Science Applications International Corp (SAIC) 2027 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the SAIC Fiscal Year 2027 Q2 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 SAIC 2027 會計年度第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Jon Raviv, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人——投資人關係副總裁 Jon Raviv。請開始。

Good morning, and thank you for joining SAIC's Second 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 the financial results are Jim Reagan, our Chief Executive Officer; and Prabu Natarajan, our Chief Financial Officer and Executive Vice President of Enterprise Operations.

各位早安，感謝您參加 SAIC 2027 會計年度第二季財報電話會議。我叫 Jon Raviv，擔任投資人關係副總裁。今天與我一同討論公司業務與財務結果的還有：我們的執行長 Jim Reagan，以及我們的財務長兼企業營運執行副總裁 Prabu Natarajan。

Today, we will discuss our results of the quarter ended July 31, 2026. 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 2026 年 7 月 31 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；該等陳述受已知與未知的風險與不確定性影響，可能導致實際結果與本次電話會議中的陳述存在重大差異。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，而非用以取代之。關於這些指標更完整的說明亦可在我們的 SEC 申報文件中找到。

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

現在我很高興把電話會議交給我們的執行長 Jim Reagan。

Thank you, Jon, and good morning to everyone joining our call. I want to start by saying how proud I am of this team. Our results this quarter are a testament to our employees' relentless commitment to our customers' most critical missions.

謝謝你，Jon，也向所有參加本次電話會議的各位道早安。我想先說，我為這個團隊感到非常自豪。我們本季的成果證明了員工對客戶最關鍵任務所展現的堅定不移承諾。

So let's take a look at slide 3, for our key messages. We built on our momentum this quarter with performance once again ahead of our expectations. These results reflect our team's focus on driving program performance and operational efficiency, resulting in organic growth, double-digit margins and robust free cash flow. While award activity reflected some unevenness in the procurement environment, we remain encouraged by the strength of our qualified pipeline, our submission plan and the performance of our business development team.

接著請看投影片第 3 頁，我們的重點訊息。本季我們延續動能，表現再次優於我們的預期。這些成果反映團隊專注於推動專案績效與營運效率，帶來有機成長、雙位數利潤率以及強勁的自由現金流。雖然得標活動反映採購環境存在一些不均衡之處，但我們仍對合格商機管線、投標提交計畫以及業務開發團隊的表現所展現的實力感到鼓舞。

We continue to see healthy customer engagement, and we believe that we're well positioned to convert those opportunities into growth as we align with our customers' clear demand signals for more capability and capacity.

我們持續看到健康的客戶互動，我們相信，隨著我們配合客戶對更多能力與產能的明確需求訊號，我們已具備良好定位，能將這些機會轉化為成長。

We also believe our base is more secure with a recompete win rate of over 90% this quarter, creating an easier path to on-contract growth and building momentum to capture the benefits of new business where our win rates are well within our target range. These results reflect our more disciplined bidding approach as we focus on fewer mission-oriented pursuits. It also underscores our commitment to execution excellence and the trust our customers place in us.

我們也相信，隨著本季續約競標（recompete）勝率超過 90%，我們的基本盤更加穩固，為合約內成長創造更容易的路徑，並建立動能以掌握新業務的效益，而我們在新業務上的勝率也完全落在目標區間內。這些成果反映我們更具紀律的投標方式，聚焦於較少但以任務為導向的追案。這也凸顯我們對卓越執行的承諾，以及客戶對我們的信任。

Several wins over the last few months highlight our role in supporting critical national security missions. We booked over $1.6 billion of Intel space awards in the first half of this fiscal year, well ahead of our recent trends. This high-value engineering work demonstrates our domain expertise and long-standing commitment to the space superiority market.

過去幾個月的多項得標凸顯我們在支援關鍵國家安全任務中的角色。在本會計年度上半年，我們取得超過 16 億美元的情報（Intel）太空相關合約授予，遠高於我們近期的趨勢。這些高價值的工程工作展現我們的領域專業，以及對太空優勢市場長期以來的承諾。

We also secured a recompete win to support hardware-software integration and interoperability to help the Army deploy new technologies onto the battlefield. And after the quarter closed, we won a significant recompete of a critical border security program. Combined with last quarter's successful DHS recompete, this latest win extends our long-standing role in delivering innovation with an integrated software-hardware solution to secure our country's borders.

我們也成功續約得標，以支援硬體與軟體整合及互通性，協助陸軍將新技術部署到戰場。此外，在本季結束後，我們又贏得一項關鍵邊境安全計畫的重要續約案。結合上季成功的 DHS 續約案，這次最新得標延續了我們長期以來的角色：以整合式軟硬體解決方案提供創新，協助守護我國邊境安全。

These wins share a common thread across our intelligence, defense, and civilian markets.. Each requires integrating advanced technology with deep domain expertise to deliver mission-critical outcomes. This is what SAIC does best. This is who we are. And we continue to build on this identity with investments supporting enhanced capability, capacity, and speed.

這些得標在我們的情報、國防與民用市場中有一個共同主軸。每一項都需要將先進技術與深厚的領域專業相結合，以交付攸關任務成敗的成果。這正是 SAIC 最擅長的事。這就是我們的本色。我們也持續透過投資來強化這一定位，支持更高的能力、產能與速度。

For instance, our investments in quantum solutions bridge the gap between critical technologies and practical mission applications. It's still early in the journey, but like AI, we expect quantum to create new mission challenges we're prepared to address as we help our customers sense, decide, and act across their domains.

例如，我們在量子解決方案上的投資，正在彌合關鍵技術與實際任務應用之間的落差。目前仍處於早期階段，但如同 AI 一樣，我們預期量子將帶來新的任務挑戰；我們已做好準備，協助客戶在其各自領域中進行感知、決策與行動。

Turning to operations. As we previously mentioned, we are transforming our enterprise to build a stronger, more agile company that supports growth-oriented investments and sustained margin improvement. Project ORBIT, or Optimizing Resources for a Better Impact Tomorrow, is moving into its implementation phase. I'm encouraged by our employees' dedication and enthusiasm for driving a foundational shift so we can clear what I call the gunk out of our systems and processes.

接著談營運。如我們先前提到的，我們正在推動企業轉型，以打造更強健、更敏捷的公司，支持以成長為導向的投資並持續提升利潤率。Project ORBIT（Optimizing Resources for a Better Impact Tomorrow，為了更佳的明日影響而優化資源）正進入落地執行階段。我很受鼓舞，看到員工投入且充滿熱忱，推動一項基礎性的轉變，讓我們能把我所說的系統與流程中的「沉痾」清理掉。

Let me give you a sense of what structural change looks like in practice. In procurement, a new acquisition system can bring more rigor to how we buy, analyzing our spend, consolidating suppliers, and managing demand, so we buy smarter, not just spend less. In our recruiting function, a new onboarding system is designed to shrink the time between recruiting a candidate and putting them on a contract, protecting revenue and serving our customers faster. And in mission delivery, agentic AI tools can scale capacity without adding headcount, whether it's training air traffic controllers or generating actionable intelligence..

我來讓各位了解結構性變革在實務上會是什麼樣子。在採購方面，新的採購系統能為我們的採買方式帶來更嚴謹的管理：分析支出、整併供應商並管理需求，讓我們買得更聰明，而不只是少花錢。在招募職能方面，新的到職導入系統旨在縮短從招募候選人到將其配置到合約上的時間，保護營收並更快服務客戶。在任務交付方面，具代理能力的 AI 工具可在不增加人力編制的情況下擴大產能，無論是訓練空中交通管制員，或是產出可採取行動的情報。

With ORBIT, we expect to book some quick wins at the start to fuel the investment for bigger changes with momentum building over the three-year time horizon. The most transformative ideas will take the most time, such as fundamentally rethinking our procurement process.

透過 ORBIT，我們預期在初期先取得一些快速成果，以帶動投資、推進更大的變革，並在三年的時間跨度內逐步累積動能。最具變革性的構想將需要最多時間，例如從根本上重新思考我們的採購流程。

AI will play a role as we responsibly deploy relevant tools to achieve specific outcomes, rather than just directing people to consume more tokens. We're excited to do this while our customers are making fundamental changes to increase capacity, drive speed, and more effectively shepherd taxpayer dollars. We look forward to partnering with them on these efforts as we both lean forward to transform our organizations.

AI 也將扮演一個角色：我們會負責任地部署相關工具以達成特定成果，而不是只是要求大家消耗更多 tokens。我們很期待在客戶正進行根本性變革、以提升產能、加快速度並更有效地管理納稅人資金之際，與他們同步推進。我們期待在這些工作上與客戶合作，因為我們雙方都將更積極地推動組織轉型。

I want to update you on another piece of our transformation efforts, the portfolio and strategy review we announced last quarter. We have spent the last few months identifying the intersection of our strongest right to win and our greatest growth potential. I do not expect a sharp turn in who SAIC is, or what it does. But I do expect to emerge with a sharper sense of where we want to go. And I want to emphasize we are already doing a lot of things well.

我也想向各位更新我們轉型工作的另一個部分：我們在上季宣布的投資組合與策略檢視。過去幾個月，我們一直在辨識我們最強的致勝優勢（right to win）與最大成長潛力之間的交集。我不預期 SAIC 的定位或業務內容會出現急轉彎。但我確實預期，我們將以更清晰的方向感走出這次檢視，明確我們想前往的目標。同時我也要強調，我們已經有很多事情做得很好。

So this review is as much about doubling down and investing to grow those critical mission areas as it is about pursuing new ones. This includes M&A as we evaluate portfolio opportunities that are key to implementing our strategy. We will act on those opportunities as they arise, and we expect to share more on our December earnings call.

因此，這次檢視既是要加倍投入並投資成長那些關鍵任務領域，也同樣是為了追求新的領域。其中也包含併購（M&A），因為我們正在評估對落實策略至關重要的投資組合機會。我們將在機會出現時採取行動，並預期在 12 月的財報電話會議上分享更多資訊。

I appreciate that we're asking a lot of our employees, and I'm proud that the team has embraced these new efforts, while maintaining strong operational performance. As a result of our improved performance and outlook for the year, we are raising our FY27 guidance for revenue, EBITDA and EPS. As I've repeatedly said, FY27 is a year of commitment as we set targets that we're confident we can achieve.

我理解我們對員工提出了很高的要求，我也為團隊在維持強勁營運表現的同時，擁抱這些新舉措而感到自豪。基於我們績效改善以及對本年度展望的提升，我們上調FY27的營收、EBITDA與EPS指引。正如我一再強調，FY27是承諾之年，因為我們設定了我們有信心能達成的目標。

And we look forward to making FY28 a year of implementation as the ORBIT and strategy projects roll out. We see significant opportunities to create value for all of our stakeholders and continue the mission of supporting our customers and our country.

同時，我們也期待在ORBIT與策略專案推進落地之際，讓FY28成為執行之年。我們看到為所有利害關係人創造價值的重大機會，並持續履行支持客戶與國家的使命。

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 everyone joining our call. I'll review our second quarter results, updated guidance, and share more detail on the financial impact of Project ORBIT.

謝謝你，Jim，也向所有參與本次電話會議的各位道早安。我將回顧我們第二季的業績、更新後的指引，並分享更多關於ORBIT專案對財務影響的細節。

Turning to our results on slide 4. We reported second quarter revenue of $1.9 billion, representing organic growth of approximately 5%. The quarter benefited from solid growth across our markets and our team's focus on converting backlog into revenue across our existing contracts in an improving outlay environment.

請看第4頁投影片，來看我們的業績。我們第二季營收為19億美元，約為5%的有機成長。本季受惠於各市場的穩健成長，以及在支出環境改善下，我們團隊專注於將既有合約的在手訂單（backlog）轉化為營收。

We reported adjusted EBITDA of $193 million in the quarter and margins of 10.3%, reflecting strong program execution and continued benefit from our cost efficiency efforts. This result is up modestly year-over-year, excluding the prior year's favorable legal settlement. Adjusted diluted earnings per share of $3.01 is down year-over-year due to a favorable settlement in the prior period, offset by lower share count.

本季調整後EBITDA為1.93億美元，利潤率為10.3%，反映出強勁的專案執行力以及我們成本效率措施持續帶來的效益。若排除去年有利的法律和解，本結果較去年同期小幅成長。調整後稀釋每股盈餘為3.01美元，因前期有利和解而較去年同期下降，但部分被較低的股數所抵銷。

Free cash flow was $131 million in the quarter, another strong result as we maintain peer-leading cash conversion. Net leverage fell to 3.0 times this quarter as we continue to naturally de-lever as EBITDA improves. Going forward, we have flexibility to de-lever incrementally or actively shape the portfolio to support the strategy.

本季自由現金流為1.31億美元，延續強勁表現，因我們維持同業領先的現金轉換能力。本季淨槓桿降至3.0倍，隨著EBITDA改善，我們持續自然去槓桿。展望未來，我們具備彈性，可逐步去槓桿，或主動調整投資組合以支持策略。

Please turn to slide 5, to review our forward indicators. We are responding to clear customer signals for the services we deliver. But we've seen some large opportunities slip to the right as procurement offices try to do more with less while implementing new guidelines including fixed price directives. This resulted in a quarterly book-to-bill of 0.6 times, or 0.8 times on a trailing 12-month basis. We would have been closer to 1.0x, if not for a delay in a large recompete award we booked two days after the quarter closed.

請翻到第5頁投影片，檢視我們的前瞻指標。我們正回應客戶對我們所提供服務的明確訊號。但我們也看到一些大型機會向後遞延，因採購單位在導入包含固定價格指令在內的新準則時，試圖以更少資源完成更多工作。因此，本季接單出貨比（book-to-bill）為0.6倍；以過去12個月滾動計算則為0.8倍。若非一項大型續標（recompete）案的授標延後（我們在季末結束後兩天才入帳），我們本可更接近1.0倍。

Slower RFPs and awards also drove contract extensions and increased ceiling utilization as we offered execution pathways for our customers, which is reflected in our year-to-date organic growth. But combined with a slower submission and award environment, this suggests we could finish the year closer to 1.0 on a book-to-bill basis. Our pipeline is in place and the business development team is prepared to substantially increase submissions in the coming months.

RFP與授標節奏放緩也推動了合約展延，並提高了合約上限（ceiling）的使用率；我們為客戶提供可執行的交付路徑，這也反映在我們年初至今的有機成長中。但在提案提交與授標環境偏慢的情況下，這表示我們今年的接單出貨比可能會更接近1.0。我們的商機管線已就位，業務開發團隊也已準備在未來幾個月大幅提高提交量。

We are confident that applying our strong win rates against higher submissions should generate higher book-to-bill. In the meantime, you can expect our team to continue delivering capability to our customers as our funded backlog continues to grow.

我們有信心，在更高的提交量下運用我們強勁的得標率，將可帶來更高的接單出貨比。同時，隨著已獲資金支持的在手訂單（funded backlog）持續成長，各位可以期待我們團隊持續為客戶交付能力。

Please turn to slide 6. This quarter's organic growth of 5% was driven by broad-based strength and unplanned material purchases worth approximately 1% that we don't expect will repeat. On-contract growth, or OCG of 9% was well ahead of our plan.

請翻到第6頁投影片。本季5%的有機成長來自廣泛的強勁表現，以及約占1%的非計畫性重大材料採購；我們預期這部分不會重複發生。合約內成長（On-contract growth，OCG）達9%，明顯優於我們的計畫。

This maintains the momentum from 1Q, suggesting an improving outlay environment translating into revenue growth. As previously discussed, roughly half of this year's OCG comes from a handful of programs we won in FY25 and FY26 that ramped slowly last year. These programs generated $350 million last year, and we are planning for $500 million this year. We are on track with approximately $240 million in the first half of this year.

這延續了第一季的動能，顯示支出環境改善正轉化為營收成長。如先前所述，今年約一半的OCG來自我們在FY25與FY26贏得、但去年爬坡較慢的少數幾個專案。這些專案去年貢獻3.5億美元，我們今年規劃為5億美元。今年上半年我們已達約2.4億美元，進度符合預期。

Please turn to slide 7. We are increasing our revenue, margin and EPS guidance to reflect our strong year-to-date performance. We are raising our revenue guidance by 2% to a midpoint of $7.25 billion, reflecting organic contraction of 2% to flat. The implied second half contraction reflects the RITS contract rolling off, creating an approximately 350 basis point headwind in the second half. We are also raising our adjusted EBITDA guidance by 4% at the midpoint implying margins of 10.3% to 10.5%, or 20 basis points above our previous guidance. This increase is primarily due to strong first half performance.

請翻到第7頁投影片。我們上調營收、利潤率與EPS指引，以反映年初至今的強勁表現。我們將營收指引上調2%，中位數至72.5億美元，對應的有機變動為收縮2%至持平。隱含的下半年收縮反映RITS合約到期退出，將在下半年帶來約350個基點的不利影響。我們也將調整後EBITDA指引中位數上調4%，隱含利潤率為10.3%至10.5%，較先前指引高出20個基點。本次上調主要來自上半年強勁表現。

We expect margins to step down in the second half to the high 9% range as we make targeted investments in several high-priority areas where customer demand and strategic relevance are accelerating. Our investments include CapEx, where we have spent approximately $25 million in the first half to support growth opportunities. We still expect free cash flow of at least $600 million or $14 per share this year.

我們預期下半年利潤率將下滑至高9%區間，因我們將在數個高優先領域進行有針對性的投資；這些領域的客戶需求與策略相關性正在加速提升。我們的投資包含資本支出（CapEx）；上半年我們已投入約2,500萬美元以支持成長機會。我們仍預期今年自由現金流至少為6億美元，或每股14美元。

As Jim said, this is a year of commitment, commitment to being transparent with our performance and expectations and a commitment to setting targets within our control that we expect to achieve.

正如Jim所說，今年是承諾之年：承諾對我們的績效與預期保持透明，也承諾設定在我們可控範圍內、且我們預期能達成的目標。

Please turn to slide 8. We are pleased to be heading into the implementation phase of Project ORBIT, our disciplined, data-driven approach to support growth and margin improvement. As you can see on the left, these efforts span six themes.

請翻到第8頁投影片。我們很高興即將進入ORBIT專案的落地執行階段；這是一套嚴謹、以數據驅動的方法，用以支持成長並改善利潤率。如左側所示，這些工作涵蓋六大主題。

On the right, you can see how these teams map against time line and customer partnership. The bubble size represents the three-year dollar value opportunity. We are running our project implementation just as we would run a program for our customers. We have staffed a strong team, set clear goals and are focused on delivering an outcome.

在右側，各位可以看到這些團隊如何對應到時間軸與客戶合作程度。氣泡大小代表三年期的美元價值機會。我們以為客戶執行專案的方式來推動本專案的落地。我們已配置一支強而有力的團隊，設定明確目標，並專注於交付成果。

Buy Smarter is the largest and longest-term opportunity, as it takes time to restructure how we buy across the enterprise. The Automation theme requires more customer partnership as it impacts how we deliver programs. And other efforts like Simplify Processes and Work Smarter are more within our control and are areas where we can move faster. As Jim said, we are excited to partner with our customers at a time when we are both hungry for change.

「更聰明地採購」（Buy Smarter）是最大且最長期的機會，因為重塑全企業的採購方式需要時間。「自動化」（Automation）主題需要更多客戶合作，因其會影響我們交付專案的方式。而其他工作如「簡化流程」（Simplify Processes）與「更聰明地工作」（Work Smarter）則更在我們掌控之內，也是我們能更快推進的領域。如Jim所說，在我們與客戶都渴望改變的此刻，我們很期待與客戶攜手合作。

Please turn to slide 9, to discuss what this means for the financial model. Late last year, we discussed approximately $100 million in cost reductions. Those were hard choices, made quickly, and they are delivering benefits. ORBIT is different. It is more fundamental. This means harder, more sustained work over a longer time frame to generate more structural change. At this point, we expect approximately $150 million in annual run rate savings by the end of the three-year implementation period.

請翻到第9頁投影片，討論這對財務模型的意涵。去年稍晚，我們曾談到約1億美元的成本削減。那是艱難的決定、在短時間內做出，但已帶來效益。ORBIT不同。它更為根本。這意味著在更長的時間框架內投入更艱鉅、且更持續的工作，以帶來更具結構性的改變。截至目前，我們預期在三年落地期結束時，可達成約1.5億美元的年度化節省（annual run rate savings）。

This opportunity is spread across the business, including our direct programs and our indirect spending. We expect approximately two third of the savings or $100 million to go back into business, investing in new efforts, expanding our capacity to address demand on our current contracts, or making us more competitive. The rest should support our margin expansion story.

這項機會分布於整個業務之中，包括我們的直接方案以及我們的間接支出。我們預期約三分之二的節省（約1億美元）將回投到業務中，用於投資新舉措、擴充我們滿足現有合約需求的產能，或提升我們的競爭力。其餘部分應可支持我們的利潤率擴張敘事。

As a result, we consider mid-10s to be a reasonable margin target for next year, and we see a path to approximately 11% margin in FY30 as the benefits from Project ORBIT fully materialize. Our margin story does not depend on any single initiative. ORBIT is a key driver, but it is one of several levers, including continued discipline raising our bid thresholds, focused business development, and shaping and pursuing more outcome-oriented work. All of these dynamics support the business remaining solidly double digit on an annual basis going forward.

因此，我們認為明年的合理利潤率目標為10%中段，並且我們看到一條路徑：隨著ORBIT專案的效益完全顯現，到FY30利潤率可達約11%。我們的利潤率敘事不依賴任何單一倡議。ORBIT是關鍵驅動因素，但它只是數個槓桿之一，還包括持續以紀律提高我們的投標門檻、聚焦的業務開發，以及塑造並追求更以成果為導向的工作。所有這些動態都支持公司未來每年維持穩健的雙位數表現。

In closing, I'm grateful for the team's focus on executing these changes while running the business. There's more work to do, and I'm confident that our efforts will continue to translate into value for our stakeholders in the coming quarters.

最後，我很感謝團隊在營運業務的同時，仍專注於落實這些變革。仍有更多工作要做，我有信心我們的努力將在未來幾季持續為利害關係人轉化為價值。

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

接下來，我把電話會議交給問答環節。

(Operator Instructions)

（接線員指示）

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Congratulations on strong results. Really happy to see the organic growth. Maybe just on the on-contract growth portion of it, on-contract growth portion of it, well ahead of plans. Can you talk about what the company is assuming for the second half?

恭喜你們交出強勁的成果。很高興看到內生成長。或許就合約內成長（on-contract growth）這一塊來看，合約內成長遠超計畫。你們能談談公司對下半年的假設嗎？

And then maybe a sense of disaggregating where the upside came from? Is this really the market getting better? Or is this some of the actions the team is taking to more efficiently pursue those opportunities?

另外也想請你們拆解一下超預期的來源？這真的是市場在變好嗎？還是團隊採取的一些行動，讓你們能更有效率地追逐那些機會？

Jonathan, this is Jim. Thanks for your question. In terms of the strength that we've been seeing in on-contract growth, I'd say it's roughly double what we were seeing this time last year. And what we're seeing is that kind of a broad-based ability for the customers to move money faster on to contracts. And that isn't limited to any particular customer or part of the government.

Jonathan，我是Jim。謝謝你的提問。就我們看到的合約內成長強度而言，我會說大約是去年同期的兩倍。我們看到的是，客戶能更快地把資金移轉到合約上，這種情況相當普遍。而且這並不局限於任何特定客戶或政府的某個部門。

And the velocity that we see there is expected to continue through the balance of the year, which is the basis upon which we've altered our guidance for the year. In addition to that, we're seeing broad-brushed success in executing and having a focus on executing programs that's enabled us to push our margin expectation a bit higher.

我們看到的這種速度預期將在今年剩餘期間持續，這也是我們調整全年指引的依據。此外，我們也看到在執行面上取得廣泛成功，並且聚焦於方案執行，這使我們得以把利潤率預期再往上推一些。

That -- and that's not only strong execution on programs, but it's also a result of the successful execution of some cost reduction programs from late last year that Prabu had mentioned during the script. So I think that -- I hope that answers your question. But if you have a follow-up, feel free to tee it up.

而那——不僅是方案的強勁執行，也來自於去年底Prabu在講稿中提到的一些成本削減方案的成功落實。所以我想——希望這回答了你的問題。如果你還有追問，歡迎再提出。

Maybe just if I understand the prepared remarks, $300 million is in the plan for on-contract growth and you've already hit $250 million with Q1, Q2. Is that the right math to do, Prabu?

如果我理解你們的事先準備發言，合約內成長的計畫是3億美元，而你們在第一季、第二季就已經達到2.5億美元。Prabu，這樣算對嗎？

John, I appreciate the question. First of all, a big shout out to the team that puts us in a place where we can sit here and talk about OCG being at 9%, which is obviously a far track from where we were at Q2 of last year. Jim was right on. I think the growth we saw was broad-based. And our assumption for the second half of the year is that we will see OCG at about a 5% clip.

John，謝謝你的問題。首先，要大大稱讚團隊，讓我們能坐在這裡談合約內成長（OCG）達到9%，這顯然與去年第二季時的狀況相去甚遠。Jim說得沒錯。我認為我們看到的成長是廣泛分布的。而我們對下半年的假設是，OCG大約會以5%的速度成長。

Obviously, we were expecting 2% to 3% for the remainder of the year at Q1. And if obviously, Q3 or Q4 happens to be better than the 5% we are modeling right now, then obviously, we're going to see some upside pressure to the revenue guide itself.

很明顯地，在第一季時我們預期今年剩餘期間會是2%到3%。如果第三季或第四季剛好比我們目前建模的5%更好，那麼營收指引本身就會面臨一些上修的壓力（上行空間）。

I think the other data point I'd throw out there is last year's book-to-bill was 1.1. And I think sometimes we lose sight of the booking strength that we've had, excluding the single award IDIQ, we were sitting at 1.1 at year-end of last year. We all know that the outlay environment has been gradually improving over the course of the year, that there's probably a three- to four-month lag from outlays converting into revenue. We saw some of that benefit come through.

我想我還會補充另一個數據點：去年接單出貨比（book-to-bill）是1.1。我想有時我們會忽略我們的接單強度；若排除單一授標的IDIQ，我們在去年年底時也是1.1。我們都知道，撥款/支出（outlay）環境在一年中逐步改善，而從撥款轉換為營收大概有三到四個月的落後期。我們看到其中一些效益已經反映出來。

And importantly, over the last couple of years, Jonathan, we've had about $2 billion to $2.5 billion of single-award IDIQ wins that are not nearly fully reflected in the backlog. I'd say roughly 20%, 25% has been reflected in the backlog. So part of how we book keep, if you will, for the single award IDIQs is we book the task orders that expect to convert into revenue, and that usually happens within 12 months.

而且重要的是，過去幾年，Jonathan，我們有大約20億到25億美元的單一授標IDIQ得標，但這些並未充分反映在積壓訂單（backlog）中。我會說大約只有20%、25%反映在backlog。因此，若你要說我們如何對單一授標IDIQ做帳務/接單認列，我們會把預期能轉換為營收的任務單（task orders）記為接單，而這通常會在12個月內發生。

So you're not going to see it come through the backlog, but you will definitely see it come through OCG. So that's sort of the confluence of things that caused OCG to be higher in the second quarter.

所以你不會看到它反映在backlog裡，但你一定會在OCG中看到。這就是多項因素匯聚，導致第二季OCG較高的原因。

And then finally, on the $300 million, I think that was our -- what we said was when we set the plan and offered guidance early on that there were a handful of programs that we expect will run rate to about $0.5 billion this year. And at the first half of this year, we were sitting at roughly the 50% mark. So those programs are continuing to provide the momentum we expected to.

最後，關於3億美元，我想那是我們——我們在一開始制定計畫並提供指引時所說的：有少數幾個方案，我們預期今年的年化規模（run rate）約為5億美元。而在今年上半年，我們大約達到50%的進度。因此，這些方案持續提供我們原先預期的動能。

Again, these are wins from last year and the year before that candidly had not converted into revenues, but they were in backlog, at least some of them. So I think you're seeing a combination of those factors come through. But again, big picture, about a 5% assumption for the second half of the year, and let's see how Q3 plays out.

再說一次，這些是去年以及前一年得標的案子，坦白說當時尚未轉換為營收，但它們至少有一部分在backlog裡。所以我想你看到的是這些因素的綜合作用逐步反映出來。但同樣地，大方向是：下半年假設約5%，我們再看看第三季的表現如何。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Great quarter. Kudos to both of you. Jim and Prabu, I know ORBIT is a new initiative. So maybe some time on that and Prabu, I feel like you've been focusing on cost for so long. So what kind of drove the origination of Project ORBIT and how you think about the $150 million of savings this quarter -- sorry, as you think about that $150 million of savings in terms of buckets of efficiency and in a labor-oriented business, how do you really drive that?

很棒的一季。也向你們兩位致意。Jim和Prabu，我知道ORBIT是一個新倡議。所以也許可以花點時間談談；另外Prabu，我感覺你長期以來一直專注在成本上。那麼，是什麼驅動了ORBIT專案的起源？以及當你思考1.5億美元的節省——抱歉，是在你思考這1.5億美元節省時，就效率的不同類別來看，以及在一個以人力為主的業務中，你們究竟要如何推動這件事？

Sheila, thanks for the question. And I think you can tell from how we've talked about ORBIT, it is an area of significant focus for us. When I arrived into my current role back in October and spent a lot of time with the team, both here in headquarters, but more importantly, out in the field, I heard repeated stories of things that people were identifying as opportunities to make the business run smoother.

Sheila，謝謝你的提問。而且我想你從我們談論 ORBIT 的方式就能看出來，這是我們高度聚焦的領域。我在去年 10 月到任現職後，花了很多時間和團隊相處——不只是在總部，更重要的是在第一線——我反覆聽到大家分享一些他們認為能讓業務運作更順暢的機會。

And what I -- what really came -- became apparent to me pretty quickly was that since the split, we had been focusing a lot on organization, what our capabilities were, how to grow the business, but not enough on how to operate the business.

而我——我很快就明顯感受到的是，自從分拆之後，我們把很多心力放在組織面、我們的能力是什麼、如何成長業務，但在「如何營運這門生意」上著墨不夠。

And so the opportunity that I saw were greater opportunities for organizational efficiency as well as putting some tools and processes in place to make the business run easier. And so -- and people hear me talk about gunk, which is kind of my own term, but it really is -- there are things that from a business process do slow us down and aren't consistent with how we need to be operating in an environment where our customer is driving us to move faster, make decisions faster and implement programs faster for them. So that's really what the genesis of it was.

因此我看到的機會，是在提升組織效率方面有更大的空間，同時也能導入一些工具與流程，讓業務更容易運轉。所以——大家也常聽我提到「gunk」，那算是我自己的用語，但它的意思其實是——從業務流程角度來看，確實有一些事情會拖慢我們，而且不符合我們在當前環境中應有的運作方式；因為客戶正驅動我們更快行動、更快決策，並更快為他們落地方案。所以這就是它的起源。

And what's different about this than other cost reduction programs that you might have heard about or even that I've worked in is that this is not just taking targets and pushing them down and it's much more fundamental. And it is actually going out to the people that do the work and asking them to help us identify the opportunities to make things run better.

而這和你可能聽過、甚至我也參與過的其他成本削減計畫不同之處在於：這不只是訂目標再往下壓，而是更根本的做法。它其實是走到真正做事的人那裡，請他們協助我們找出讓事情運作得更好的機會。

And so it's everything from a resume-to-retire process. It's how we buy and it's not just identifying a need and driving the process all the way through to writing a check to pay for it. It is a substance of how we determine who we're buying from, how we're going to source, how we're going to write a contract and it runs through every significant business process.

所以它涵蓋從「履歷到退休」（resume-to-retire）的整個流程。也包括我們如何採購——不只是辨識需求、一路推動流程直到開支票付款。更重要的是，我們如何決定向誰採購、如何進行採購來源策略（sourcing）、如何擬定合約；而且它貫穿每一個重要的業務流程。

Now you asked about how we're feeling about the $150 million annualized run rate savings. That's what we've laid eyes on today. And when Prabu and I -- given our background and history, we're going to put a number out that we're very comfortable in meeting. But I would say that over time, we're going to continue to be looking for more opportunity, and we're going to continue to update you as to how those numbers would change.

你問到我們對每年年化 1.5 億美元節省（annualized run rate savings）的感受。這是我們目前看到、掌握到的數字。而 Prabu 和我——以我們的背景與過往經驗——我們只會提出我們非常有把握能達成的數字。但我也會說，隨著時間推進，我們會持續尋找更多機會，並且會持續向你們更新這些數字可能如何變化。

Jim, right on. And maybe to start where Jim left off, I think our internal aspirations are higher, Sheila. I think, two, in a predominantly labor-oriented business, to answer your question, we would say that you should expect to see a little bit of top line compression, but ORBIT is as much about revenue maximization as it is about finding ways to structurally lower our cost. And we did take out $100 million last year.

Jim，說得沒錯。也許從 Jim 剛才的話接著說，我認為我們內部的企圖心更高，Sheila。另外，在一個以人力為主的業務中，回答你的問題，我們會說你應該預期營收端（top line）會有一點點壓縮，但 ORBIT 不僅是為了找出結構性降低成本的方法，同樣也著重在營收極大化。而我們去年確實也削減了 1 億美元。

I'm going to compare that to a little bit of a sugar high because you can sort of with a blunt instrument, take some cost out of the organization.

我會把那比喻成有點像「糖分飆高」（sugar high），因為你可以用比較粗暴的方式，把一些成本從組織裡砍掉。

What I'm excited about vis-a-vis ORBIT is that this is very structural. And I think at a time where customers need more innovation, if you're in a predominantly cost-oriented business, we have to show the ability to actively manage our total cost portfolio and that's exactly what ORBIT is about. I think to Jim's comment, we effectively crowdsourced about 3,500 ideas from across the company, ideas for improvement, ideas from -- all the way from cost savings to revenue maximization.

我對 ORBIT 感到興奮的是，這是非常結構性的。而且我認為在客戶需要更多創新的時刻，如果你身處一個主要以成本為導向的業務，我們必須展現主動管理整體成本組合（total cost portfolio）的能力，而這正是 ORBIT 的核心。呼應 Jim 的評論，我們等於是透過群眾外包（crowdsourced）的方式，從全公司蒐集了大約 3,500 個點子——改善點子——從節省成本一路到營收極大化的點子。

And we had a dedicated team internally made up that worked with a handful of external Sherpas that actually helped us navigate the process of sort of streamlining the ideas, bucketizing them allocating some return criteria so that we can evaluate which opportunities need to be prioritized in the waterfall of opportunities that we have in front of us.

我們內部也成立了一個專責團隊，並與少數外部「Sherpas」合作，協助我們推進整個流程：把點子精簡、分類歸桶（bucketizing）、並配置一些報酬/回報標準（return criteria），讓我們能評估在眼前這一連串機會（waterfall of opportunities）中，哪些應該優先推動。

And candidly, I think part of getting more efficient is investing a little more in the internal infrastructure, I'm going to say, where for better or for worse, and I'm probably as guilty as anybody else here, that we have to starve certain portions of the infrastructure just to be able to support a business that was simply not growing.

坦白說，我認為提升效率的一部分，是要在內部基礎建設上多投資一點。我想說的是，不論好壞——而且我可能跟在座任何人一樣都有責任——我們過去必須讓基礎建設的某些部分「挨餓」，才能支撐一個根本沒有成長的業務。

So I think part of how you should interpret ORBIT is a sign that we are, I'd say, more excited about the business ahead of us, and we are just getting ready because we all know growing is, I think, harder to execute than contracting. So I think there's a bunch of holistic reasons why we're doing ORBIT. And as I said, I'm going to end where I started, which is there is greater aspiration than is reflected right now in the $150 million of annual run rate savings.

所以我認為你們可以把 ORBIT 解讀為一個訊號：我們對未來的業務更有期待、也更興奮，我們正在做準備，因為大家都知道，「成長」在執行上比「收縮」更難。因此我們推動 ORBIT 有一整套更全面的原因。而且如我所說，我會以我一開始的話作結：我們的企圖心高於目前這 1.5 億美元年化節省所反映的水準。

Super helpful. And maybe just a little bit more short term as a follow-up. How do we think about the second half margins given they're slated to go down about 100 bps with the implied guidance?

非常有幫助。那也許再追問一個比較短期的問題。在目前指引隱含下半年毛利率/利潤率大約會下滑 100 個基點（bps）的情況下，我們該如何看待下半年的利潤率？

Yes. No, fair question, Sheila. I think what we said in the script is that high 9s is how we see the second half of the year. The reality is we're sitting at 11% in the first half of the year and core performance of this business if I look at excluding the corporate allocations of indirect costs and the incentive comp allocations that we allocate to our segments, the core business out of our three -- I'd say, three business groups I would say, has been very strong at kind of the low to mid-10% range.

是的。不，這是個合理的問題，Sheila。我想我們在講稿裡說的是，我們預期下半年會落在接近 9% 的高位（high 9s）。現實是我們上半年在 11%。如果我看這門生意的核心表現——排除公司層級分攤的間接成本，以及我們分攤到各事業部門的獎酬（incentive comp）分攤——我們三個業務群（business groups）的核心業務表現，我會說一直都很強，大概在 10% 的低到中段（low to mid-10% range）。

And I think part of the guide reflects some planned investments we make in the second half of the year. but it also assumes that the business groups are going to be closer to 10% than mid-10s to the extent the business groups, and we're putting the incentive where it needs to be.

而我認為指引的一部分反映了我們在下半年計畫進行的一些投資，但同時也假設各業務群的利潤率會更接近 10%，而不是 10% 中段（mid-10s），在我們把獎酬激勵放到該放的位置的前提下。

If the core performance out of the BGs continues to be in the mid-10s, we're likely to see a little bit of upside pressure to second half margins. But we're going to take it one quarter at a time and hopefully keep the pressure on the team and not have them get too distracted about next year just yet.

如果各業務群（BGs）的核心表現持續維持在 10% 中段，我們很可能會看到下半年利潤率有一些上行壓力。但我們會一季一季來看，並希望持續給團隊壓力，不要讓他們現在就被明年的事情分心太多。

John Godyn, Citi.

John Godyn，花旗（Citi）。

I wanted to follow up a little bit more on ORBIT. You have this -- you have a great couple of slides here, slide 8 and 9, which have interesting detail on ORBIT. Obviously, Slide 8 doesn't have all the numbers and everything. And slide 9 doesn't really have tremendous granularity on FY '28 and '29 margins as we go on this journey.

我想再多追問一些關於 ORBIT 的問題。你們這裡有幾張很棒的投影片，第 8 與第 9 頁，提供了 ORBIT 的一些有趣細節。顯然第 8 頁沒有列出所有數字與全部內容。而第 9 頁在我們推進這段旅程時，對 FY '28 與 '29 的利潤率也沒有提供非常細的拆解（granularity）。

So my question is just maybe spending an additional minute on the shape over the next few years. Is this a situation where the margin improvement is linear? Does it have a different kind of contour to it? Do we step back and then it's kind of back-end loaded? I'm just trying to put these visualizations together and just make sure I'm not too far off in interpreting what you're saying.

所以我的問題是，或許想再多花一分鐘談談未來幾年這個走勢的形狀。這種情況下，利潤率改善是線性的嗎？還是它有不同的輪廓？我們會先退一步，然後在後段才加速（後段集中）嗎？我只是想把這些視覺化拼在一起，並確保我在解讀你所說的內容時沒有偏離太多。

John, I appreciate the question. And a full credit to Jon Raviv for dreaming up Chart eight here and getting us into a place where it's easy to see, visualize how we're thinking about the ORBIT process over the next couple of years. To directly answer your question, I think we put the 11% there because we always sort of want to know where we're driving to.

John，我很感謝這個問題。也要完全歸功於 Jon Raviv 想出了這裡的第八張圖，讓我們能把事情呈現得更清楚、更容易看見並視覺化我們對未來幾年 ORBIT 流程的思考方式。直接回答你的問題，我認為我們把 11% 放在那裡，是因為我們總是想知道我們要開到哪個目標。

And I think it's really important to communicate to all our stakeholders that this is sort of how we see the business evolving over a couple of years. Some of the trajectory in terms of going from, let's call it, mid-10s next year to 11%.

而且我認為，向所有利害關係人傳達這點非常重要：這大致就是我們看待未來幾年業務演進的方式。就軌跡而言，從我們姑且稱之為明年的 10% 中段水準走向 11%。

Ideally, we would say we would want to get 20 to 30 bps higher in FY29 and then get to 11% in FY30. The reality is we know life is not linear. And to the extent that we win more work, especially on the new business front that pressures near-term margins that's an okay trade, recognizing 10.5% for next year is probably the right base off of which to work.

理想情況下，我們會說希望在 FY29 再提高 20 到 30 個基點，然後在 FY30 達到 11%。但現實是我們知道人生不是線性的。而且在我們贏得更多工作、特別是在新業務方面時，會對短期利潤率造成壓力；這樣的取捨是可以接受的。同時也要認知到，明年的 10.5% 可能是作為後續努力的正確基準。

So I'd love to say ideally linear. The reality is there will be some movement between, I'd say, within 10, 20 bps of 10.7%, 10.8% over the next couple of years. The other way to think about this, John, would be to say that to the extent we make good progress on ORBIT, we would love to be here a year from now and say, we could see these windows moving a year to the left, that will be sort of the ideal scenario from a nonlinearity perspective. So hopefully, that's helpful. But we'll obviously keep you all updated as we navigate over. Jim, would you add anything to that?

所以我很想說理想上是線性的。但現實是，未來幾年可能會在 10.7%、10.8% 附近上下波動，我會說大概在 10 到 20 個基點的範圍內。John，另一種思考方式是：如果我們在 ORBIT 上取得良好進展，我們很希望一年後能坐在這裡說，我們看到這些時間窗可以往左移一年；從非線性的角度來看，那會是理想情境。希望這有幫助。但我們在推進過程中，當然也會持續向各位更新。Jim，你要補充什麼嗎？

Yes. Yes. I just -- the one thing I would add to this is that if you think about the ORBIT processes being a way that we can be disruptive to ourselves in a way that you might expect a company to go look after -- or go after cost opportunities when there's an acquisition involved.

是的。是的。我只想——我會補充的一點是：如果你把 ORBIT 流程視為一種讓我們對自己進行「自我顛覆」的方法，就像你會期待一家公司在涉及併購時，會去尋找——或追求——成本機會那樣。

Well, that's kind of what we're going through right now. And we're being extremely critical of and how we -- we're being very critical how we look at our own opportunities to enhance margins, reduce cost, increase efficiency and most importantly, make the business operate better.

嗯，這正是我們現在正在經歷的。而且我們非常嚴格地——我們非常嚴格地檢視我們自身提升利潤率、降低成本、提高效率，以及最重要的，讓業務運作得更好的各種機會。

And really, that's the real focal point and the cost and the opportunities for streamlining drop right out of that. So we're pretty excited about it, and you can tell by the amount of time that we've spent talking about it. But the most important thing is that this gives us an opportunity to invest in growing the business. And that's what's really exciting. So thanks again for your question.

而且其實那才是真正的焦點；成本與精簡流程的機會會自然而然從中浮現。所以我們對此相當興奮，你也可以從我們花了很多時間談這件事看得出來。但最重要的是，這讓我們有機會投資於業務成長。那才是真正令人興奮的地方。所以再次感謝你的提問。

That's great. And if I could ask one follow-up. Jim, you also made clear the importance of revenue and accelerating revenue growth. You guys have that slide 5, where you show all the leading indicators. They're -- they're not pointing in the right direction yet for the last few quarters, and there are some reasons for that. But my question is kind of piggybacking on the shape of ORBIT, when do we see these charts kind of move in the right direction? When do we see the shape of this kind of change trajectory in your mind's eye?

很好。如果我可以再追問一個問題。Jim，你也清楚說明了營收以及加速營收成長的重要性。你們有第 5 張投影片，展示了所有領先指標。過去幾季它們——它們還沒有指向正確的方向，這背後有一些原因。但我的問題有點延伸自 ORBIT 的走勢形狀：我們何時會看到這些圖表開始往正確方向移動？在你腦海中的想像裡，何時會看到這個走勢形狀開始改變軌跡？

Yes. I mean, our objective is to get on a clear path to stronger growth next year. So we will have the impact of some recompete losses from last year completely flushing through the year-to-year comparisons. And when we take a look at what's happening in our proposal shop and our business development function, our recompete win rates are back to where we would like them to be, which is north of 90%.

是的。我的意思是，我們的目標是在明年走上更強勁成長的清晰路徑。因此，去年部分續約競標（recompete）失利的影響，會在年度對比中完全消化完畢。而當我們檢視提案團隊與業務開發職能的狀況時，我們的續約競標得標率已回到我們希望的水準，也就是 90% 以上。

New business win rates are at where we would expect them to be, which is at or above 30%. And right now, what we need to do is to just make sure our customers are continuing to move RFPs through the cycle at the pace that meets their own needs.

新業務得標率也在我們預期的水準，也就是 30% 或以上。而現在我們需要做的，就是確保客戶持續以符合其自身需求的節奏，推動 RFP（招標書）在流程中往前走。

Last thing that I would say is that when we really tear-apart where our book-to-bill opportunity is, when you have large recompetes getting moved to the right and contracts extended, that doesn't do much for your book-to-bill, but it certainly does a lot to derisk how you're thinking about revenue growth in the future.

我最後想說的是，當我們真正拆解我們的接單出貨比（book-to-bill）機會時，如果大型續約競標被往後延、合約被延長，這對你的接單出貨比幫助不大，但它確實大幅降低了你對未來營收成長思考上的風險。

And so once the customers get those recompetes back on schedule or at least on an amended schedule, where there will be some opportunities for us to have some very large bookings to get book-to-bill back over 1.0 times, then I think that you'll be looking at numbers that you'd expect us to be over the long haul.

因此，一旦客戶把那些續約競標拉回到原定時程，或至少回到一個調整後的時程，使我們有機會取得一些非常大型的訂單，讓接單出貨比回到 1.0 倍以上，那我認為你看到的數字就會是你預期我們長期應該達到的水準。

Seth Seifman, JPMorgan.

JPMorgan 的 Seth Seifman。

Very nice results. I wanted to start off asking about the contracting type. And I think you mentioned the move to fixed price contracting, and we also had the executive order as a reason why awards have been slipping out. So maybe a little bit more color on how long that process takes. But I thought it was also interesting, you didn't really mention it as a driver of the margin expansion that you expect.

結果非常不錯。我想先從合約類型問起。我想你提到轉向固定價格合約（fixed price contracting），而且我們也把行政命令視為導致授標延後的一個原因。所以也許可以多補充一些這個流程需要多久。但我也覺得有趣的是，你並沒有真的把它提到作為你們預期利潤率擴張的驅動因素。

And I know we're all kind of wondering how to think a little bit about how much can really happen on this fixed price evolution and when that's going to happen. Should we be thinking that in a couple of years, instead of the current portion of fixed price sales is going to be 500 basis points higher as a percentage of the mix or 10 points higher?

而我知道我們大家都在想，該如何看待這個固定價格演進到底能發生多少、以及何時會發生。我們是否應該認為，幾年後固定價格銷售在組合中的占比，會比目前高出 500 個基點，還是高出 10 個百分點？

Yes. Seth, it's Prabu here. I'll try to take that question. On the contracting mix question. I would say our FFP right now is about 15% to 18% of our sales. It moves around a little bit inside of that frame. And sometimes, we tend to think about, so what is the mix and the shape of the pipeline look like? And the pipeline is actually inflecting to about one third that I'm going to call fixed price.

是的。Seth，我是 Prabu。我來試著回答這個問題。關於合約組合的問題。我會說我們目前的 FFP（Firm-Fixed-Price，固定總價）約占我們銷售額的 15% 到 18%。它會在這個區間內有些波動。而有時候，我們會去思考：那麼管線的組合與形狀看起來如何？而管線其實正在出現拐點，大約有三分之一我會稱之為固定價格。

And so I think that's actually a pretty material change in the pipeline. Now that presumes things stay on track, and awards get announced on time and then we can convert revenue from the awards.

因此我認為，這其實是管線中一項相當重大的變化。當然這是以事情能按計畫推進為前提，也就是獎項能按時公布，然後我們才能把這些獎項轉化為營收。

But there is a slower underlying shift in the shape of that pipe that suggests that if we win our share of that new work, then we should start to see a little more upside pressure to margin because our Civil business group is where we have, I would say, almost all of our fixed price exposure right now.

但在那條管線的形狀上，確實存在一個較慢的底層轉變；這意味著如果我們能贏得我們應得份額的新工作，那麼我們應該會開始看到毛利率有一些向上的壓力，因為我們的民用（Civil）事業群是目前我會說幾乎承擔了我們所有固定價格風險曝險的地方。

And our EBITDA margins in our Civil business are running north of 15%. So I think that becomes a good proxy to say, if we take on the right kinds of fixed price work and we execute as well as we're executing right now in our Civil business, that, that should be an incremental lever for margin expansion downstream.

而且我們民用業務的 EBITDA 利潤率目前在 15% 以上運行。所以我認為這可以作為一個很好的代理指標來說明：如果我們承接正確類型的固定價格工作，並且像我們現在在民用業務中一樣執行得這麼好，那麼這應該會成為未來推動利潤率擴張的一個增量槓桿。

Okay. Okay. That's helpful. And are you seeing that fixed-price work emerge more in the defense and intel portion of the business as well?

好的。好的。這很有幫助。那你們是否也看到固定價格工作在國防與情報（defense and intel）這一塊業務中也更常出現？

I would say the civil customers have been traditionally, I would say, more comfortable with fixed price and outcome-oriented contracts I think our defense and intel customers are slower moving in that direction. But candidly, we are seeing more in the way of, I'm going to say, fixed price CLINs, contract line requirements, inside of cost-plus programs.

我會說，民用客戶傳統上對固定價格與以成果為導向的合約更為自在；我認為我們的國防與情報客戶在往那個方向移動上比較慢。但坦白說，我們確實看到更多所謂的固定價格 CLIN（合約分項），也就是在成本加成（cost-plus）專案裡面的合約分項要求。

And so we're starting to see that shift and candidly, some of the newer executive directives will certainly, I think, help accelerate that move. So I would say it is slowly evolving but clearly not at the pace at which we have seen our civil customers move at.

因此我們開始看到這個轉變；坦白說，一些較新的行政指令我認為肯定會有助於加速這個趨勢。所以我會說它正在緩慢演進，但顯然還沒有達到我們看到民用客戶轉向的那種速度。

And I think this is sort of the longer-term conversation. One is the more important muscle movements inside the company because I really think we can talk about all the things that are outside of our control, and then we can fix it on the things that are inside of our control.

而我認為這算是一個較長期的討論。其中一點是公司內部更重要的「肌肉動作」，因為我真的認為我們可以談所有那些我們無法控制的事情，然後把重點放在我們能控制的事情上並把它做好。

And if you think about what we want to see, even inside of our cost-plus programs inside the company today, we want to see more outcomes. We want to see more metrics because that's the way you build a muscle so that when the customers are ready to actually make that shift at scale, our teams actually ready to make that shift very quickly.

如果你想想我們希望看到什麼，即使是在公司目前的成本加成專案裡，我們也希望看到更多成果導向。我們希望看到更多衡量指標，因為這就是你如何鍛鍊肌肉，讓我們的團隊在客戶準備好大規模轉向時，能夠非常快速地完成轉換。

So we are training our PMs on fixed price contracting or contract teams are going through some, I'm going to say, sort of hands-on training. We are training folks on commercial delivery models, our SilverEdge acquisition from last year is another way to move that muscle inside the company, the ability to quickly pivot from cost plus to I'm going to say, initial prototyping, rapid prototyping, low rate production to full rate production, that's a journey and we are putting in the work right now to ensure that we are ready for that transition when that transition happens.

所以我們正在訓練我們的專案經理（PM）做固定價格合約；我們的合約團隊也在進行一些我會說偏實作的訓練。我們也在訓練同仁採用商業交付模式；去年我們收購 SilverEdge 也是在公司內部推動這種能力的另一種方式——能夠快速從成本加成轉向我會說初期原型、快速原型、低速率生產到全速率生產；那是一段旅程，而我們現在正在投入工作，確保當轉型發生時，我們已經準備就緒。

But again, hopefully, upside to margins downstream as long as we're thoughtful in the kinds of programs we take on but it's going to be a longer-term change rather than a near-term fix, I think.

但同樣地，只要我們在承接的專案類型上保持審慎，希望未來利潤率會有上行空間；不過我認為這會是一個較長期的變化，而不是短期的修正。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was just -- on a follow-up to the last question on the fixed price pipeline. Is that just a pivot by choice where you guys are actually pursuing more of that business? Is it representative of more civil work? I'm just curious what that? Or if it's just a broader market shift that you're already seeing in the pipeline?

我只是——針對上一個關於固定價格管線問題的追問。那只是你們主動選擇的轉向，也就是你們實際上在追求更多這類業務嗎？還是它反映了更多民用工作？我只是好奇那是什麼原因？或者這只是你們已經在管線中看到的更廣泛市場轉變？

Gautam, thanks for the question. Look, big picture, I think we are seeing a broader change in the pipeline in the market. But I don't want to over-rotate to that. I think there's always some idiosyncrasies inside everyone's pipeline that causes that number to be higher or lower.

Gautam，謝謝你的問題。你看，從大方向來說，我認為我們確實看到市場上的管線出現更廣泛的變化。但我不想把重心過度放在這點上。我認為每家公司管線裡總會有一些特定因素，導致那個數字偏高或偏低。

The reality is we are seeing it in somewhat of a broad-based action, both within kind of defense and intel as well as civilian. At any point in time, I think we're going to have a change in the mix of civil versus DNI, both pipeline as well as backlog. So we're seeing a little bit of that happen as well. So it can be a little noisy at times.

現實是，我們確實看到某種程度的廣泛性動作，涵蓋國防與情報以及民用兩邊。在任何時間點，我認為民用與 DNI（國防與情報）在管線與在手訂單（backlog）的組合都會有所變化。所以我們也看到這種情況正在發生一些。因此有時候數據會有點雜訊。

But big picture, I do think that regardless of who's in charge of Congress or who's in the White House, the move to more outcome-oriented fixed price is real. And I would say, instead of maybe trying to measure progress every quarter, we may have to zoom out a little and say on a year-over-year basis, are we seeing some changes. And the reality is, I think we are seeing some changes, but they're gradual in some places.

但從大方向來看，我確實認為，不管國會由誰主導或白宮由誰執政，朝向更多以成果為導向的固定價格的趨勢是真實存在的。而且我會說，與其每一季都試著衡量進展，我們可能需要把視角拉遠一點，改以年對年來看是否出現一些變化。而現實是，我認為我們確實看到一些變化，但在某些地方它們是漸進的。

Okay. And just as a follow-up. Earlier, you made a reference to portfolio and M&A. And I'm just curious, what is I don't know if there's any big reveal that you're planning, but I just was curious, like what is -- what is still pending that needs to be conveyed to the Street about how the portfolio might reshape over time?

好的。再追問一下。先前你提到投資組合與併購（M&A）。我只是好奇，我不知道你們是否計畫有什麼重大揭露，但我想問的是——還有哪些尚待說明、需要向市場傳達的內容，關於你們的投資組合未來可能如何隨時間重塑？

Yes, Gautam, this is Jim. I'll take that. I think that what we've said before, and I'll just reiterate it is through the summer, we've been going through a pretty deep look at what our strategy change might be. And we've been doing what I would now think as being more than a refresh, but I don't think you should expect us to make a huge 180-degree turn either.

是的，Gautam，我是 Jim。我來回答。我認為我們之前說過的，我再重申一次：整個夏天我們一直在非常深入地檢視我們的策略可能會如何調整。而我們所做的，我現在會認為不只是一次更新（refresh），但我也不認為你應該期待我們做出 180 度的大轉彎。

The things that we're looking at are areas where we can make some more investment that are not too far from our core and spend some more money and some of that will be investment that comes out of ORBIT. Some of this will be investment that's made possible simply by how customers want us to go to contract with them.

我們正在看的，是一些我們可以加大投資、且不會離核心太遠的領域；我們會多投入一些資金，其中一部分投資會來自 ORBIT。另外一部分投資之所以可行，單純是因為客戶希望我們以某種方式與他們簽約。

But I think what I would ask you to do is to sit tight and wait for, what I would say is a broader discussion about strategy and what our portfolio direction might be looking like that we're going to hold off until our December call.

但我想請你做的是先稍安勿躁，等待我們在 12 月電話會議上再進行我會說更廣泛的策略討論，以及我們的投資組合方向可能會是什麼樣子；我們會把這部分留到那時再談。

Tobey Sommer, Truist.

Tobey Sommer，Truist。

This is Tyler Barish on for Tobey. You mentioned the recompete win rate was over 90%. Can you maybe give us an expectation for where you expect that figure to go going forward?

我是 Tyler Barish，代 Tobey 提問。你提到續約再競標（recompete）的得標率超過 90%。你能否給我們一個對未來你預期這個數字會走向哪裡的看法？

Yes. This is Jim and Prabu might want to pile on with any other observations. But right now, I -- what I have said is that the standard for how we're defining success is for it to be at or above 90%. We've spent a lot of time in how we've organized our proposal activity and the discipline around how we rebid work to expect 90% or better. And that is in concert with the work that we're doing to decide how we're going to pursue new work as well.

可以。我是 Jim，Prabu 也許想補充其他觀察。但就目前而言，我所說的是：我們定義成功的標準，就是要達到或高於 90%。我們在如何組織提案活動，以及在我們如何以紀律性方式對既有工作進行再投標上，投入了很多時間，目標就是要達到 90% 或更好。而這也與我們正在進行的工作相一致，也就是決定我們將如何去追求新業務。

And we've gone through a pretty extensive pipeline review to make sure that we're spending time and money on things that we have the right to win and we're not chasing butterflies. And so with that, we are expecting to be at or above a 30% win rate on new work.

而且我們已經進行了相當全面的管線審查，以確保我們把時間和金錢花在我們有勝算、也有權利去贏得的事情上，而不是去追逐不切實際的機會。因此，我們預期新案的得標率將達到或高於30%。

And that's the right place for -- that tells us we're spending our money in the right place and looking to grow our business in the right places where customers will reward us by paying us for the good work that we do and keeping this onward when we perform well.

而那就是合適的水準——這告訴我們，我們把資金花在正確的地方，並且在正確的領域尋求業務成長；在那些領域，客戶會因為我們做得好而付費回饋我們，並在我們表現良好時持續讓合作延續下去。

Jim, thank you for that. Tyler, the only thing I would add to that is the last five years, we've grown 3%, 2%, 7.5%, 3% and negative 3%. And almost every one of those years we've had recompete headwinds of between 5% to 8%, sometimes higher of annual revenues. That's because our recompete win rates were materially below 90%.

Jim，謝謝你。Tyler，我唯一想補充的是，過去五年我們分別成長了3%、2%、7.5%、3%以及負3%。而幾乎每一年，我們都面臨再競標（recompete）的逆風，約占年度營收的5%到8%，有時甚至更高。那是因為我們的再競標得標率顯著低於90%。

To the extent that we get our recompete win rates, I think per Jim's expectation and our expectation at or above 90%, that would suggest that there is a floor and you start to grow off the floor. And the trick is our new business win rates have been higher than 30% in the past.

如果我們能把再競標得標率提升到我認為依照Jim的預期以及我們的預期、達到或高於90%，那就意味著會有一個底部，然後你就能在這個底部之上開始成長。而關鍵在於，我們過去的新業務得標率曾經高於30%。

And if we can get that combination working were news at least at 30%, then you have a flywheel that is going to suggest some upside to revenue growth in the future. But this is a math exercise that I'm responding to right now. But the reality is, the teams have to go execute to it every quarter, and that's where our focus is right now.

如果我們能讓這個組合運作起來，也就是新案至少維持在30%，那就會形成一個飛輪，顯示未來營收成長可能有一些上行空間。但我現在的回應是一個數學推演。不過現實是，團隊必須每一季都去落實執行，而這正是我們目前的重點。

Matt Akers, BNP Paribas.

Matt Akers，法國巴黎銀行（BNP Paribas）。

It's Luke Leone on for Matt. Could you just talk about the overall contracting environment what you're seeing there in the prepared remarks you had mentioned slower RFPs and awards but then mentioned an improving outlay environment?

我是代替Matt的Luke Leone。你能否談談你們看到的整體合約環境？在事先準備的講稿中，你提到RFP與授標變慢，但又提到支出（outlay）環境正在改善？

Yes. I appreciate the question. And so look, I think the outlay environment has been improving. And as I mentioned earlier on this call, there's typically a lag between outlays and revenue growth, and we're starting to see some of the, I would say, the preceding months outlay translate into revenue growth right now. Having said that, the reality is the RFP process is still moving in fits and starts.

是的。謝謝你的問題。所以你看，我認為支出環境確實在改善。而且如我在本次電話會議稍早提到的，支出與營收成長之間通常存在滯後，我們現在開始看到我會說是前幾個月的支出，正在轉化為目前的營收成長。話雖如此，現實是RFP流程仍然是斷斷續續地推進。

We are seeing some awards go through, but we're not seeing the, I'm going to say, the regularity and a process that is working seamlessly because the government, our customers are trying to do more with less because they are still, I would say, somewhat impacted by the big changes from those last year on the personnel side.

我們確實看到一些授標案在推進，但我們沒有看到我會說那種規律性、以及一個能順暢運作的流程，因為政府、也就是我們的客戶，正試圖以更少的資源做更多的事；我會說他們在人員面仍然多少受到去年那些重大變動的影響。

So we are starting to -- we are seeing some of that come through in kind of the fits and starts that we're seeing on the awards front itself.

所以我們開始——我們確實看到其中一些情況，反映在授標端本身所呈現的那種斷斷續續的節奏上。

And candidly, this is one of the reasons our submit volume is down to about $24 billion now for the year, down from about $25 billion to $28 billion. Next year, we think submit volume is going to be in that circa $25 billion to $28 billion, but it still feels early. To the extent things move right, if you're the incumbent on a program, you continue to see organic revenue growth opportunities, but your book-to-bill is impacted in the near term when those things happen to shift to the right.

坦白說，這也是我們今年投標提交量（submit volume）下降到約240億美元的原因之一，從先前約250億到280億美元下滑。明年我們認為提交量會落在約250億到280億美元的區間，但現在仍感覺還太早。如果事情朝正向發展，當你是某個專案的既有承包商（incumbent）時，你仍會看到有機營收成長的機會；但當這些事情往後延時，你的接單出貨比（book-to-bill）在短期內就會受到影響。

So again, we're seeing some of that move in that direction. It's hard to really get our arms around when this gets better. We are right now assuming that nothing gets better materially in any sense for the remainder of this year, and hopefully next year feels a little bit better than this year does.

所以再說一次，我們確實看到一些情況正朝那個方向發展。但很難真正掌握何時會好轉。我們目前的假設是，今年剩餘時間在任何意義上都不會出現實質改善；希望明年的感受會比今年好一些。

Okay. Got it. And then as we go into the next government year, are you guys assuming a CR and just like any thoughts around that plays out?

好的。了解。那麼當我們進入下一個政府年度時，你們是否假設會有CR（持續決議案），以及對其影響有什麼看法？

We are assuming -- yes, our base case is that we will start the year with a CR. Look, I think what Jim and I have said on prior calls is that we do not need a $1 trillion budget to grow this business. I think we're focused on what's in our control, and there are plenty of opportunities inside of the current budget and but we do and expect to be in a CR to start the fiscal year.

我們的假設是——是的，我們的基本情境是新年度將以CR開始。你看，我想Jim和我在之前的電話會議中說過，我們不需要1兆美元的預算也能讓這項業務成長。我認為我們專注於我們可控的部分，在現有預算內也有很多機會；但我們確實也預期在會計年度開始時會處於CR狀態。

And obviously, to the extent budgets are healthier than the $850 billion or $900 billion regardless of how you break it up between base and supplemental and reconciliation there's going to be some upside pressure hopefully to outlays and downstream revenues. But right now, we're not banking on that.

而且很明顯地，如果預算狀況比8500億或9000億美元更健康——不論你如何在基本預算、補充預算與和解法案（reconciliation）之間拆分——那麼支出以及後續營收可能會有一些上行推力。但就目前而言，我們並沒有把這點納入預期。

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

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