Telos Corp (TLS) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Telos Corporation third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Allison Phillipp, Director of Communications. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Telos 公司 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，通訊總監艾莉森‧菲利普。請繼續。

Good morning. Thank you for joining us to discuss Telos Corporation's third quarter 2025 financial results. With me today is John Wood, Chairman and CEO of Telos; and Mark Bendza, Executive Vice President and CFO of Telos.

早安.感謝您參加本次會議，共同探討 Telos 公司 2025 年第三季的財務表現。今天陪同我出席的有 Telos 的董事長兼執行長 John Wood，以及 Telos 的執行副總裁兼財務長 Mark Bendza。

Let me quickly review the format of today's presentation. Mark will begin with remarks on our third quarter 2025 results. Next, John will discuss business highlights from the quarter. Then Mark will follow up with fourth quarter guidance before turning back to John to wrap up. We will then open the line for Q&A, where Mark Griffin, Executive Vice President of Security Solutions, will also join us.

讓我快速回顧一下今天演講的形式。馬克將首先就我們2025年第三季的業績發表演說。接下來，約翰將討論本季的業務亮點。然後，Mark 將給出第四季業績指引，之後再由 John 總結。接下來我們將開放問答環節，安全解決方案執行副總裁馬克‧格里芬也將加入我們。

The third quarter financial results were issued earlier today and are posted on the Telos Investor Relations website where this call is being simultaneously webcast. Additionally, we have provided presentation slides on our Investor Relations website.

該公司第三季財務業績已於今日稍早發布，並已公佈在 Telos 投資者關係網站上，本次電話會議也在該網站進行同步網路直播。此外，我們還在投資者關係網站上提供了簡報。

Before we begin, we want to emphasize that some of our statements on this call including all of those relating to 2025 and 2026 company performance, plans and operations, are forward-looking statements and are made under the Safe Harbor provisions of the federal securities laws. These statements are based on current expectations and assumptions that are subject to risks and uncertainties.

在開始之前，我們想強調，我們在本次電話會議上的一些陳述，包括所有與公司 2025 年和 2026 年業績、計劃和運營相關的陳述，都是前瞻性陳述，並且是根據聯邦證券法的安全港條款作出的。這些陳述是基於當前的預期和假設，但存在風險和不確定性。

Actual results could materially differ for various reasons, including the factors described in today's financial results summary and the comments made during this conference call and in our SEC filings. We do not undertake any duty to update any forward-looking statements.

實際結果可能因各種原因與預期存在重大差異，包括今天財務業績摘要中所述的因素、本次電話會議期間的評論以及我們在提交給美國證券交易委員會的文件中所述的因素。我們不承擔更新任何前瞻性陳述的義務。

In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental and clarifying measures to help investors understand Telos' financial performance. These non-GAAP financial measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP results in our third quarter results summary and on the Investor Relations portion of our website.

此外，在今天的電話會議中，我們將討論非GAAP財務指標，我們認為這些指標可以作為補充和澄清措施，幫助投資者了解Telos的財務表現。這些非GAAP財務指標應作為GAAP結果的補充考慮因素，而不是替代或孤立地看待GAAP結果。您可以在我們的第三季業績摘要和我們網站的投資者關係部分找到有關這些非GAAP指標的更多披露信息，包括與可比較GAAP結果的調節表。

Please also note that financial comparisons are year-over-year unless otherwise specified. The webcast replay of this call will be available on our company website under the Investor Relations link.

另請注意，除非另有說明，財務比較均為同比比較。本次電話會議的網路直播回放將在公司網站的「投資者關係」連結下提供。

With that, I'll turn the call over to Mark.

接下來，我將把電話交給馬克。

Thank you, Allison, and good morning, everyone. I'm pleased to say that we have a lot of good news to share again this quarter. Before we get into the details on the slides, let's run through the main points upfront.

謝謝你，艾莉森，大家早安。我很高興地告訴大家，本季我們又有很多好消息要跟大家分享。在深入探討幻燈片細節之前，讓我們先回顧一下重點。

Our business has been scaling in a very meaningful way this year, leading the way our major programs in Telos ID layered on top of a strong base of recurring revenue streams with high renewal rates from sophisticated government and commercial customers throughout our information assurance, and secure communications portfolio.

今年，我們的業務發展迅猛，Telos ID 等主要項目依託於強大的經常性收入來源，在資訊保障和安全通訊產品組合中，來自成熟的政府和商業客戶的續約率很高。

Our operational and financial performance inflected in a very positive way in the first quarter of this year with a return to revenue growth, profitable adjusted EBITDA and strong cash flow. That trend accelerated in the second quarter and then stepped up significantly in the third quarter. Our third quarter results significantly exceeded expectations, and we're raising our outlook for the second half of 2025.

今年第一季度，我們的營運和財務表現出現了非常積極的轉變，收入恢復成長，調整後 EBITDA 實現盈利，現金流強勁。這一趨勢在第二季度加速發展，並在第三季度顯著加劇。我們第三季的業績遠超預期，因此我們提高了對 2025 年下半年的業績預期。

Our updated outlook for the second half reflects higher revenue, adjusted EBITDA and adjusted EBITDA margin than previously indicated as well as a more favorable weighting of second half revenue to the third quarter. In addition, cash flow remains very strong, and we continued share repurchases in the third quarter. Lastly, we have a robust portfolio of existing programs [that] we forecast will deliver double-digit growth in revenue and adjusted EBITDA again next year, even before the addition of any new business wins through the end of 2026.

我們更新後的下半年展望反映出營收、調整後 EBITDA 和調整後 EBITDA 利潤率均高於先前預期，且下半年營收對第三季的貢獻權重也較高。此外，現金流依然非常強勁，我們在第三季繼續進行股票回購。最後，我們擁有強大的現有專案組合，我們預測，即使在 2026 年底之前沒有新增任何業務，這些專案明年仍將再次實現兩位數的收入和調整後 EBITDA 成長。

With that introduction, let's get into more detail beginning on slide 3. Telos has again overdelivered on key financial metrics in the third quarter, exceeding both revenue and profit guidance. Revenue grew 116% in the quarter to $51.4 million, above our guidance range of $44 million to $47 million. Telos ID drove the outperformance above the top end of the guidance range. GAAP gross margin was 39.9%, and cash gross margin was 44.8%, both above our guidance range due to outperformance in all lines of business and also well above the gross margins that we reported in the second quarter.

有了以上介紹，讓我們從第 3 張投影片開始詳細了解。Telos 第三季再次超額完成關鍵財務指標，營收和利潤都超乎預期。本季營收成長 116% 至 5,140 萬美元，高於我們先前 4,400 萬美元至 4,700 萬美元的預期範圍。Telos ID 推動了業績超出預期範圍上限。GAAP毛利率為39.9%，現金毛利率為44.8%，均高於我們的預期範圍，這得益於所有業務線的優異表現，也遠高於我們在第二季報告的毛利率。

As I said last quarter, given the breadth of revenue streams in our portfolio, gross margins will naturally fluctuate within our historical range from quarter-to-quarter based on revenue mix. As you'll see in our fourth quarter guidance, we expect margins to mix lower sequentially next quarter.

正如我上個季度所說，鑑於我們投資組合中收入來源的廣泛性，毛利率自然會根據收入構成，在我們歷史範圍內逐季度波動。正如您將在我們的第四季度業績指引中看到的那樣，我們預計下個季度利潤率將環比下降。

Adjusted operating expenses in the third quarter were approximately $500,000 better than guidance due to ongoing cost discipline throughout the company. As a result of better than forecasted revenue, gross margin and operating expenses, adjusted EBITDA also exceeded the top end of our guidance range. Adjusted EBITDA was $10.1 million, above our guidance range of $4 million to $5.7 million. Adjusted EBITDA margin was 19.6%. And incremental adjusted EBITDA margin was 51.5%, or put differently for each dollar of revenue growth, $0.51 converted to adjusted EBITDA.

由於公司持續推行成本控制，第三季調整後的營運費用比預期低約 50 萬美元。由於收入、毛利率和營運費用均優於預期，調整後的 EBITDA 也超過了我們預期範圍的上限。調整後 EBITDA 為 1,010 萬美元，高於我們先前 400 萬美元至 570 萬美元的預期範圍。調整後 EBITDA 利潤率為 19.6%。增量調整 EBITDA 利潤率為 51.5%，或者換句話說，每成長 1 美元的收入，就能轉化為 0.51 美元的調整 EBITDA。

Lastly, in part as a result of our company-wide working capital initiatives, we delivered another quarter of robust cash flow. Operating cash flow in the quarter was $9.1 million. Free cash flow was $6.6 million or a 12.8% free cash flow margin. And we deployed approximately $3.6 million to repurchase over 584,000 shares at a weighted average price of $6.23 per share.

最後，部分得益於我們公司範圍內的營運資金舉措，我們又實現了一個季度強勁的現金流。本季經營現金流為910萬美元。自由現金流為 660 萬美元，自由現金流率為 12.8%。我們投入了約 360 萬美元，以每股 6.23 美元的加權平均價格回購了超過 584,000 股股票。

Since our fourth quarter 2024 earnings call, we've been saying that we expect significant year-over-year improvements in revenue, profit and cash flow for the full year 2025. So let's turn to slide 4 for a brief review of our year-over-year performance in the first nine months of the year. We've discussed the business and programmatic drivers behind our year-over-year performance for the first nine months in each of our quarterly narratives, so I won't repeat them here.

自 2024 年第四季財報電話會議以來，我們一直表示，我們預計 2025 年全年營收、利潤和現金流將實現顯著的年成長。接下來，讓我們翻到第 4 張投影片，簡單回顧一下我們今年前九個月的年比業績。在過去九個月的每個季度報告中，我們都討論了推動我們同比業績成長的業務和程序化因素，因此我在這裡不再贅述。

But I do think it's worthwhile to quantify the pronounced step-up in our financial performance during that time period on a cumulative basis. Specifically, revenue grew 44%. Cash gross margin, although fluctuating quarter-to-quarter expanded 30 basis points to 43%. Incremental adjusted EBITDA margin was 56.1% or again, put differently for every dollar of revenue growth, $0.56 converted to adjusted EBITDA.

但我認為，從累計角度量化我們在此期間財務表現的顯著提升是值得的。具體而言，收入增長了 44%。現金毛利率雖然季度間有所波動，但仍成長了 30 個基點，達到 43%。增量調整 EBITDA 利潤率為 56.1%，或者換句話說，每成長 1 美元的收入，就能轉化為 0.56 美元的調整 EBITDA。

Adjusted EBITDA grew by $20.3 million and moved from a loss in 2024 to a 9.2% positive margin in 2025. Free cash flow improved by nearly $40 million and moved from a cash burn position in 2024 to a 12.7% positive free cash flow margin in 2025. And lastly, we've deployed $7.6 million to repurchase 2.1 million shares at a weighted average price of $3.69 per share.

調整後的 EBITDA 成長了 2,030 萬美元，從 2024 年的虧損轉為 2025 年 9.2% 的正利潤率。自由現金流改善了近 4,000 萬美元，從 2024 年的現金消耗狀況轉變為 2025 年 12.7% 的正自由現金流利潤率。最後，我們投入了 760 萬美元，以每股 3.69 美元的加權平均價格回購了 210 萬股股票。

I will now turn it over to John for an overview of recent business highlights. John?

現在我將把發言權交給約翰，讓他概述最近的業務亮點。約翰？

Thanks, Mark, and good morning, everyone. Let's turn to slide five. First, I'm thrilled to report that we launched our new Xacta.ai product in early October and have already secured our first enterprise customer. The Telos team is extremely excited about this new technology and the opportunities it presents for our company as well as for our customers.

謝謝馬克，大家早安。讓我們翻到第五張投影片。首先，我很高興地宣布，我們在 10 月初推出了新的 Xacta.ai 產品，並且已經獲得了我們的第一個企業客戶。Telos 團隊對這項新技術及其為公司和客戶帶來的機會感到無比興奮。

Xacta.ai is a powerful enterprise AI software capability added to our Xacta platform, which has already proved the proven solution for cyber risk management compliance for some of the world's most security-conscious organizations. The foundation of our unique approach to AI is our ability to seed our solution with over 25 years of cybersecurity expertise. The result is a solution with the capabilities to create a true force multiplier for organizations that strive to do more challenging security work with fewer resources.

Xacta.ai 是我們 Xacta 平台新增的一項強大的企業級 AI 軟體功能，它已被證明是全球一些最注重安全的組織進行網路風險管理合規的成熟解決方案。我們獨特的AI方法的基礎在於我們能夠將超過25年的網路安全專業知識融入我們的解決方案中。最終的解決方案能夠為那些力求用更少的資源完成更具挑戰性的安全工作的組織創造真正的力量倍增器。

Xacta.ai has the ability to provide users with smart insights that enable quick identification and resolution of potential compliance gaps. It also supports enhanced decision-making with actionable data to accelerate compliance initiatives. Finally, in real-world testing, we've documented potential improvements in efficiencies up to 93% across cyber governance, risk and compliance, or GRC tasks, in addition to savings already realized from previous Xacta versions.

Xacta.ai 能夠為用戶提供智慧洞察，從而快速識別和解決潛在的合規性差距。它還支援利用可操作的數據來增強決策能力，從而加速合規舉措。最後，在實際測試中，我們記錄了網路治理、風險和合規性（GRC）任務效率的潛在改進，最高可達 93%，此外還實現了從先前的 Xacta 版本中節省的成本。

Again, a true force multiplier for organizations that strive to do more with less in an increasingly complex cybersecurity environment. We plan to continue to evolve our platform and our AI capabilities with increased automation as well as the expected addition of new Agentic features to further enhance effectiveness and efficiency. We're very excited about the future for our Xacta platform given this recent leap forward in the development of our product.

再次強調，這對於那些力求在日益複雜的網路安全環境中以更少資源完成更多工作的組織來說，是一個真正的力量倍增器。我們計劃繼續發展我們的平台和人工智慧能力，提高自動化程度，並預計增加新的智慧代理功能，以進一步提高效率和效能。鑑於我們產品開發最近的飛躍式進展，我們對 Xacta 平台的未來感到非常興奮。

Second, I'll provide a quick update on our TSA PreCheck program. I'm pleased to report that we have now achieved our stated objective of reaching 500 enrollment locations this year. We currently have 504 locations across 41 states and Puerto Rico. We're pleased with this progress that we've made on this rollout as we strive to provide a convenient solution for travelers across the country and to be a trusted partner on this important national security program.

其次，我將簡單介紹一下我們的 TSA PreCheck 計畫。我很高興地報告，我們現在已經實現了今年達到 500 個招生點的既定目標。我們目前在41個州和波多黎各擁有504個營業地點。我們對此推廣工作的進展感到滿意，我們致力於為全國各地的旅客提供便利的解決方案，並成為這項重要國家安全計畫中值得信賴的合作夥伴。

Going forward, we will continue to evaluate our enrollment location network for improvements in market coverage while working with the TSA to ensure we are offering an attractive option for our customers. I'm now going to turn the call back to Mark, who's going to discuss fourth quarter guidance. Mark?

展望未來，我們將繼續評估我們的註冊地點網絡，以提高市場覆蓋率，同時與美國運輸安全管理局 (TSA) 合作，確保我們為客戶提供有吸引力的選擇。現在我將把電話轉回給馬克，他將討論第四季度業績展望。標記？

Thanks, John. Let's turn to slide 6. For the fourth quarter, we forecast revenue to grow 67% to 76% year-over-year to a range of $44 million to $46.3 million. We forecast cash gross margin to be approximately 40% to 41%, lower sequentially due to normal quarterly fluctuations in revenue mix as described earlier.

謝謝你，約翰。讓我們翻到第6張投影片。我們預測第四季營收將年增 67% 至 76%，達到 4,400 萬美元至 4,630 萬美元。我們預測現金毛利率約為 40% 至 41%，由於如前所述的收入組合的正常季度波動，環比將有所下降。

We forecast adjusted EBITDA of $4 million to $5.7 million or an adjusted EBITDA margin of 9.1% to 12.3%. Overall, fourth quarter guidance reflects a stronger than previously forecasted second half, a more favorable weighting of second half revenue to the third quarter and potential for short-term administrative delays due to the federal government shutdown.

我們預測調整後 EBITDA 為 400 萬美元至 570 萬美元，或調整後 EBITDA 利潤率為 9.1% 至 12.3%。整體而言，第四季業績預期反映出下半年業績強於先前預測，下半年收入對第三季的貢獻比例更高，以及由於聯邦政府停擺可能導致短期行政延誤。

Compared to our commentary on our last earnings call, at the midpoint of guidance, second half revenue is now forecasted to be higher by $5.6 million or 6%. Adjusted EBITDA is forecasted to be higher by $5.2 million or 54% and adjusted EBITDA margin is forecasted to be approximately 470 basis points higher.

與我們上次財報電話會議上的評論相比，按預期中位數計算，下半年收入目前預計將增長 560 萬美元，即 6%。調整後 EBITDA 預計將增加 520 萬美元或 54%，調整後 EBITDA 利潤率預計將提高約 470 個基點。

Lastly, we'll provide further detail about our 2026 outlook on our fourth quarter earnings call in March. But in the meantime, we currently forecast that our portfolio of existing programs will deliver double-digit growth in revenue and adjusted EBITDA again next year, even before the addition of any new business wins through the end of 2026.

最後，我們將在 3 月的第四季財報電話會議上提供有關 2026 年展望的更多細節。但同時，我們目前預測，即使在 2026 年底之前沒有新增任何業務，我們現有的專案組合明年仍將實現兩位數的收入和調整後 EBITDA 成長。

We forecast existing programs will generate approximately $180 million of revenue, primarily driven by growth in Telos ID, partially offset by contraction in secure networks. Additional upside revenue in 2026 would come from sales of our newly released Xacta.ai software and new program wins from our multibillion-dollar pipeline of new business opportunities.

我們預測現有項目將產生約 1.8 億美元的收入，主要由 Telos ID 的成長推動，部分被安全網路的萎縮所抵消。2026 年的額外收入成長將來自我們新發布的 Xacta.ai 軟體的銷售，以及我們數十億美元新業務機會儲備中贏得的新項目。

With that, I'll turn it back to John.

這樣，我就把麥克風交還給約翰了。

Thanks, Mark. Let's turn to slide 7. To recap, our business has continued to scale in a very meaningful way this year, largely due to programs in Telos ID. We achieved a 116% year-over-year revenue growth in the third quarter and significantly exceeded revenue and adjusted EBITDA guidance. We continue to produce robust cash flow, which funded additional share repurchases in the quarter.

謝謝你，馬克。讓我們翻到第7張投影片。總而言之，今年我們的業務繼續以非常有意義的方式擴大規模，這主要歸功於 Telos ID 中的專案。第三季度，我們的營收年增116%，並大幅超過了營收和調整後EBITDA預期。我們持續產生強勁的現金流，這為本季額外的股票回購提供了資金。

We are very excited about the opportunities that our new Xacta.ai solution presents for our company and for our customers. We expect that year-over-year growth will continue into the fourth quarter and are pleased to report an improved second half outlook versus the outlook provided on our last earnings call in August. And finally, we look forward to another year of double-digit growth in 2026.

我們對全新的 Xacta.ai 解決方案為公司和客戶帶來的機會感到非常興奮。我們預計年成長將持續到第四季度，並很高興地宣布，與8月上次財報電話會議上提供的展望相比，下半年的展望有所改善。最後，我們期待2026年能再次實現兩位數的成長。

And with that, we're happy to take questions.

那麼，我們很樂意回答大家的問題。

Operator, please open the line for Q&A. Thank you.

接線員，請開通問答線。謝謝。

(Operator Instructions)

（操作說明）

Zach Cummins, B. Riley Securities.

Zach Cummins，B. Riley Securities。

Congrats on the strong results here. Just starting with the outlook, Mark, I think you mentioned a little bit of a headwind potentially from the government shutdown in Q4. As that pertains to potential award decisions going into 2026. Any impact to some of those decisions getting pushed a little further to the right?

恭喜你們取得如此優異的成績。先說說前景吧，馬克，我想你提到過，第四季政府停擺可能會帶來一些不利影響。至於 2026 年可能做出的獎項決定，情況就是這樣。如果某些決策進一步向右傾斜，會受到什麼影響？

Yeah. So a couple of things, Zach. In the fourth quarter, the impact of the government shutdown, I'd say is, at this point, appropriately captured in our range on both revenue and adjusted EBITDA line. I'd say what we're seeing in terms of government shutdown is there's a few things. First, awards are essentially stalled for the time being and generally sliding to the right.

是的。札克，​​有幾件事。第四季度，政府停擺的影響，我認為目前已經恰當地反映在我們的收入和調整後 EBITDA 預測範圍內。我認為，就政府停擺而言，我們看到的情況主要有以下幾點。首先，獎項頒發基本上暫時停滯不前，而且整體趨勢是逐漸放緩。

And then there's been various other administrative delays, things around things like collections on invoices or getting renewals executed or [options] executed. Impact on the P&L has been relatively modest, but it's been more administrative delays like I described in the script. And then like I said, on the [awards] side, [generally] awards being delayed for the time being. John and Mark, I don't know if there's anything you want to add to that?

此外，還有其他各種行政延誤，例如發票催收、續約執行或選擇權執行等。對損益表的影響相對較小，但更多的是像我在劇本中描述的那樣，行政方面的延誤。正如我之前所說，在（頒獎）方面，（一般而言）頒獎典禮暫時會被推遲。約翰和馬克，不知道你們還有什麼要補充的嗎？

No, I think that's a fair way of capturing it. They will hold off on awards until the government turned back on, but it's not -- nothing has been taken off the table.

不，我認為這是一種恰當的描述方式。他們會等到政府恢復運作後再頒發獎項，但目前還沒有完全恢復——一切皆有可能。

Yes. Pipeline -- pipeline to '26 is still substantial. There's a lot of opportunity in there. It's still a multibillion-dollar pipeline, with a good chunk of that expected to be awarded, say, over the next six months with several tens of millions of dollars of revenue opportunity in 2026 on top of [to $180 million] from pre-existing programs.

是的。管道——到 2026 年的管道仍然相當可觀。那裡有很多機會。這仍然是一個價值數十億美元的項目儲備，預計其中很大一部分將在未來六個月內授予，到 2026 年，除了現有項目帶來的 1.8 億美元收入外，還將有數千萬美元的收入機會。

Understood. That's really helpful. And John, I just wanted to ask you a question about your new Xacta.ai products. It seems like it's getting pretty solid traction out the gate with one major enterprise-wide deployment. I believe press released that a few weeks ago. But can you just give us a sense of maybe the initial feedback that you've been getting from the product? And what are the plans in terms of trying to scale that as we move forward into 2026?

明白了。這真的很有幫助。約翰，我只是想問你一個關於你的新產品 Xacta.ai 的問題。看來它一推出就獲得了相當不錯的反響，已經完成了一項大型企業級部署。我相信新聞稿是幾週前發布的。您能否簡要介紹一下您從該產品中獲得的初步回饋？那麼，展望2026年，我們有什麼計畫來擴大規模呢？

Well, the first thing we're going to do is -- and we've been doing this is really offer into our installed base. So customers already see value out of exactly by itself. But when you include a RAG, which allows you to reduce the hallucinations, if you will, within a large language model, it really makes it very, very simple are much more simple for a customer to implement their needs for security and compliance because essentially, the language model itself and the reg together generated for the customer. And it generates it in very, very quickly. I think our test results are something like up to 93% improvement in time.

首先，我們要做的就是——而且我們一直在做的——是真正向我們的現有客戶群提供優惠。所以顧客已經能從中看到價值了。但是，當您在大型語言模型中加入 RAG（紅綠燈）時，它能減少幻覺（如果您願意這麼說的話），這實際上會變得非常非常簡單，客戶實現其安全性和合規性需求也會變得簡單得多，因為本質上，語言模型本身和註冊信息一起為客戶生成。而且它產生速度非常快。我認為我們的測試結果顯示，時間縮短了約 93%。

Matthew [Caliri], Needham & Company.

Matthew [Caliri]，Needham & Company。

This is [Mac Glitcher] over at Needham. And congrats on the strong results. Sticking on Xacta, what is the specific impact on the shutdown and broader pressure from continuing resolution been on conversations there? And how are you commuting the value proposition of the offering? I missed the uncertainty?

這是 Needham 的 [Mac Glitcher]。祝賀你們取得如此優異的成績。繼續討論 Xacta，這次停擺以及持續決議帶來的更廣泛壓力，對雙方的討論產生了哪些具體影響？你是如何傳達產品/服務的價值主張的？我錯過了那種不確定性？

So this shutdown will be behind us soon. I think the issue is during a shutdown, sometimes your customer is just not there because they've been furloughed. So I think there's a piece of that that's there. The good news is that previously, we have been out in front of this before we even announced Xacta.ai, showing our customer base, our installed customer base getting their feedback, and I think people are really excited about, honestly. Because it also means that when you use Xacta.ai, you don't need the same level of professional services as you have -- to have used in the past.

所以這次停擺很快就會過去。我認為問題在於停工期間，有時客戶因為被暫時解僱而無法到場。所以我覺得這其中確實包含著一部分原因。好消息是，此前我們甚至在發布 Xacta.ai 之前就已經走在了前面，向我們的客戶群和已安裝的客戶群展示了產品，並收集了他們的反饋，老實說，我認為人們對此感到非常興奮。這也意味著，當您使用 Xacta.ai 時，您不再需要像過去那樣專業的服務。

Yeah. Maybe what I'll add to that is we had a first enterprise sale to a customer before the shutdown straight out of the gate when we launched the product. Several other large customers have been very interested -- those conversations have pushed to rise a little bit as a result of the shutdown, but good traction straight out of the gate.

是的。我還要補充一點，在疫情封鎖之前，我們推出產品後不久就向一位企業客戶完成了第一筆銷售。其他幾家大客戶也對此非常感興趣——由於疫情封鎖，這些洽談有所增加，但從一開始就進展順利。

Yes.

是的。

That's great to hear. And then are there any other hurdles to adoption there? Or do you think we can see an inflection of sorts once budgets open up?

聽到這個消息真是太好了。那麼，在當地收養孩子還有其他障礙嗎？或者您認為一旦預算公佈，我們就能看到某種轉折？

I don't see anything that's going to hold back from people wanting to use Xacta.ai.

我不認為有什麼會阻礙人們使用 Xacta.ai。

Bradley Clark, BMO Capital Markets.

Bradley Clark，BMO資本市場。

Congrats on the results. On the TSA PreCheck program, you've reached your 500 location goals for 2025. I want to understand a little bit more sort of the plan for going forward 2026 in terms of growth of this program through other new locations or you mentioned sort of evaluating your market position. And so I just want to take a step up and now that we've reached our enrollment location target, how are we thinking about growth of this program going forward?

恭喜取得好成績。在 TSA PreCheck 計畫中，您已達到 2025 年 500 個地點的目標。我想更深入地了解 2026 年該計劃的發展規劃，例如透過在其他新地點開展業務，或您提到的評估市場地位。因此，我想更進一步，既然我們已經達到了招生地點目標，我們該如何考慮這個計畫的未來發展？

Thanks for the question. So we are now operating at scale in that program. We've been working towards our 500 locations for some time now. We've actually now exceeded that target. So in terms of our physical location and our IT infrastructure, we are now at scale nationwide.

謝謝你的提問。所以我們現在正在大規模地進行這個計畫。我們一直致力於實現500家門市的目標。我們現在已經超額完成目標了。因此，就我們的實體位置和IT基礎設施而言，我們現在已經達到了全國規模。

Now that we're up and running, we will continue to evolve that network of locations, continue to develop new partnerships, continue to find new and innovative ways to reach travelers and serve travelers. So this is really just the beginning. We're really excited to be at scale. And I think there's a lot of upside over the next few years in that program. Maybe Mark, Chris might have something to add.

現在我們已經步入正軌，我們將繼續發展我們的網點網絡，繼續建立新的合作夥伴關係，繼續尋找新的創新方法來接觸和為旅客提供服務。所以這真的只是個開始。我們很高興能夠達到規模化發展。我認為該項目在未來幾年內有很大的發展潛力。馬克，或許克里斯會補充一些內容。

Yes, as a TSA expansion program, as Mark indicated, we'll continue to look for those areas that are underserved, both from a location point of view, but also those customer bases. So as indicated in the script, we will continue to look for expansion in those areas to serve the not only TSA but serve the community of enrollment and renewal populations as well.

是的，正如馬克所指出的，作為 TSA 的一項擴張計劃，我們將繼續尋找那些服務不足的地區，無論是從地理位置上看，還是從客戶群體上看。因此，如腳本中所述，我們將繼續在這些領域尋求擴張，不僅服務於 TSA，也服務於註冊和續費人群。

So we're very excited about the expansion capabilities, and it was a great achievement. We feel to get to our 500 locations, but we'll continue to look for enhancements and expansion from there.

因此，我們對擴展能力感到非常興奮，這是一項偉大的成就。我們希望達到 500 家門市的目標，但我們將繼續尋求改進和擴張的機會。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Congrats on another nice quarter here. I'm trying to think the $180 million baseline for existing programs for next year, I'm just trying to size up how much you could potentially add on top of that because if you look at 2025 and the revenue you're going to do and take out the $70 million from existing programs, the $50 million to $75 million from DMDC and then precheck, it seems like the actual revenue you've got this year from new business programs was pretty minimal.

恭喜你們又一個季度業績出色。我正在考慮明年現有項目的 1.8 億美元基準線，我只是想估算一下在此基礎上還能增加多少，因為如果你看看 2025 年的收入，減去現有項目的 7000 萬美元、DMDC 的 5000 萬到 7500 萬美元以及預檢，你會發現今年新業務項目的實際收入相當少。

And I think I heard you say several tens of million potential revenue for next year, just how -- when will you know that? Should those be wins that will be awarded within the next few months after the shutdown is over, like how much visibility do you add to that likelihood of those deals being awarded to you, et cetera?

我好像聽到您說明年的潛在收入將達到數千萬美元，那麼—您什麼時候才能知道呢？如果這些是停工結束後幾個月內將會獲得的訂單，那麼你認為這些訂單授予你的可能性有多大？

Rudy, Mark Griffin. Yes, the pipeline that we have is still robust and growing. And so we've seen, even during the government shutdown, the pipeline is increasing and nothing is getting canceled at this point. As Mark indicated earlier, broadly speaking, awards are just paused and kind of moving to the right, but the portfolio in the pipeline between identity in some of the projects that we feel very confident on potentially can drop in the next few months, but more likely are probably positioned more into 2026 in the first half. And so we'll see some activity there that would add to that baseline that Mark talked about earlier.

魯迪，馬克·格里芬。是的，我們現有的人才儲備依然強勁且不斷成長。因此我們看到，即使在政府停擺期間，管道建設仍在增加，目前還沒有任何項目被取消。正如馬克之前指出的那樣，總的來說，獎項只是暫停發放，並且正在向右移動，但我們非常有信心的一些項目中，一些正在進行的項目可能會在未來幾個月內獲得批准，但更有可能的是，這些項目會安排在 2026 年上半年。因此，我們將看到一些活動，這些活動將補充馬克之前提到的基線。

Plus additional Xacta.ai software sales.

此外，還需額外銷售 Xacta.ai 軟體。

Right.

正確的。

Okay. Got it. And then my second question was on Xacta.ai. I get if you -- like is there an upsell potential to existing Xacta customers on Xacta.ai? And if so, like what would be the uplift be able to get adoption of it.

好的。知道了。我的第二個問題是關於 Xacta.ai 的。我想問的是——比如說，Xacta.ai 是否有可能向現有的 Xacta 客戶進行追加銷售？如果真是這樣，那麼提升其普及率的途徑是什麼？

Yeah. I don't know if you heard early hearsay earlier, Rudy, our primary target to start is our existing installed base. And in general, I would say a great deal of excitement by our customers in the release of Xacta.ai. Unfortunately, when the government shut down temporarily, put things on pause a little bit. But now that we're seeing our way to the end of that pause and the end of the shutdown, I think it will come by break backs for us.

是的。魯迪，我不知道你之前有沒有聽到什麼傳聞，我們的首要目標是我們現有的用戶群。總的來說，我們的客戶對 Xacta.ai 的發布感到非常興奮。不幸的是，政府暫時關閉導致專案進度略有停滯。但現在我們看到了暫停和停擺的結束，我認為我們會經歷一段艱難的恢復期。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Congrats on another strong results. The $180 million baseline for calendar '26 implies what percent of the annualized full run rates for your DMDC program and PreCheck?

恭喜再次取得優異成績。2026 年日曆年 1.8 億美元的基準預算意味著您的 DMDC 專案和 PreCheck 年度化全額運行率的百分比是多少？

Nehal, I'm not going to get into programmatic detail, but what I can tell you is that $180 million -- so just do the math that $180 million implies $17 million of growth at the midpoint of our 2025 guide. That $17 million is comprised roughly $28 million of growth at Security Solutions, net of $11 million of contraction at Secure Networks and substantially all of that $28 million broad solution is coming from Telos ID, which, as you know, is the business that contains those programs.

Nehal，我不會深入探討程式化細節，但我可以告訴你的是，1.8 億美元——所以你只需計算一下，1.8 億美元意味著在我們 2025 年指南的中點，增長額將達到 1700 萬美元。在這 1700 萬美元中，約有 2800 萬美元來自安全解決方案的增長，扣除了安全網絡 1100 萬美元的收縮，而這 2800 萬美元的廣泛解決方案幾乎全部來自 Telos ID，正如您所知，Telos ID 是包含這些程序的業務部門。

Okay. All right. Thank you. And then you also say that the pipeline can bring tens of millions to revenue for calendar '26 above the $180 million baseline. Can you walk us through how you come to that range there?

好的。好的。謝謝。然後你還說，該專案在 2026 年日曆年可以帶來數千萬美元的收入，超過 1.8 億美元的基準收入。你能給我們解釋一下你是如何得出這個範圍的嗎？

Yes. So pipeline is roughly $5 billion right now, what Chris about spot that is over the next, say, six months, say on the board over the next six months. And so at that level of award opportunity certainly, several tens of millions of that represents revenue opportunity in 2026.

是的。所以目前管道項目大約有 50 億美元，克里斯，關於未來六個月的現貨項目，比如說未來六個月的待定項目，你有什麼看法？因此，在這樣的獎勵機會水準下，2026 年肯定有數千萬美元的收入機會。

Okay. And when you say tens of million, that includes the prorating of the awards being pushed out to the right from 4Q '25 to 1Q '26 in 3Q '26?

好的。你說的數千萬美元，是否包括將原本應在 2025 年第四季發放至 2026 年第一季的獎金按比例分攤到 2026 年第三季的那部分？

Yes.

是的。

And Nehal, it's several tens of billions.

而Nehal，金額高達數百億。

Yes. That's the total opportunity set, right? So the point is. Yes, there's ample opportunity above that $180 million between Xacta.ai and our traditional pipeline. It's just a matter of what comes in the door and when.

是的。這就是全部的機會了，對吧？所以重點是…是的，Xacta.ai 和我們傳統的業務管道之間，除了 1.8 億美元之外，還有很大的發展機會。問題只在於什麼東西會進來，以及什麼時候進來。

Can you remind us what has been your historical win rate of what's in your pipeline?

您能否提醒我們一下，您以往產品線的成交率是多少？

No. We don't disclose that externally.

不。我們不會對外透露這些資訊。

Okay. All right. And then last question for me is that given the 60% incremental EBITDA margin in the current quarter and 20% EBITDA margin and 13% free cash flow margin, can you share any perspective on what's the sustainable free cash flow margin for Telos then?

好的。好的。最後一個問題是，鑑於本季 EBITDA 利潤率成長 60%，而 EBITDA 利潤率和自由現金流利潤率分別為 20% 和 13%，您能否分享一下您對 Telos 可持續自由現金流利潤率的看法？

Probably a little too early to forecast free cash flow margins. But what I think I'll say is at that base at that $180 million of revenue, again, before any new business wins, they $180 million of revenue, we would -- we've managed -- we're targeting managing our OpEx to kind of a low double-digit adjusted EBITDA margin.

現在預測自由現金流利潤率可能還為時過早。但我想說的是，在1.8億美元的營收基礎上，再次強調，在贏得任何新業務之前，在這1.8億美元的營收基礎上，我們將——我們已經做到了——我們的目標是將營運支出控制在兩位數的低調整EBITDA利潤率。

So call it, 10%, 11% or so adjusted EBITDA margin as additional growth comes in above that $180 million, that adjusted EBITDA margin will run higher. But we'll toggle between additional growth investments and higher adjusted EBITDA margin depending on what that additional revenue is, what the margin profile related with that additional revenue.

因此，可以稱為 10%、11% 左右的調整後 EBITDA 利潤率，隨著額外成長超過 1.8 億美元，調整後 EBITDA 利潤率將會更高。但我們會根據新增收入的具體金額以及與新增收入相關的利潤率情況，在追加成長投資和提高調整後 EBITDA 利潤率之間進行權衡。

So not adjusted EBITDA margin can start to give you an indication of where free cash flow can trend. But we expect a very -- another good year of free cash flow in 2026.

因此，未經調整的 EBITDA 利潤率可以開始指示自由現金流的趨勢走向。但我們預期 2026 年的自由現金流將再是一個非常好的年份。

Okay. That's really helpful. Maybe just to further the what you're sort of giving color around with calendar '26 in terms of EBITDA margin? And then the potential, if you win the tens of millions of opportunity from the pipeline, would drive -- you would expect incremental EBITDA margin to be above that sort of 10% to 11% baseline EBITDA margin. But it doesn't sound like you would expect 60% incremental EBITDA margins, but it sounds like you would expect somewhere like what in the 20% to 30% range.

好的。這真的很有幫助。或許只是為了進一步闡明你對 2026 年曆中 EBITDA 利潤率的描述？那麼，如果你能從這些管道中贏得數千萬美元的機會，那麼潛在的成長動力——你會期望增量 EBITDA 利潤率高於 10% 到 11% 的基準 EBITDA 利潤率。但聽起來你並不期望 EBITDA 利潤率成長 60%，而是期望成長幅度在 20% 到 30% 之間。

Yes. It was premature to commit to that for two reasons. One, it depends on what that additional revenue is in what the incremental gross margins are on that revenue. And then also how much of that we decide to commit to additional growth investments. So my point simply is there is upside to that kind of 10%, 11% adjusted -- days adjusted EBITDA margin. And it's just going to depend on, again, the margin profile of the additional revenue and then how much of that we hold back for some growth investments.

是的。現在就做出決定還為時過早，原因有二。第一，這取決於新增收入是多少，以及新增收入的毛利率是多少。然後，我們還要決定將其中多少用於額外的成長投資。所以我的觀點很簡單，10%、11% 的調整後 EBITDA 利潤率是有上升空間的——天數調整後的 EBITDA 利潤率。這又取決於新增收入的利潤率，以及我們將從中預留多少用於成長投資。

I'm showing no further questions at this time. I'd now like to turn it back to John Wood for closing remarks.

我目前沒有其他問題要問。現在我想把時間交還給約翰‧伍德，讓他做總結發言。

Thank you very much, operator. First, I just want to say thank you to everybody for your ongoing support of the company. as shareholders, we certainly appreciate your staying behind the company. And obviously, we're going to continue to be intensely focused on executing our growth plans and continuing the same trend of year-over-year growth in the fourth quarter and into 2026.

非常感謝接線生。首先，我要感謝大家一直以來對公司的支持。身為股東，我們非常感謝你們對公司的信任與支持。顯然，我們將繼續全力以赴執行成長計劃，並在第四季度及 2026 年繼續保持同比增長的趨勢。

So finally, with our robust and recession-resistant end markets, well-funded customers and a decades-long track record of serving the world's most security-conscious organizations, Telos has a strong foundation for the future. Thanks a lot.

最後，憑藉我們強大且不受經濟衰退影響的終端市場、資金雄厚的客戶以及數十年來服務於全球最注重安全的組織的良好記錄，Telos 為未來奠定了堅實的基礎。多謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。