V2X Inc (VVX) 2024 Q2 法說會逐字稿

Thank you for joining us for the V2X second-quarter 2024 earnings conference call and webcast.

感謝您參加我們的 V2X 2024 年第二季財報電話會議和網路廣播。

(Operator Instructions)

（操作員說明）

And now I'll pass the call over to your host, Mike Smith, Vice President of Treasury, Investor Relations and Corporate Development at V2X.

現在我將把電話轉給主持人 Mike Smith，他是 V2X 的財務、投資者關係和企業發展副總裁。

Good morning, everyone.

大家早安。

Welcome to the V2X second-quarter 2024 earnings conference call.

歡迎參加 V2X 2024 年第二季財報電話會議。

Joining us today are Jeremy Wensinger, President and Chief Executive Officer; and Shawn Mural, Senior Vice President and Chief Financial Officer.

今天加入我們的是總裁兼執行長 Jeremy Wensinger；以及資深副總裁兼財務長肖恩·穆拉爾 (Shawn Mural)。

Slides for today's presentation are available on the Investor Relations section of our website, gov2x.com. Please turn to slide 2.

今天簡報的幻燈片可在我們網站 gov2x.com 的投資者關係部分取得。請翻到投影片 2。

During today's presentation, management will be making forward-looking statements pursuant to the Safe Harbor provisions of the federal securities laws.

在今天的演示中，管理層將根據聯邦證券法的安全港條款做出前瞻性聲明。

Please review our Safe Harbor statements in our press release and presentation materials for a description of some of the factors that may cause actual results to differ materially from the results contemplated by these forward-looking statements.

請查看我們的新聞稿和簡報資料中的安全港聲明，以了解可能導致實際結果與這些前瞻性聲明預期結果有重大差異的一些因素的描述。

The company assumes no obligation to update its forward-looking statements.

該公司不承擔更新其前瞻性陳述的義務。

In addition, in today's remarks, we will refer to certain non-GAAP financial measures because management believes such measures are useful to investors.

此外，在今天的演講中，我們將提及某些非公認會計準則財務指標，因為管理階層認為這些指標對投資人有用。

You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP on our slide presentation and in our earnings release filed with the SEC, both of which are available on the Investor Relations section of our website.

您可以在我們的幻燈片簡報和向美國證券交易委員會提交的收益報告中找到這些指標與根據GAAP 計算和呈現的最具可比性的指標的對賬，這兩個指標都可以在我們網站的投資者關係部分找到。

At this time, I'd like to turn the call over to Jeremy.

這時，我想把電話轉給傑瑞米。

Thank you, Mike, and good morning, everyone.

謝謝你，麥克，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

Before I get started, I would like to thank 16,000 V2X employees for the warm welcome.

在開始之前，我要感謝 16,000 名 V2X 員工的熱情歡迎。

I'm honored to be part of the organization that is supporting some of the most important missions around the globe and play such a critical role in our national security.

我很榮幸成為該組織的一員，該組織正在支持全球一些最重要的任務，並在我們的國家安全中發揮著至關重要的作用。

Please turn to slide 3.

請翻到幻燈片 3。

V2 actually reported record quarter two revenue of $1.1 billion, increasing 10% year over year.

V2 實際上報告第二季度營收達到創紀錄的 11 億美元，年增 10%。

Growth was driven by the company's continued momentum in the Pacific and Middle East.

該公司在太平洋和中東地區的持續成長勢頭推動了成長。

Adjusted EBITDA margin in the quarter was 6.7%, and adjusted diluted EPS was $0.83.

本季調整後 EBITDA 利潤率為 6.7%，調整後稀釋後每股收益為 0.83 美元。

The demand for our mission-oriented full life-cycle solutions remained strong and was demonstrated through several recent awards valued at over $4 billion.

對我們以任務為導向的全生命週期解決方案的需求仍然強勁，最近的幾個價值超過 40 億美元的獎項證明了這一點。

This includes a production award for our Gateway Mission Routers, an award from NASA valued at $265 million, the award of the adversarial aircraft program, named F-5 at $747 million, and finally, a $3 billion-plus award to deliver next-generation readiness.

這包括我們的網關任務路由器的生產獎、美國宇航局價值2.65 億美元的獎項、名為F-5 的對抗性飛機項目的獎項、價值7.47 億美元的獎項，以及最後超過30 億美元的下一代交付獎準備狀態。

Given our year-to-date performance, backlog and awards, we are raising our 2024 revenue guidance and reaffirming our adjusted EBITDA, EPS and net cash from operations.

鑑於我們今年迄今的業績、積壓訂單和獎項，我們正在上調 2024 年收入指引，並重申調整後的 EBITDA、每股收益和營運淨現金。

Please turn to slide 4, where I will further discuss recent notable awards.

請轉到幻燈片 4，我將在其中進一步討論最近的著名獎項。

Our focus on providing mission-based technology solutions that enable assured communications is yielding results.

我們專注於提供基於任務的技術解決方案，以實現可靠的通信，正在取得成果。

This was exemplified in approximately $280 million of recent awards, which are listed on the left-hand side of the slide.

最近獲得的約 2.8 億美元的獎項證明了這一點，這些獎項列在幻燈片的左側。

First, V2X secured a $49 million award to provide enhanced communications across multiple domains with the Gateway Mission Router or GMR.

首先，V2X 獲得了 4,900 萬美元的獎項，透過網關任務路由器 (GMR) 提供跨多個領域的增強通訊。

The GMR is a cyber-hardened technology designed to facilitate real-time situational awareness.

GMR 是一項網路強化技術，旨在促進即時態勢感知。

It seamlessly integrates information and assured communications, creating a truly converged operational environment.

它無縫整合資訊和可靠的通信，創造真正融合的營運環境。

GMR has broad applicability across numerous aviation and ground platforms, and we believe offers opportunity for growth beyond this initial award.

GMR 在眾多航空和地面平台上具有廣泛的適用性，我們相信除了最初的獎項之外，還提供了成長機會。

As such, we are continuing to enhance and invest in the solution to provide even greater advanced processing capabilities at lower size, weight and power.

因此，我們將繼續增強和投資該解決方案，以更小的尺寸、重量和功耗提供更先進的處理能力。

Additionally, we believe GMR is positioned to be a key enabler for the Department of Defense, combined joint all-domain command and control or JADC2 initiative.

此外，我們相信 GMR 有望成為國防部、聯合全局指揮與控製或 JADC2 計劃的關鍵推動者。

JADC2 is a DoD concept that it connects disparate systems into the Internet of Military things, creating a common operational picture, making information accessible anywhere, anytime for rapid decisions.

JADC2 是國防部的一個概念，它將不同的系統連接到軍事物聯網中，創建一個通用的作戰圖，使資訊可以隨時隨地存取以進行快速決策。

Next, V2X is delivering assured communications to the U.S. Navy while further expanding its footprint in the Pacific.

接下來，V2X 將為美國海軍提供可靠的通信，同時進一步擴大其在太平洋的足跡。

Our new five-year $88 million Naval Computer and Telecommunications Pacific award, also known as [Nick TAMs] will provide vital C4I support to over 700 US and allied forces across the Pacific and Indian Ocean.

我們新的五年期 8,800 萬美元海軍電腦和電信太平洋獎（也稱為 [Nick TAM]）將為太平洋和印度洋上的 700 多支美國及盟軍提供重要的 C4I 支援。

Our 5-year $141 million fleet systems engineering team program will continue to deliver end-to-end C4I systems engineering solutions that are integral to the communications and readiness of the U.S. Navy ships.

我們為期 5 年、耗資 1.41 億美元的艦隊系統工程團隊計畫將繼續提供端到端 C4I 系統工程解決方案，這些解決方案是美國海軍艦艇通訊和戰備狀態不可或缺的一部分。

FSET ensures that no U.S. Navy Strike Group deploys without V2X.

FSET 確保美國海軍打擊群在沒有 V2X 的情況下部署。

Moving to the center of the slide, V2X continues to be a leader in providing global solutions to our customers' most critical and high-impact missions.

前往投影片的中心，V2X 仍然是為客戶最關鍵和影響最大的任務提供全球解決方案的領導者。

This market strength was recently demonstrated through approximately $1 billion of awards, which includes our nine-year award to support the NASA operations and preparedness for human space flight mission at the Johnson Space Center.

這種市場實力最近通過約 10 億美元的獎項得到了證明，其中包括我們為支持 NASA 運營和約翰遜航天中心載人航天飛行任務的準備而提供的九年獎。

Specifically, V2X will assist NASA in preparing for the upcoming Artemis 2 mission by ensuring the reliability of the integrated hardware and software systems at the Neutral Buoyancy Laboratory.

具體來說，V2X 將透過確保中性浮力實驗室整合硬體和軟體系統的可靠性，協助 NASA 為即將到來的 Artemis 2 任務做好準備。

Additionally, we are currently phasing in the new eight-year F-5 program, which is enabling the advanced training of US naval pilots or providing readiness to the F-5 aircraft that mimics current threat aircraft.

此外，我們目前正在分階段實施新的為期八年的 F-5 計劃，該計劃能夠對美國海軍飛行員進行高級訓練，或為模仿當前威脅飛機的 F-5 飛機做好準備。

Lastly, and moving to the right-hand side of the slide, V2X is harnessing its capabilities to deliver next-generation readiness solutions for customers.

最後，轉到投影片的右側，V2X 正在利用其功能為客戶提供下一代就緒解決方案。

For example, the company recently secured an award valued at $3billion-plus over five years to enable full spectrum readiness.

例如，該公司最近獲得了在五年內價值超過 30 億美元的獎項，以實現全方位準備。

This award is representative of the capability synergies that can be generated by V2X.

該獎項代表了V2X可以產生的能力綜效。

This award leveraged the legacy and breadth of the combined company.

該獎項充分利用了合併後公司的傳統和廣度。

This includes readiness support, ability to operate large complex programs and the insertion of technologies such as smart warehousing, 5G and logistics tools.

這包括準備支援、營運大型複雜專案的能力以及智慧倉儲、5G 和物流工具等技術的插入。

Combining this robust set of capabilities with the insertion of artificial intelligence in a differentiated tool suite allowed V2X to submit a unique proposal.

將這套強大的功能與在差異化工具套件中插入人工智慧相結合，使 V2X 能夠提交獨特的提案。

This is just one example of our combined capabilities that can be leveraged to win.

這只是我們可以利用的綜合能力的一個例子。

Now I'd like to turn the call over to Shawn for a review of the financials.

現在我想把電話轉給肖恩，讓他審查一下財務狀況。

Shawn?

肖恩？

Thanks, Jeremy.

謝謝，傑里米。

It's a pleasure to be working with you, and thanks to everyone joining us today.

很高興與您合作，感謝今天加入我們的所有人。

Please turn to slide 5.

請翻到投影片 5。

Strong top-line performance continued in Q2.

第二季持續保持強勁的營收表現。

Record revenue of $1.07 billion in the quarter represents growth of 10% year over year.

該季度營收創紀錄的 10.7 億美元，年增 10%。

Revenue growth in the quarter was again achieved through expansion of existing business in the Middle East and Pacific regions as well as new programs.

本季的營收成長再次透過中東和太平洋地區現有業務的擴展以及新項目實現。

This reflects the continued strong demand of our offerings around the globe.

這反映了全球對我們產品的持續強勁需求。

Adjusted EBITDA in the quarter was $72.3 million, delivering a margin of 6.7%.

本季調整後 EBITDA 為 7,230 萬美元，利潤率為 6.7%。

As a reminder, we are referring to certain non-GAAP financial measures because we believe such measures are useful to investors.

提醒一下，我們指的是某些非公認會計準則財務指標，因為我們認為這些指標對投資人有用。

As we have mentioned previously, we expect revenue and adjusted EBITDA to ramp sequentially throughout the remainder of the year.

正如我們之前提到的，我們預計收入和調整後的 EBITDA 將在今年剩餘時間內連續成長。

Interest expense for the quarter was $28.8 million.

該季度的利息支出為 2880 萬美元。

Cash interest expense was $26.8 million.

現金利息支出為2680萬美元。

Adjusted diluted EPS was $0.83. I'd like to point out that the adjusted tax rate in the second quarter was 28% due to the executive transition.

調整後攤薄每股收益為 0.83 美元。我想指出的是，由於高階主管換屆，第二季調整後的稅率為28%。

Absent this, our adjusted tax rate would have been approximately 23%, yielding adjusted EPS of $0.88.

如果沒有這一點，我們的調整後稅率將約為 23%，調整後每股收益為 0.88 美元。

Please turn to slide 6, where I'll discuss our year-to-date results.

請轉到幻燈片 6，我將在其中討論我們今年迄今為止的結果。

Consistent with our expectations, year-to-date revenue was [$2.83 billion], increasing 8% year over year.

與我們的預期一致，年初至今的營收為 [28.3 億美元]，年增 8%。

Adjusted EBITDA for the first half of the year was $141.4 million or 6.8% margin compared to $147.1 million in the prior year.

今年上半年調整後 EBITDA 為 1.414 億美元，與去年同期的 1.471 億美元相比，利潤率成長 6.8%。

The change reflects contract actions that were more heavily weighted in the first half of 2023 compared to 2024.

這項變化反映出，與 2024 年相比，2023 年上半年的合約行動權重更大。

Interest expense through June was $56.4 million.

截至 6 月份的利息支出為 5,640 萬美元。

Cash interest expense was $52.2 million, a decrease of $6.8 million compared to the first half of 2023.

現金利息支出為5,220萬美元，較2023年上半年減少680萬美元。

This improvement is reflective of the continued debt reduction and successful repricing efforts.

這一改善反映了持續的債務削減和成功的重新定價努力。

Year-to-date adjusted diluted EPS was $1.72 based on 31.9 million weighted average shares.

基於 3,190 萬股加權平均股，年初至今調整後稀釋每股收益為 1.72 美元。

Year to date, net cash used by operating activities was $31.6 million, reflective of working capital requirements to support growth as well as the implementation of new business applications.

年初至今，經營活動使用的淨現金為 3,160 萬美元，反映了支援成長以及實施新業務應用程式的營運資本需求。

Adjusted net cash used by operating activities was $137.3 million, adding back approximately $12.1 million of M&A and integration costs and removing the contribution of the master accounts receivable purchase or MARPA facility of $117.8 million.

調整後經營活動使用的現金淨額為 1.373 億美元，加上約 1,210 萬美元的併購和整合成本，並扣除主應收帳款購買或 MARPA 融資的貢獻 1.178 億美元。

Please turn to slide 7.

請翻到幻燈片 7。

During the quarter, we repriced and extended the $904 million Term Loan B. This represents the second successful repricing of the Term Loan B, which in aggregate, have yielded an 85 basis point improvement in interest rate pricing since October of last year.

本季度，我們對 9.04 億美元定期貸款 B 進行了重新定價並延期。

These positive efforts have allowed us to reduce cash interest expense by $5 million in 2024, which is incorporated into our assumptions.

這些積極的努力使我們能夠在 2024 年減少 500 萬美元的現金利息支出，這已納入我們的假設。

We continue to make excellent progress proactively enhancing the capital structure and lowering interest expense.

我們在積極改善資本結構和降低利息支出方面繼續取得良好進展。

Since the merger closed, we have lowered weighted average annual interest rate grid pricing on our total debt by 170 basis points.

自合併完成以來，我們已將總負債的加權平均年利率網格定價降低了 170 個基點。

Net debt improved by $27 million compared to prior year.

淨債務比前一年減少了 2700 萬美元。

The net debt-to-EBITDA leverage ratio was 3.6 times at the end of the quarter, essentially flat compared to the first quarter.

截至季末，淨負債與 EBITDA 槓桿率為 3.6 倍，與第一季基本持平。

The company's balance sheet and liquidity position remained strong with $479 million in capacity, which includes approximately $436 million of availability on the revolver.

該公司的資產負債表和流動性狀況仍然強勁，產能達 4.79 億美元，其中包括約 4.36 億美元的左輪手槍可用資金。

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Please turn to slide 8.

請翻到幻燈片 8。

Total backlog was $12.2 billion in the second quarter, representing approximately three times revenue at the midpoint of guidance.

第二季未完成訂單總額為 122 億美元，約為指導中位數收入的三倍。

This key metric is an important attribute of our business and provides excellent revenue visibility.

這項關鍵指標是我們業務的一個重要屬性，並提供出色的收入可見度。

We expect backlog to increase in the second half of the year due to awards and contract definitizations.

由於授予和合約明確，我們預計下半年積壓訂單將會增加。

As Jeremy discussed, there will be several awards that will add to our backlog.

正如傑里米所討論的，我們的積壓工作中將會有幾個獎項。

For example, the $747 million F-5 adversary award, which is currently in the transition phase and expected to be booked in the third quarter.

例如價值7.47億美元的F-5對手獎勵，目前正處於過渡階段，預計將在第三季預訂。

In addition, the $141 million recompete of FSET, which was awarded subsequent to Q2, is expected to be booked in Q3.

此外，第二季之後授予的 FSET 重賽獎金為 1.41 億美元，預計將在第三季預訂。

With regard to the Saudi Aviation Training and Support Services award, we have completed transition, are successfully executing the program and are progressing towards definitizing the contract.

關於沙烏地航空培訓和支援服務合同，我們已經完成了過渡，正在成功執行該計劃，並正在朝著確定合約的方向邁進。

Finally, on the $3 billion-plus readiness award, we expect to incrementally book activities as they are put on contract.

最後，對於超過 30 億美元的準備金，我們預計將在合約簽訂時逐步預訂活動。

In terms of revenue, we expect the program to ramp in the second half of 2025 with full annual incremental contribution of approximately $200 million.

就收入而言，我們預計該計劃將在 2025 年下半年實現成長，全年增量貢獻約為 2 億美元。

This, coupled with the F-5 win, enhances revenue visibility by potentially adding approximately $300 million of annual revenue over the next several years.

再加上 F-5 的勝利，未來幾年可能會增加約 3 億美元的年收入，從而提高了收入可見度。

Please turn to slide 9.

請翻到投影片 9。

Given our strong year-to-date top-line performance, we are raising our revenue guidance to $4.175 billion to $4.275 billion.

鑑於我們今年迄今強勁的營收表現，我們將營收指引上調至 41.75 億美元至 42.75 億美元。

We are reaffirming adjusted EBITDA, adjusted EPS and adjusted net cash from operating activities.

我們重申調整後的 EBITDA、調整後的每股盈餘和調整後的營業活動淨現金。

In summary, we are pleased with the performance across the business in the first half of the year.

總而言之，我們對上半年整個業務的表現感到滿意。

With that, I'd like to turn the call back over to Jeremy.

有了這個，我想把電話轉回給傑里米。

Please turn to Slide 10.

請翻到投影片 10。

I'd like to close with some observations in what I believe are opportunities for V2X to achieve its next stage of growth and drive additional value.

最後，我想以一些我認為是 V2X 實現下一階段成長並推動附加價值的機會的觀察作為結束。

First, at $4 billion in revenue, V2X has the size and scale to compete in its core markets.

首先，V2X 的營收達到 40 億美元，並具備在其核心市場競爭的規模和規模。

Additionally, our global footprint spanning over 50 countries, is an extremely important differentiator in the markets served by V2X.

此外，我們的全球足跡遍及 50 多個國家，這在 V2X 服務的市場中是極為重要的差異化因素。

The infrastructure, people, processes and expertise to operate on a global level is a [discriminator] and one that is not easily replicated.

在全球範圍內運作的基礎設施、人員、流程和專業知識是一種[歧視因素]，而且不易複製。

Second, from a capability perspective, V2X is aligned to well-funded federal budgets, including the largest component of the DoD spending at over $300 billion annually.

其次，從能力的角度來看，V2X 與資金充足的聯邦預算保持一致，其中包括國防部支出的最大組成部分，每年超過 3000 億美元。

Furthermore, V2X is positioned in key theaters, such as the Pacific and Middle East, where missions matter and are receiving strong funding support from the DoD.

此外，V2X 定位於太平洋和中東等關鍵戰區，這些地區的任務至關重要，並且正在獲得國防部的大力資助。

For example, the DoD has requested $9.9 billion in government fiscal year '25 as part of the Pacific Deterrence Initiative, which is up approximately 60% from the amount appropriated in government fiscal year '23.

例如，國防部已要求政府在「25 財年」撥款 99 億美元，作為「太平洋威懾計畫」的一部分，比政府「23 財年」的撥款金額增加了約 60%。

Third, V2X has solid past performance in all aspects of its business with operational intimacy that provides excellent insight into how missions are evolving.

第三，V2X 過去在其業務的各個方面都擁有穩定的表現，並且營運密切，可以提供對任務如何演變的出色洞察。

This allows V2X to be ready to support emerging requirements with the critical agility V2X is known for and that is required in the missions we support.

這使得 V2X 能夠以 V2X 眾所周知的關鍵敏捷性來支援新興需求，這也是我們支援的任務所需要的。

In terms of opportunities, the market is rapidly evolving, and V2X is in a great position to accelerate technology insertion, such as artificial intelligence and machine learning into the missions we support.

就機會而言，市場正在迅速發展，V2X 處於有利地位，可以加速技術插入，例如將人工智慧和機器學習融入我們支援的任務中。

We are inserting this technology into our bids today as differentiators.

我們今天將這項技術作為差異化因素融入我們的投標中。

As a trusted partner, V2X can leverage operational know-how and technology to create a better customer experience and enhanced outcomes.

作為值得信賴的合作夥伴，V2X 可以利用營運知識和技術來創造更好的客戶體驗和增強的成果。

You will hear me speak more about it in the future, how we are inserting these technologies into operations.

將來你會聽到我更多地談論它，我們如何將這些技術融入營運中。

The depth and breadth of the V2X portfolio is differentiated and we have an excellent opportunity to do more with our capabilities.

V2X 產品組合的深度和廣度各不相同，我們有絕佳的機會利用我們的能力做更多事情。

We will build on our past practices to enhance overall performance on new and existing programs.

我們將在過去的實踐基礎上提高新項目和現有項目的整體績效。

Finally, I believe one of V2X's greatest opportunities is as we move from the chapter of integration to the chapter of optimization and performance excellence.

最後，我相信 V2X 最大的機會之一是我們從整合階段轉向優化和卓越效能階段。

It will be my priority to leverage my experience across 30-plus integrations to refine our business and processes in order to drive value and take advantage of our global footprint and scale.

我的首要任務是利用我在 30 多個整合中的經驗來完善我們的業務和流程，以推動價值並利用我們的全球足跡和規模。

In conclusion, V2X has great momentum, and I believe there is substantial opportunity to build upon our strong performance.

總而言之，V2X 發展勢頭強勁，我相信我們有大量機會在強勁表現的基礎上再接再厲。

The core of our foundation remains our employees and our commitment to deliver differentiated solutions to ensure customer mission success.

我們的基礎核心仍然是我們的員工和我們對提供差異化解決方案以確保客戶任務成功的承諾。

Now I'd like to open the call to questions.

現在我想開始提問。

Operator?

操作員？

(Operator Instructions) Joe Gomes, Noble Capital.

（操作員指示）Joe Gomes，Noble Capital。

So Jeremy, welcome aboard.

傑里米，歡迎加入。

Nice to finally meet you even telephonically.

很高興終於能透過電話見到你。

Just wondering, it's been two months now -- maybe give us what your initial impressions are, what you see, what you like, where you think some of your focus needs to go here?

只是想知道，現在已經兩個月了——也許可以告訴我們您的初步印像是什麼，您看到了什麼，您喜歡什麼，您認為您的注意力需要集中在哪裡？

I get it, obviously, it's only been two months, but just trying to get your initial impressions.

我明白了，顯然，這只是兩個月的時間，但只是想得到你的初步印象。

I think the first impression I would give you is I'm genuinely impressed with the people.

我想我給你的第一印像是我對這裡的人印象深刻。

I said it in the last part of the earnings there just a minute ago.

我在一分鐘前在財報的最後部分說過這一點。

These are some very impressive people doing, very impressive work around the globe.

這些是一些非常令人印象深刻的人在全球範圍內所做的非常令人印象深刻的工作。

It is a lot more complex than I probably thought when I walked in the door.

當我走進門時，它比我想像的要複雜得多。

I had the opportunity to meet with the management team in our Indianapolis facility and got to meet them in person, the people who lead the businesses; genuinely impressed with them.

我有機會與印第安納波利斯工廠的管理團隊會面，並親自會見他們，他們是業務的領導者；他們給我留下了深刻的印象。

They have demonstrated performance.

他們已經展示了表現。

They have demonstrated the ability to take that performance and generate new wins and revenue growth.

他們已經證明了有能力利用這一表現並創造新的勝利和收入成長。

So, I've been impressed and I think there's a lot to build on.

所以，我印象深刻，我認為還有很多值得借鏡的地方。

And I think as I look at where we're focusing our efforts, the efforts are around execution, performance excellence and driving what I would say is coming out of integration, having the opportunity to look at optimization with really a couple of lenses.

我認為，當我審視我們的工作重點時，我們的工作重點是執行、卓越績效以及推動我所說的整合，有機會從幾個角度來審視最佳化。

I think any time you come out of integration, and you really have a chance to look at what is now the company, we see the opportunity to take the broader portfolio to the fight and I think you see that with the most recent award for readiness.

我認為任何時候你完成整合，你真的有機會看看現在的公司，我們看到了將更廣泛的投資組合投入戰鬥的機會，我想你會看到最近的準備獎。

That was the combination of the company coming together that would not have been possible without the companies being acquired.

如果沒有被收購的公司，這是不可能實現的公司合併。

So, I think you will see us take more of that and move forward, and it will start manifesting itself in the [Port Finda] pipeline as we think about the total capabilities of the company and dragging them into these new opportunities.

因此，我認為您會看到我們採取更多措施並向前邁進，當我們考慮公司的整體能力並將其拖入這些新機會時，它將開始在[Port Finda]管道中體現出來。

But candidly, I am genuinely impressed with the talent in the company, genuinely impressed with the overall ability to execute a very difficult portfolio of programs, and they do it flawlessly.

但坦白說，我對公司的人才印象深刻，對執行非常困難的專案組合的整體能力印象深刻，而且他們做得非常完美。

And I've been just thrilled to be here and thrilled with the people that have welcomed me so far.

我很高興來到這裡，也為迄今為止歡迎我的人們感到興奮。

Just one of the things that the past couple of quarters has been somewhat questionable partly due to the continuing resolution was kind of the awards pace.

在過去的幾個季度中，由於持續的解決方案而受到質疑的事情之一就是頒獎速度。

And obviously, we've seen the awards that you guys are winning, but as you look at the overall picture, is the pace of awards coming out as you guys expected?

顯然，我們已經看到了你們獲得的獎項，但是當你們看整體情況時，獲獎的速度是否如你們預期的那樣？

Or is it maybe still a little bit kind of slower just given the impact from last year's continuing resolution?

或者考慮到去年持續決議的影響，它是否可能仍然有點慢？

Yes, so in the quarter, we had a book-to-bill that was right around 0.7, very consistent with what we saw in Q1.

是的，所以在本季度，我們的訂單出貨比約為 0.7，與我們在第一季看到的情況非常一致。

So when we think about year to date, we're looking at about $1.5 billion in awards.

因此，當我們考慮今年迄今為止的情況時，我們關注的是約 15 億美元的獎項。

So we absolutely saw a continuation of that, I'll say, muted environment.

所以我們絕對看到了這種安靜環境的延續。

With a number of the things that we announced here today, obviously, we expect that to pick up in the back half of the year.

顯然，透過我們今天在這裡宣布的許多事情，我們預計這一情況將在今年下半年有所回升。

You didn't talk about pipeline here.

您在這裡沒有談論管道。

I think the last quarter was a $25 billion kind of pipeline, some near term, some longer term, obviously.

我認為上個季度是一個 250 億美元的管道，顯然有些是短期的，有些是長期的。

Can you give us any color on what the pipeline stood at the end of the quarter?

您能給我們提供有關本季末管道狀況的任何資訊嗎？

I don't think there was any material change in the pipeline.

我認為管道中沒有任何重大變化。

I think if you think about the duration for which most of the programs are acquired, you start 18 to 24 months in advance, you work it through the pursuit phase, that pursuit ends up being culminated in RFP.

我認為，如果你考慮大多數專案獲得的持續時間，你會提前 18 到 24 個月開始，在追求階段完成它，這種追求最終會在 RFP 中達到頂峰。

And as Shawn just spoke, post RFP can be subject to a lot of constraints.

正如 Shawn 剛才所說，RFP 後可能會受到很多限制。

And as you just said, CR being one of them.

正如你剛才所說，CR 就是其中之一。

But there's no real material change in the pipeline.

但管道中並沒有真正的重大變化。

What I'm more excited about, Joe, candidly, is what the pipeline is going to start looking like as we have the opportunity now coming out of integration.

喬，坦白說，我更興奮的是，隨著我們現在有機會完成整合，管道將開始是什麼樣子。

And candidly, I'll be honest, there's a lot of fog in integration, right?

坦白說，我會說實話，整合過程中存在著許多迷霧，對吧？

You're working very diligently to get all the systems up and running, getting everybody in a position to be able to execute the business without impacting our customer.

您非常努力地工作，讓所有系統都啟動並運行，讓每個人都能夠在不影響我們客戶的情況下執行業務。

This team did a remarkable job of not impacting customers, not impacting missions, not impacting employees.

這個團隊做得非常出色，沒有影響客戶、沒有影響任務、沒有影響員工。

That part of integration was exceptionally well done.

整合的這一部分做得非常好。

Now the real opportunity is taking everything that we now see that's horizontally across the company and putting it together in a way that it will start to show itself in pursuits that previously weren't in the pipeline because of the desperate companies, but now as one company, that you will start seeing that pipeline reflect the combination of the company's capabilities as we pursue that going forward.

現在，真正的機會是把我們現在看到的整個公司水平的所有東西整合在一起，這樣它將開始在以前由於絕望的公司而沒有在計劃中的追求中展現自己，但現在作為一個追求公司，您將開始看到該管道反映了我們未來追求的公司能力的組合。

So I'll talk more about it in the fall time frame.

所以我會在秋季的時間裡更多地談論它。

But right now, the pipeline remains pretty consistent with what you've seen in the past.

但現在，管道仍然與您過去看到的非常一致。

I'm more excited about what it's going to look like in the future.

我對未來的樣子更加興奮。

Tobey Sommer, Truist.

托比·索默，真理主義者。

I wanted to ask your question about the forward outlook with the slightly better revenue growth, but holding the profit metrics in line.

我想問你關於收入成長略好但利潤指標保持一致的前景的問題。

What are the puts and takes in that from your perspective that are restraining the profit metrics from accompanying the higher expected revenue?

從您的角度來看，哪些看跌期權和買入期權限制了利潤指標伴隨著更高的預期收入？

Yes.

是的。

I think, Tobey, some of it's the contingency support that we do around the globe, right?

我想，托比，其中一些是我們在全球範圍內提供的應急支持，對吧？

So in the quarter, we saw good strong continued growth in the Middle East, I think, 29% and similarly in Asia Pacific.

因此，在本季度，我們看到中東地區持續強勁成長，我認為成長了 29%，亞太地區也類似。

And those things -- that type of workforce tends to bring with it a lower margin.

而那些事情——這種類型的勞動力往往會帶來較低的利潤。

So we're seeing the top line revenue, of course, flow through.

當然，我們看到頂線收入正在流動。

And it's a bit more -- like I said, lower margin programs that deliver some of that.

就像我說的，還有一些低利潤計畫可以實現其中的一些目標。

If I could ask you to comment on the contract awards that you've already won in the -- I guess, in the current quarter and maybe the quantity and extent of contract decisions that you expect in this final fiscal quarter of your customers because just trying to get a sense for how much you already have in the bag and what a book-to-bill would look like if we were to ask for one today for the quarter and maybe what your expectations is for what is seasonally a pretty strong one.

如果我可以請您對您在本季度已經贏得的合約授予發表評論，也許是您在客戶的最後一個財政季度中期望的合約決策的數量和範圍，因為只是試圖了解您已經有多少東西，以及如果我們今天要求本季的訂單到帳單會是什麼樣子，也許您對季節性相當強勁的訂單的期望是什麼。

Yes.

是的。

I think for the -- I'd say it this way, for the total year as opposed to the absolute quarter because there's always timing affected with definitization, that sort of stuff like we mentioned, I think we're encouraged with some recent, I'd say that we're right around 1.0 book-to-bill for the year is what we're expecting.

我認為對於——我會這樣說，對於全年而不是絕對季度，因為總是有時間受到定義的影響，就像我們提到的那樣，我認為我們對最近的一些事情感到鼓舞，我想說，今年的訂單出貨比約為1.0，這正是我們的預期。

Obviously, back half weighted in terms of some of those things.

顯然，就其中一些事情而言，後半權重。

Okay.

好的。

And then anything that -- for the revenue outlook being slightly faster growth -- anything that we should consider that might taper off?

然後，對於收入前景略快增長的情況，我們應該考慮的任何事情可能會逐漸減少？

Just trying to get some color there as we look to model next year, how we should think about exiting this year at a better clip.

只是想在我們展望明年的模型時獲得一些色彩，我們應該如何考慮以更好的速度退出今年。

Yes.

是的。

So I'll go back to what we said kind of as we came into the year.

所以我會回到我們進入這一年時所說的內容。

So programs like [T1A and KC-10], they wind down actually this quarter, really.

因此，像 [T1A 和 KC-10] 這樣的計劃實際上會在本季度結束，真的。

So that activity will be largely behind us.

因此，該活動將在很大程度上成為過去。

And then you're seeing some mix with some of the transition activities that we just talked about.

然後你會看到我們剛才談到的一些過渡活動的混合。

Those tend to be a little bit more gradual, I'll say, F-5, I mentioned the ATSS award that we're executing now, but it's still being definitized.

這些往往是漸進的，我會說，F-5，我提到了我們現在正在執行的 ATSS 獎勵，但它仍在確定中。

So I think those are some of the things that we expect a ramp here, but it will be somewhat modest in the back half of this year.

因此，我認為這些是我們預計會成長的一些事情，但今年下半年的成長會有些溫和。

And last one for me.

最後一張給我。

Do you have any significant protests or recompetes for us to consider either currently or over the next several quarters?

您目前或未來幾季是否有任何重大抗議或重新競爭需要我們考慮？

Protests, I mean the big one was the one that we announced earlier today on the F-5 that we're in transition on.

抗議，我的意思是最大的抗議是我們今天早些時候宣布的關於我們正在過渡的 F-5 的抗議。

There's no other items that are in protest that we're waiting on adjudication on for the balance of the year.

在今年剩下的時間裡，我們沒有其他抗議項目正在等待裁決。

Relative to recompetes, nothing in the back half of this year that is material in nature.

相對於複賽，今年下半年沒有什麼實質的事情。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特，加拿大皇家銀行資本市場。

Yes.

是的。

Good morning.

早安.

Jeremy and Shawn and Mike.

傑里米、肖恩和麥克。

Maybe, Jeremy, I just wanted to first drill down into some of your comments on sort of the optimization.

也許，傑里米，我只是想先深入了解您對某種優化的一些評論。

As you think about that transition now and as you think about those opportunities, can you maybe provide a little more granularity?

當您現在考慮這種轉變以及這些機會時，您能否提供更詳細的資訊？

I can appreciate you've only been there a few months, but a little more granularity beyond contract mix, maybe where you might see sort of opportunity for better margin performance or maybe different priorities in terms of investing in areas of growth with better margin opportunities as you look out, not just in the second half of this year, but then certainly into next year as well.

我可以理解你只在那裡待了幾個月，但除了合約組合之外還有更多的粒度，也許你可能會看到更好的利潤表現的機會，或者在投資具有更好利潤機會的增長領域方面可能有不同的優先事項正如你所看到的，不僅在今年下半年，而且肯定會持續到明年。

Happy to.

很高興。

And thanks for joining the call.

感謝您加入通話。

I appreciate the question, Ken.

我很欣賞這個問題，肯。

I think when I think about optimization, it is -- it comes down to giving our local teams the information that allows them to optimize performance, whether that is through the supply chain, whether it's through staffing and recruiting, whether it's through the -- just the ability to have information at their fingertips that allows them to optimize the performance on the program.

我認為，當我考慮優化時，歸根結底是為我們的本地團隊提供信息，使他們能夠優化績效，無論是通過供應鏈，還是通過人員配置和招聘，無論是通過——只是能夠輕鬆掌握信息，從而優化程序的效能。

And as I tried to say, as you come through integration, you're really focused on the kind of the nuts and bolts of getting everything put together.

正如我想說的，當你完成整合時，你真正專注的是把所有東西放在一起的具體細節。

But when you come out of that, then it comes down to how do I put visualization tools in front of them?

但當你走出困境時，問題就歸結為我如何將視覺化工具放在他們面前？

How do I put process in front of them?

我如何將流程放在他們面前？

How do I put procedures in front of them that allow us to have commonality across the platform?

我如何將程式放在它們前面，使我們能夠在整個平台上具有通用性？

And where this really gets to -- you get leverage on this is program managers looking across the organization are operating their programs consistently within the V2X way.

而這真正的意義在於──你可以利用這一點，讓整個組織的專案經理都以 V2X 方式一致地運作他們的專案。

And as they do that, that capability starts to travel easily horizontally across the company.

當他們這樣做時，這種能力開始在整個公司輕鬆橫向傳播。

And so optimization to me is about giving the local teams the things they need to execute their program successfully without having to worry about systems or a lot of things you bump into an integration.

因此，對我來說，最佳化就是為本地團隊提供成功執行程序所需的東西，而不必擔心系統或整合中遇到的許多事情。

How do I have any hiccups in the supply chain as I implemented the

當我實施該計劃時，供應鏈中如何出現任何問題？

ERP system.

ERP系統。

Anything that would impact their ability to execute kind of get washed behind you.

任何會影響他們執行能力的事情都會被你拋在腦後。

And now you're starting to really focus on giving them everything they need to be successful at the program level that takes the program to the next level, whether it's on margins or whether it's on flexibility, whether it's on readiness, whatever it is, it allows them much more focused on that mission success.

現在你開始真正專注於為他們提供在專案級別取得成功所需的一切，從而將專案提升到一個新的水平，無論是在利潤方面還是在靈活性方面，無論是在準備情況方面，無論是什麼，這使他們能夠更專注於任務的成功。

With regards to new business, I think we'll spend some time in this call talking about what I just said, which is now that as you come into that optimization and you're seeing the fact that we are an engineering company, we are a company that has a strong global footprint.

關於新業務，我想我們會在這次電話會議上花一些時間討論我剛才所說的，現在當你進入優化階段時，你會看到我們是一家工程公司的事實，我們是一家擁有強大全球影響力的公司。

That -- those two things become differentiators and how we're going to leverage those in terms of the mix of our pipeline is what we're going to spend time on this fall as we talk about the strategy of the company going forward and then the resulting margin impact associated with that.

那 - 這兩件事成為差異化因素，我們將如何在管道組合方面利用這些因素是我們今年秋天將花時間討論公司未來戰略的內容，然後與此相關的利潤率影響。

Hope that helps.

希望有幫助。

Yes, Jeremy.

是的，傑瑞米。

That's very helpful.

這非常有幫助。

And it looks like the revised or the guidance today implies a nice sort of step-up in margins from first half to second half.

看起來今天的修訂版或指導方針意味著從上半年到下半年利潤率會出現良好的提升。

I'm guessing that's a lot of that is mix.

我猜其中很多都是混合的。

But then as you think about the progression in the next year, is it too premature?

但當你考慮明年的進展時，現在是否還為時過早？

Can we at least think 2025 is some improvement off margins this year, maybe not quite back to the 8% level, but can you give any early indications on sort of how you think the progression continues beyond second half of this year?

我們至少可以認為2025 年的利潤率會比今年有所改善，也許不會完全回到8% 的水平，但您能否給出任何早期跡象，說明您認為今年下半年之後這種進展將如何持續？

Yes.

是的。

I'd say this.

我想說這個。

Relative to the margins, the first half played out almost exactly like we thought it would.

相對於利潤率，上半場的表現幾乎與我們想像的一模一樣。

I think we had said coming into the year about 45% in the first half, 55% in the back half.

我想我們說過今年上半年約 45%，下半年約 55%。

Is at what you're seeing play out.

就是你所看到的情況。

There is some seasonality to it in terms of productivity improvements, contract actions, things of that nature that we tend to see.

在生產力提高、合約行動以及我們傾向於看到的此類性質的事情方面，存在一些季節性。

We're seeing those in the back half of this year.

我們將在今年下半年看到這些。

It would be early, obviously, to talk about 25%.

顯然，談論 25% 還為時過早。

I don't know that I would think that it would be the beginning of '25, probably not on par with where we would end 2024, right, again, due to that seasonality of some of those nonrecurring type things that we get.

我不知道我是否會認為這將是 25 年初，可能與 2024 年結束時的情況不一樣，對吧，再次，由於我們得到的一些非經常性事物的季節性。

That's great.

那太棒了。

Thanks Shawn and then I said just finally, on the free cash, really nice.

謝謝肖恩，然後我最後說，關於免費現金，真的很好。

I think the outlook for -- again, for some improvement there.

我認為前景會有所改善。

Maybe, Shawn, if you can just walk through some of the puts and takes as we think about the free cash in the second half of this year to get you down below the 3 times exiting the year.

也許，肖恩，如果你能回顧一下我們考慮今年下半年的自由現金時的一些看跌期權和看跌期權，就能讓你的回報率低於今年退出的 3 倍。

Yes.

是的。

Yes.

是的。

Great.

偉大的。

I'd say this.

我想說這個。

So we have had a couple of impacts in the second quarter, specifically relative to, I'll say, receipt timing -- so we did -- I did talk about in the prepared remarks a system implementation that we deployed that had a modest impact.

因此，我們在第二季度產生了一些影響，特別是相對於，我會說，收貨時間 - 所以我們做到了 - 我確實在準備好的評論中談到了我們部署的系統實施產生了適度的影響。

We've also seen a little bit of changes in the payment cycles from certain customers that we expect to get kind of on track in the back half the team is doing what you would expect everybody to do, which is working through those definitization, the startups, which, of course, also consume some working capital.

我們也看到某些客戶的支付週期發生了一些變化，我們希望在後半部分團隊正在做你希望每個人做的事情，即透過這些定義、新創企業，當然也消耗一些營運資金。

We'll be out of that here in the second half of the year and expect to meet our commitments.

我們將在今年下半年擺脫這種情況，並期望履行我們的承諾。

Trevor Walsh, Citizens JMP.

Trevor Walsh，公民 JMP。

Jeremy, maybe starting with you, Shawn mentioned the different contingency support revenues coming in and that sounds like it's fairly broad-based kind of from a geo perspective.

傑里米，也許從你開始，肖恩提到了不同的緊急支援收入，這聽起來從地理角度來看是相當廣泛的。

I'd just be interested to hear your take on just broadly the geopolitical environment and where you see kind of areas where you can better serve customers just based on kind of where you may be reading your tales to kind of see things going and how you maybe adjust or reposition resources assets to kind of, again, deal with some of the different complexities in the world, if you will?

我只是有興趣聽聽您對廣泛的地緣政治環境的看法，以及您認為在哪些領域可以更好地為客戶提供服務，這取決於您可能在哪裡閱讀您的故事，以了解事情的進展以及您如何也許會調整或重新定位資源資產，以再次處理世界上的一些不同的複雜性，如果你願意的話？

No.

不。

Thank you.

謝謝。

And I appreciate the question, and thanks for joining the call.

我很欣賞這個問題，也感謝您加入這次電話會議。

I think what I was -- when I gave the remarks earlier, I think it's important for you to understand that, that global footprint is a true differentiator.

我認為當我早些時候發表演講時，我認為讓你們了解這一點很重要，全球足跡是真正的差異化因素。

And we are -- and if you look at where the government spends its money on that $300 billion plus, we are absolutely aligned with that.

如果你看看政府將這 3000 億美元以上的錢花在哪裡，我們絕對同意這一點。

And if you think about the INDOPACOM move and our existing footprint and into PACOM, as the two areas where you hear the most in the news are the two areas where we have key differentiation, Middle East and into PACOM.

如果你考慮一下印度太平洋司令部的舉措以及我們現有的足跡和進入太平洋司令部，因為你在新聞中聽到最多的兩個領域是我們具有關鍵差異化的兩個領域：中東和進入太平洋司令部。

Those areas afford us a tremendous amount of flexibility to be reactive to customer needs on a real-time basis.

這些領域為我們提供了巨大的靈活性，可以即時回應客戶需求。

And so as the government continues to look at its footing and where it needs to spend time in its calories, we are well aligned with those funding profiles.

因此，當政府繼續關注其立足點以及需要在卡路里方面花費時間時，我們與這些資金狀況非常一致。

The key for us is what I keep coming back to, which is bringing the entirety of the company to bear for our customer.

對我們來說，關鍵是我不斷回到的問題，那就是讓整個公司為我們的客戶負責。

And as we look at optimization, it is going to be 100% around bringing the entirety of the company to that customer and making them aware of what is available within the company so that when they have emissions of consequence, we are ready to serve them in a way that the presence allows us to be reactive and responsive to those needs.

當我們考慮優化時，它將 100% 圍繞將整個公司帶給客戶，並讓他們了解公司內部可用的內容，以便當他們產生後果排放時，我們準備好為他們提供服務在某種程度上，存在使我們能夠對這些需求做出反應和回應。

Maybe switching gears a little to the GMR contract.

或許稍微轉向 GMR 合約。

Can you -- you mentioned in your prepared remarks about some optimization around the unit itself around kind of size and whatnot.

您在準備好的評論中提到了有關設備本身的尺寸等方面的一些優化嗎？

Can you maybe just if you're able to give us a little bit more detail there?

您能給我們更多細節嗎？

And then maybe in the context of where you see -- obviously, it's starting with the Army, but just where you see that expanding out to the other components, especially given you mentioned Jet V2 kind of in the context there.

然後也許在你看到的背景下——顯然，它是從陸軍開始的，但你看到它擴展到了其他組成部分，特別是考慮到你在背景下提到了 Jet V2。

Just give me your outlook on that particular contract or that would be great.

只要告訴我你對特定合約的看法，那就太好了。

Sure, happy to.

當然，很高興。

I mean I'm excited that we have a toehold on Jet V2.

我的意思是，我很高興我們能在 Jet V2 上立足。

I think that is -- you hear about it a lot.

我想這就是──你常聽到這個說法。

This is a proven capability, which I'm excited about.

這是一項經過驗證的功能，我對此感到興奮。

But think about it, it's past does it work face.

但想想，過去的事還管用嗎？

It's past the study phase, which is wonderful.

已經過了學習階段了，真是太好了。

We're now into what I would call like LRIP, right?

我們現在進入了我所說的 LRIP，對嗎？

You're in that phase where you're putting it in the vehicles, you're demonstrating it over and over again that this is a -- it's solving a problem that our customers have real time.

你正處於將其放入車輛的階段，你一遍又一遍地證明這是——它正在解決我們客戶實時遇到的問題。

Our next goal is to move this program to a program of record.

我們的下一個目標是將該計劃納入記錄計劃。

And as it moves to a program of record, it then unleashes the fact that you have hundreds of thousands of these vehicles and aircraft that will benefit from this capability.

當它進入記錄計劃時，它就會釋放出這樣一個事實：您有數十萬輛此類車輛和飛機將從這種能力中受益。

Our goal during this time frame is to continue to work the form factor, which comes down to size, power and weight within that unit, and we will continue to invest very consistently with what we've invested in the past to continue to enhance that asset and that capability to be ready for it when it comes -- becomes that program of record and becomes that opportunity for them to truly implement a Jet V2 solution.

我們在此時間範圍內的目標是繼續研究外形尺寸，具體取決於該裝置的尺寸、功率和重量，我們將繼續與過去的投資保持一致的投資，以繼續增強這一能力資產以及在其到來時做好準備的能力－成為記錄計劃，並成為他們真正實施Jet V2 解決方案的機會。

Maybe just one last one for you, Shawn.

也許只是給你最後一張，肖恩。

Can you just give us -- I appreciate the color that you gave kind of in the call back in the prepared remarks rather around some of the contracts associated with the backlog and kind of where those are coming in kind of in this current 3Q.

您能否告訴我們 - 我很欣賞您在準備好的評論中的回電中所給出的顏色，而不是圍繞與積壓相關的一些合約以及這些合約在當前第三季度的情況。

But just overall, just maybe give us some color on how you think backlog should track for the balance of the year in terms of whether it's on a sequential growth basis or year-over-year?

但總的來說，也許可以讓我們了解一下您認為積壓訂單應該如何追蹤今年的餘額，無論是連續增長還是同比增長？

Or just first half, second half compare, just give us a little bit of some guardrails, that would be helpful.

或者只是比較上半場和下半場，給我們一些護欄，這會有幫助的。

I think we expect, I'll say, the book-to-bill to end right around one, the readiness award that we talked about is kind of a binary activity set, Trevor, meaning when things get put on contract, and that contract will ramp in the back half of 2025.

我想我們預計，我會說，從書到帳單大約會結束，我們談到的準備獎是一種二元活動集，特雷弗，意思是當事情被放在合約上時，而合約將於2025 年下半年加速。

So very modest bookings anticipated this year for that activity set.

因此，預計今年該活動的預訂量非常有限。

The other things that you'll see added to backlog and grow are the other awards that we mentioned, we've got a couple -- we expect the teams do a wonderful job.

您會看到積壓和增長的其他事情是我們提到的其他獎項，我們有幾個 - 我們希望團隊做得很好。

Jeremy mentioned our footprint around the globe in both INDOPACOM and the Middle East.

傑里米提到了我們在印度太平洋司令部和中東的全球足跡。

I'd be remiss if I didn't highlight again in the quarter, we had over $500 million of on-contract growth -- there are some other activities that we'll expect in the back half of the year to continue to do that takes advantage of the distributed network we have around the globe to meet our customers' needs.

如果我沒有在本季度再次強調，那就是我的失職了，我們的合約成長超過 5 億美元——我們預計下半年還有一些其他活動將繼續實現這一目標利用我們在全球擁有的分散式網絡來滿足客戶的需求。

And so we'll continue to see those things as well as some of the activities that we highlight today.

因此，我們將繼續關注這些事情以及我們今天強調的一些活動。

So I do expect bookings to increase specifically in Q3 and then obviously in Q4.

因此，我確實預計預訂量將在第三季具體增加，然後在第四季大幅增加。

(Operator Instructions) Bert Subin, Stifel.

（操作員說明）Bert Subin，Stifel。

Maybe just to kick off, I just want to better understand some of the comments on the sequential progression in margin relative to what's been happening in the Middle East.

也許只是為了開始，我只是想更好地理解一些關於利潤率相對於中東發生的情況的連續進展的評論。

So you saw 29% growth in the quarter.

所以你看到本季成長了 29%。

I think that's after 22% in the first quarter, and that's been a large part, I think, of what's been driving margin lower is just higher mix of cost-plus work in the region.

我認為這是第一季 22% 之後的結果，我認為，導致利潤率下降的很大一部分原因是該地區成本加成工作的更高組合。

Do you expect that to slow materially in the second half and then that becomes margin accretive?

您是否預計下半年這一趨勢會大幅放緩，然後利潤率會增加？

Or do you expect that to continue to grow similarly and it just gets aided by other contract actions?

或者您預計這一數字會繼續以類似的方式增長，而只是得到其他合約行動的幫助？

Yes.

是的。

I think the latter is exactly the way to think about it, right?

我認為後者才是正確的思考方式，對嗎？

I mean so the situations are ever evolving as we watch the news and that sort of stuff.

我的意思是，當我們觀看新聞和諸如此類的東西時，情況會不斷變化。

So it would be premature to try to predict any of those things.

因此，嘗試預測這些事情還為時過早。

We're focused on what we can control in terms of outcomes that we deliver.

我們專注於我們能夠控制的交付結果。

And so yes, I think about it as maybe a little bit from you did on some of that 29% growth sequentially.

是的，我認為這可能是您對 29% 的連續成長所做的一點貢獻。

But the contract actions, productivity improvements, Jeremy talked about moving into optimization, that's something that we're carrying forward to all of the programs and the cadence around the enterprise and so expect to drive improvements from those things here in the back half of the year.

但是合約行動、生產力提高，傑里米談到了進入優化，這是我們正在向企業的所有計劃和節奏推進的事情，因此希望在後半段從這些事情中推動改進年。

And just a follow-up on the next-generation readiness contract, can you give us a little more color there?

這只是下一代準備合約的後續行動，您能給我們更多資訊嗎？

Is this the warfighter readiness contract that was put out to bid?

這是招標的作戰人員戰備合約嗎？

Or is that an incremental opportunity?

或者說這是一個增量機會？

And then is this a multi-award contract so we should be looking for you to win task orders under this as you get further into the process.

這是一份多獎項合同，因此，當您進一步進入流程時，我們應該尋找您贏得該合約下的任務訂單。

Yes.

是的。

So we're not at liberty to name the contract right now, Bert.

所以我們現在不能隨意命名合同，伯特。

It is a single award that we're off kind of working through with the customer.

這是我們與客戶合作完成的單一獎項。

And when we can talk more about it, we will.

當我們可以更多地談論它時，我們就會的。

We wanted to highlight it today because it is so notable, of course, and we're very excited to support the customer as we go forward.

我們今天想強調它，因為它是如此引人注目，當然，我們非常高興能夠在我們前進的過程中為客戶提供支援。

And I think the other reason we referenced it is it is a perfect example of a program that would not have been available to the companies individually.

我認為我們引用它的另一個原因是它是一個完美的示例，該計​​劃無法單獨向公司提供。

But now with the combination of the companies became very addressable and the wind shows that.

但現在隨著公司的合併變得非常容易解決，風向也表明了這一點。

And so that was the purpose of highlighting it today.

這就是今天強調它的目的。

And then just one more for you, Shawn, on the interest expense side of things.

肖恩，還有一個關於利息支出方面的問題。

Can you just help us understand that better?

你能幫助我們更好地理解這一點嗎？

I think you said you did $52 million in cash interest in the first half, and you're guiding to $60 million in the second half, which would be like a 9% to 10% interest rate, but you're -- it sounds like based on where your term structure is, you're below that.

我想你說過上半年你支付了 5200 萬美元的現金利息，下半年你的目標是 6000 萬美元，這相當於 9% 到 10% 的利率，但你——聽起來就像根據你的期限結構所在的位置一樣，您的期限結構低於該結構。

What's going on the interest side?

利益方面怎麼了？

And where should that settle out?

那應該在哪裡解決呢？

Yes.

是的。

I think we're right around -- so the -- I think the interest expense right around $8.2 million with the refinancing that we did, $8.2 million, $8.3 million somewhere in there, Bert specifically.

我認為我們的再融資費用大約是 820 萬美元，其中包括 820 萬美元、830 萬美元，特別是 Bert。

So I think the team has done a wonderful job with continuing to restructure the debt and the financing and you see a little bit in the assumptions that we've changed about $5 million reduction in interest expense for the total year.

因此，我認為團隊在繼續重組債務和融資方面做得非常出色，您可以看到我們已經改變了全年利息支出約 500 萬美元減少的假設。

I think it's down to $111 million for the total year.

我認為全年總額將降至 1.11 億美元。

I'll also remind you there are some of the markup fees that are in there, which could be one of the deltas or is the delta to what you're seeing.

我還要提醒您，其中存在一些加價費用，這可能是增量之一，也可能是您所看到的增量。

And just one more, Jeremy, for you.

傑里米，再給你一份。

You talked about going from sort of integration to optimization phase.

您談到了從整合階段到優化階段。

I appreciate you've sort of only been on board about 2 months at this point.

我很感激你此時才加入公司約兩個月。

But maybe as you've gotten up to speed at V2X, what do you see as maybe the number one area for improvement as you go into the next chapter.

但也許當您已經掌握了 V2X 的速度後，您認為在進入下一章時可能需要改進的首要領域是什麼。

I really do think that the opportunity for us is on the execution side.

我確實認為我們的機會在於執行方面。

It is really giving the programs at the local level, the visibility into metrics and performance levers that they have to improve the overall execution at that level.

它確實為本地層級的專案提供了對指標和績效槓桿的可見性，以提高該層級的整體執行力。

When you're -- like I said, when you're going through integration, it is a lot more blocking and tackling.

當你——就像我說的那樣，當你經歷整合時，會遇到更多的阻礙和解決方案。

And when you move into optimization, it is more about visualizing data, allowing people to have seamless access to all the information required for execution and also it flows the other way, too. we start to have a better understanding of everything that we are doing and looking at capabilities that might travel from one location to another location because during integration, you're not thinking about that, you're thinking about, like I said, the blocking and tackling.

當您進行最佳化時，更多的是可視化數據，使人們能夠無縫訪問執行所需的所有信息，而且資訊也以其他方式流動。我們開始更好地理解我們正在做的一切，並研究可能從一個位置傳播到另一個位置的功能，因為在集成過程中，你不會考慮這一點，你會考慮，就像我說的，阻塞和應對。

And now information flows both directions.

現在資訊是雙向流動的。

The ability to give them everything they need at the local level to optimize execution.

能夠在本地層面為他們提供優化執行所需的一切。

It allows us to see where we have differentiators that can be applied to the pipeline.

它使我們能夠看到哪些地方可以應用於管道的差異化因素。

And that's where the biggest opportunity for us, I think as I move forward is looking at that pipeline, shaping that pipeline for the company we are today, not the companies that came together that were desperate.

這就是我們最大的機會，我認為隨著我的前進，我會專注於這條管道，為我們今天的公司塑造這條管道，而不是那些絕望地走到一起的公司。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Jeremy Wensinger for any closing remarks.

我想將會議轉回傑里米·溫辛格先生發表閉幕詞。

Megan, thank you for supporting this today.

梅根，感謝您今天的支持。

And thank you, everybody, for coming on to the call today.

感謝大家今天參加電話會議。

I'm excited to be here.

我很高興來到這裡。

The welcome has been exceptionally warm, and I'm just excited to have the opportunity to be with this team and drive this company forward, and thank you for your questions today, and I look forward to working with you as we go forward.

歡迎受到了異常熱烈的歡迎，我很高興有機會與這個團隊一起推動公司向前發展，感謝您今天提出的問題，我期待著與您合作，共同前進。

Thanks.

謝謝。