Perspecta Inc.(PRSP) 首席执行官 Mac Curtis 在 2019年 第四季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月07日 · 168 次阅读 · PRSP

Perspecta Inc. (NYSE:PRSP) Q4 2019 Earnings Conference Call June 6, 2019 5:00 PM ET

Perspecta Inc.(纽约证券交易所代码:[PRSP])2019年第四季度收益电话会议2019年6月6日美国东部时间下午5:00

公司参与者

Stuart Davis - VP, IR and Strategy
Mac Curtis - CEO
John Kavanaugh - CFO

  • Stuart Davis - IR和战略副总裁
  • Mac Curtis - 首席执行官
  • John Kavanaugh - 首席财务官

电话会议参与者

Edward Caso - Wells Fargo
Joseph Vafi - Loop Capital
Gavin Parsons - Goldman Sachs
Gautam Khanna - Cowen and Company
Jon Ladewig - Stifel Nicolaus
Matthew Sharpe - Morgan Stanley

  • 爱德华卡索 - 富国银行
  • 约瑟夫瓦菲 - 循环资本
  • Gavin Parsons - Goldman Sachs
  • Gautam Khanna - Cowen and Company
  • Jon Ladewig - Stifel Nicolaus
  • 马修夏普 - 摩根士丹利

会议主持员

Good afternoon, and welcome to the Perspecta Incorporated Fourth Quarter Fiscal Year 2019 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Stuart Davis, Vice President, Investor Relations and Strategy. Please go ahead.

下午好,欢迎参加Perspecta Incorporated第四季度2019财年盈利电话会议。 所有参与者都将处于只听模式。 [操作员说明]请注意正在记录此事件。

我现在想把会议转交给投资者关系和战略副总裁斯图尔特戴维斯。 请继续。

斯图尔特戴维斯

Thank you. Welcome everyone to today's quarterly and full fiscal year earnings conference call. Presenting on the call today are Mac Curtis, our CEO; and John Kavanaugh, our CFO. Today's call is being webcast on the Investor Relations portion of our Web site, where you'll also find the earnings release and financial presentation slides that we will use for today's call.
Turning to slide two of the presentation, please note that during this call, we will make forward-looking statements that are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from anticipated results. For a full discussion of these risks and uncertainties, please refer to our SEC filings including our latest Form 10-K. In addition, the statements represent our views as of today and subsequent events may cause our views to change. Though we may elect to update the forward-looking statements, we specifically disclaim any obligation to do so.
Finally, as shown on slide three, we will discuss some non-GAAP financial measures that we believe provide useful information for investors. The slide deck for today's call includes reconciliations to the most closely comparable GAAP measures.
At this time, it's my pleasure to turn the call over to Mac, who will begin on slide four.

谢谢。欢迎大家参加今天的季度和全年财报电话会议。今天的电话会议是我们的首席执行官Mac Curtis

Mac Curtis

Thank you, Stuart, and thank you all for joining us on this afternoon's call. I'm pleased to report there was strong operational performance in the fourth quarter. We completed a very successful [inaugural] [ph] year. I continue to be amazed at the efforts in the entire Perspecta team. We jointed together to become one Perspecta, and have delivered both outstanding financial results, a customer measure of success. We've accomplished a lot in our first year, and we still have work to do. Well, if they look at our report card for the year, and where we expect to land next year, we're ahead of the aggressive plan that we laid out to the investment community at our Investor Day a year ago.
I'll provide an overview of our financial performance in the quarter, and then turn to a discussion of the government marketplace, business development, our strengthening cyber presence, and a key addition to our leadership team. First, we once again exceeded consensus estimates on all of our key financial metrics. Our results for the fourth quarter demonstrated the fundamental tenants supporting the creation of Perspecta are sound, and our business model is on track. Revenue was up 3% year-over-year on a pro forma basis and up 2% sequentially. As a result of revenue growth and margin expansion, adjusted EBITDA was up 10% year-over-year, and adjusted diluted EPS was up 15% year-over-year. Our strong performance in the quarter also enabled us to exceed the top end of our fiscal year guidance for all measures, a truly outstanding result given the demands of a complex integration effort. In FY '20, we'll keep the momentum going. The guidance ranges that we're introducing today points to accelerating revenue growth and robust margins. Our guidance is above current consensus, and in line with the long-term targets that we laid out at our May 2018 Investor Day.
Second, our financial performance is benefiting from a strong market backdrop. We're in the early stages of a long-term uptick in government spending. Since our last call, there have been many positive signs on the budget front. The President submitted his budget request with significant increases in national security spending, and an emphasis on priority areas like R&D, and cyber that line up well for Perspecta. All the House appropriation subcommittees have passed budgets. Perhaps most importantly, negotiations involving the House and Senate majority and minority leaders to reach a two-year budget agreement have begun.
That said much still needs to be done. In addition to averting the Budget Control Act caps, Congress will have to deal with the deficit in the summer. Like most observers, we expect to begin the year with a continuing resolution. We also expect that congress will ultimately agree on a deal with budget growth in the 2% to 4% range, which is consistent with our Investor Day outlook. There was bipartisan support for higher defense and intelligence spending in a world that isn't getting any safer. Given the current threat environment funding for our programs will be secure. For example, when much of the government was shut down for more than a month this past winter, only 28 of our more than 14,000 employees were affected.

谢谢你,斯图尔特,谢谢你们今天下午的电话加入我们。我很高兴地报告第四季度的运营表现强劲。我们完成了一个非常成功的[就职] [ph]年。我对整个Perspecta团队的努力感到惊讶。我们联合起来成为一个Perspecta,并提供了出色的财务业绩,客户衡量的成功。我们在第一年就取得了很大成就,我们仍有工作要做。好吧,如果他们查看我们今年的年度报告卡,以及我们预计明年将要落户的报告卡,我们就会领先于一年前我们投资者日向投资界提出的积极计划。

我将概述本季度的财务业绩,然后讨论政府市场,业务发展,我们加强的网络存在,以及我们领导团队的关键补充。首先,我们再次超出了对所有关键财务指标的一致预期。我们对第四季度的结果表明,支持创建Perspecta的基本租户是合理的,我们的商业模式正在走上正轨。预计收入同比增长3%,比上一季度增长2%。由于收入增长和利润率扩张,调整后的EBITDA同比增长10%,调整后的摊薄后每股盈利同比增长15%。我们在本季度的强劲表现也使我们能够超越所有措施的财政年度指导的最高端,鉴于复杂的整合工作的需求,这是一个真正出色的结果。在'20财年,我们将保持势头。我们今天介绍的指导范围指向加速收入增长和稳健利润。我们的指引高于目前的共识,并符合我们在2018年5月投资者日制定的长期目标。

其次,我们的财务表现受益于强大的市场背景。我们处于政府支出长期上升的早期阶段。自上次电话会议以来,预算方面出现了许多积极迹象。总统提交了他的预算请求,显着增加了国家安全支出,并强调优先领域,如研发,以及为Perspecta排队的网络。所有众议院拨款小组委员会都已通过预算。也许最重要的是,众议院和参议院多数派和少数党领袖达成两年预算协议的谈判已经开始。

这说明仍有许多工作要做。除了避免预算控制法案的上限外,国会还必须在夏季处理赤字问题。像大多数观察家一样,我们期望在今年开始时继续解决问题。我们还预计,国会最终将达成预算增长2%至4%的协议,这与我们的投资者日展望一致。在一个没有更安全的世界中,两党支持更高的防御和情报支出。鉴于目前的威胁环境,我们计划的资金将是安全的。例如,在过去的冬天,当大部分政府关闭了一个多月之后,我们超过14,000名员工中只有28人受到影响。

Third, we had another excellent business development quarter. Bookings totaled $1.4 billion or a book-to-bill ratio of 1.2 times. 93% of the quarter's awards were new work for Perspecta. We've seen at a one times book-to-bill ratio in every quarter in the fiscal 2019, and closer to book-to-bill ratio of 1.6 times for the year. We're well positioned for growth as we enter fiscal year 2020. The largest award in the quarter was a five-year $905 million contract to support the Army's Cyber Command. ARCYBER is a landmark win for us, creating excitement both internally and externally because it was bid as Perspecta, none of the legacy companies would have bid it before the merger. We'll provide comprehensive cyberspace operations support for ARCYBER headquarters and its partners [indiscernible] of a new command as it moves from Fort Belvoir to Fort Gordon. This award is a major revenue synergy proof point, bringing together leading edge cyber R&D from Perspecta Labs, capabilities in past performance from Vencore support for the U.S. Cyber Command, and scale around enterprise IT and network defense from USPS.
With good bookings we were able to grow our total backlog. At the end of the fourth quarter, total backlog was $10.7 billion, which was up 2% compared to the third quarter of fiscal year 2019. Funded backlog at the end of the fourth quarter was $2.2 billion, which was unchanged sequentially. Our robust $68 billion pipeline of qualified opportunities includes $17 billion worth of proposals already submitted and awaiting decision. The submitted total includes our NGEN re-compete, which is always a topic of keen investor interest. There has been no real change since the last call, but let me clearly reiterate where we stand. Bids were submitted in January, and we expect to see the award late in calendar year 2019. We're currently under contracts through May of 2020. We absolutely expect to win this program. We believe the Navy and Marine Corps customer will see Perspecta as the best value, low-risk option to execute this critical mission. John and I have been deeply and personally involved in this pursuit, and we're excited for the award decision.
Our performance on the program has been solid, it will part of the advantage that we have over our competitors. The move to best value allows our key differentiators to be scored and enables the Navy to get the solution they want. The Navy is looking forward to modernizing the network which fits directly with our focus on digital transformation and the innovations that are coming out of Perspecta Labs, and our world-class technology partners, like AT&T. We've also knocked some important wins so far in the first quarter. I'll describe one in particular because it is such a true power of the Pyramid award. We received a $75 million other transaction agreement, or OTA, to help modernize the IT systems that support a defense security service vetting processes including adjudications, background checks, and insider threat programs.

第三,我们有另一个优秀的业务发展季度。预订总额为14亿美元,订单出货比为1.2倍。本季度奖金的93%是Perspecta的新作品。我们在2019财年的每个季度都看到过一次订单出货比率,而且今年的订单出货比率接近1.6倍。我们进入2020财政年度时,我们已经为增长做好了准备。本季度最大奖项是支持陆军网络司令部的五年期9.05亿美元合同。 ARCYBER对我们来说是一次具有里程碑意义的胜利,因为它被认为是Perspecta,所以内部和外部都令人兴奋,在合并之前没有一家传统公司会竞标它。我们将为ARCYBER总部及其合作伙伴[音频不清晰]提供全面的网络空间运营支持,从Fort Belvoir迁至Fort Gordon。该奖项是一个主要的收入协同证明点,汇集了Perspecta实验室领先的网络研发,过去的表现能力,Vencore对美国网络司令部的支持,以及围绕企业IT和USPS的网络防御。

通过良好的预订,我们能够增加我们的总积压。截至第四季度末,总积压量为107亿美元,与2019财年第三季度相比增长了2%。第四季度末的资金积压为22亿美元,而且顺序没有变化。我们强大的680亿美元合格机会包括已经提交并等待决定的价值170亿美元的提案。提交的总数包括我们的NGEN重新竞争,这一直是投资者兴趣浓厚的主题。自上次电话会议以来没有真正的变化,但让我明确重申我们的立场。投标是在1月提交的,我们预计会在2019日历年末看到该奖项。我们目前正在签订合同到2020年5月。我们绝对希望赢得这个计划。我们相信海军和海军陆战队的客户将看到Perspecta是执行这一关键任务的最佳价值,低风险选择。约翰和我深深地亲自参与了这一追求,我们为这一奖项决定感到兴奋。

我们在该计划上的表现一直很稳健,这将是我们对竞争对手的部分优势。向最佳价值迈进可以让我们的关键差异化因素得分,并使海军能够获得他们想要的解决方案。海军期待网络现代化,这直接关系到我们对数字化转型的重视以及Perspecta Labs和我们世界级技术合作伙伴(如AT&T)的创新。到目前为止,我们还在第一季度取得了一些重要的胜利。我将特别描述一个,因为它是金字塔奖的真正力量。我们收到了价值7500万美元的其他交易协议(OTA),以帮助实现支持防御安全服务审核流程(包括裁决,背景调查和内部威胁计划)的IT系统的现代化。

Leading a team of several non-traditional partners will enable the DoD to achieve bold transformational change by combining commercial off-the-shelf solutions with our capabilities and expertise in emerging technology areas such as data ingest [brokery] [ph] and analytics enabled by artificial intelligence, machine learning, and natural language processing and enterprise-level DevSecOps, which continues authority to operate processes in a secure government cloud environment.
Fourth, we continue to strengthen our leadership position in cyber security. Our deep expertise in researching, developing, and implementing adaptive and innovative solutions for a constantly evolving cyber landscape is unparallel. From a resource perspective, we are a leading provider of the cyber research for DARPA. Perspecta Labs is a key driver of technical differentiation for us, and cyber is one of its core sweet spots. Our demonstrated leadership in cyber research was absolutely essential to recent competitive wins by ARCYBER in this quarter in the Air Force enterprise logging win in Q3.
Among the cyber commands, we now hold franchise positions at U.S. Cyber Command and Army Cyber Command. In the operating organization cyber can range from defense of massive enterprise-wide networks, like on NGEN, to integrated cyber and electronic warfare. We've recently bolstered our position in the field by winning prime positions on two large multiple-award indefinite delivery indefinite quantity cyber operations contracts. The first is the fourth quarter award of the AR4 contracts for Army Program Executive Office, or PEO, for intelligence, electronic warfare and sensors, or IEW&S, which has a potential ceiling value of $982 million over 10 years. Using our deep signals intelligence, wireless, and big data expertise, we'll compete to develop and deploy a comprehensive suite of cyber electronic warfare capabilities in support of the Army's Cyber Electromagnetic Activities Mission. This is brand new work for us, and it is integral to the Army's strategy. We won't be able to talk much about this contract, but we see good potential for growth in late FY'20 and FY'21.
The second is a potential seven-year $740 million contract within Space and Naval Warfare Systems Command or SPAWAR, in San Diego, to establish and maintain cyberspace operations with a focus on interoperability at the tactical, operational, and strategic levels. This first quarter award offers a great opportunity to expand our presence with the full power of the Pyramid behind us.
And fifth, I'm pleased to welcome Rocky Thurston to the leadership team as head of our Civilian and State and Local business. Rocky comes to us after successfully running large P&L units at AT&T and Accenture, and growing up at Lockheed Martin. Rocky is a hands-on leader with a strong growth focus. He is financially astute, and is comfortable with fixed price execution. I'm excited about the future of our civilian agency and state and local business.

领导一个由多个非传统合作伙伴组成的团队将使国防部能够通过将商业现成解决方案与我们在新兴技术领域的能力和专业知识相结合,实现大胆的转型变革,例如数据摄取[brokery] [ph]和分析人工智能,机器学习,自然语言处理和企业级DevSecOps,它继续在安全的政府云环境中运行流程。

第四,我们继续加强在网络安全方面的领导地位。我们在研究,开发和实施针对不断发展的网络环境的自适应和创新解决方案方面的深厚专业知识是无与伦比的。从资源角度来看,我们是DARPA网络研究的领先提供商。 Perspecta Labs是我们技术差异化的关键驱动力,而网络是其核心优势之一。我们在网络研究方面的领先地位对于ARCYBER本季度在空军企业采伐第三季度赢得的竞争胜利至关重要。

在网络指挥中,我们现在在美国网络司令部和陆军网络司令部担任特许经营职位。在运营组织中,网络可以从大规模企业级网络(如NGEN)的防御到集成的网络和电子战。我们最近通过赢得两项大型多奖无限期交付无限量网络运营合同的优势头寸来巩固我们在该领域的地位。第一个是陆军计划执行办公室(PEO)AR4合同的第四季度奖励,用于情报,电子战和传感器,或IEW&S,其10年潜在上限价值9.82亿美元。利用我们深厚的信号智能,无线和大数据专业知识,我们将竞争开发和部署一整套网络电子战能力,以支持陆军的网络电磁活动任务。这对我们来说是一项全新的工作,它是陆军战略不可或缺的一部分。我们无法谈论这份合同,但我们看到了20世纪20年代末和21财年的良好增长潜力。

第二个是在圣地亚哥的太空和海战系统司令部或SPAWAR内签订的一份为期7年的7.4亿美元合同,用于建立和维护网络空间作战,重点是战术,作战和战略层面的互操作性。第一季度奖项提供了一个很好的机会,以金字塔的全部力量扩展我们的存在。

第五,我很高兴欢迎Rocky Thurston担任领导团队,担任民间和州及地方业务负责人。在成功运营AT&T和埃森哲的大型损益部门并在洛克希德马丁公司成长之后,Rocky来到我们这里。 Rocky是一位实力雄厚的领导者,专注于增长。他财务上很精明,对固定价格执行感到满意。我对我们的民事机构以及州和地方业务的未来感到兴奋。

In conclusion, we are excited for the future and grateful for the support of our people, customer, technology partners, and shareholders. With integration so aggressively in our first year, we can now focus our efforts on one Perspecta to implement our strategy, which is all about growth, both by pursuing largely business opportunities by investing in our innovation, engine, and technical differentiators by partnering with leading technology companies to drive the transformation agenda for our customers and by acquiring companies in enhanced customer access or specific capabilities all while keeping our commitment to serving a federal government customers as you implement critical IT and mission solution for our nation.
Before turning to John, I will call your attention to a filing that will cause the war during this call. It's the one-year anniversary of our news listing on New York Stock Exchange we're filing a shelf for registration on Form S3 to register 23 million shares owned by Veritas Capital. The S3 replaces the existing S1 we filed in November, and eliminates the requirements to file any more Perspecta supplements to incorporate updated financial statements going forward. Veritas Capital isn't required to sell any of its shares, and Perspecta isn't issuing any new shares related to this shelf registration.
With that, let me turn the call over to John.

总之,我们对未来感到兴奋,并感谢我们的员工,客户,技术合作伙伴和股东的支持。通过第一年如此积极的整合,我们现在可以集中精力在一个Perspecta上实施我们的战略,这一切都与增长有关,通过与领先的合作投资我们的创新,引擎和技术差异化来寻求大量商机。技术公司为我们的客户推动转型议程,并通过收购增强客户访问或特定功能的公司,同时保持我们为联邦政府客户服务的承诺,同时为我们的国家实施关键的IT和任务解决方案。

在转向约翰之前,我会提请你注意一个会在这次电话会议中引起战争的文件。这是我们在纽约证券交易所上市的一周年纪念日,我们正在申请注册表格S3,以注册Veritas Capital拥有的2300万股股票。 S3取代了我们在11月提交的现有S1,并取消了提交更多Perspecta补充的要求,以纳入更新的财务报表。 Veritas Capital无需出售其任何股份,而且Perspecta不会发行任何与此货架注册相关的新股。

有了这个,让我把电话转到约翰。

John Kavanaugh

Thanks, Mac, and good afternoon, everyone. I'm extremely pleased with our performance in the fourth quarter and this fiscal year. Now, first year as the public company we've had four quarters of solid execution. I'll walk through the results for the quarter, quickly review our report card for the full-year, and then turn to our forward outlook both for fiscal year 2020 and the longer term.
Turning to slide five, revenue for the quarter was $1.09 billion, which was up 3% from the fourth quarter of fiscal year 2018 on pro forma basis, and up 2% in the third quarter of fiscal year 2019. Q4 was our fourth straight quarter of year-over-year growth and almost rapid growth quarter yet. The growth driver in the quarter was our Defense and Intelligence segment, which increased 8% year-over-year, with strong performance in our Federal Background Investigations support business, and solid balanced performance across our remaining Defense and Intelligence customers. This growth came despite a $16 million rollover challenge in the Q1 contract divestiture.
Civilian and Health Care segment revenue decreased 5% year-over-year, $6 million of the $19 million revenue decrease was from the final payments in the fourth quarter of fiscal year 2018 on the Kennedy Space Center engineering contract. The remainder spread across multiple programs that are ramping down. The government shutdown, which included the first three weeks of the quarter, had no material impact on our operational results.
Q4 adjusted EBITDA was $207 million, which was up 10% compared to year-ago pro forma adjusted EBITDA, as margin improved from 17.8% to 18.9%. The year-over-year increase in profit reflects three primary factors: Number one, strong program execution on fixed price programs. Number two, the merger cost synergies and operational efficiencies we committed to at our Investor Day. In fact, we were able to achieve our three-year cost take out targets in the first year. And number three, we received a one-time 8 million gain from a subcontractor negotiation. Excluding the one-time gain, adjusted EBITDA margin was 18.2%, which was up 130 basis points sequentially and well above our previous long-term target range. Contract mix, which is a key driver of our industry-leading adjusted EBITDA margin, was basically in line with last quarter. As a percentage of total revenue, our contracts were 54% fixed price, 21% time and materials, and 25% cost-plus.
Moving down the income statement, depreciation and amortization totaled $116 million in the quarter, which was higher than its normal level. Depreciation of $48 million was about $8 million above its run rate this year, resulting from additional asset acquisitions in support of customer requirements. Acquisition-related intangibles amortization, which is backed out of adjusted net income and adjusted diluted EPS was $68 million, which included about $30 million of amortization related to adjustments we made to the intangible assets identified in our purchase price allocation, coupled with software-acquired certain support of the business. We expect both items to return to their normal levels in fiscal year 2020.

谢谢,Mac,大家下午好。我对第四季度和本财年的表现非常满意。现在,作为上市公司的第一年,我们有四个季度的稳固执行。我将详细介绍本季度的结果,快速查看全年的成绩单,然后转向2020财年和长期的前瞻性展望。

转向第五栏,本季度收入为10.9亿美元,比备考基础上的2018财年第四季度增长3%,而在2019财年第三季度增长2%。第四季度是我们连续第四个季度同比增长和几乎快速增长的季度。本季度的增长动力是我们的国防和情报部门,同比增长8%,我们的联邦背景调查支持业务表现强劲,并且我们剩下的国防和情报客户表现稳健。尽管在第一季度合同剥离中出现了1600万美元的滚动挑战,但这种增长仍然存在。

民用和医疗保健部门收入同比下降5%,收入减少1900万美元中的600万美元来自肯尼迪航天中心工程合同2018财年第四季度的最终付款。其余部分分布在多个正在逐渐减少的计划中。政府关闭,包括本季度前三周,对我们的运营结果没有重大影响。

第四季度调整后的EBITDA为2.07亿美元,与去年同期的预估调整后EBITDA相比增长了10%,利润率从17.8%上升至18.9%。利润同比增长反映了三个主要因素:第一,固定价格计划的强有力的计划执行。第二,合并成本协同效应和我们在投资者日承诺的运营效率。事实上,我们在第一年就实现了三年的成本收购目标。第三,我们从分包商谈判中获得了一次性的800万美元收益。剔除一次性收益,调整后的EBITDA利润率为18.2%,比上一个长期目标区间高出130个基点。合约组合是我们行业领先的调整后EBITDA利润率的关键驱动因素,基本与上一季度持平。占总收入的百分比,我们的合同固定价格为54%,时间和材料为21%,成本为25%。

下调利润表,本季度的折旧和摊销总额为1.16亿美元,高于正常水平。由于额外的资产收购以支持客户需求,今年的折旧额为4800万美元,比其运营利率高出约800万美元。与收购相关的无形资产摊销(由调整后净收入和调整后的摊薄后每股收益支持)为6800万美元,其中包括与我们对购买价格分配中确定的无形资产进行调整相关的约3000万美元的摊销,以及软件收购对业务的某些支持。我们预计这两个项目将在2020财年恢复到正常水平。

Net interest expense totaled $37 million in Q4, which includes the interest on our term loans and capital leases. We also incurred $28 million of transaction, integration, and restructuring expense, which is excluded from all adjusting metrics. With an effective tax rate of 27%, Q4 adjusted net income was $89 million, which was up 14% year-over-year on a pro forma basis. As a result, adjusted diluted earnings per share were $0.54 against a diluted share count of 163.8 million. Adjusted diluted EPS for the quarter were up 15% year-over-year, and also up 15% sequentially.
Turning to slide six, during the fourth quarter we generated $168 million of cash flow from operating activities and $136 million of adjusted free cash flow, or 153% of adjusted net income. The difference between the cash metrics is the $62 million of capital expenditures, which includes capital lease payments and the $30 million of restructuring integration payments. The strong cash flow in the quarter was reflected in our day sales outstanding metric of 54 days, which is below our target DSO range of the mid to high 50s, and a sequential improvement of five days.
During the quarter, we benefited from the reversal of Q3 collection delays stemming from the government shutdown, as well as about $70 million from an accelerated customer payment, and the subcontractor negotiation I mentioned earlier. We continue to execute our balanced capital deployment plan with the mix of debt pay down, share repurchases, and dividends. During the fourth quarter, we paid down $88 million of debt and returned $24 million to shareholders, $8 million in quarterly dividends and $16 million in share repurchases. We ended the quarter with $88 million of cash, $2.7 billion of debt, including $305 million of capital leases. With the $600 million of undrawn revolver capacity, our $688 million of total liquidity affords us substantial financial flexibility to manage the business, and we are comfortably below our debt covenants.
Slide seven summarizes our performance for the fiscal year. Pro forma revenue was $4.27 billion, which was up 2% pro forma revenue for fiscal year 2018, despite a 108 million headwind in the Kennedy Space Center contract, and the $37 million headwind from the Q1 contract divestiture. Revenue for the year was $14 million above the upper-end of guidance given on our last call, and $74 million above the midpoint of the original guidance given at Investor Day.
Pro forma adjusted EBITDA was $760 million, up 16% company to pro forma adjusted EBITDA for fiscal year 2018. Pro forma adjusted EBITDA margin was 17.8% compared to our most recent guidance of 17.1% to 17.3%. Excluding the one-time Q1 divestiture and Q4 subcontractor negotiation gains adjusted EBITDA margin was 17.1%. Pro forma adjusted diluted EPS was $2, up 20% compared to pro forma adjusted diluted EPS for fiscal year 2018. EPS was $0.05 above the upper-end of guidance given on the last call and $0.12 above the midpoint of the Investor Day guidance.

第四季度的净利息支出总计为3700万美元,其中包括我们的定期贷款和资本租赁的利息。我们还承担了2800万美元的交易,整合和重组费用,这些费用不在所有调整指标中。有效税率为27%,第四季度调整后净收入为8900万美元,按备考基准同比增长14%。因此,调整后的每股摊薄收益为0.54美元,摊薄后的股票数量为1.638亿股。本季度调整后的摊薄后每股盈利同比增长15%,同比增长15%。

转到第六季度,在第四季度,我们从经营活动中获得了1.68亿美元的现金流和1.36亿美元的调整后自由现金流,或调整后净收入的153%。现金指标之间的差异是6200万美元的资本支出,其中包括资本租赁付款和3000万美元的重组整合支付。本季度的强劲现金流量反映在我们当天销售的54天的优异指标中,低于我们目标DSO中高50的范围,并连续五天改善。

在本季度,我们受益于政府关闭导致的第3季度收款延迟的逆转,以及加速客户付款的约7,000万美元,以及我之前提到的分包商谈判。我们继续执行我们均衡的资本部署计划,包括债务减少,股票回购和股息。在第四季度,我们偿还了8800万美元的债务,向股东返还了2400万美元,季度红利800万美元,股票回购1600万美元。我们在本季度结束时获得了8800万美元的现金,27亿美元的债务,其中包括3.05亿美元的资本租赁。凭借6亿美元未提取的左轮手枪容量,我们6.88亿美元的流动资金总额为我们提供了大量的财务灵活性来管理业务,而且我们很可能低于我们的债务契约。

Slide 7总结了我们本财年的表现。尽管肯尼迪航天中心合同有1.08亿的逆风,以及第一季度合同剥离的3700万美元逆风,但预计收入为42.7亿美元,2018财年的预计收入增长2%。本年度的收入比上一次电话会议指导的上限高出1400万美元,比投资者日的原始指导中点高出7400万美元。

预计调整后的EBITDA为7.6亿美元,公司2018财年的预估调整后EBITDA为16%。预计调整后的EBITDA利润率为17.8%,而我们最近的指数为17.1%至17.3%。剔除一次性Q1剥离和Q4分包商谈判收益调整后的EBITDA利润率为17.1%。对于2018财年,预估调整后的摊薄后每股收益为2美元,与预估调整后的摊薄后每股收益相比增长20%。每股收益比最后一次通知的指引上限高出0.05美元,比投资者日指导中点高出0.12美元。

For fiscal year 2019, we generated $420 million of pro forma adjusted free cash flow, or 128% of pro forma adjusted net income of $329 million. Our elevated free cash conversion rate increased adjusted free cash flow by $91 million, compared to our most recent guidance of 100% plus of adjusted net income, and $124 million compared to the Investor Day guidance. Excluding the one-time 70 million of benefits in Q4 cash flow from the items I previously mentioned, adjusted free cash flow would have been 106% of adjusted net income for the year, still about our most recent guidance.
Looking ahead, our initial fiscal year 2020 guidance on slide eight reflects the strong foundation that we built this year. We expect revenue for the year to be $4.35 billion to $4.45 billion, adjusted EBITDA margin of 17% to 18%, adjusted diluted earnings per share of $2.05 to $2.16, and adjusted free cash flow conversion of 95% plus of adjusted net income. This guidance puts us ahead of the plan that we laid out as we launched the company.
We'll start the year with strong year-over-year organic growth; although likely down slightly on a sequential basis as a few Civilian and Healthcare segment programs ramped down. We'll return to sequential growth in the back-half of the year as recent and expected new business wins ramp up. Adjusted EBITDA margin will likely be in the lower half of the guidance range for the year. Implicit in our guidance is the assumption of an effective tax rate of 26% which we'll achieve through concerted efforts around R&D credits and state tax planning. Although not included in the adjusted metrics, we're expecting to spend roughly $60 million in integration and restructuring cost. In fiscal year 2020, we'll continue to allocate capital in a balanced manner. We'll still be paying down debt, but because our financial covenant net leverage ratio was down to about 3.3 times, we're more open to acquisitions and capital returns. With integration activities well under control, we'll consider strategic tuck-in acquisitions that strengthen our competitive position and financial outlook.
In May, we announced that we took the quarterly dividend up a penny per share, which translates to an additional $6 million in annual dividend payments, and we'll be opportunistic with our share repurchase program against our remaining $340 million authorization. Looking longer term, we're comfortable with the revenue and EPS growth targets that we've given through FY'22, specifically, we've targeted 3% to 5% revenue CAGR, and an 8% to 12% adjusted diluted EPS CAGR. We're upwardly revising our adjusted free cash flow conversion to 95% plus. We expect to sustain margins over that period, which will now be in the 17% to 18% range for adjusted EBITDA. Although our forecast anticipates stable margins, I want it clearly understand that we won't sacrifice growth for margins. Strategic alignment, sustainable EPS growth, and shareholder value will be the primary filters as we evaluate new business opportunities or acquisitions.

对于2019财年,我们产生了4.2亿美元的备考调整后自由现金流,或128%的预估调整后净收入为3.29亿美元。我们提高的自由现金转换率使调整后的自由现金流增加了9100万美元,相比之下我们最近的调整后净收入增加了100%,与投资者日指导相比增加了1.24亿美元。不包括我之前提到的第四季度现金流量中的一次性7000万美元的收益,调整后的自由现金流量将是本年度调整后净收入的106%,仍然是我们最近的指导。

展望未来,我们对2020年的第一个财政年度指导反映了我们今年建立的坚实基础。我们预计今年的收入为43.5亿美元至44.5亿美元,调整后的EBITDA利润率为17%至18%,调整后的每股摊薄收益为2.05美元至2.16美元,调整后的自由现金流转换率为调整后净收入的95%以上。这个指导使我们领先于我们在推出公司时制定的计划。

我们将从今年开始,同比增长强劲

Operator, we're now ready to take any questions.

接线员,我们现在准备好接受任何问题了。

问答环节

We will now begin the question-and-answer session. [Operator Instructions] Our first question comes from Edward Caso with Wells Fargo. Please go ahead.

我们现在开始问答环节。 [操作员说明]我们的第一个问题来自爱德华卡索与富国银行。 请继续。

爱德华卡索

Hi, good evening. Congrats on the solid numbers here. I talked to the gentleman who runs the clearance for the government, and he said that he expects the use of vendors to do the clearances to go down now that they got over the initial hump of backlog. Are you starting to see a tail-off in the key point business at this point, and what's the outlook?

嗨,晚上好。 恭喜这里的实地数字。 我和那位为政府办理通关的绅士谈过,他说,他希望利用供应商做清关,因为他们已经克服了最初的积压。 在这一点上,你是否开始看到关键点业务的尾声,前景如何?

Mac Curtis

No, we haven't. This is Mac, Ed, and thank you for joining the call. No, we haven't seen that yet. I know we do, as we talked about the backlog I think we'll see when that starts to -- if when that happens. And then one of the things we look at, Ed, is we talk about the suitability business, and I think we've talked about it over the calls, is how we really look at this as from the kind of a trusted workforce perspective, the trusted workforce market. I mean, look, there's a lot of moving parts here, from OPM to DSS, as DSS now goes from a defense security service to a defense counterintelligence security agency, there are a lot of moving parts there from the suitability, the continuous evaluation, continuous management. We just -- it was published, the whole OTA about building the system off for DSS, and we looking at trusted workforce no only in that vein, but also when you start to look at the counterintelligence, the HSPD-12 next generation.
So there are a lot of moving parts to this thing, and they take a little while to sort out. I think what happens if you do talk to -- to certainly OPM, more people coming in the queue we have noticed frankly that the crossover has gotten a little bit quicker. We still haven't seen a downtick when you start to look at the different levels of clearance as we start to look at TS/SCI CI and some of the more complex cases, but no, we really haven't seen the so-called downturn with regard to the cases that we're getting. John, do you have any other comment?

不,我们没有。这是Mac,Ed,谢谢你加入这个电话。不,我们还没有看到。我知道我们这样做,因为我们谈到了积压工作,我认为我们会在开始时看到 - 如果发生这种情况。然后,我们看到的其中一件事,Ed,我们谈的是适合性业务,我认为我们已经通过电话讨论了这个问题,我们是如何从可信赖的员工角度来看待这一点,值得信赖的劳动力市场。我的意思是,看,这里有很多活动部件,从OPM到DSS,因为DSS现在从防御安全服务转到防御反情报安全机构,从适用性,持续评估,到那里有很多活动部分,持续管理。我们刚刚发布了关于为DSS构建系统的整个OTA,我们不仅在这种情况下看待值得信赖的员工,而且当你开始关注HSPD-12下一代的反间谍时。

所以这件事有很多动人的部分,他们需要一点时间才能理清。我想如果你说话会发生什么 - 当然OPM,排队的人越多,我们就会坦率地注意到交叉变得更快了。当我们开始研究TS / SCI CI和一些更复杂的情况时,我们仍然没有看到不同程度的清除,但是没有,我们真的没有看到所谓的关于我们得到的案件的低迷。约翰,你还有其他评论吗?

John Kavanaugh

Yes, no, I would just add on, I think we still believe there's even opportunity to get further market share. We're very, very pleased with the performance of that business. And as Mac said, as we continue to evolve into continuous evaluation and continuous monitoring, we're excited about that business.

是的,不,我会补充说,我认为我们仍然相信甚至有机会获得更多的市场份额。 我们对该业务的表现非常非常满意。 正如Mac所说,随着我们不断发展为持续评估和持续监控,我们对这项业务感到兴奋。

Mac Curtis

I mean it's a rapidly changing market, and we're right upfront, so we'll -- time will tell.

我的意思是这是一个快速变化的市场,我们是在前面,所以我们 - 时间会告诉我们。

爱德华卡索

My other question is around access to talent. You obviously do a lot of sort of higher-end IT work. Can you talk sort of access within the D.C. -- Greater D.C. Area, and then maybe access outside the D.C. area what are you seeing?

我的另一个问题是获得人才。 你显然做了很多高端的IT工作。 你能谈谈在D.C. - 大D.C.区域内的访问,然后可能访问D.C.区域以外你看到了什么?

Mac Curtis

Yes, I think as we've talked about, about 74% of our workforce is not in the D.C. Area; we're in San Diego, and in Boise, Idaho, in spaces you would expect, Montgomery, Alabama, Huntsville, et cetera. So we don't have that kind of deadweight pressure, which it is tough. So 25% to 46% of our workforce is in the D.C. area. And it's always been challenging, Ed, because a lot of that workforce are the work in the intelligence community. So we're dealing with the TS/SCI CI, full-scope poly, and that's very, very competitive, there's no question about that. It's not so much -- and again, when we look at how we hire it's not just the dollar compensation, it's the benefits piece, it's all the 401(k), all these things are part of this competitive package. And frankly, with the generation we're hiring it's social conscience and social programs are also important.
I'll tell you that about north of 80% of our offers are accepted, and about 45% of the new hire -- I think about 30% of the new hires this year have come from employee referrals, in the legacy Vencore business about 42%. And so when we talk about that, that makes us feel pretty good, Ed, because we're doing something right. When you think about north of 40% of your employees in this area in the legacy Vencore business are referred for one, friends and family to another. I do think, Ed, to kind of close out the answer, that the Amazon is going to put some stress on the system, I don't think there's any doubt about it. I think just in general in Northern Virginia when you look at the technology play it's a touch recruit. It's a touch recruit, no question about it, a lot - a little less pressure when you kind of get outside the D.C. area. Does that answer your question?

是的,我认为,正如我们所谈到的,我们约有74%的员工不在D.C.区域

爱德华卡索

Yes, great. Thank you. Keep the good news coming.

对,很好。 谢谢。 保持好消息。

Mac Curtis

Yes, thank you.

是的,谢谢。

John Kavanaugh

Thank you, Ed.

谢谢你,艾德。

会议主持员

The next question comes from Joseph Vafi with Loop Capital. Please go ahead.

接下来的问题来自Joseph Vafi和Loop Capital。 请继续。

约瑟夫·瓦菲

Hey guys, good afternoon. Good results. I was wondering we could just focus on the book-to-bill on the quarter, real nice to see a 122 on almost new business, it's a big number for just new business. So I just wanted to drill down on the recompete characteristics of the quarter. Was this just a really light renewal quarter; was there a win rate issue or something like that? And then I have a follow-up.

嘿伙计们,下午好。 效果很好。 我想知道我们可以只专注于本季度的订单账单,真的很高兴看到几乎是新业务的122,这对于新业务而言是一个很大的数字。 所以我只是想深入了解该季度的重新特征。 这只是一个非常轻松的续订季度

Mac Curtis

Yes, no, I'll start, and then John will turn it over. It was a 93% win rate in new business, means there's 7% which is -- it was a low kind of award period, but we've talked about, Joe, we've got the big NGEN recompete, right. And we've talked about NASA NEST, where that is. In the queue there's just not that many other recompetes. I mean we start to look at the recompetes going forward what's in play right now, there's one classified recompete, that's about 3% of the business. After that there's a pretty substantial falloff in backend of '20 and '21. There's one in the healthcare space, but that's about it. But no, it's just that cycle, Joe, where we didn't see a lot of awards. We didn't lose anything, but we there also we didn't have any big recompetes that were awarded. Does that answer your question?

是的,不,我会开始,然后约翰会把它翻过来。 这是新业务的93%赢率,意味着有7% - 这是一个很低的奖励期,但我们已经谈过,乔,我们已经得到了NGEN的重大补偿,对吧。 我们已经谈到了NASA NEST,就是这样。 在队列中,没有那么多其他重新组合。 我的意思是我们开始关注现在正在发挥作用的重新组合,有一个分类重新组合,大约占业务的3%。 在那之后,'20和'21的后端出现了相当大的下降。 在医疗保健领域有一个,但就是这个。 但不,只是那个周期,乔,我们没有看到很多奖项。 我们没有失去任何东西,但我们也没有任何重大的重新获得奖励。 这是否回答你的问题?

约瑟夫·瓦菲

Yes, sure, that's helpful.

是的,当然,这很有帮助。

斯图尔特戴维斯

Joe, this is Stuart. Just to put a point on that. We had less than $100 million of recompete adjudications in the quarter, so it was really a volume issue, and we're glad with the new business.

乔,这是斯图尔特。 只是为了说明一点。 本季度我们的重新审判裁决不到1亿美元,所以这真的是一个卷问题,我们很高兴新业务。

约瑟夫·瓦菲

Great. Okay, that's helpful. And then I know, John, I think you mentioned at the end of your remarks something about some further capital deploy to some further restructuring. Is that -- should we expect to see more cost synergies from that or what's going on with that?

非常好。 好的,这很有帮助。 然后我知道,约翰,我想你在你的评论结束时提到了一些进一步资本部署到一些进一步重组的事情。 那是 - 我们是否应该期待看到更多的成本协同效应或者正在发生什么?

John Kavanaugh

Yes, so I tried to give you some feel for what we would be doing as we talked about, our integration has gone very well this year, but there's still work to be done, right. We have chosen our IT platform. Specifically we're migrating to one financial system for the next year. So again, as I had also mentioned in my prepared remarks, we did a very good job this year, as I had kind of commented on all along through the year in terms of driving both our cost synergies and operational efficiencies. Matter of fact, again we did accelerate, we had said over three years, into this year. So I do expect us, relative to again the fixed price nature of our work, to continue to drive operating leverage and drive efficiencies. We'll continue to drive automation, we'll continue to drive against supply chain efficiencies, and we're continuing to work facilities' rationalization. So we'll continue to focus on that. Again, we're driving good profitability and good ROI on those investments, Joe.

是的,所以我试着给你一些关于我们将要做的事情的感觉,我们今年的整合进展顺利,但仍有工作要做,对吧。 我们选择了我们的IT平台。 具体来说,我们将在明年迁移到一个金融系统。 所以,正如我在准备好的发言中所提到的那样,今年我们做得非常好,因为我在整个一年中都在评估我们的成本协同效应和运营效率。 事实上,我们再次加速,我们已经说了三年,到今年。 因此,相对于我们工作的固定价格性质,我确实期望我们继续推动运营杠杆并提高效率。 我们将继续推动自动化,我们将继续推动供应链效率,并且我们将继续努力使设施合理化。 所以我们将继续关注这一点。 Joe,我们再次为这些投资带来了良好的盈利能力和良好的投资回报率。

约瑟夫·瓦菲

Great. And then maybe if you could just sneak one more in, as we're sitting here already in June, a few weeks away from the end of the quarter, anything that you want to add to your commentary about how the June quarter is going in P&L and bookings? Thanks a lot.

非常好。 然后也许你可以再偷偷溜进来,因为我们已经在6月就已经坐在这里,距离季度末还有几个星期,你想在评论中添加关于6月季度如何进展的任何内容 损益和预订? 非常感谢。

John Kavanaugh

Sure. So obviously we're pleased with the guidance we've just provided for our fiscal year '20. Again, we will be obviously reporting out in the August timeframe. So there's really nothing to add right now. Again, I think we set a very good foundation in FY'19. You're seeing the power of the Pyramid, right. Obviously we're very pleased with the $6.8 billion of overall bookings, 1.6 book-to-bill. We've got a very robust pipeline, all right, $68 billion, $17 billion under adjudication. So we're excited about obviously FY'20.

当然。 显然,我们对我们刚刚为20财年提供的指导感到满意。 同样,我们将在8月的时间框架内明确报告。 所以现在真的没什么好补充的。 再说一次,我认为我们在FY'19中奠定了很好的基础。 你正看到金字塔的力量,对吧。 显然,我们对68亿美元的整体预订(1.6对账单)感到非常满意。 我们有一条非常强大的管道,好的,680亿美元,170亿美元的裁决。 所以我们很高兴看到20财年。

Mac Curtis

Yes, I think the only comment I'd add, and it's out there, and I think we're -- that the $75 million OTA, Joe, is -- again, we talk about ARCYBER being kind of the first Perspecta kind of unified bid. This OTA, I can't say enough about how important that is to the company from leveraging the research we've done, applied research and artificial intelligence, machine learning, all these things that we're talking about, about building the next generation system for the new agency, which will be Defense Counterintelligence and Security Agency. And that goes -- DSS goes from, again, a kind of a medium-sized agency to having all the counterintelligence responsibilities for clearances and other things in the government. So, that really feels good. We're looking for to it, it's 18 months, $75 million, a lot of technology play.
And this is the second OTA we've won from that organization. So it gets to where we're headed. It's not just suitability and background investigations, it gets to the next generation trusted workforce, which involves background investigation, which involves continuous evaluation, continuous monitoring, but also the next generation PIV cards, HSPD-12. We see this as the grander scheme, so a wider focus on the background investigations, as it should be. But that's just the platform, the baseline for us to get started. So again, that's kind of comment I'd have on the first quarter.

是的,我认为我要添加的唯一评论,它就在那里,而且我认为我们 - 这是7500万美元的OTA,乔,再次,我们谈论ARCYBER是第一种Perspecta类型的统一出价。这个OTA,我不能说公司利用我们所做的研究,应用研究和人工智能,机器学习,所有这些我们正在讨论的事情,关于建立下一代的重要性。新机构的制度,将是国防反间谍和安全局。这就是 - DSS再次成为一个中等规模的机构,对政府中的许可和其他事情负有所有反间谍责任。所以,这真的很棒。我们正在寻找它,它是18个月,7500万美元,很多技术发挥。

这是我们从该组织获得的第二个OTA。所以它到了我们前进的地方。这不仅仅是适合性和背景调查,还涉及下一代值得信赖的员工队伍,后者涉及背景调查,包括持续评估,持续监控,以及下一代PIV卡,HSPD-12。我们认为这是更宏伟的计划,因此应该更广泛地关注背景调查。但这只是平台,是我们入门的基准。再说一次,这是我第一季度的评论。

约瑟夫·瓦菲

Sure, great. Thanks for that color, Mac.

当然,很棒。 谢谢你的那种颜色,Mac。

John Kavanaugh

Yes, thanks, Joe.

是的,谢谢,乔。

会议主持员

The next question comes from Gavin Parsons with Goldman Sachs. Please go ahead.

接下来的问题来自Gavin Parsons和Goldman Sachs。 请继续。

Gavin Parsons

Hey, good afternoon everyone.

嘿,大家下午好。

John Kavanaugh

Hi, Gavin.

嗨,加文。

Mac Curtis

Good afternoon.

下午好。

Gavin Parsons

John, you gave pretty helpful color on the 4Q '19 margin strength. And then I thought I heard you say for the 17% to 18% going forward in fiscal '20 maybe you expect it to be a low end of that range. So maybe if you can help us bridge from the 17.1% adjusted in fiscal '19 into fiscal '20, and then what might get you to kind of the high end of that 17% to 18% over the next few years?

约翰,你在第四季度的利润率上给出了非常有用的颜色。 然后我想我听说你在20财年的17%到18%的未来可能你认为它是该范围的低端。 那么也许你可以帮助我们从19财年的17.1%调整到20财年,那么未来几年可能会让你达到17%到18%的高端?

John Kavanaugh

Sure. Yes, so as I said, we are guiding 17% to 18%, as you'd pointed out. Again, we ended FY'19 at 17.8%, but when you adjust for again the gain we had in the first quarter, and then the $8 million again subcontract we're about 17.1%. So what you're really seeing again is solid execution and strong performance in both the reporting segments. We were able to accelerate again some of the cost takeout and synergies, so we got a pop in the quarter and for the full-year, and that'll give us a running start as we go into next year. And then it's really about, obviously with our fixed price contract mix of 54%, and when I look at the pipeline, right, that pipeline has north of 60% fixed price, we're going to continue to drive operational efficiencies as we manage the business. We're very disciplined, we're pretty monopole about the cost stacks. So again, as I said in my prepared remarks, we feel good about the guidance. We are looking at lower end of that adjusted EBITDA right now.

当然。 是的,正如我所说,正如你所指出的那样,我们正在引导17%到18%。 同样,我们以19.8%的价格结束了FY'19,但是当你再次调整我们在第一季度获得的收益,然后是再次转包800万美元时,我们的收益率约为17.1%。 因此,您真正看到的是两个报告细分市场的稳定执行和强劲表现。 我们能够再次加速部分成本收购和协同效应,因此我们在本季度和全年都有了流行音乐,这将为我们在明年开始时提供一个良好的开端。 然后它真的很明显,显然我们的固定价格合同组合占54%,当我看到管道时,正确的是,该管道的固定价格为60%以上,我们将继续提高运营效率 这生意。 我们非常自律,我们对成本堆栈非常单极。 所以,正如我在准备好的评论中所说,我们对指导感到满意。 我们现在正在考虑调整后的EBITDA的下限。

Gavin Parsons

Okay, thanks. And then on background investigations, could you help us size how much of percentage of business that was in fiscal '19, and then what that looks like in fiscal '20, roughly?

好的谢谢。 然后在背景调查中,您能否帮助我们确定19财年的业务百分比,然后在20财年看起来大概如此?

John Kavanaugh

Yes, we certainly don't provide any specific contract or business, obviously, data. We report at a segment level. What I would say, echoing what Mac talked about, obviously they have been a solid performer in the business, a good contributor. We're excited about the future, and I'll leave it at that.

是的,我们当然不提供任何具体的合同或业务,显然,数据。 我们在细分级别报告。 我想说的是,回应Mac所说的话,显然他们在业务中表现稳定,是一个很好的贡献者。 我们对未来感到兴奋,我会留下它。

Gavin Parsons

Okay, thanks.

好的谢谢。

会议主持员

The next question comes from Gautam Khanna with Cowen and Company. Please go ahead.

接下来的问题来自Gautam Khanna和Cowen and Company。 请继续。

Gautam Khanna

Thanks. Good afternoon, guys.

谢谢。 大家下午好。

John Kavanaugh

Good afternoon.

下午好。

Gautam Khanna

So, a couple of questions, first I was wondering if you could just again enunciate, articulate, quantify the known headwinds in fiscal '20 to revenue relative to fiscal '19, NEST roll-off of the one contract, et cetera, whatever you got?

所以,有几个问题,首先我想知道你是否可以再次阐述,表达,量化20财政年度的已知逆风与相对于财政'19'的收入,NEST滚动一个合同等等,无论你是什么 拿到?

Mac Curtis

Yes, I think NEST is -- and Gautam, this is Mac. NEST on an annual basis is about $100 million. You've got rather residual from the contract investors is about $10 million. And I think that's kind of the large numbers, John mentioned a little bit about some of the contract ramp-down, I'm not sure exactly what that number is. It's additive to that, but it's not a huge number. So that's kind of that headwind that we're thinking about in the revenue category. Does that answer your question?

是的,我认为NEST是 - 和Gautam,这是Mac。 NEST每年约1亿美元。 你已经从合约投资者那里获得了大约1000万美元。 而且我认为这是一个大数字,约翰提到了一些合同减少的一点点,我不确定那个数字到底是什么。 它是附加的,但它不是一个巨大的数字。 这就是我们在收入类别中考虑的那种逆风。 这是否回答你的问题?

Gautam Khanna

It does, I guess. What's the phase-down of NEST? I mean I imagine it takes a while to…

我想,确实如此。 NEST的逐步减少是什么? 我的意思是我想它需要一段时间才能......

Mac Curtis

Well, let me tell you where we're at -- so where we are on that, and it's under -- it's not been under protest, Gautam. We've talked about it on the call. Let me kind of give you a little background. That was a contract that was awarded several years ago to HPE, and it was -- it's really kind of the desktop managed services, so it supports the headquarters at NASA and the centers, so you have people onsite at Marshall, in Kennedy, and Johnson where they're working on peripherals, if the printers doesn't work, and then the printers, the mouse, all that kind of stuff. So it's kind of managed services business, about $100 million-$110 million a year. It's very low margin business for us. I think the challenge that we had as Perspecta is about 10-year contract, seven years in, and the HPE customer showed development, and that kind of leaves a bad taste in your mouth. So that's kind of a bad, but I'm not sure if you have the color on it or not.
So it was protested. We protested it, and just to give you up to current speed, from back from GAO the protest was dismissed, and I can't into much more detail on that. The next step, as you know, we go to the Court of Federal -- the CFC, the Court of Federal Claims. We've got options, but look, I can't go in more than that, but that's kind of where we are in this process, so we'll do what we think is best for the company, the customer, coming up short. I can't go into more detail because where it is in the protest. Is that helpful?

好吧,让我告诉你我们在哪里 - 所以我们在那里,而且它还在 - 它没有受到抗议,Gautam。我们在电话会议上谈到了这个问题。让我给你一点背景。这是几年前授予HPE的一份合同,它确实是 - 它实际上是桌面管理服务,所以它支持NASA和中心的总部,所以你在肯尼迪的Marshall有现场人员,约翰逊,他们在外围设备,如果打印机不工作,然后是打印机,鼠标,所有这些东西。因此,它是一种托管服务业务,每年约1亿美元至1.1亿美元。这对我们来说是一个非常低利润的业务。我认为我们作为Perspecta的挑战是大约10年的合同,7年后,HPE客户展示了开发,这种味道在你的口中留下了不好的味道。所以这有点糟糕,但我不确定你是否有颜色。

所以它被抗议了。我们抗议它,只是为了让你达到目前的速度,从GAO的反击来看,抗议被驳回了,我不能更详细地说明这一点。如你所知,下一步我们去联邦法院 - 联邦索赔法院CFC。我们有选择,但是看,我不能超过这个,但这就是我们在这个过程中所处的位置,所以我们会做我们认为对公司,客户来说最好的事情。 。我不能详细说明因为它在抗议中的位置。这有用吗?

Gautam Khanna

That is helpful. And then in the outstanding bids number that you gave, $17 billion, is GSMO too in that number because I saw that that was protested by you guys of late, and I'm just curious if that $6.5 billion we should take out of that number of how should we view the $17 billion?

这很有帮助。 然后在你提供的170亿美元的未付出价中,这个数字也是GSMO,因为我看到你们这些人最近都提出抗议,我只是好奇我们是否应该从这个数字中取出65亿美元 我们应该如何看待170亿美元?

Mac Curtis

Well, yes, what I would tell you given where we are, that the GSMO is in the number. The late breaking news it was protested, and so it was written that we were out of the competitive range, we've protested it. Because we felt there were some things that maybe the government didn't see. As of last night, we are -- just have sent the GAO formal notice taking corrective action. So we're back in the competitive range, we're in play, we got a lot of dollar over this. So the short answer to your question is that number is in there.

嗯,是的,我会告诉你,我们在哪里,GSMO是在数字。 最近的突发新闻遭到了抗议,因此有人写道我们已经超出竞争范围,我们已经抗议了。 因为我们觉得有些事情可能是政府没有看到的。 截至昨晚,我们 - 刚刚发送GAO正式通知采取纠正措施。 所以我们又回到了竞争的范围,我们在比赛中,我们获得了很多美元。 所以对你的问题的简短回答就是数字就在那里。

Gautam Khanna

It's in there and it should because you're back in the competitive range.

它在那里,它应该因为你回到了竞争的范围。

Mac Curtis

That's correct. Exactly, that's correct.

那是对的。 确切地说,这是正确的。

Gautam Khanna

And then just -- I know NGEN bids are in, we're all waiting on it, NGEN-R, but is there -- what is your expectation for the margin transition from the current contract to the new contract, recognizing you're not willing to sacrifice growth for margin. Just is there something we should worry about just kind of the year one of the new terms being substantially less profitable than year whatever, 18 or whatever, year five of the yield, do you expect…

然后就是 - 我知道NGEN的出价正在进行中,我们都在等待它,NGEN-R,但是在那里 - 您对从现有合同到新合同的保证金过渡的期望是什么,认识到你是 不愿意为保证金牺牲增长。 只是有一些我们应该担心的事情就是今年的一个新条款的利润大大低于年份,无论是什么,18或其他什么,第五年的收益率,你期望...

Mac Curtis

Well, just to give just a little backdrop. As you know, the NGEN contract, the percentage of revenue it is and what said all along, and I can't go in too much detail because we're in a competitive state here, is that it's not the highest, it's not the lowest. And so when you look at how to operate this contract there's a lot of fixed price business in it. Yes, it's competitive. We're not -- I'm not going to go into a lot of detail, but again it's not, given the size of the revenue, I have to be careful here, Gautam, the size of the revenue, again, the margin is somewhere in between. So I can't really talk too much about because we -- the bids have been submitted. They have many questions, clarifications yet, so I'm a little hesitant to get into a lot of detail about it, but you got to kind of glean from where we talk about where the margin is currently. We kind of talked about that a little bit. I'm just hesitant; really I'm kind of dancing around it. I don't want to go into too much detail because I don't think -- well, let's see when we get some more, like I'm a little hesitant to talk too much about it. I'm sorry about that.

好吧,只是给一个小背景。如你所知,NGEN合同,它的收入百分比和一直说的一切,我不能详细说明因为我们在这里处于竞争状态,它不是最高的,它不是最低。因此,当您了解如何运营此合同时,其中有很多固定价格业务。是的,它具有竞争力。我们不是 - 我不打算详细介绍,但是不是,考虑到收入的大小,我不得不在这里小心,Gautam,收入的大小,再次,边际介于两者之间。所以我真的不能说太多,因为我们 - 已经提交了出价。他们有很多问题,但是还有一些问题,所以我有点犹豫要不要详细了解它,但是我们要谈谈目前保证金的位置。我们谈到了一点点。我只是犹豫不决

Gautam Khanna

Oh, I understand. I think reading between the lines it appears that's probably at the corporate average not above it, but I guess I'm just curious about when you bid on these new things in the past when NMCI moved to next-gen, was there a flip, if you will, was there -- I mean there was, I guess, because I went to LPTA, but is there any…

哦,我懂。 我认为在线之间阅读可能在公司平均水平之上并不高于它,但我想我只是好奇当你在NMCI转向下一代时对这些新事物进行投标,是否有翻转, 如果你愿意,那里 - 我的意思是,我想,因为我去了LPTA,但有没有...

Mac Curtis

Correct, yes. Yes, that was -- you know, as you recall, that was 12 years operating the contract as a co-contractor or operator…

正确,是的。 是的,那就是 - 你知道,你知道,这是作为共同承包商或运营商运营合同的12年......

Gautam Khanna

Yes.

是。

Mac Curtis

Through 2000 to 2012, 2013 was LPTA. We know that. And I think the Navy early on -- very early on decided -- the Navy decided that that LPTA would not work as it did not allow them the flexibility to do the network modernization that they needed to do. Hence, the Navy decided that this would be best value, and put that out on both EUH and SMRT, and this is the one that we're talking about. So having said that, it's a complex bid, there are a lot of clients, fixed price, some P&M, et cetera, et cetera. So it's the operational side, ability to inject, you know, the technology as you go forward for modernization. It's a very complex bid with a lot of contract lines as you go forward. So, yes, it's hard -- again I've got to be careful where we aren't competitive -- in this competitive nature of where contract is to provide any more details about the margin.

从2000年到2012年,2013年是LPTA。 我们知道。 而且我认为海军很早就决定 - 海军决定该LPTA不会起作用,因为它不允许他们灵活地进行他们需要做的网络现代化。 因此,海军认为这将是最有价值的,并将其列入EUH和SMRT,这就是我们正在讨论的问题。 所以说,这是一个复杂的出价,有很多客户,固定价格,一些P&M,等等。 所以这是操作方面,能够在您进行现代化的过程中注入技术。 当你前进时,这是一个非常复杂的竞标,有很多合同。 所以,是的,这很难 - 我必须要小心我们没有竞争力 - 在这种竞争性质的合同中提供更多关于保证金的细节。

Gautam Khanna

Understood. Last one for me, and I apologize for asking all these questions, but…

了解。 最后一个对我而言,我为提出所有这些问题而道歉,但......

Mac Curtis

No, no, it's fine, it's great.

不,不,这很好,很棒。

Gautam Khanna

In the opening remarks, I think there was a comment about opening up the cash redeployment aperture to look at acquisitions, but I just wondered given where the stock trades on an EBITDA multiple and kind of what the other companies out there trade at, how do you balance kind of valuation with -- I mean are you seeing anything of promise that would be economically accretive given, where Perspecta stock trades today?

在开场白中,我认为有一个关于开放现金重新部署孔径以评估收购的评论,但我只是想知道股票交易的EBITDA倍数和其他公司的交易方式,如何做 你平衡估值与 - 我的意思是你看到任何有经济增长的承诺,今天Perspecta股票交易?

Mac Curtis

Yes. Well, look, we have to be opportunistic and you hit the nail on the head, and as we've talked about -- John has talked about, I've talked about it; we're looking at opportunities that help enhance the capability set. We're not into buying -- just buy the stock, that's not our mission, that's not what we do. So we're actively looking where we see the books, since we see a lot of the deals, and we're looking if those things can help drive the business, and the valuation survey is something that have to play into it, because that's part of the judiciary responsibility, but we are out there looking for things drive the capability set across either in deep rental customer set, from a broad research, into the program executive offices or even deeper into some of the customer sets where that governments customers mission is so critical to moving forward. So, John, any…

是。 嗯,看,我们必须是机会主义的,你就能在头上敲打,正如我们所说的那样 - 约翰已经谈过,我已经谈到了它

John Kavanaugh

Yes. And I would just say we have always had M&A as part of our capital allocation plan from day one Investor Day. Okay? So we've always talked about again being selective and strategic would be more tuck in versus transformative, but it would be directed toward enhancing capabilities and more access to customers. So overall, we feel good about the balanced capital allocation plan we put together.

是。 而且我只想说,从第一天的投资者日起,我们一直将并购作为我们资本分配计划的一部分。 好的? 因此,我们总是再次谈论选择性和战略性,而不是转型,但它将用于增强能力和更多客户接入。 总的来说,我们对于我们整合的均衡资本分配计划感到满意。

Gautam Khanna

Thank you, guys.

感谢你们。

John Kavanaugh

Thank you.

谢谢。

会议主持员

The next question comes from Joe DeNardi with Stifel. Please go ahead.

下一个问题来自Joe DeNardi和Stifel。 请继续。

Jon Ladewig

Hey, guys. This is Jon Ladewig on for Joe. You guys have been giving some good color on the '19 market -- fiscal fourth quarter '19 margins and '20 guidance, how should we think of out your guidance, is that still in the 16% to 17%, and what's kind of driving this -- your guidance?

大家好。 这是Jon Ladewig对Joe的看法。 你们在19世纪市场上给出了一些好的颜色 - 第四季度'19财年利润率和'20指引,我们应该如何看待你的指导,是否仍然在16%到17%之间,那是什么样的 驾驶这个 - 你的指导?

Mac Curtis

Yes. So as we - I had said in my prepared remarks, okay, we're basically reaffirming our long-term targets through FY'22. So that is again 17% and 18% CAGR that we're going to basically be able to sustain here. So what's driving it, okay, is really again, number one, our continued good strong performance and execution, right. And then our contract mix, right, were 54% fixed price. We do have a lot of operating leverage and we drive those efficiencies. When we look out over the horizon, over the next three years, when I look at the pipeline, we're north of 60% fixed price. So again, we feel good based on visibility right now in the composition of portfolio of sustaining those markets.

是。 因此,正如我们 - 在我准备好的发言中所说的那样,好吧,我们基本上在22财年重申了我们的长期目标。 因此,我们基本上能够维持17%和18%的复合年增长率。 那么是什么驱使它,好吧,再一次,第一,我们持续良好的强劲表现和执行,对吧。 然后我们的合约组合,是54%的固定价格。 我们确实拥有大量的运营杠杆,并且我们提高了效率。 当我们眺望地平线时,在接下来的三年里,当我看到管道时,我们的价格是固定价格的60%。 因此,我们现在对维持这些市场的投资组合构成的可见性感到满意。

John Kavanaugh

I mean just to be clear what we're talking about is that that same 3% to 5% revenue growth that we talked about Investor Day, that same eight to 12 EPS growth, and we've always talked about sustaining margins. Obviously, we've taken it up kind of the step function, and we're continuing to see them now at higher level of 17% to 18%.

我的意思是要明确我们所谈论的是我们谈到投资者日收入同样增长3%到5%,同样的8到12美元的每股盈利增长,我们一直在谈论维持利润率。 显然,我们已经采取了阶梯函数,我们现在继续看到它们处于17%到18%的更高水平。

Jon Ladewig

All right. Thanks to that color. So then kind of pivoting to your customer sets, when you're talking with aerospace, the defense group, and to a lesser extent the civilian, what are they kind of telling you about their FY'20 plans? Are they comfortable? Are they optimistic? What's kind of vibe that they're putting off and telling your employees?

行。 感谢那种颜色。 那么当你与航空航天公司,国防集团以及较小程度上的民用人员交谈时,他们会如何转向你的客户群,他们有什么能告诉你他们的20财年计划? 他们舒服吗? 他们乐观吗? 他们推迟并告诉员工的是什么样的氛围?

Mac Curtis

Well, clearly, Joe, we're trying pretty hard, but I think to tell you, I think with the business wins we've had, it's strictly Defense and Intel, there's a lot of opportunity, ARCYBER is an example, we won in the fourth quarter, that's going to be a big revenue driver. I think they are confidently -- confident about their market, confident about the pipeline, the wins we've had. So I think we feel good, but there always are -- we always push them a little bit, for sure. I think on the civilian side of the house, the pipeline is getting better. I think we're kind of moving that moving forward. We've got Rocky Thurston as a new business leader in there as experienced, and really focused on the civilian market, really focused on the civilian market, because that's where we look at it that's critical to us given this technical agencies and that's a Greenfield for us, you know, the ability to look at doing some of IT modernization, additional modernization in Housing Urban Development, and looking at things at HHS and certainly Department of Labor et cetera. So we're really kind of focused on driving that business forward. And I think that they feel good about the market, they feel good about what perspective, what we can bring to the party, but yes, we really we make them move forward, push it pretty good. I think they're confident in the business, they're confident in what they can deliver. Does that answer your question, Joe?

嗯,显然,乔,我们正在努力,但我想告诉你,我认为我们拥有的业务胜利,严格的防御和英特尔,有很多机会,ARCYBER就是一个例子,我们赢了在第四季度,这将是一个巨大的收入驱动因素。我认为他们是自信的 - 对他们的市场充满信心,对管道充满信心,我们获得了胜利。所以我觉得我们感觉很好,但总有 - 我们总是把它们推得一点点,当然。我认为在房子的民用方面,管道越来越好。我认为我们正在向前迈进。我们已经让Rocky Thurston成为经验丰富的新业务领导者,真正专注于民用市场,真正专注于民用市场,因为我们看到它对我们来说是至关重要的,因为这些技术机构和Greenfield对于我们来说,你知道,能够看到做一些IT现代化,住房城市发展的额外现代化,以及HHS和劳动部等的事情。所以我们真正专注于推动业务向前发展。而且我认为他们对市场感觉良好,他们对于什么视角,我们能为党带来什么感觉良好,但是,我们真的让他们向前推进,推动它做得很好。我认为他们对这项业务充满信心,他们对自己能提供的服务充满信心。这回答你的问题吗,乔?

Jon Ladewig

Yes, thanks guys.

是的,谢谢你们。

Mac Curtis

Thanks, Joe.

谢谢,乔。

会议主持员

[Operator Instructions] The next question comes from Matthew Sharpe with Morgan Stanley. Please go ahead.

[操作员说明]下一个问题来自马修夏普和摩根士丹利。 请继续。

马修夏普

Good afternoon, gentlemen, and thanks for taking my question. I'm just curious if you guys could give us a sense of maybe how the fiscal year builds in terms of revenue and earnings, what the cadence looks like through the quarters?

下午好,先生们,感谢您提出我的问题。 我很好奇你们是否可以让我们了解一下财政年度在收入和收入方面的表现如何,这些季节的节奏是什么样的?

John Kavanaugh

First of all, we guide on an annual basis, okay? So again, as we've laid out, we're looking at revenue of [indiscernible], okay, so we're bracketing 3% growth, and really that's an effective growth rate implied by the FY'20 guidance of really 4% to 6%, right. Adjusted diluted earnings per share, we're guiding 3% to 8%. Again, we're growing over the $32 million one-time items in FY'19. So that's an effective growth rate implied in FY'20 guidance of about 9% to 15% based on the plan we laid out in Investor Day. So again, we guide annually, and we feel good about what we've put out there right now.

首先,我们每年都会指导,好吗? 再说一遍,正如我们已经提出的那样,我们正在考虑[音频不清晰]的收入,好吧,所以我们将3%的增长包括在内,实际上这是真正4%的FY'20指导所隐含的有效增长率 到6%,对。 调整后的每股摊薄盈利,我们指导3%至8%。 同样,我们在19财年的一次性项目增长超过3200万美元。 根据我们在投资者日制定的计划,这是在20财年指引中隐含的有效增长率,约为9%至15%。 所以,我们再次每年进行一次指导,我们现在对我们所做的事情感到满意。

Mac Curtis

Yes. So Matt, this is Mac Curtis, looking forward to meeting you face to face, if we get a chance. One of the things that we look at is, and I think we've kind of said is, you know, the contract - I'll give you some color on this, contract on Army Cyber, we call it, ARCYBER now, we're just getting started, maybe 90 days into it. That's a big, $100 million sealing over five years. We've got to make that work, and it takes six to 12 months to really kind of get that on line. Matthew, when you think about the complexity of helping stand up a new command, right, is somewhat of a nation command at Fort Belvoir, and moving that, you know, there's construction Melcon [ph] going on in Augusta, Georgia, where Fort Gordon is to build that and that's a new MOS, that's a Military Occupational Specialty now. Cyber is now cyber security. So it just takes about six to 12 months to get those online.
We had another good win in the fourth quarter with a classified customer, it's called Dues [ph], I can't put both of them together. It's about 130 million over five years, which is high and analytics work. And again, it just takes about six to 12 months to really get that run rate, if you do the live -- the division of 500 to 900. That's our expectation. It is a sealing, but you can count up where you get six by the close of the 12 months to really get these things running just because of the complexity, just because these are kind of driven by task orders that kind of get it laid. So that's what we see if you do the math on our cyber, you'll kind of see this thing really kind of driving forward that kind of the back end of year. And I might give you guidance on a quarter, but what I'm saying is this is kind of the way these things kind of line up. Is that helpful?

是。所以Matt,这是Mac Curtis,如果我们有机会,期待着面对面见面。我们看到的其中一件事是,我认为我们有点说,你知道,合同 - 我会给你一些颜色,陆军网络上的合同,我们称之为,现在是ARCYBER,我们刚刚开始,也许是90天。这是五年来一次巨大的,价值1亿美元的密封。我们必须做到这一点,并且需要6到12个月才能真正实现这一目标。马修,当你想到帮助建立一个新命令的复杂性时,对于贝尔沃堡来说,有点像国家的指挥,并且移动它,你知道,在格鲁吉亚的奥古斯塔,梅尔康正在进行建设戈登是要建立那个,那是一个新的MOS,现在是军事职业专业。网络现在是网络安全。所以只需要6到12个月就可以上网。

我们在第四季度有一个分类客户的另一个好胜利,它叫做Dues [ph],我不能把它们放在一起。它在五年内大约有1.3亿,这是很高的分析工作。再说一次,如果你做的话,只需要6到12个月就可以真正获得运行率 - 500到900的分数。这是我们的期望。这是一个密封,但你可以计算在12个月结束时你得到6的地方真正让这些事情运行只是因为复杂性,只是因为这些是由任务命令驱动的那种得到它。所以,如果你对我们的网络进行数学计算,那就是我们所看到的,你会看到这种事情真的有点推动了今年的后期。而且我可能会给你四分之一的指导,但我所说的是这就是这些事情的排序方式。这有用吗?

马修夏普

Sure. Yes, absolutely that helps me, sort of get a sense of what the cadence might be. Just as a follow-up question on the revenue guidance, I was wondering if there were any discrete factors or potential drivers that would push you to the upside or the downside, what variability is there in that growth rate?

当然。 是的,绝对有助于我,有点了解节奏可能是什么。 正如关于收入指导的后续问题一样,我想知道是否有任何离散因素或潜在驱动因素会推动您上行或下行,这种增长率会有多大变化?

John Kavanaugh

Yes. So, as we've discussed, when you kind of take a look at headwinds, we've talked about NASA NEST. We've talked about again the civilian in health care, some ramp downs, really due to some prior legacy year's underinvestment, but big picture is more tailwinds and headwinds, right. So, we're excited about the ramp up opportunities on our Cyber Air Force slogging, various classified winds, some work obviously in a civilian segment with contract growth opportunities, again, the pending awards that we have out there right now, so big picture more tailwinds and headwinds as we move through the year.

是。 所以,正如我们已经讨论的那样,当你看看逆风时,我们已经谈到了NASA NEST。 我们再次谈到了平民的医疗保健,一些萎缩,实际上是由于之前的一些传统资产投资不足,但总体情况是更多的逆风和逆风。 所以,我们很高兴看到我们的网络空军肆虐,各种分类风,一些明显在合同增长机会的民用领域的工作,再次,我们现在在那里的待定奖项,所以大局 当我们度过这一年时,更多的顺风和逆风。

马修夏普

Got it, thanks. I'll get back in the queue.

知道了谢谢。 我会回到队列中。

John Kavanaugh

Thank you.

谢谢。

会议主持员

The next question is a follow-up from Gavin Parsons with Goldman Sachs. Please go ahead.

接下来的问题是Gavin Parsons与Goldman Sachs的后续行动。 请继续。

Gavin Parsons

Hey, thanks for taking the follow-up. And I think you kind of addressed this with your ARCYBER, answered just a second ago, but now you look at the strong 1.6 times book-to-bill 2% to 4% revenue growth in fiscal '20, 3% to 5% revenue growth over multi-year period implies some acceleration into fiscal '21 or '22 to hit that. So, how much kind of visibility do you have into that acceleration in the out years, and then it sounds like ARCYBER is a little bit of that, but if you could just give a little more color that would be great.

嘿,谢谢你接受了跟进。 我认为你在一年前回答了你的ARCYBER这个问题,但现在看看强劲的1.6倍账面到账单,在20财年收入增长2%到4%,收入增长3%到5% 多年来的增长意味着在21年或22年的财政上有所加速。 那么,你在多年的加速度中有多少可见度,然后听起来像ARCYBER的一点点,但如果你能提供更多的颜色,那就更好了。

Mac Curtis

Yes. So, I think you're right, and that's a pretty good example, Gavin, when you think about ARCYBER, kind of growth when you do the division. Now again, it is a task order and when you think about standing up command there are a lot of unknowns, but I think that's a pretty good example where -- you know, the real question is where would they be 12 months from where we really get started not a 12 months from now. Now, that's a pretty good -- that's pretty good predictor of how these things work as things contract is the same way, and in the third quarter a contract called Acadia, another classified contract, that's a pretty good one. Again, say, six to 12, probably leaning closer to 12 before you're fully up and running, particularly on complex contracts like that, where it's in disparate locations, you have the kind of clearances picture, I think that's the best way to think about it when you look at new wins. Is it that helpful?

是。 所以,我认为你是对的,这是一个很好的例子,Gavin,当你想到ARCYBER时,当你进行分工时会有所增长。 再说一遍,这是一个任务顺序,当你考虑站起来时,有许多未知数,但我认为这是一个很好的例子 - 你知道,真正的问题是它们距离我们12个月的哪个位置 真的从现在开始不是12个月。 现在,这是一个非常好的 - 这是很好的预测这些事情如何工作,因为事情合同是相同的方式,并在第三季度合同称为Acadia,另一个分类合同,这是一个非常好的合同。 再说一次,比如6到12,可能在你完全开始和运行之前靠近12,特别是在复杂的合同上,在不同的位置,你有那种清关图片,我认为这是最好的方式 当你看到新的胜利时,请考虑一下。 这有用吗?

Gavin Parsons

Yes, absolutely. So the 1.6 times book-to-bill, that's got multi years of kind of growth behind it?

是的,一点没错。 那么1.6倍的订单到账单,它背后有多年的增长吗?

Mac Curtis

Yes, it does. And again, as you think about the denominator, we haven't gone back and done an average, but the ARCYBER contract is five years. The Dues contract is five years. And we have some that are seven years. So it really depends on the periodicity of that particular contract award when you look at it, so every one is a little different. It used to be expanded with five, now these contractors get all the longer and, so I mean that's -- it's hard to predict exactly what the denominator is, but we're thinking about it the right way.

是的,它确实。 再次,当你考虑分母时,我们没有回去做平均值,但ARCYBER合约是五年。 会费合同是五年。 我们有一些是七年。 因此,当你看到它时,它确实取决于特定合同奖的周期性,因此每一个都有一点不同。 它曾经用五个扩展,现在这些承包商得到了更长的时间,所以我的意思是 - 很难准确预测分母是什么,但我们正在考虑正确的方法。

Gavin Parsons

Got it, thanks. Appreciate it.

知道了谢谢。 欣赏它。

Mac Curtis

Thank you.

谢谢。

会议主持员

The next question is a follow-up from Gautam Khanna with Cowen and Company. Please go ahead.

接下来的问题是Gautam Khanna与Cowen and Company的后续行动。 请继续。

Gautam Khanna

Yes, I just wanted a quick point of clarification in the -- in one of the responses I think you talked about how some of the background investigations are incrementally more complex, I was just curious does that actually have a negative margin consequence because…

是的,我只是想快速澄清一下 - 在其中一个回复中我认为你谈到了一些背景调查是如何逐渐变得更加复杂,我只是好奇,实际上有一个负面的保证金后果,因为......

Mac Curtis

No, it does not. No, it does not. It does not. It's more complex. Think about it this way, Gautam, if you think about from a cold started secret clearance has gone a certain procedure have to follow, then you have a top secret clearance which has a much more complex and longer background investigation in multiple places. And then you start to look at some of the polygraph things, but now it's a case-by-case that you bid. So, one -- I would put it this way, one price per case does not fit all, that's the best way to put it. Is that helpful?

不,不是的。 不,不是的。 它不是。 它更复杂。 想想这样,高塔姆,如果你想从感冒开始秘密通关已经走了一定的程序必须遵循,那么你有一个绝密的清除,在多个地方有一个更复杂和更长的背景调查。 然后你开始看一些测谎仪的东西,但现在你的出价是个案。 所以,一个 - 我会这样说,每个案例一个价格不适合所有,这是最好的方式。 这有用吗?

Gautam Khanna

Okay, interesting. Yes, that is. And then, as a follow-up, the discussion about a potential operative to pick up some share from some of the other clearance providers, is there anything like what gives you that confidence or what should give investors that confidence, I guess that you could share with us why that would be?

好的,有趣的。 对,是。 然后,作为一个后续行动,有关可能从一些其他清算提供商那里获得一些份额的可能性的讨论,是否有什么能让你有信心或什么应该让投资者有信心,我想你可以 与我们分享为什么会这样?

Mac Curtis

Well, I think simply put -- I think it's -- right, I think simply put, it's process, it's completeness, it's quality, I guess that's probably the best way to put it. I think it is -- I think that's probably the differentiator.

嗯,我认为简单地说 - 我认为是 - 对,我认为简单地说,它是过程,它是完整性,它的质量,我想这可能是最好的方式。 我认为这是 - 我认为这可能是差异化因素。

Gautam Khanna

Okay. And then just in the near-term bid pipeline, I'm just curious do you have any sort of larger contracts that you anticipate being adjudicated in the June quarter? And do you have like a whole lot of them in the September quarter? If you could just give us a flavor for how many, you know, $100 million plus annual revenue type jobs…

好的。 然后只是在近期的竞标管道中,我只是好奇你有没有任何类型的大合同你预计在6月季度被裁定? 你在9月份的季度中有很多这样的人吗? 如果你可以给我们一个味道,你知道多少1亿美元加上年收入类型的工作......

Mac Curtis

Well, yes, just to kind of give you a sense, right, we talked about -- 68 being in the pipeline, 70 being adjudication, and so about now 60% of that 17 is new. And I think -- you look at it, well, certainly, if you think about NGEN is certainly in play, GSMO is certainly in play, those had these behind them, DRS is certainly in play, you've got -- we have the Department of Labor that's being kind of adjudicated now, and most of these are all 100 million, 200 million, you know, some deals in the FBI that are 100 plus million. And so, when we really look at those larger deals, we've got a couple of other DIA deals that are $300 million plus, I mean there are a lot of deals in there, but it's a pretty robust pipeline. And Gautam, I would tell you as Perspecta they're known of these large deals that we -- if we want to go after, we can go after, we've got the resources, we've got the capabilities, we've got -- certainly all these deals we've got the past performance in the C part that allow us to be competitive. So it's a very robust pipeline. There're probably not too many big deals that are digital transformation as inside the federal government that we're not focused on, and those are really big -- they're big deals. These are well over $100 million.

嗯,是的,只是为了给你一种感觉,对,我们谈到 - 68正在筹备中,70正在裁决,所以现在约有60%的17是新的。而且我认为 - 你看看它,当然,如果你认为NGEN当然在起作用,GSMO当然在起作用,那些背后有它们,DRS肯定在玩,你有 - 我们有现在正在裁决的劳工部,其中大部分都是1亿,2亿,你知道,联邦调查局的一些交易是100多万。因此,当我们真正看到那些较大的交易时,我们还有其他几笔3亿美元以上的DIA交易,我的意思是那里有很多交易,但它是一个非常强大的管道。和Gautam一样,我会告诉你Perspecta我们知道这些大笔交易我们 - 如果我们想要追求,我们可以追求,我们有资源,我们有能力,我们已经得到 - 当然所有这些交易我们已经在C部分获得了过去的表现,这使我们具有竞争力。所以它是一个非常强大的管道。可能没有太多的大交易是联邦政府内部的数字化转型,我们没有关注,而且这些交易真的很大 - 它们是大交易。这些都超过1亿美元。

Gautam Khanna

And do you anticipate it will be in normal SKU towards the September quarter in terms…

你是否预计它将在9月季度的正常SKU中...

Mac Curtis

Yes. Yes, I think you are looking at it, I mean, I think these are having $17 billion in adjudication, when you think about the size of the pipeline, that's pretty substantial. I mean normally you're sitting in about 10 to 11. I think as I kind of look across it's kind of hard to -- we haven't kind of look across the pipeline, it looks pretty even, right, It always looks pretty even until it does it, right, but it looks pretty even as we kind of look at the quarters. But again, that's the one thing. There are lots of things we can control as you well know, but that's one we can't control, right? I mean, we were awarded a contract, it's almost a $30 million contract, it's been [indiscernible] already in March, and it's broadcasted. So, we can end up having a resolution of that in June, it could be September, it's hard to predict, I mean we just can't control that.

是。 是的,我认为你正在考虑它,我的意思是,我认为这些都有170亿美元的裁决,当你考虑管道的规模时,这是相当可观的。 我的意思是通常你会坐在10到11左右。我觉得我看起来有点难过 - 我们没有看到整个管道,看起来很漂亮,对,它看起来很漂亮 甚至直到它做到了,对,但它看起来很漂亮,即使我们看看季度。 但同样,这是一回事。 众所周知,我们可以控制很多东西,但这是我们无法控制的,对吧? 我的意思是,我们获得了一份合同,这是一份近3千万美元的合同,它已经在3月份[音频不清晰]了,并且已经播出了。 所以,我们最终可能会在6月份解决这个问题,可能是9月份,很难预测,我的意思是我们无法控制这一点。

Gautam Khanna

Understood. All right, I appreciate the color. Thank you, guys.

了解。 好吧,我很欣赏这种颜色。 感谢你们。

Mac Curtis

Yes, very good, thank you.

是的,非常好,谢谢。

John Kavanaugh

Thank you, Gautam.

谢谢你,高塔姆。

斯图尔特戴维斯

And Gary, it looks like we're kind of at the top of the hour. So I think we'll call it there. I want to thank you for your support on the call, and thank all those that called in and listened for their interest in Perspecta.

而加里,看起来我们处于最佳状态。 所以我想我们会在那里称呼它。 我要感谢你在电话会议上给予的支持,并感谢所有来电并听取他们对Perspecta的兴趣的人。

会议主持员

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

是的,Dan你可能还记得我们说你知道我们的票房业务的整体生产在第二季度下降了4%,所以这是一个费率假设。...

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互联网券商的港股、美股开户教程

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最后的最后 祝大家都有一个美好的投资生活哦。

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写在最后

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