我們的得標進度仍按計畫推進。重新競標的得標率正趨於穩定，我們預期將回到 90% 的區間；而新業務得標率持續維持在 30% 以上的良好水準。儘管去年重新競標帶來逆風，我仍對本季看到的溫和有機成長感到鼓舞。

We also continue to build on our margin and cash momentum. Fiscal first quarter margin was a company record, driven by strong program execution. While we could see this margin level offset through year-end by key investments to support growth, these results demonstrate what we're capable of and support our full year guidance. And we saw another good quarter for cash, reflecting our strong execution.

我們也持續在利潤率與現金動能上再接再厲。會計年度第一季利潤率創下公司紀錄，主要受惠於強勁的專案執行。雖然我們可能會看到此利潤率水準在年底前因支持成長的關鍵投資而被部分抵銷，但這些成果展現了我們的能力，並支撐我們的全年指引。我們也迎來另一個現金表現良好的季度，反映我們強勁的執行力。

Maintaining this momentum relies partly on the enterprise transformation process we announced in February. Project Orbit will increase our agility and create more capacity for investments to support growth and margin expansion over time. We have sourced over 3,500 ideas from across the company, which our dedicated team is now analyzing and prioritizing for execution. We'll have more information on these efforts on our next earnings call in September.

維持這股動能部分仰賴我們在二月宣布的企業轉型流程。Project Orbit 將提升我們的敏捷性，並隨時間推進創造更多投資容量，以支持成長與利潤率擴張。我們已從全公司蒐集超過 3,500 個想法，目前由專責團隊分析並排定執行優先順序。我們將在九月下一次財報電話會議中，提供更多關於這些工作的資訊。

Taken together, these results and our continued efforts reflect our focus on execution, controlling what we can control and rebuilding our growth momentum. We have raised our guidance to account for some of this quarter's upside, although we are mindful of remaining investments, recompete roll-offs and uncertainties that could impact the remaining quarters. And as I've said before, FY27 is a year of commitment. We're setting targets that we are confident that we can achieve.

綜合而言，這些成果與我們持續的努力，反映我們專注於執行、掌控可控事項並重建成長動能。我們已上調指引以反映本季部分上行表現，但也留意仍有投資支出、再競標合約到期流失（recompete roll-offs）以及可能影響後續季度的不確定性。而如我先前所說，FY27 是承諾之年。我們設定了我們有信心能達成的目標。

In closing, 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. Before turning the call over, I do want to address this morning's announcement that Srini Attili is leaving SAIC as we make a leadership change in our civilian business group to support our positive momentum. We thank Srini for his contributions, and we wish him well.

最後，我們看到為股東創造價值、為員工創造更多機會，且最重要的是持續支持客戶與國家使命的重大機會。在把電話會議交給下一位之前，我想先回應今早的公告：為了支持我們正向的動能，我們在民用事業群進行領導層調整，Srini Attili 將離開 SAIC。我們感謝 Srini 的貢獻，並祝福他一切順利。

Our CFO and EVP of Enterprise Operations, Prabu Natarajan, will serve as Interim Head of the Civilian Business while we identify a permanent replacement. Prabu's experience running complex businesses and driving execution excellence makes him well suited for this expanded role. He has my and the Board's full confidence. Our civilian business delivers industry-leading capabilities to critical clients and is a strong performer in our portfolio. We are strongly committed to our efforts in this market and focused on keeping the momentum going.

我們的 CFO 兼企業營運執行副總裁（EVP）Prabu Natarajan，將在我們尋找永久接任者期間，擔任民用事業的代理負責人。Prabu 在經營複雜業務與推動卓越執行方面的經驗，使他非常適合擔任此擴大職責的角色。他獲得我與董事會的完全信任。我們的民用業務為關鍵客戶提供業界領先的能力，並且是我們投資組合中的強勁表現者。我們對此市場的投入堅定不移，並專注於延續這股動能。

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. I appreciate the opportunity to support the civilian segment during this transition period while continuing my other responsibilities. There are strong teams in place in our civilian segment, in finance and in enterprise operations. I'm grateful for their dedication to the mission and to SAIC, and I'm confident in our ability to continue delivering for all stakeholders.

謝謝你，Jim。在這段過渡期間，我很感謝能有機會在持續履行其他職責的同時，支持民用事業部門。我們的民用事業部門、財務以及企業營運都已建立強大的團隊。我感謝他們對使命與 SAIC 的投入，也對我們持續為所有利害關係人交付成果的能力充滿信心。

As our Q1 performance reflects, the Civil segment is operating from a position of strength, delivering leading technology solutions supporting a variety of critical missions. This includes our enterprise IT capabilities where we operate largely under outcome-based contracts that are creating value for SAIC and for our customers. I'm excited about our opportunities in this business and for continued margin strength.

如我們第一季表現所示，民用事業部門正處於強勢位置，提供領先的科技解決方案以支援多項關鍵任務。其中包括我們的企業 IT 能力；我們多數在以成果為導向的合約下運作，為 SAIC 與客戶創造價值。我對此業務的機會以及利潤率持續強勁感到振奮。

One key opportunity is the Vanguard recompete, which we have been closely engaged in for years. As we previously shared, Vanguard supports the Department of State's global IT infrastructure and generates roughly USD250 million of annual sales at above average margins. The new program, EVOLVE is a multi-award contract vehicle with a USD10 billion ceiling over seven years.

一項關鍵機會是 Vanguard 的再競標（recompete），我們多年來一直深度參與。如先前分享，Vanguard 支援美國國務院的全球 IT 基礎設施，每年約帶來 2.5 億美元營收，且利潤率高於平均。新專案 EVOLVE 是一個多家得標的合約載具（multi-award contract vehicle），七年期合約上限為 100 億美元。

It is bigger and broader than Vanguard as it consolidates work beyond our current scope. We look forward to competing on the task orders as we incrementally derisk this recompete over the course of the next several quarters. We have delivered excellence for 15 years, and we look forward to many more with EVOLVE supporting this highly critical mission and customer. Now let's get into the results. Turning to alide 4.

由於其整合了超出我們目前範疇的工作，EVOLVE 的規模更大、涵蓋更廣。在接下來幾個季度中，我們將逐步降低此次再競標的不確定性，並期待在各項任務訂單（task orders）上參與競爭。我們已卓越交付 15 年，也期待在 EVOLVE 下延續更多年，支援這項高度關鍵的任務與客戶。現在讓我們進入業績結果。請看投影片 4。

We reported first quarter revenue of USD1.9 billion, representing organic growth of 50 basis points better than expected due to timing of materials and the risk extension. We are encouraged by this result as we see the growth environment improving, although it's still uneven. As a result, we remain cautious around the unknown unknowns that could still impact the year as they did in FY26.

我們第一季營收為 19 億美元；由於材料時點以及風險延展（risk extension）的影響，有機成長率較預期高出 50 個基點。我們對此結果感到鼓舞，因為我們看到成長環境正在改善，儘管仍不均衡。因此，對於仍可能在今年造成影響的「未知的未知」（unknown unknowns），我們仍保持審慎，正如其在 FY26 所造成的影響。

We reported robust adjusted EBITDA of USD222 million in the quarter. Adjusted EBITDA margin reflects strong program execution; some benefit from our ongoing cost efficiency efforts and a USD12 million gain associated with the IPO of a venture investment.

本季我們的調整後 EBITDA 為 2.22 億美元，表現強勁。調整後 EBITDA 利潤率反映了強勁的專案執行、我們持續成本效率措施帶來的部分效益，以及一項與某項創投投資 IPO 相關的 1,200 萬美元收益。

Our venture strategy is to back early-stage innovators that accelerate our long-term growth. Although we have divested our ownership position, we continue the commercial relationship with the company in line with our objective of bringing enhanced capability to the government market. The sale added 60 basis points to our EBITDA margin in the quarter and approximately USD0.20 to EPS. Adjusted diluted earnings per share was USD3.23 in the quarter, benefiting from better margins and a lower share count.

我們的創投策略是支持能加速我們長期成長的早期創新者。雖然我們已處分持股部位，但仍依循我們將強化能力帶入政府市場的目標，與該公司維持商業合作關係。該筆出售使本季 EBITDA 利潤率增加 60 個基點，並使 EPS 約增加 0.20 美元。本季調整後稀釋每股盈餘為 3.23 美元，受惠於較佳利潤率與較低的流通股數。

Free cash flow was USD118 million in the quarter, a strong result as we remain focused on maintaining our peer best cash conversion and deploying the capital to maximize long-term value for all stakeholders. Net leverage is within our target range, down to 3.1x this quarter. We expect to continue to naturally delever as EBITDA improves in the years ahead. Please turn to slide 5 to review our forward indicators.

本季自由現金流為 1.18 億美元，表現強勁；我們持續專注於維持同業最佳的現金轉換率，並運用資本以為所有利害關係人極大化長期價值。本季淨槓桿倍數降至 3.1 倍，位於我們的目標區間內。我們預期未來幾年隨著 EBITDA 改善，將持續自然去槓桿。請翻到投影片 5，檢視我們的前瞻指標。

As Jim mentioned, our pipeline is now more focused on our differentiators. And while customer disruptions continue to pressure submissions, as was the case in FY26, the environment is now improving, and our BD teams are on target for the year as we plan to accelerate submissions. We are encouraged to see submits and awards recovering even with a smaller pipeline, highlighting the benefits of our enhanced focus.

如 Jim 所提到，我們的商機管線（pipeline）現在更聚焦於我們的差異化優勢。儘管客戶端的干擾仍持續對提案提交（submissions）造成壓力，如 FY26 的情況一般，但目前環境正在改善；我們的業務開發（BD）團隊也如期達成年度進度，並計畫加速提交。即使管線規模較小，我們仍樂見提交與得標（awards）正在回升，凸顯我們強化聚焦所帶來的效益。

Net bookings of USD2.1 billion reflected a mix of new and recompete including an important USD200 million recompete win in our DHS business, where we integrate our software expertise with purpose-built hardware to support safer and more efficient ports of entry. This resulted in a quarterly book-to-bill of 1.1x or 1.0x on a trailing 12-month basis. We are encouraged by the momentum we're already seeing in the current quarter, and we expect to achieve our annual targets. Please turn to slide 6.

淨接單（net bookings）為 21 億美元，包含新案與再競標案的組合，其中包括我們在 DHS 業務中一項重要的 2 億美元再競標得標；在該案中，我們結合軟體專業與專用硬體，以支援更安全且更高效率的入境口岸（ports of entry）。因此，本季接單出貨比（book-to-bill）為 1.1 倍；以過去 12 個月計則為 1.0 倍。我們對目前季度已展現的動能感到鼓舞，並預期能達成年度目標。請翻到投影片 6。

This quarter's organic growth of 0.5% was better than expected. While we acknowledge that our comps get easier as the year progresses, we are maintaining our sales guidance as we continue to take a measured approach to the year, appreciating that there were timing benefits this quarter and that there are still uncertainties in a dynamic environment. A key driver of our sales trajectory this year is the unsuccessful rich recompete, which we expected would be a USD200 million headwind in FY27 as it rolled off in F 2Q.

本季有機成長 0.5%，優於預期。雖然我們也認知到隨著年度推進、比較基期（comps）將變得更容易，但我們仍維持營收指引，並持續以審慎方式看待今年；因為本季存在時點帶來的利多，且在動態環境下仍有不確定性。今年影響我們營收走勢的一項關鍵因素，是未成功的 rich 再競標案；我們原先預期該案在 FY27 會形成 2 億美元的逆風，因其在 F 2Q 到期退出。

However, our protest was only recently adjudicated, so Ritz will likely now roll off in F 3Q. Partially offsetting our recompete headwinds this year is on contract growth or OCG which we expect will remain at 2% to 3% in FY27. This is in line with what we saw in FY26 and is below the 6% to 8% we saw in FY24 and FY25.

不過，我們的抗議直到最近才獲得裁決，因此 Ritz 很可能會在 F 3Q 退出。今年部分抵銷我們重新競標逆風的是合約內成長（OCG），我們預期 FY27 將維持在 2% 至 3%。這與我們在 FY26 看到的水準一致，且低於 FY24 與 FY25 的 6% 至 8%。

We are encouraged by the improved OCG we saw in F 1Q, although some of this was timing. Roughly half of this year's planned OCG comes from a handful of programs we won over the last two years that ramped slower than expected last year. As I said last quarter, those programs generated USD350 million last year, and we are planning for USD500 million this year. We're on track as these programs are currently running at an annualized rate of about USD400 million through F 1Q.

我們對在 F 1Q 看到的 OCG 改善感到鼓舞，儘管其中一部分是時點因素。今年規劃的 OCG 約有一半來自我們在過去兩年贏得的少數幾個專案，這些專案去年爬坡速度低於預期。如我上季所說，這些專案去年貢獻了 3.5 億美元，而我們今年規劃為 5 億美元。我們進展符合預期，因為截至 F 1Q，這些專案目前的年化運行率約為 4 億美元。

And as we continue to position the company for long-term growth, we are making targeted investments in several high-priority mission areas where customer demand and strategic relevance continue to accelerate. This includes advancing next-generation command and control capabilities to enable faster, data-driven, multi-domain decision-making, modernizing legacy radar capabilities to support evolving needs and expanding our work with loitering munitions and other autonomous systems by establishing domestic production lines to broaden the industrial base capacity. We continue to take a disciplined approach to these efforts focused on where we can earn the most appropriate returns. Please turn to slide 7.

此外，隨著我們持續為公司的長期成長定位，我們正針對數個高優先任務領域進行精準投資，這些領域的客戶需求與策略相關性持續加速。這包括推進下一代指揮與控制能力，以支援更快速、以數據驅動的多域決策；現代化既有雷達能力以因應不斷演進的需求；並透過建立國內生產線，擴大我們在滯空彈藥與其他自主系統方面的工作，以擴充產業基礎產能。我們仍以紀律嚴謹的方式推動這些工作，聚焦於我們能取得最適當報酬的領域。請翻到第 7 張投影片。

We are maintaining our sales guidance since it is still early in the year. We also want to account for recompete headwinds and environmental uncertainties. However, we expect to finish at or slightly above the midpoint of our sales guidance due to the Ritz extension. We will revisit our sales guidance on our next call, but we are well positioned to meet our sales commitments.

由於今年仍在年初階段，我們維持銷售指引不變。我們也希望將重新競標的逆風與環境不確定性納入考量。不過，受惠於 Ritz 的延長，我們預期最終將落在銷售指引的中點或略高於中點。我們會在下一次電話會議重新檢視銷售指引，但我們已具備良好條件以達成銷售承諾。

We are increasing our EBITDA guidance to account for the venture investment gain and other performance items that benefited F 1Q which adds 20 basis points to the full year margin guidance, which we now see at 10.1% to 10.3%. As previously mentioned, we continue to see meaningful opportunities to improve margins in the future while also investing in growth.

我們上調 EBITDA 指引，以反映創投投資收益及其他在 F 1Q 受惠的績效項目，這使全年毛利率指引增加 20 個基點，我們目前預期為 10.1% 至 10.3%。如先前所提，我們仍看到未來有顯著的改善利潤率機會，同時也會持續投資成長。

We also see upside on tax rate as a few outstanding issues resolved in our favor. As a result, our adjusted EPS guidance increases by approximately 4% to a range of USD9.90 to USD10.10. Our free cash flow outlook of greater than USD600 million is unchanged, even as we plan to invest in discrete opportunities in support of growth. We continue to see at least USD14 free cash flow per share this year and at least USD13 of free cash flow per share next year in FY28 as historical tax assets roll off. We know that an increasingly favorable budget backdrop is only relevant if we can improve enterprise-wide performance.

我們也看到稅率有上行空間，因為幾項未決議題已朝對我們有利的方向解決。因此，我們的調整後 EPS 指引上調約 4%，至 9.90 美元至 10.10 美元區間。我們對自由現金流大於 6 億美元的展望維持不變，即使我們計畫投資於支持成長的特定機會。我們仍預期今年每股自由現金流至少 14 美元，且明年 FY28 每股自由現金流至少 13 美元，因為歷史稅務資產將逐步到期消退。我們知道，愈來愈有利的預算環境只有在我們能改善全企業層級的績效時才具意義。

We are off to a good start, but there's more work to do. I'm confident that our efforts will continue to translate into significant value creation for our stakeholders in the coming years. With that, I'll turn the call over for Q&A.

我們有個良好的開局，但仍有更多工作要做。我有信心，我們的努力將在未來幾年持續為利害關係人創造顯著價值。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。

Great quarter. I'd love to just revisit and dig into the organic growth outlook a little bit. You had mentioned that there were some timing benefits in the fiscal first quarter, some business rolling off later in the year, but you were encouraged by the momentum you're already seeing. Just that chart, that great chart on slide 6 with the positive organic growth on the toughest comp of the quarter, it just makes it hard to bridge to negative 2% to negative 4% for the full year.

本季表現很棒。我想回頭再談一下，並更深入了解有機成長展望。你提到會計年度第一季有一些時點上的利多，且有些業務會在今年稍晚退出，但你對目前已看到的動能感到鼓舞。只是第 6 張投影片那張圖表很棒，在本季最艱難的比較基期下仍呈現正的有機成長，這讓人很難把它與全年負 2% 到負 4% 的預期連結起來。

There might be conservatism. It's been a choppy backdrop. So I don't think anybody would hold that against you guys. But I was hoping we could just kind of dialogue about the shape of the year, how you see it and whether there's upside to that guide, it seems maybe a little bit obvious that there may be.

可能是比較保守。整體環境一直很顛簸。所以我想也不會有人因此責怪你們。但我希望我們能就全年走勢做些對話：你們怎麼看、以及這個指引是否有上行空間；看起來也許相當明顯可能會有。

John, Prabu here, and thanks for the question. Big picture, obviously, we're pleased with the way Q1 turned out. And we also recognize that Q1 had by far the tougher comps relative to last year, where we at where we actually grew the business about 3%. So I think really big picture as you began to allude to it, John. I think we are being, I would say, cautious given what we saw last year and just the volatility we saw between the quarters.

John，我是 Prabu，謝謝你的問題。從大方向來看，我們當然對 Q1 的表現感到滿意。我們也認知到，相較去年，Q1 的比較基期是迄今最艱難的，而我們實際上仍讓業務成長約 3%。所以就如你開始提到的，John。我想我們之所以偏保守，是因為去年看到的情況，以及各季之間的波動性。

I'd say I would not probably quarrel with the math that a minus 2% to minus 4% becomes harder to comprehend given the solid start we had to the year. I think we're just firmly got our conservative hat on right now on the revenue guide, recognizing that there's nine months left in the year, and there was enough choppiness last year that, if anything, we've learned the lessons from the last couple of years and recognize that we're in a relatively solid place on guidance. And as we said in the script, we'll revisit guidance on the organic growth side on the second quarter call.

我想我大概不會反駁這個數學：以今年這樣穩健的開局來看，負 2% 到負 4% 會變得更難理解。我們目前在營收指引上確實戴著保守的帽子，因為今年還剩九個月，而去年波動夠大；如果說有什麼收穫，那就是我們從過去幾年的經驗學到教訓，並認知到我們在指引上處於相對穩健的位置。如同我們在講稿中所說，我們會在第二季電話會議時重新檢視有機成長指引。

John, we also added in the script, as you might have noticed, the view that we expect sort of revenue to be sort of closer to the midpoint, maybe a little bit ahead of the midpoint on the guide. So we are nudging it up, you would say, qualitatively inside of the current guide, but recognize there's probably some tailwinds here.

John，我們也在講稿中補充了你可能注意到的一點：我們預期營收會更接近指引中點，甚至可能略高於中點。所以可以說，我們在現有指引範圍內以質性方式略為上調，但也認知到這裡可能存在一些順風。

And Q1 really benefited from strong on-contract growth at 5%. And last year's Q1, just to be clear, it was about 8%, and then we saw OCG tail off over the course of the year last year. And our view is given we don't have full insight into what might happen over the next two or three quarters, let's take it slow and revisit the guide in Q2, but would not quarrel with the math that 4% contraction certainly looks like an outlier at this point.

而 Q1 主要受惠於強勁的合約內成長（OCG）達 5%。為了說清楚，去年 Q1 約為 8%，之後我們看到去年 OCG 在全年過程中逐步走弱。我們的看法是，鑑於我們對未來兩到三季可能發生的情況沒有完整能見度，我們先放慢腳步，並在 Q2 重新檢視指引；但我不會反駁這個數學：在此時點，4% 的收縮確實看起來像是個離群值。

Got it. Okay. That's super helpful color. Appreciate it. And Jim, in your prepared remarks, you had mentioned portfolio review possibility of additions and subtractions to the portfolio. I'm sort of asking the question at a very high level. But I'd love it if you could just kind of elaborate on the thoughts there.

了解。好。這些補充說明非常有幫助。謝謝。另外，Jim，你在事先準備的談話中提到投資組合檢視，可能會對投資組合做增減。我是在很高層次上提問。但我希望你能再多談談這方面的想法。

Sure. Well, thanks for your question. When I took the job back in October, I was really focused as an interim CEO on just the tactics, thinking that strategy could be left for the person that came in to be permanent, and that person is now me. So for the past couple of months, we've been really focused on strategy.

當然。謝謝你的問題。我在去年 10 月接下這份工作時，作為臨時 CEO，我其實更專注在戰術層面，認為策略可以留給之後上任的正式人選，而那個人現在就是我。因此過去幾個月，我們一直非常專注在策略上。

And part of that is going to mean that we're going to look at the opportunities where we can meet customer needs that the customers are coming to us for speed. They're coming at us for agility, both of which we are well suited to deliver on. But we've signaled already that we're probably not going to continue investing quite as heavily in the more commoditized enterprise IT areas. That's just one example.

而其中一部分將意味著，我們會去檢視那些機會：在客戶因為「速度」而來找我們的地方，我們如何滿足其需求。他們也因為「敏捷性」而來找我們，而這兩點正是我們非常擅長交付的。但我們也已經釋出訊號，我們可能不會再像過去那樣，持續在較為商品化的企業 IT 領域投入那麼多資金。這只是其中一個例子。

And we're going through the entire portfolio and a refresh of our strategy to look at the areas where customer needs probably don't show up in the fast current anymore. And we're going to try to make sure that the emphasis that we put on where we're investing is going to be -- whether it's internal and organic growth, what we're looking at investing in our bid pipeline, but also as we think about what M&A looks like, for the next 12 to 18 months, making sure that we're aligned with the speed that the customers are looking for areas where we can round out our capabilities as well as customer penetration for the coming investment cycle. Hopefully, it helps, John.

我們正在檢視整個產品組合，並更新我們的策略，去看哪些領域的客戶需求可能已經不再出現在當前快速流動的主流趨勢中。我們會努力確保投資重點的配置——不論是內部與有機成長、我們在投標管線上的投資，或是我們思考未來 12 到 18 個月的併購（M&A）樣貌時——都能與客戶所追求的速度保持一致，聚焦在我們可以補齊能力、並提升客戶滲透率的領域，以迎接接下來的投資週期。希望這能有所幫助，John。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Maybe just to talk a little bit about appropriation starting to flow and on-contract growth improving. Can you talk a little bit about where you're seeing specifically the areas where that improvement is occurring? And are there areas where it's not that we should know?

也許談一下撥款（appropriation）開始流入，以及合約內成長（on-contract growth）改善的情況。你能否具體談談你們看到改善發生在哪些領域？以及是否有一些領域沒有改善、是我們應該知道的？

John, I appreciate the question, Prabu here. So let me maybe paint the color here inside of the defense market. I would say, really big picture. I think we are starting to see appropriations flow inside of our Navy business. I think they continue to see that tailwind from appropriation. So -- and as you all know, we have a Navy business that's over USD1 billion and continues to grow nicely for us.

John，謝謝你的問題，我是 Prabu。我先在國防市場內部補充一些背景說明。我會說，從非常宏觀的角度來看。我們開始看到撥款在我們的海軍業務中流入。我認為他們仍持續受惠於撥款帶來的順風。所以——如各位所知，我們的海軍業務規模超過 10 億美元，並且持續為我們帶來不錯的成長。

I think we're actually starting to see within pockets of the Army, some of that increased appropriations, I think we're especially think about next-gen command control programs, think loitering munitions on the Navy side, I think more a increment 4 on the Army side. So we are seeing a handful of different areas where we're seeing that money start to flow through recognizing we've not seen much, if any, of the Big Beautiful Bill reconciliation yet. So there's certainly certain upside there.

我認為我們也開始在陸軍的某些區塊看到撥款增加；特別是想到下一代指揮控制（next-gen command control）計畫、海軍端的滯空彈藥（loitering munitions），以及陸軍端更偏向 Increment 4 的部分。因此，我們確實看到幾個不同領域的資金開始流入；同時也要注意，我們尚未看到「Big Beautiful Bill」調和案（reconciliation）帶來的影響，或幾乎還沒有看到。所以那裡確實還有一定的上行空間。

Space and Intel, I would say we're seeing a little more in the way of appropriations money coming on the I would say, digital range modernization program. We are seeing some of the benefit come through our GMASS radar sustainment program where we are continuing to see some really top-notch performance on our sustainment work on the legacy parks and UW radar. So we are seeing some real value creation there for the customers. And so we are seeing a couple of different pockets.

在太空與情資（Space and Intel）方面，我會說我們看到更多撥款資金流向數位靶場現代化（digital range modernization）計畫。我們也看到 GMASS 雷達維持（sustainment）計畫帶來的一些效益；我們在既有系統與 UW 雷達的維保工作上，持續展現非常出色的表現。因此，我們確實為客戶創造了實質價值。所以我們看到幾個不同的「口袋」領域出現進展。

I think part of the reason, and I recognize this is probably a little bit of a derivative of the first question we got is, since we're starting to see some of that benefit, we are cautiously optimistic that we will continue to see that flow. And one of the key goal posts that we're looking for is by, let's call it, mid-summer this year where are the agencies and the departments relative to the full year monies that they need to spend. And we think I'm cautiously optimistic that there's probably more to come in the second half of the year. So I think the caution is we're in an election year heading towards some uncertainty there, and we just want to be appropriately thoughtful and prudent in the way we're thinking about it. But broad-based I'm going to say, movement on the appropriations bond. And the reality is we're just taking it one month at a time right now. And hopefully, we continue to see the trend sustain.

我認為其中一個原因——我也理解這可能多少是延伸自我們收到的第一個問題——是因為我們開始看到部分效益，我們對於這股資金流將持續出現抱持審慎樂觀。我們正在觀察的一個關鍵里程碑是：以今年仲夏左右來說，各機關與部門相對於其全年需要支出的資金，目前進度到哪裡。而我審慎樂觀地認為，下半年可能還會有更多資金釋出。所以我想「審慎」之處在於：我們正處於選舉年，前方存在一些不確定性，我們希望在思考這件事時保持適當的周延與謹慎。但整體而言，我會說撥款面呈現廣泛性的動能。而現實是，我們現在就是一個月一個月地看。希望我們能持續看到這個趨勢延續。

Jim, would you add anything to that?

Jim，你要補充什麼嗎？

No, I think you've covered it well.

沒有，我覺得你已經說得很完整了。

And maybe just on capital allocation. So USD188 million in share repurchases, large relative to the last year's quarterly run rate. Just wondering if uses of cash is under the scope of the portfolio review.

另外想問一下資本配置（capital allocation）。你們回購股票 1.88 億美元，相較於去年每季的執行速度算是偏大。想請問現金用途是否也在這次產品組合檢視（portfolio review）的範圍之內？

Well, I think that the buybacks we did were I think, timely and prudent. And in the lack -- in the absence of other things to invest in the best place that we thought we could invest in it ourselves. That said, we're actively looking at some opportunities in the market that are aligned to our strategy and opportunities to round out capabilities where we see customer demand but also opportunities to move into customer areas that an acquisition would accelerate our strategy versus trying to do it organically.

我認為我們進行的回購是及時且審慎的。在缺乏其他更好的投資標的時，我們認為最好的投資去處就是投資我們自己。話雖如此，我們也正在積極尋找市場上一些與我們策略一致的機會，包含補齊能力的機會——在我們看到客戶需求的地方——以及透過收購進入某些客戶領域，讓收購能比起純粹有機方式更快推動我們的策略。

Thank you, Jim. John, the one thing I would add to that is our view that we want to be generally very disciplined about our cap deployment has not really changed. We are focused on the internal investments we're making. And the reality is, I think the investments we're making in key partnerships and the tuck-in M&A that Jim referred to. And not to mention kind of the opportunities we see within certain of the domains that we're operating in.

謝謝你，Jim。John，我要補充的一點是：我們希望在資本部署（cap deployment）上保持高度紀律的看法，其實沒有改變。我們聚焦在我們正在進行的內部投資。而現實是，我認為我們在關鍵合作夥伴關係上的投資，以及 Jim 提到的補強型併購（tuck-in M&A）。更不用說，我們在所處的某些領域中看到的各種機會。

I think there's probably plenty of opportunity for us to continue to invest in the business. And our buyback program has always been opportunistic. And when we saw the kind of dislocation to the stock price, I think it's really our fiduciary do to do the right thing for our shareholders, which we did. And we've not changed our full year buyback plan of, let's call it, roughly USD400 million. So you will see some change in the buyback volume in the second half of the year, especially if the stock continues to trade up the way it has today. So again, very opportunistic. And I would say we are continuing to actively invest inside the company around digital infrastructure and obviously, the AI-related investments we're making inside of the company.

我認為我們仍有相當多機會可以持續投資於業務。而我們的回購計畫一向是機會導向（opportunistic）。當我們看到股價出現那種程度的錯位（dislocation）時，我認為基於受託責任（fiduciary duty），我們應該為股東做正確的事，而我們也確實這麼做了。而我們並未改變全年回購計畫，約略是 4 億美元左右。因此，你會在下半年看到回購量有所變化，特別是如果股價持續像今天這樣走高。所以再次強調，非常機會導向。同時我也會說，我們仍在公司內部持續積極投資數位基礎設施，當然也包括我們在公司內部進行的 AI 相關投資。

And then the last comment I would make is relative to project orbit that Jim referred to in the earnings script. Part of the thesis behind Project Orbit is to free up investment capacity. We recognize that running EBITDA margins at over 10%, it's hard to -- I'm going to say, invest at scale out of profit. So we are creating investment capacity inside the company so we can actually improve the capabilities we can bring to the war fighter. And I think that's probably the ultimate driving force behind Project Orbit.

最後我想補充的是，關於 Jim 在財報講稿中提到的 Project Orbit。Project Orbit 背後的部分核心論點，是釋放投資能力。我們認知到，當 EBITDA 利潤率在 10% 以上時，要——我會說——僅靠利潤來進行大規模投資是很困難的。因此，我們正在公司內部創造投資能力，讓我們能實際提升可帶給作戰人員（war fighter）的能力。我認為這大概就是 Project Orbit 最終的主要驅動力。

As we said on the call, we'll provide you all a more detailed update on the second quarter call. But think of that as a way that is going to allow us to invest more in the business in a way that no amount of CapEx or profit ever could. And we're managing about USD7 billion of costs across the enterprise. And even if we can get a small sliver of that to go back into reinvestment for customers, I think that's probably the most bullish signal we can send because we are not waiting for funding to be available or creating the resources to be able to fund the business.

正如我們在電話會議中所說，我們會在第二季電話會議上提供各位更詳細的更新。但可以把它視為一種方式，讓我們能以一種任何規模的資本支出（CapEx）或利潤都難以達成的方式，對業務投入更多資源。我們在整個企業範圍內管理約 70 億美元的成本。即使我們只能把其中一小部分釋放出來，回流用於為客戶再投資，我認為那可能是我們能傳遞的最看多（bullish）訊號，因為我們不是在等待資金到位，而是在創造資源來為業務提供資金。

Matt Akers, BNP.

Matt Akers，法國巴黎銀行。

I want to kind of follow up on the portfolio questions hardware and how big that could become as a share of SAIC kind of hasn't been a big focus, but I heard you guys talk about command and control and radars, loitering munitions, so just how big do you think you can get? And is that more of a organic growth opportunity or something you could invest in to maybe partner with somebody else?

我想就投資組合相關的問題再追問一下，關於硬體以及它作為 SAIC 佔比可能會變得多大，因為這一直不是很大的重點，但我聽到你們談到指揮與控制和雷達、滯空彈藥，所以你們認為你們能做到多大規模？另外，這比較像是有機成長的機會，還是你們可能會投資、也許與其他公司合作的方向？

Sure. Thanks for the question, Matt. We have always had a very disciplined capital-light approach to how we deploy, including investments in the kinds of things that you just mentioned. And we do great work in places like Crane, Indiana, where we support the production of the Mark Torpedo, the loading ammunitions work that we do in Charleston and in other places and that's going to continue to be -- that kind of work is going to continue to be part of what we deliver to customers and deliver on their needs.

當然。謝謝你的提問，Matt。我們一向在資本部署上採取非常嚴謹、輕資本（capital-light）的方式，包括你剛提到的那些類型的投資。我們在像印第安納州 Crane 這樣的地方做得非常出色，我們支援 Mark 魚雷的生產、在查爾斯頓以及其他地點進行的彈藥裝填工作；而這些工作將會持續——這類工作會繼續成為我們交付給客戶、滿足其需求的一部分。

Now that said, I don't think that you should be looking for us to make huge large-scale investments in building new large plants, but we are certainly ready and we actually have proposals in front of customers to upscale the production rates on the kinds of things that I just mentioned, and we're prepared to invest more to meet those customer demands. So I think that what you're really going to see is a lot more in rapid prototyping upscaling the kind of work that we're doing and meeting the customer needs for a much elevated operational tempo given the conflicts that are currently ongoing.

不過話說回來，我不認為你們應該期待我們投入巨額、以大規模方式去興建新的大型工廠；但我們確實已經準備好了，而且我們目前也有提案在客戶面前，針對我剛提到的那些項目提高產能與生產速率，我們也願意投入更多資金以滿足客戶需求。所以我認為你們真正會看到的是更多快速原型（rapid prototyping）、把我們正在做的工作擴大規模，並在目前持續進行的衝突背景下，因應客戶更高的作戰節奏需求。

Thank you, Jim. Matt, if I can add to that. I think we do a fair amount of work touching hardware I think, as Jim correctly pointed out, upgrading at that intersection of hardware and software is where historically the engineering strength that this company has been. And so you should expect to see us do that I think the segway into that kind of work comes typically out of some of the sustainment work we're doing.

謝謝你，Jim。Matt，如果我可以補充一下。我認為我們確實做了相當多與硬體相關的工作；正如 Jim 正確指出的，在硬體與軟體的交會點進行升級，歷來一直是這家公司工程能力的強項所在。因此我認為你們應該會看到我們持續做這類事情；而切入這類工作的途徑通常是從我們正在做的一些維持（sustainment）工作延伸出來。

So for example, radars, we called out because we won the GMASS radar sustainment program and our engineering teams have really have delivered some phenomenal performance out of those legacy radars with software. So our capacity to understand hardware architecture along with, I'm going to say, software-defined hardware and given all the software shops we bring and given the infusion of AI into the software, we're actually moving a little more quickly and it has given us a real opportunity to differentiate ourselves.

例如雷達，我們特別提到是因為我們贏得了 GMASS 雷達維持計畫，而我們的工程團隊確實透過軟體，讓這些既有（legacy）雷達展現了非常卓越的效能。因此，我們理解硬體架構的能力，加上我會說「軟體定義硬體」（software-defined hardware），再加上我們帶來的各種軟體團隊，以及 AI 對軟體的注入，我們其實正在加快一些速度，這也給了我們一個真正能夠差異化的機會。

The Mark 48 heavyweight Torpedo, the work that we do there for the navy, it began as a small sustainment contract and has grown into a large production contract. So we're going to be really disciplined about where we want to touch hardware, but I think of this as a way for us to begin in services or sustainment and move upmarket or up the vertical stack, if you will, on hardware. But as Jim said, don't expect us to become a hardware prime I think we know our sweet spot and we know what we're good at, and we have to stay disciplined.

Mark 48 重型魚雷，我們為海軍所做的那項工作，一開始是一份小型的維持合約，後來成長為大型的生產合約。所以我們會非常嚴謹地選擇在哪些地方要切入硬體；但我把這視為一種方式：讓我們先從服務或維持開始，然後在硬體方面往上走、往更高端市場或更上層的垂直堆疊（vertical stack）移動。但如同 Jim 所說，不要期待我們成為硬體主承包商（hardware prime）；我想我們知道自己的甜蜜點（sweet spot），也知道我們擅長什麼，我們必須保持紀律。

And then if I could ask on the margins, I guess, Q1 EBITDA margin, even if I back out the USD12 million gain on sale were quite strong. So just curious how you're thinking about that? And could that maybe persist for the rest of the year?

另外我想問一下利潤率，我想是第一季 EBITDA 利潤率，即使把出售帶來的 1,200 萬美元收益扣除，仍然相當強勁。所以想請教你們怎麼看？而這種表現是否可能在今年剩餘時間持續？

Matt, I appreciate the question. Look, I think as you pointed out, the sale of the venture investment, margins were, I'm going to say, comfortably mid- to upper 10%. And what's implied in the guide is probably mid- to upper 9%. The teams have done a fabulous job so far, just putting their heads down and executing. Our objectives have not changed, as I would point out our incentive comp metric does reward outsized EBITDA margin rate performance. That was one of the changes we made this year. So I think the incentives are aligned for the teams to continue to drive.

Matt，謝謝你的提問。你看，正如你指出的，出售那筆創投投資之後，利潤率大概是在我會說相對舒適的 10% 中段到高段。而指引所隱含的大概是 9% 中段到高段。到目前為止，團隊做得非常出色，就是埋頭執行。我們的目標沒有改變；另外我也要指出，我們的獎酬激勵指標確實會獎勵超出預期的 EBITDA 利潤率表現。這是我們今年做出的其中一項調整。所以我認為激勵機制已經與團隊持續推動改善的方向一致。

But again, I would say just recognizing we're still early in the year, we want the teams to have the elbow room to go execute and do the right things. And the reality is when we set aggressive targets early in the year and the teams are chasing; you end up taking on some bad business. This start has allowed us to be very measured about the kinds of work we want to do over the course of the year. and into next year. But I would not argue with the math that we should do better than perhaps what's implied in the guide, but we have to go deliver. And every day, every week here brings a level of uncertainty that we hadn't seen before. So we just have to be measured and give the teams the room to go operate because obviously, they are the ones delivering frontline performance, and we want to make sure they have the room to operate.

但我還是要說，考量到現在仍是年初，我們希望團隊有足夠的空間去執行、去做正確的事。現實是，若我們在年初就設定非常激進的目標、團隊拼命追趕，最後往往會接到一些不好的業務。這樣的開局讓我們能更審慎地衡量今年、以及延伸到明年我們想做的工作類型。不過我不會反對從數學上看，我們應該能做得比指引所隱含的更好，但我們必須把交付做出來。而且每天、每週都帶來一種我們以前沒見過的不確定性。所以我們必須保持審慎，並給團隊空間去運作，因為很明顯他們是在第一線交付績效的人，我們要確保他們有足夠的運作空間。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Just maybe to follow up -- just a little bit more granularity about the margin. The benefit from the sale of the venture investment, assuming that that was in the corporate section. And we saw, I guess, some particularly strong results in each of the segments. Is there anything you'd highlight that was particularly unique about the operational performance in either of the segments this quarter? I think this is the highest Civil margin that we've seen that we have data for.

我想再追問一下——關於利潤率再多一點細節。出售那筆創投投資的收益，假設是列在公司（corporate）部門。而我們看到，我想各個事業部門的結果都特別強勁。這一季在任一部門的營運表現上，有沒有什麼你會特別強調、屬於比較獨特的因素？我認為這是我們在有資料可查的期間內看到的最高 Civil 利潤率。

I appreciate the question, Seth. And I'm able to start with the Civil part of this. Really big picture, we saw broad-based outperformance across the portfolio. That's including our Defense Intel business as well as our Civil business.

謝謝你的提問，Seth。我可以先從 Civil 這一塊開始談。從更宏觀的角度來看，我們看到整個投資組合呈現廣泛性的超預期表現。這包括我們的國防情資（Defense Intel）業務以及我們的 Civil 業務。

Maybe I'll start with the Civil commentary first, maybe perhaps a little selfishly, but a couple of years ago, this business was operating at about 12%, 12.5%. And what we said at the time was expect that mid-12% to be the trough for that business that we would expect this business to operate consistently at 15% or so. And here we are at 15% in the second quarter. And I think the team continues to exceedingly well perform. As you know, the vast majority of the T&M and fixed price work in the portfolio sits in our Civil business, and the team has done a fabulous job, I think, really executing and we're really hoping to execute to that continued margin momentum.

也許我先從 Civil 的評論開始，可能有點私心，但幾年前這個業務的利潤率大約在 12%、12.5%。而我們當時說過，預期 12% 中段會是該業務的谷底（trough），我們預期這個業務能夠穩定在大約 15% 左右。而現在我們在第二季達到 15%。我認為團隊持續表現得非常、非常好。如你所知，投資組合中絕大多數的工時與材料（T&M）以及固定價格（fixed price）工作都在我們的 Civil 業務裡；我認為團隊在執行上做得非常出色，我們也非常希望能延續這股利潤率動能。

On Defense and Intel, I would just say, over the last, I would say, three, four, maybe even fuve years, we have consistently moved the bar on margin rate performance inside the business. We constantly revisit thresholds that we want the businesses to bid at. We are always looking at the pipeline to say, is the work accretive or dilutive to the enterprise. And every year in the last three to five years, we've actually moved the required thresholds for work even on cost-plus programs. In other words, we were expecting, and we've talked about this in the past on prior calls around just bidding to more profitable elements of the portfolio and we're starting to see some of that benefit come through.

至於國防與情資（Defense and Intel），我會說在過去大概三、四、甚至可能五年裡，我們一直在持續提高該業務的利潤率表現門檻。我們不斷重新檢視各業務在投標時希望達到的門檻。我們也總是在看管線（pipeline），去判斷這些工作對整體企業而言是增益（accretive）還是稀釋（dilutive）。而在過去三到五年的每一年，我們其實都提高了對工作所要求的門檻，即使是在成本加成（cost-plus）專案上也是如此。換句話說，我們原本就預期——而且我們在過去的電話會議中也談過——我們會把投標重心放在投資組合中更有利可圖的部分，而我們開始看到其中一些效益逐步反映出來。

Again, I don't want to get too pollyannish on a single quarter's performance. The reality is we have to sustain this momentum. And if we do end up performing better than what's implied in our guide, as Jim said, and as I've said, there are opportunities for real investment in the business that we can now have the, I'm going to say, luxury of investing more in the business and hopefully secure some important, not just recompetes, but also new work that's out there.

再次強調，我不想因為單一季度的表現就過度樂觀。現實是我們必須維持這股動能。而如果我們最終的表現確實優於我們指引所隱含的水準，如 Jim 所說、也如我所說，我們就有機會對業務進行真正的投資；我們現在可以說是有了更多投入業務的「餘裕」，並希望能拿下外面一些重要的工作，不僅是續約競標（recompetes），也包括新的案子。

So again, this is the benefit of giving yourselves the operational levers to be able to outperform. And we've not really had that the last couple of years or so. And what I personally love about this quarter is that we've got some more levers this year that we didn't have the last couple of years. So all good, but we have worked to do that, and I'm never going to get ahead of where the reported results are.

所以再次說明，這就是讓你們具備可用來超預期表現的營運槓桿所帶來的好處。而過去大概一兩年我們其實並沒有真正具備這些。我個人很喜歡本季的一點是，今年我們多了一些過去兩年沒有的槓桿。所以整體都很好，但我們也確實為此付出努力；而我永遠不會走在已公布結果之前。

And then maybe as a follow-up, Jim, I think there's a perception that there are some competitive headwinds emerging for services across the industry that the administration is a bit ambivalent about the role of services for the government. Can you talk a little bit about the types of -- the feedback that you've been getting from customers kind of where you see opportunities now. And also maybe to the extent that we do see strong budget growth in '27, is there -- does that kind of bring the industry and SAIC along with it? Is there a world where there's really robust growth in appropriations in '27 and the company does not participate in that?

接著可能追問一下，Jim，我認為市場上有一種看法：整個產業的服務業務正面臨一些競爭逆風，而政府本屆行政團隊對於服務在政府中的角色有點態度曖昧。你能否談談你從客戶那邊收到的回饋、以及你目前看到的機會在哪裡？另外，如果我們確實在 2027 年看到強勁的預算成長，這是否會帶動整個產業以及 SAIC 一起受惠？是否存在一種情境：2027 年撥款（appropriations）非常強勁成長，但公司卻沒有參與到這波成長？

Well, I think as I said during the prepared remarks, the direction that the budget is going and whether you believe USD1 trillion, USD1.25 trillion or kind of USD1.5 trillion, any of those scenarios give us opportunity for growth. And then -- and where we see the opportunities where the government is clearly not endivalent about the role of a company like SAIC. It's in the areas where it's not just radar sustainment but radar modernization. There's plenty of opportunity, for example, there we've talked about areas of munitions, the Mark 48 torpedo program, as an example, loading munitions that we mentioned on the -- in the prepared remarks as well. just by way of giving you some ideas.

我想如同我在事先準備的發言中所說，預算的走向，不論你相信是 1 兆美元、1.25 兆美元，或大約 1.5 兆美元，任何一種情境都給了我們成長的機會。然後——我們看到的機會、以及政府顯然並不會對像 SAIC 這樣公司的角色感到「曖昧」的地方——是在不只是雷達維持（sustainment），而是雷達現代化（modernization）的領域。例如，我們談過的彈藥相關領域、Mark 48 魚雷計畫等；以及我們在事先準備的發言中也提到的彈藥裝填（loading munitions）等，僅是提供你一些例子。

And then also our intimate knowledge with how the customer operates give us the opportunities we are executing on now are around data fusion data integration, battle space management, the acceleration of decision-making in areas of -- I would say about space execution are a few of the examples where I don't think that the government is showing us any signs of ambivalence. I think the areas where we want to scale back a bit, and we've talked about it on the last call, and we were reiterating it here is anything that's commoditized on the IT side, where customer loyalties are more focused on price than they are execution and capabilities is where we're probably going to spend a little bit less emphasis on them. You want to...

另外，我們對客戶如何運作的深入了解，也讓我們在目前正在執行的機會上具備優勢，例如資料融合、資料整合、戰場空間管理、加速決策；以及我會說在太空作戰執行（space execution）等領域，都是一些例子；在這些方面，我不認為政府對我們有任何態度曖昧的跡象。我認為我們想要稍微縮減的領域——我們在上次電話會議已談過，這次也再次重申——是 IT 端任何已商品化（commoditized）的部分；在那裡，客戶忠誠度更偏向價格，而不是執行與能力，我們可能會在那上面少放一些重點。你要不要……

Just one thing to add there, Jim, that was really good. I think, Seth, this business has always seen, I'd say, good competition. And we would say the administration's call for companies to put more skin in the game is probably exactly the right thing to do. There are plenty of opportunities for us to invest in the did, and we are doing that.

我補充一點，Jim，你剛剛說得很好。Seth，我認為這個業務一直以來都面臨——我會說——良性的競爭。而我們也會說，行政團隊呼籲企業要投入更多自身資源、承擔更多風險（put more skin in the game），大概正是正確的做法。我們有很多機會可以投資於研發（R&D），而我們也正在這麼做。

Technology and to some extent, AI can be deflationary. So what we have to do is, as we've done over multiple decades is ensure that we can do more with less using technology to drive outperformance. I think part of why we've always said the move to outcome-based contracts is a good thing for the sector is because we have demonstrated the capacity to deliver strong margins in an outcome-oriented environment. So I think all of those things on the macro side are good.

科技在某種程度上，包括 AI，可能具有通縮效果。所以我們必須做的，就像過去數十年我們一直做的那樣，是確保能用科技做到以更少資源完成更多，並藉此推動超預期表現。我認為我們一直說轉向以成果為基礎的合約（outcome-based contracts）對產業是好事，其中一部分原因是我們已證明，在以成果導向的環境中，我們有能力交付強勁的利潤率。所以我認為在總體層面，這些都是正面的。

I think the other thing that Jim was alluding to is just as important. I think we want to be at the intersection where the systems are converging. And legacy distinctions between Title 10, Title 50, Title 18, they're all starting to merge. And to be operating in the data layer where the data is not owned by individual companies, but it's fully democratized, so we can bring the best of the tools that are available to get the most out of the architectures in place as well as the data that's being generated. So there's a unique role for companies like SAIC to operate sort of at this hybrid, I'm going to say, hardware, software intersection, I'm going to say, a platform data intersection that's really unique and somewhat exciting. And I think that's where our focus is.

我認為 Jim 剛剛暗示的另一點同樣重要。我想我們希望站在系統正在匯聚（converging）的交會點上。而過去在 Title 10、Title 50、Title 18 之間的傳統區隔，現在都開始融合。並且在資料層運作——資料不是由個別公司所擁有，而是完全民主化（fully democratized）——因此我們可以帶入現有最好的工具，從既有架構以及正在產生的資料中榨取最大價值。所以像 SAIC 這樣的公司，在這種混合型的——我會說——硬體與軟體交會點、以及平台與資料交會點上，扮演著非常獨特、也有點令人興奮的角色。我認為這就是我們的聚焦方向。

And ultimately, we run these systems for the government. We believe the government owns the data to these systems and delivering the best value for these programs. It remains our topmost priority.

而最終，我們是為政府運行這些系統。我們相信政府擁有這些系統的資料，並且交付這些計畫的最佳價值。這仍然是我們最優先的事項。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

I was feeling lucky, six questions and no one asked about Civil margins crushing it, but Seth killed it. So Prabu, I appreciate how you talked about a few years ago, they were at trough levels at 12%, and now they're up 15%. Maybe if you could give a little bit more detail. I know you're great at costs and controlling everything. How are you thinking about that in terms of Civil and these margins? What customers are driving it? Maybe if you could talk about the specific contracts.

我本來覺得自己很幸運，六個問題都沒人問到民用（Civil）利潤率大幅提升的事，但 Seth 把它點出來了。所以 Prabu，我很感謝你提到幾年前它們在谷底水準約 12%，現在升到 15%。也許你可以再多給一些細節。我知道你很擅長成本與各項控管。你如何看待民用業務以及這些利潤率？是哪些客戶在推動？也許你可以談談具體的合約。

Sheila, I appreciate the question. And look really big picture. I would say the Civil portfolio has had, I'd say, broad-based improvement on the margin front over the last few years. And I really want to acknowledge the hard work that the team has done to put us in this position. I would say, because that portfolio is almost 100% fixed price and T&M work, the reality is they have more levers that our Defense and Intel business simply does not have given their preponderance of cost-plus work. So I'd probably start there at the biggest level.

Sheila，謝謝你的問題。從非常宏觀的角度來看，我會說民用業務組合在過去幾年，在利潤率方面呈現廣泛性的改善。我也真的要肯定團隊為了讓我們走到今天這個位置所付出的努力。我會說，因為那個組合幾乎 100% 是固定價格（fixed price）與工時與材料（T&M）類型的工作，現實是他們擁有更多槓桿，是我們國防與情報業務因為以成本加成（cost-plus）為主而不具備的。所以我大概會先從這個最高層次的因素談起。

The Civil business, DOJ was hard in the industry, but the Civil business has actually held their own the last couple of years on top line. And they have not seen the contraction we saw in the rest of the market. but it is not what I would call a growth supportive environment right now. Now we are hopeful that, that changes. And our message to the teams internally is at this point, you could go chase USD1 of revenue where the win or the (inaudible), if you will, is not very high or you can put your energy to work at delivering a margin of USD1 of EBITDA. And the teams have actually done a really nice job. And it's that focus that we want to continue to drive inside the business and position ourselves for when that growth starts to inflect in the portfolio.

民用業務方面，司法部（DOJ）在產業裡一直是比較艱難的領域，但民用業務在過去幾年其實在營收（top line）上仍能守住陣地。而且他們沒有看到我們在市場其他部分所看到的那種萎縮；但就目前而言，這也不是我會稱之為有利於成長的環境。我們希望這種情況能有所改變。我們對內部團隊的訊息是：在這個時間點，你可以去追逐 1 美元的營收，而其勝率或（聽不清楚）如果你願意這麼說的話，並不高；或者你也可以把精力用在交付 1 美元的 EBITDA 利潤率上。而團隊確實做得非常好。我們希望在業務內部持續推動這種聚焦，並為當這個組合的成長開始出現拐點時做好定位。

The work we do at Department of State, the work that we do at DHS patents, Department of Commerce interior, they all tend to be good contracts that are delivering good sized EBITDA growth for us, and that's what the team is focused on and not chasing top line. And the message internally has also been that to the extent top line starts to inflect up and we are delivering more growth out of the Civil business then let that growth drive margins down. And that's an okay trade to make over time because you're ultimately growing EBITDA dollars there. So that's how we've approached it. Again, it's come together really well this quarter, but I don't want to get too far ahead of what the rest of the year brings.

我們在國務院所做的工作、我們在國土安全部（DHS）專利、商務部、內政部所做的工作，整體而言都傾向於是優質合約，能為我們帶來相當規模的 EBITDA 成長；團隊專注的正是這一點，而不是追逐營收規模。內部傳達的訊息也一直是：只要營收開始上行、且我們從民用（Civil）業務帶來更多成長，那就讓這個成長把利潤率往下拉。從長期來看，這是一個可以接受的取捨，因為你最終是在增加 EBITDA 的絕對金額。所以我們就是這樣來做的。再次強調，本季確實整合得非常好，但我不想對今年剩餘時間的情況過度超前解讀。

Okay. No, that's super helpful. And then if I could ask maybe one more big picture one. As you thought about setting your fiscal '27 guidance, you talked about the low-margin enterprise IT work kind of removing that from your -- kind of from your pipeline and submits and then your revenue. How do we think about it impacting those three as we think about it progressing through the quarters this year? How do we think about that impact? Do we think about it impacting your pipeline and submits it all as well?

好的。不，這非常有幫助。然後如果我可以再問一個更宏觀的問題。在你們思考制定 2027 財年的指引時，你提到把低毛利的企業 IT 工作，某種程度上從你們的——從你們的管線與投標（submits），以及之後的營收中移除。當我們看它在今年各季度推進時，應該如何理解它對這三者的影響？我們應該如何看待這個影響？我們是否也應該認為它會影響你們的管線與投標（submits）？

Big picture, Sheila. I think our pipelines come down, I would say, from this time last year by about 25%. The vast majority of that contraction has been in our enterprise IT portfolio. And I want to be really crisp about how we save this.

從大方向來看，Sheila。我認為我們的管線相較於去年此時大約下降了 25%。其中絕大部分的收縮發生在我們的企業 IT 組合。我想把我們如何表述這件事講得非常清楚。

I think we're not saying that that market is not an important market for us. I think we simply want to say that we're going to be very calibrated and selective on the opportunities we chase inside of that market. And our Civil business is predominantly enterprise IT work. So we know how to do that work well. But chasing enterprise IT work in the more commoditized parts of the market where it's cost plus and not outcome-oriented is not the right band diagram that we are trying to strike here. So that's where the focus is. As we cycle through the remainder of the year, I think our expectation would be that enterprise IT will always be an important part of it. but probably not the predominant driver of the quality of the portfolio in this company.

我想我們並不是在說那個市場對我們不重要。我們只是想說，我們會非常審慎、精準地校準並選擇在那個市場中追逐的機會。而我們的民用（Civil）業務主要就是企業 IT 工作。所以我們知道如何把這類工作做好。但在市場中更商品化的部分去追逐企業 IT 工作——那裡多是成本加成（cost plus）而非以成果為導向——並不是我們想要達成的正確「帶寬圖」（band diagram）。所以重點就在這裡。隨著今年剩餘時間的推進，我們的預期是企業 IT 永遠會是重要的一部分，但它可能不再是驅動本公司組合品質的主要因素。

Exactly. And just to reiterate, the enterprise IT work done for our civilian customers because the contract formats are more outcome-based and they give us opportunity to drive better results for our customers, lower cost for our customers, but also higher margins for us. And that would be a great model if we could have it everywhere, but we can't, at least not in the short run. And so we're going to be, again, emphasizing the parts of the enterprise IT market, where we have an opportunity to perform well get rewarded by our customers and see higher recompete win rates, quite honestly, where in some parts of it because it's so commoditized, that gets really hard.

沒錯。再重申一次，為我們的民用客戶所做的企業 IT 工作，因為合約形式更偏向以成果為基礎，讓我們有機會為客戶帶來更好的結果、為客戶降低成本，同時也為我們帶來更高的利潤率。如果我們能在所有地方都採用這種模式，那會是很棒的模式，但我們做不到——至少短期內做不到。因此我們會再次強調企業 IT 市場中那些我們有機會表現出色、能獲得客戶回報、並且坦白說能看到更高續約競標（recompete）勝率的部分；而在某些區塊，因為太過商品化，這就會變得非常困難。

Tobey Sommer, Truist Securities.

Tobey Sommer，Truist Securities。

I was hoping if you could comment on what you're hearing and seeing from your NASA customer amid some news of potential in-sourcing. And then over the medium term for Civil, do you anticipate significant Department of War spending increases as pressuring the civil side, given that we're already in a relatively stretched fiscal condition?

我想請你評論一下，在有一些可能改為內部承作（in-sourcing）的消息之下，你從 NASA 客戶那邊聽到與看到的是什麼。另外，中期來看，對於民用（Civil）業務，你是否預期國防部（Department of War）的支出大幅增加會對民用端造成擠壓？畢竟我們目前的財政狀況已經相對吃緊。

Tobey, let me maybe take a first crack at this. I think really big picture, I would say, civil funding right now is at a crop I would say, if we had to bet, we would say it's probably not going to materially deteriorate from here. I think we're going to see some modest changes here and there, but not a -- our view at least is that it's going to have a material reduction at the funding levels for the civil agencies. So the question on does DOW funding pressure.

Tobey，我先嘗試回答第一部分。從非常宏觀的角度來看，我會說目前民用資金大致處在——我會說——如果要下注的話，我們會認為它大概不會從這裡開始出現實質性惡化。我想我們會看到一些零星的溫和變動，但——至少我們的看法是——民用機構的資金水準不會出現實質性的下調。所以關於國防部資金是否會造成擠壓的問題。

So well, I mean, look, I think that's always a trade that gets made sometimes. But I do think that these critical systems, this critical infrastructure has to be maintained, has to be robust and especially with the threats posed by AI to have the right architectures in place and the right sort of, I'm going to say, cyber hygiene, they're all critical to the national security. So I think it would be our expectation that funding remains relatively flat. At some point, it will inflect up when the threat actors recognize where the vulnerabilities are and we have to work to counteract that. But big picture, that's our view on where the budgets are right now.

嗯，我是說，坦白講，這確實是有時會被拿來權衡取捨的事情。但我也認為，這些關鍵系統、關鍵基礎設施必須被維持、必須具備韌性；尤其在 AI 帶來的威脅之下，必須建立正確的架構，以及正確的——我會說——資安衛生（cyber hygiene），這些都對國家安全至關重要。因此我們的預期是資金將維持相對持平。在某個時間點，當威脅行為者辨識出漏洞所在、而我們必須著手反制時，資金就會開始上行。但從大方向來看，這就是我們對目前預算走向的看法。

And again, I think we're fortunate to be placed in the civilian market, we're well placed with the things that have enduring need. We have great positions in Homeland Security with customs and border protection, providing critical infrastructure for supporting the mission of people that are keeping the bad guys out of the border.

另外，我認為我們很幸運能夠在民用市場中占有一席之地；我們在那些具有長期需求的領域布局良好。我們在國土安全領域、與海關與邊境保護局（Customs and Border Protection）的合作上有很強的地位，提供關鍵基礎設施以支援那些在邊境把壞人擋在外面的人所執行的任務。

We also have great positions in work that we do with the FAA. And just -- for example, Department of Treasury. So these are the kinds of areas as Prabu said, have enduring need. And probably, we're fortunate that we're not in the places that are going to see the lion's share of any kind of budgetary pressure on civilian agencies.

我們在與 FAA 合作的工作上也有很強的地位。還有——例如——財政部（Department of Treasury）。所以這些領域如 Prabu 所說，都有長期且持續的需求。而且我們可能也很幸運，因為我們不在那些將承受民用機構預算壓力最大份額的地方。

And then as a follow-up, I'd love to ask a question on the great margin performance in Civil, do you think that that kind of profitability is sustainable over time?

然後作為追問，我也想就民用（Civil）業務出色的利潤率表現問一個問題：你認為這種獲利水準長期來看是否可持續？

Tobey, I appreciate the question. Look, I think is 11.6% sustainable for this business where it sits today? No. Could we consistently be at the -- and we've said that our expectation is that over time, we will drive this business to mid- to upper 10s bordering 11%. That is where we want to take this portfolio.

Tobey，謝謝你的問題。你問 11.6% 在這項業務以目前狀態而言是否可持續？不。但我們是否能夠穩定地達到——而且我們也說過，我們的預期是隨著時間推進，會把這項業務推進到 10% 中段到 10% 高段、接近 11% 的水準。這就是我們希望把這個組合帶到的地方。

A couple of years ago, three years ago to be precise, we were mid- to upper 8%. And that kind of organic change takes time, and it does not. And if you took the time to get this right, it will not require you to do irrational things starving the business development and (inaudible). So we're trying to do it the right way. But I do think that this portfolio, there's no reason.

幾年前——精確地說是三年前——我們的水準在 8% 中段到 8% 高段。而這種有機的改善需要時間，而且它並不——而且如果你花時間把它做對，就不需要你做出不理性的事情，例如讓業務開發資源挨餓以及（聽不清楚）。所以我們正嘗試用正確的方式來做。但我確實認為，這個組合沒有理由——

If I look at the fee we earn on the labor component of our business, that would imply that our margins should get to mid- to upper 10s, but it's going to be a multiyear journey. And we want to balance that against investments we are making in the business.

如果我看我們在人力（labor）組成部分所賺取的費率（fee），那會意味著我們的利潤率應該能到 10% 中段到 10% 高段，但這會是一段跨多年的旅程。而我們也希望在這與我們正在進行的業務投資之間取得平衡。

And Tobey, I realized I didn't answer the first question on NASA. I think reality is we have a very little of the NASA business that's left for better or for worse. And so obviously, could that happen in other agencies? Sure. I think it's a possibility, but we're going to have to navigate it and take it agency by agency. And again, historically, the government's not been effective in sourcing critical capabilities and -- but that's a pendulum that swings back and forth. So we're going to have to see where that plays out in certain agencies and obviously, we're committed to doing the right thing for our government, and we'll work with our customers to figure out the right solution for them and for us.

另外，Tobey，我意識到我沒有回答第一個關於 NASA 的問題。我想現實情況是，無論好壞，我們在 NASA 這塊剩下的業務非常少。所以很明顯，這種情況會不會在其他機構發生？當然。我認為這是有可能的，但我們必須逐個機構去因應並加以處理。而且再次強調，從歷史來看，政府在採購關鍵能力方面一直不算有效——但這個鐘擺會來回擺動。因此，我們必須觀察在某些機構中會如何發展；當然，我們致力於為政府做正確的事，並會與客戶合作，找出對他們與對我們都合適的解決方案。

(Operator Instructions) Gautam Khanna, TD Cowen.

(接線員指示) Gautam Khanna，TD Cowen。

I was wondering if you could characterize the bookings environment since the quarter end, so in the last month. And also if you could help us quantify the sequential headwind on IT in the third quarter relative to the second and in the fourth quarter relative to the third.

我想請問您能否描述一下自本季結束以來（也就是過去一個月）的接單環境。另外，能否協助我們量化第三季相較第二季、以及第四季相較第三季在 IT 方面的序列性逆風有多大。

Gautam, maybe I'll try to take the first part of the question and -- on the -- if you think about the bookings environment, I mean, I would say there's a good amount of proposal activity going on right now. So I would say there's probably increased up tempo, and I just have to go down to the fourth floor of our building, and our teams are incredibly busy working on proposals. So we do expect a very healthy level of submissions both in the second quarter and the third quarter this year before perhaps starting to tail off, which is a typical pattern we see just given the seasonality of this business. So that feels like it's the right tempo for us to get to our submissions number of USD25 billion to USD28 billion for the full year. So that's sort of how we are seeing it.

Gautam，也許我先回答問題的第一部分——關於接單環境，如果你這樣看，我會說目前提案活動相當多。所以我會說節奏可能有所加快；我只要走到我們大樓的四樓，我們的團隊就忙得不可開交在做提案。因此，我們預期今年第二季與第三季的提交量都會非常健康，之後可能才會開始趨緩，這是我們在這個業務中因季節性而常見的典型模式。所以這樣的節奏看起來是正確的，有助於我們達成全年提交金額 250 億至 280 億美元的目標。這大致就是我們目前的觀察。

In terms of the decisions, we are I think for the larger awards, we're seeing maybe those take a little bit longer as those awards go through multiple levels of review inside of the government. But they are starting to break through in the system, and we are hoping to see that volume stabilize in terms of decisions, which is why we feel good about the 1.1 book-to-bill in the first quarter and we do expect to complete the year comfortably over 1.0, I would say, on net book-to-bill.

就決策進度而言，我認為對於較大型的授標案，我們看到它們可能會花更久時間，因為這些案子在政府內部需要經過多個層級的審查。但它們正開始在系統中逐步通過，我們也希望在決策量方面能趨於穩定；這也是為什麼我們對第一季 1.1 的接單出貨比（book-to-bill）感到樂觀，並且確實預期全年淨接單出貨比會舒適地高於 1.0。

I think on the (inaudible) impact and the seasonality impact I would say we start to see some impacts from the rich recompete tailing off, starting, I would say, Q3 maybe towards the end of Q2 into Q3. And think of the headwind as sort of being in the circa 3% range for organic growth in each of Q3 and Q4. So think of it as roughly level loaded in the second half of the year at about 3% and we contracted about 6% in the second half of this year. So think of Ritz as being approximately half of that, so we should apples-to-apples contract about 3. And then given on contract growth performance, ramp on new, those become the, I would say, the inputs to determine what organic growth looks like in the second half of the year. Hope that helps.

我想就（聽不清）影響與季節性影響而言，我會說我們開始看到來自高價再競標（rich recompete）逐步減弱的影響，大概從第二季末到第三季、我會說第三季開始出現。而逆風可視為第三季與第四季各自對有機成長約 3% 左右的影響。所以可以把它想成下半年大致平均分布、約 3% 的影響；而我們在今年下半年約收縮了 6%。因此可把 Ritz 視為大約其中的一半，也就是在可比基礎下我們大約會收縮 3%。接著，考量合約成長表現、新合約的爬坡等因素，這些就成為決定下半年有機成長表現的輸入。希望這有幫助。

Max Miller, UBS.

Max Miller，UBS。

This is Max Miller on for (inaudible). I was hoping to get a little bit more information about the new state department of all vehicle. Obviously, a lot of competitors across a few different buckets there, but also more than just Vanguard rolled off into that contract. I was hoping you could talk about how much of the increased scope is addressable relative to the previous run rate. Maybe you want to assume the guidance and, I guess, timing around when you expect task orders to start rolling through on that vehicle.

我是 Max Miller，代替(聽不清)。我希望能多了解一些關於國務院新的全車輛（all vehicle）合約載具。顯然那裡在幾個不同類別中有很多競爭對手，而且不只是 Vanguard 併入該合約。我想請您談談，相較於先前的運行水準（run rate），新增範疇中有多少是可供我們爭取（addressable）的。也許您可以在指引假設下，談談您預期任務單（task orders）何時會開始在該載具上陸續釋出與落地的時程。

Max, Prabu here. I appreciate the question. On Vanguard, the run rate is about USD250 million a year, and we said above average margins right now on that program. If you took the total value of the ceiling of that EVOLVE program, that's about USD10 billion over seven years, that would imply if the funding is there, that the run rate on the new EVOLVE program is over USD1 billion a year, SafeNet.

Max，我是 Prabu。謝謝你的問題。就 Vanguard 而言，目前的運行水準大約每年 2.5 億美元，我們也提到該專案目前的利潤率高於平均。如果你看 EVOLVE 計畫的總上限（ceiling）價值，大約是 70 億年期合計 100 億美元；若資金到位，這意味著新的 EVOLVE 計畫年運行水準將超過每年 10 億美元，SafeNet。

And I think for us, there are 5 work streams and evolve. We have bid and won a seat at the table on 4 of the 5 work streams. We did not bid 1 of the 5 because of certain organization conflict interest issues. And so we have been selected, and you've seen some of our peers talk about it. I think we are very much in the same boat as them. with the capacity to bid and win new work.

我想對我們而言，EVOLVE 有 5 個工作流（work streams）。我們在其中 5 個裡的 4 個投標並贏得了席位。有 1 個我們沒有投標，因為涉及某些組織利益衝突（OCI）問題。因此我們已被選中，你也看到一些同業談到這件事。我認為我們與他們的情況非常類似，具備投標並贏得新工作的能力。

To be clear, as the Interim Head of the Civil business, I would say my expectation and that of my leadership team is we would love to hold on to the work we have on Vanguard in terms of volume, but there's a real opportunity for us to improve on that capacity. But again, we will take this one task order at a time.

說清楚一點，作為民用業務的臨時負責人，我會說我和我的領導團隊的期待是：我們希望在量的層面能保住目前在 Vanguard 的工作，但我們也確實有機會在此基礎上提升我們的承接能力。不過同樣地，我們會一次處理一張任務單。

And there is some upside as well as some downside on that program. And the way we've calibrated our guidance is it's probably unlikely to have any material impacts to guidance this year. It's more of a next year, which is why in the script, we said we'd like to derisk Vanguard evolve over the course of the next several quarters. So that's our approach to it.

而且這個專案既有一些上行空間，也有一些下行風險。我們校準指引的方式是：今年不太可能對指引造成任何重大影響。影響更多會落在明年；這也是為什麼在講稿中我們說，希望在未來幾個季度逐步降低 Vanguard EVOLVE 的風險。這就是我們的做法。

Again, there's some downside. There's also some upside. We just have to see how all of this plays out, but it does open up some areas that we are not currently in, and hopefully, they represent some side. But right now, I think pets down and keeping as much of the work we have is our number one priority.

再次強調，確實有一些下行。也同時有一些上行。我們必須看看整體會如何發展，但它確實開啟了一些我們目前尚未涉足的領域，希望它們能帶來一些增量。但就目前而言，我認為把重心放在守住並盡可能保留我們現有的工作，是我們的第一優先。

That concludes today's question-and-answer session. This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的問答環節到此結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。