Perspecta Inc.(PRSP) 首席执行官 Mac Curtis 对 2020 财年第一季度业绩 - 收益电话成绩单

[机器翻译] 电话会议 · 2019年08月15日 · 123 次阅读 · PRSP

Perspecta Inc. (NYSE:PRSP) Q1 2020 Results Earnings Conference Call August 14, 2019 5:00 PM ET

Perspecta Inc.(纽约证券交易所代码:[PRSP])2020年第一季度业绩收益电话会议2019年8月14日美国东部时间下午5:00

公司参与者

Stuart Davis - Vice President, Investor Relations
Mac Curtis - President and Chief Executive Officer
John Kavanaugh - Senior Vice President and Chief Financial Officer

  • Stuart Davis - 投资者关系副总裁
  • Mac Curtis - 总裁兼首席执行官
  • John Kavanaugh - 高级副总裁兼首席财务官

电话会议参与者

Justin Donati - Wells Fargo Securities, LLC
Joseph DeNardi - Stifel, Nicolaus
Gautam Khanna - Cowen and Company, LLC

  • Justin Donati - 富国银行证券有限责任公司
  • Joseph DeNardi - Stifel,Nicolaus
  • Gautam Khanna - Cowen and Company,LLC

会议主持员

Good day and welcome to the Perspecta Inc. First Quarter Fiscal Year 2020 Earnings Conference Call and Webcast. 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, sir.

美好的一天,欢迎来到Perspecta Inc. 2020财年第一季度的收益电话会议和网络直播。 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,先生。

斯图尔特戴维斯

Thank you. Welcome everyone to today's quarterly earnings conference call. Presenting on the call today are Mac Curtis, our CEO, and John Kavanaugh, our CFO.
This call is being webcast on the Investor Relations portion of our website 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'll 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'll 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收益电话会议。今天出席的电话会议是我们的首席执行官Mac Curtis和我们的首席财务官John Kavanaugh。

此电话会在我们网站的投资者关系部分进行网络直播,您还可以在此处找到我们将用于今天电话会议的收入发布和财务演示幻灯片。

转到演示文稿的第二部分,请注意,在本次电话会议中,我们将制作前瞻性陈述,这些陈述受已知和未知的风险和不确定因素的影响,可能导致实际结果与预期结果产生重大差异。

有关这些风险和不确定性的完整讨论,请参阅我们的SEC文件,包括我们最新的Form 10-K。

此外,这些陈述代表了我们今天的观点,随后的事件可能会导致我们的观点发生变化。虽然我们可能会选择更新前瞻性陈述,但我们特别声明不承担任何这样做的义务。

最后,如第三张幻灯片所示,我们将讨论一些我们认为可为投资者提供有用信息的非GAAP财务指标。今天电话会议的幻灯片包括对最接近可比的GAAP措施的调节。

在这个时候,我很高兴将电话转到Mac上,Mac将从第四张幻灯片开始。

Mac Curtis

Thank you, Stuart. And thank you all for joining us this afternoon. A lot has happened since our last call. First, we had another strong quarter of operations with robust organic growth, strong margins and excellent free cash flow.
Second, the president has signed a two-year budget framework that gives our customers the predictability they need to plan for and execute their critical missions.
Third, we had another strong quarter of new business awards.
And fourth, we made our first acquisition as a public company.
I'll now address each of these points in more detail. First, again, we exceeded consensus estimates on all of our key financial metrics. Quarter after quarter, we're delivering on our growth, margin, earnings and cash commitments.
Revenue was up 1% sequential and up 7% year-over-year on a pro forma basis, our fastest growth quarter yet.
Controlling for last year's divestiture gain, adjusted EBITDA was up 19% and adjusted diluted EPS was up 18%. Free cash generation was again stellar at 189% of adjusted net income. Just absolutely great execution by the entire team.
Second, the president signed the Bipartisan Act of 2019, which increases statutory spending limits by $323 billion in fiscals 2020 and 2021 and permanently ends the sequester threat.
The law also suspends the debt limit through July of 2021, avoiding the risk of a federal default on payments until after next presidential election.
For government fiscal year of 2020, the defense budget will be $738 million which is up 3.1% and the budget for civilian agencies will be $632 billion which is up 4.5%. This deal is very positive for Perspecta and our industry. Budgets are up nicely and our customers can proceed with the new program starts and expansions of existing programs.
Now, Congress still needs to pass the 12 individual funding bills, so some of the agencies may begin the fiscal year on a continuing resolution. But all agencies should have full year budgets in the fall which is a great outcome.
Third, new business bookings are very strong, with 76% of the $1 billion in total bookings representing new work for Perspecta. Book-to-bill ratio in the quarter was 0.9 times. For the trailing 12 months, our book-to-bill ratio was 1.5 times. So, we are well positioned for continued growth.
An area of booking strength in the first quarter was trusted workforce, which is one of our strategic priorities. The Wall Street shorthand is background investigations, but trusted workforce is more than background investigations. And our trusted workforce business is more than just the OPM contract.
This market includes continuous vetting and insider threat. And the newly established defense counterintelligence and security agency, our DCSA, is taking a broader view of how to attract and retain a trusted national security workforce.
The trusted workforce market also encompasses industrial and facility security, supply chain security and other trusted identity markets both in the US and abroad.
In the quarter, we had $42 million in bookings on our OPM/NBIB contract, reflecting continued workload on that important mission.

谢谢,斯图尔特。谢谢大家今天下午加入我们。自从我们上次电话会议以来发生了很多事首先,我们有另一个强劲的运营季度,有机增长强劲,利润率高,自由现金流量极佳。

其次,总统签署了一个为期两年的预算框架,为客户提供规划和执行关键任务所需的可预测性。

第三,我们又获得了另一个强劲的新业务奖项。

第四,我们作为上市公司进行了第一次收购。

我现在将更详细地讨论这些要点。首先,我们再次超出了对所有关键财务指标的一致预期。一季度后,我们将实现增长,利润,收益和现金承诺。

按预估计算,收入增长1%,同比增长7%,这是我们增长最快的季度。

控制去年的剥离收益,调整后的EBITDA增长了19%,调整后的摊薄后每股收益增长了18%。自由现金产生再次成为调整后净收入的189%。完全由整个团队执行。

其次,总统签署了2019年的两党法案,该法案将法定支出限额增加了320亿美元,用于2020年和2021年的财政,并永久结束了隔离威胁。

法律还规定了到2021年7月的债务上限,避免了在下次总统选举之前联邦拖欠付款的风险。

在2020财政年度,国防预算将为7.38亿美元,增长3.1%,民用机构的预算将达到6320亿美元,增长4.5%。这笔交易对Perspecta和我们的行业非常有利。预算很好,我们的客户可以继续新的计划启动和现有计划的扩展。

现在,国会仍然需要通过12个单独的资金账单,因此一些机构可能会在财政年度开始继续解决。但是所有机构都应该在秋季有全年预算,这是一个很好的结果。

第三,新的商业预订非常强大,预订总额10亿美元中有76%代表了Perspecta的新工作。本季度的订单出货比为0.9倍。在过去12个月中,我们的订单出货比率为1.5倍。因此,我们处于持续增长的良好位置。

第一季度预订实力领域是值得信赖的员工队伍,这是我们的战略重点之一。华尔街的简写是背景调查,但值得信赖的劳动力不仅仅是背景调查。我们值得信赖的劳动力业务不仅仅是OPM合同。

这个市场包括持续的审查和内部威胁。而新成立的国防反间谍和安全机构,我们的DCSA,正在更广泛地看待如何吸引和留住值得信赖的国家安全人员队伍。

值得信赖的劳动力市场还包括工业和设施安全,供应链安全以及美国和国外其他值得信赖的身份识别市场。

在本季度,我们在OPM / NBIB合同上预订了4200万美元,反映了该重要任务的持续工作量。

We also won a $100 million other transaction agreement, or OTA, modernizing the IT systems that support background checks and insider threat programs. 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 artificial intelligence, machine learning and natural language processing to automate and operate processes a secure government cloud environment.
Anyone who wants to understand the trusted workforce market should take a look at the July Bloomberg government report. Their key takeaway is that the demand for investigations will be steady and ongoing. Background investigations are required for all sensitive government positions.
200,000 ongoing investigations and 50,000 to 55,000 new background investigation requests per week will be the norm. According to the report, reducing the backlog will continue to be major focus in the short-term; and in long-term, DCSA is seeking a balanced mix of technology and human services to meet the demand and eliminate vulnerabilities. Perspecta is the best company positioned to succeed in this robust market.
Now, we also won a five-year, $162 million award from Air Force to develop and operate a modernized enterprise infrastructure for SIPRNet. SIPRNet is the secret Internet protocol router network. This is all new work for Perspecta.
As part of this effort, we'll transform and standardize the network's infrastructure to improve management operations and enhance the cyber security posture for over 400,000 SIPRNet users, client devices and servers.
Moving on, our intelligence community business remains strong. In Q1, we secured $139 million, 10-year, sole-source award for one of our core intelligence community programs. And shortly after we closed Q1, we were competitively awarded a five-year $824 million contract by the National Geospatial Intelligence Agency to perform full lifecycle systems engineering and integration work.
This is our largest program in the intelligence community and the new contract significantly expands the ceiling value and the scope.
The pipeline continues to build as we aggressively pursue new opportunities. Our three-year qualified pipeline is $77 billion, including $24 billion of proposals already submitted and awaiting decision. And this is up $17 billion from this time last year.
The pipeline is a lot more than NGEN. We're taking some big swings on programs that have the opportunity to reshape this company. Now, while we're on the topic of NGEN, there have been some positive developments since the last call. As part of the procurement process, bidders on the Service Management, Integration and Transport, or SMIT, have received evaluation notices, or ENs. Also, the Navy has indicated that they want to extend our current contract on a sole-source basis.
We view this extension as wholly positive for Perspecta. The Navy now has a schedule they can execute to and we're on track for an award in the first quarter of calendar year 2020, so that they'll extend our contract for up to seven months, which could be to December of 2020.

我们还赢得了1亿美元的其他交易协议(OTA),使支持背景检查和内部威胁计划的IT系统现代化。领导一个由多个非传统合作伙伴组成的团队将使国防部通过将商业现成解决方案与我们在人工智能,机器学习和自然语言处理方面的能力和专业知识相结合,实现大胆的转型变革,从而实现安全政府的自动化和运营流程云环境。

任何想要了解值得信赖的劳动力市场的人都应该看看7月彭博政府的报告。他们的关键点是,对调查的需求将是稳定和持续的。所有敏感的政府职位都需要进行背景调查。

每周将进行200,000次正在进行的调查以及50,000至55,000次新的背景调查请求将是常态。根据该报告,减少积压将继续成为短期的重点;从长远来看,DCSA正在寻求技术和人类服务的均衡组合,以满足需求并消除脆弱性。 Perspecta是在这个强大的市场中取得成功的最佳公司。

现在,我们还赢得了空军为期五年,耗资1.62亿美元的奖励,为SIPRNet开发和运营现代化的企业基础设施。 SIPRNet是秘密的Internet协议路由器网络。这是Perspecta的全新工作。

作为此项工作的一部分,我们将对网络基础架构进行转换和标准化,以改善管理运营并增强超过400,000个SIPRNet用户,客户端设备和服务器的网络安全状况。

继续前进,我们的情报社区业务依然强劲。在第一季度,我们为我们的一个核心情报社区计划获得了1.39亿美元,为期10年的唯一来源奖。在我们关闭第一季度后不久,我们与国家地理空间情报局签订了一份为期五年的8.24亿美元的合同,以执行全生命周期系统工程和集成工作。

这是我们在情报界最大的计划,新合同显着扩大了最高限额和范围。

随着我们积极寻求新的机会,管道继续建设。我们的三年合格管道是770亿美元,其中包括240亿美元已经提交并等待决定的提案。这比去年同期增加了170亿美元。

管道比NGEN要多得多。我们正在对有机会重塑这家公司的计划采取一些重大举措。现在,虽然我们讨论的是NGEN,但自上次召开以来,已经有了一些积极的发展。作为采购流程的一部分,服务管理,集成和运输或SMIT的投标人已收到评估通知或EN。此外,海军表示他们希望以单一来源的方式延长我们现有的合同。

我们认为此扩展对Perspecta完全有利。海军现在有一个他们可以执行的时间表,我们正在按计划在2020日历年的第一季度获得奖励,这样他们就可以将我们的合同延长七个月,可能会延长到2020年12月。

This is an acknowledgment of what we've been saying since investor day. NGEN-R is a very complex procurement. The underlying work is complex and it's made even more difficult by splitting the work into the end user hardware and SMIT components. We believe that complexity strengthens our incumbency advantage.
Fourth, we're excited to complete the acquisition of Knight Point Systems and welcome their employees and customers to the Perspecta team. We paid $250 million for the company which represents a single-digit multiple on for-12 months EBITDA. The deal will be immediately accretive to Perspecta.
Throughout the process, we were impressed by Knight Point's deep customer intimacy, rich legacy of innovation, patented IP and delivery of managed services programs. The acquisition further enhances our already robust and proven offerings in cloud, cyber, digital transformation, enterprise IT that modernize and transform government mission delivery.
Knight Point is a perfect acquisition for us. They're complementary to our culture and offerings, while accelerating our growth strategy. And they look a lot like us, which will ease the integration.
They have a heavy mix of fixed price contracts and an IP portfolio that differentiates them in the marketplace. They're very focused in both terms of customer footprint with franchise positions at the Department of Homeland Security and DISA, and capabilities with a strong emphasis in IP around digital transformation, cloud and cyber.
They offer patented and trademarked cloud technologies that will differentiate us in the market, including Zeus, a managed services automation tool that allows full visibility into public, private and hybrid cloud instances, and CloudSeed, a FedRAMP-authorized cybersecurity-as-a-service offering, with 24/7 SOC operations, certification and accreditation, ISSO and vulnerability management.
Now, last fall, we laid out a strategy with five strategic priorities and Knight Point significantly enhances our position in three of them – cloud and IT, cybersecurity and emerging mission challenges. As a result, we expect significant revenue synergies.
Just looking at our current pipeline, we see many large opportunities where our win probability is much higher as we integrate our solutions.
In conclusion, I hope that it's very clear that we're focused on growth. Our financial results show it and our end markets support it. Our BD engine is focused on delivering it. And we're now allocating capital to enhance it. The market appears focused on NGEN, but we've got 400 other contracts in the portfolio and, frankly, we're not waiting around for it. We're competing aggressively in the market.
Over the last year, we submitted $28 billion in proposals and it's showing up in our bookings, with a trailing 12-month book-to-bill and a ratio of 1.5 times with 60% of that being new business. With the two-year budget deal, now is the time to take advantage. We're seeing revenue synergies coming sooner than we expected and we're finding if we really go after something, we can be successful, whether it's an Army cyber command or the US Senate.

这是对投资者日以来我们一直在说的话的承认。 NGEN-R是一项非常复杂的采购。基础工作很复杂,通过将工作分成最终用户硬件和SMIT组件使其变得更加困难。我们相信复杂性增强了我们的在职优势。

第四,我们很高兴完成对Knight Point Systems的收购,并欢迎他们的员工和客户加入Perspecta团队。我们为该公司支付了2.5亿美元,该公司在12个月的EBITDA中代表了一位数的倍数。该交易将立即增加Perspecta。

在整个过程中,我们对Knight Point深厚的客户亲密度,丰富的创新遗产,专利IP以及托管服务计划的交付印象深刻。此次收购进一步增强了我们在云,网络,数字化转型,企业IT方面的强大且经过验证的产品,可实现政府任务交付的现代化和转型。

Knight Point对我们来说是一次完美的收购。它们是对我们的文化和产品的补充,同时加速我们的增长战略。它们看起来很像我们,这将简化集成。

他们拥有大量固定价格合约和知识产权组合,可以在市场上区分它们。他们非常关注客户足迹,国土安全部和DISA的特许经营职位,以及围绕数字化转型,云计算和网络的IP强调能力。

他们提供专利和商标云技术,使我们在市场上脱颖而出,包括Zeus,一种可以全面了解公共,私有和混合云实例的托管服务自动化工具,以及FedRAMP授权的网络安全即服务CloudSeed提供全天候SOC运营,认证和认证,ISSO和漏洞管理。

现在,去年秋天,我们制定了一项具有五个战略优先级的战略,Knight Point显着提升了我们在其中三个领域的地位 - 云和IT,网络安全和新兴任务挑战。因此,我们预计会产生显着的收入协同效应。

只要看看我们目前的管道,我们就会发现很多大的机会,当我们整合我们的解决方案时,我们的获胜概率会更高。

总之,我希望很明显我们专注于增长。我们的财务业绩表明它和我们的终端市场支持它。我们的BD引擎专注于提供它。我们现在正在分配资金来加强它。市场似乎专注于NGEN,但我们在投资组合中有400个其他合约,坦率地说,我们并没有等待它。我们在市场上积极竞争。

在过去一年中,我们提交了280亿美元的提案,并且它已经出现在我们的预订中,其中包含12个月的订单到账单,比率为1.5倍,其中60%是新业务。通过两年预算协议,现在是时候利用。我们看到的收入协同效应比我们预期的要快,我们发现,如果我们真的追求某些东西,我们可以成功,无论是陆军网络指挥还是美国参议院。

The Knight Point acquisition is also exciting to us as it opens up new growth areas. I'm confident that we once we win NGEN, the market valuation will rewards us and our shareholders for our ability to drive growth.
With that, let me turn the call over to John.

Knight Point的收购对我们来说也是令人兴奋的,因为它开辟了新的增长领域。 我相信,一旦我们赢得NGEN,市场估值将奖励我们和我们的股东,因为我们有能力推动增长。

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 first quarter, making it five quarters in a row of solid execution. Once again, we delivered strong margins and cash generation which enables us to deploy capital to grow the business and enhance shareholder value. With an accretive acquisition, we are able to raise guidance and accelerate our strategy.
Turning to slide five, revenue for the quarter was $1.11 billion, which was up 7% from the first quarter of fiscal year 2019 on a pro forma basis and up 1% from the fourth quarter of fiscal year 2019.
On a year-over-year revenue growth basis, both segments performed at their highest levels as a public company and our 7% growth well exceeded our best performance to date.
The growth driver in the quarter was our Defense and Intelligence segment, which increased 13% year-over-year despite an $11 million rollover challenge from last year's contract divestiture.
Civilian and Health Care segment revenue decreased 4% year-over-year.
In total, the growth in background investigation support as well as the ramp-ups of new Department of Defense and intelligence community programs more than offset the decrease in a few civil agency contracts.
Contract mix was consistent with recent levels. As a percentage of total revenue, our contracts were 53% fixed price, 20% time and materials, and 27% cost plus.
Q1 adjusted EBITDA was $204 million, which was up 5% compared to year-ago pro forma adjusted EBITDA as margin decreased from 18.8% to 18.4%. Pro forma earnings in the first quarter of fiscal year 2019 benefited from a $24 million gain on last year's contract divestiture. Excluding the divestiture gain, adjusted EBITDA was up 19% and adjusted EBITDA margin was up 193 basis points year-over-year, driven by strong fixed-price program execution and the full run rate from merger cost synergies and operational efficiencies we achieved last year.
Also, depreciation and amortization totaled $101 million in the quarter, which was higher than its normal level. Continuing the trend from Q4 of last year, depreciation of $53 million ran hot from additional asset acquisitions and support of customer requirements.
Acquisition-related intangibles amortization, which is backed out of adjusted net income and adjusted diluted EPS, was $48 million. We expect depreciation and amortization to moderate over the coming quarters and for D&A to be only slightly higher in fiscal year 2020 than in fiscal year 2019.
Net interest expense totaled $35 million in Q1. We also incurred $21 million of transaction, integration and restructuring expense, which was down $7 million sequentially.
Q1 adjusted net income was $85 million, resulting in adjusted diluted earnings per share of $0.52 against a diluted share count of 163.3 million. Excluding the year-ago divestiture gain, adjusted diluted EPS was up 18% year-over-year on a pro forma basis.
Turning to slide six, during the first quarter, we generated $185 million of cash flow from operating activities and $161 million of adjusted free cash flow or 189% of adjusted net income.

谢谢,Mac。大家下午好。我对第一季度的表现感到非常满意,连续五个季度表现稳定。我们再一次提供了强劲的利润和现金生成,这使我们能够部署资金来发展业务并提高股东价值。通过增加收购,我们能够提出指导并加快我们的战略。

转向第五部分,本季度的收入为11.1亿美元,比预计2019财年第一季度增长7%,比2019财年第四季度增长1%。

与去年同期相比,这两个细分市场均以上市公司的最高水平表现,而我们7%的增长率远超过我们迄今为止的最佳表现。

本季度的增长动力是我们的国防和情报部门,尽管去年的合同剥离带来了1,100万美元的滚动挑战,但该部门同比增长了13%。

民用和医疗保健部门的收入同比下降4%。

总体而言,背景调查支持的增长以及新国防部和情报界计划的增加不仅抵消了少数民事机构合同的减少。

合约组合与近期水平一致。占总收入的百分比,我们的合同固定价格为53%,时间和材料为20%,成本加成为27%。

第一季度调整后的EBITDA为2.04亿美元,与去年同期的预估调整后EBITDA相比增长了5%,因为保证金从18.8%下降至18.4%。 2019财年第一季度的预估收益得益于去年合同剥离的2400万美元收益。扣除剥离收益后,调整后的EBITDA增长19%,调整后的EBITDA利润率同比上升193个基点,这得益于强劲的固定价格计划执行以及去年合并成本协同效应和运营效率的全部运行率。

此外,本季度的折旧和摊销总额为1.01亿美元,高于正常水平。从去年第四季度开始延续这一趋势,5300万美元的贬值因额外的资产收购和客户要求的支持而炙手可热。

与调整后净收入和调整后摊薄后每股收益相关的收购相关无形资产摊销为4800万美元。我们预计未来几个季度的折旧和摊销将会放缓,而且2020财年的D&A仅略高于2019财年。

第一季度净利息支出总计3500万美元。我们还承担了2100万美元的交易,整合和重组费用,这一费用连续下降了700万美元。

第一季度调整后的净收入为8500万美元,因此调整后的每股摊薄收益为0.52美元,而稀释后的份额为1.633亿。剔除去年同期的剥离收益,调整后的摊薄后每股收益同比增长18%。

转到第六季度,在第一季度,我们从经营活动中产生了1.85亿美元的现金流量和1.61亿美元的调整后自由现金流量或189%的调整后净收入。

The difference between the cash metrics is $36 million of capital expenditures which includes finance lease payments and $12 million of integration and restructuring payments. Note that we adopted ASC 842 this quarter and now use the term finance lease instead of capital lease as we used previously.
The strong cash flow in the quarter was reflected in our days sales outstanding metric of 55 days which is at the low end of our target DSO range of the mid to high 50s. Adjusted free cash flow was higher than normal, partly based on timing, with some finance lease payments flipping into Q2, no tax payments in the quarter and one fewer payroll cycle than we'll have in Q2.
During the first quarter, we paid down $22 million of debt and returned $23 million to shareholders, $8 million in quarterly dividends, and $15 million in share repurchases. We ended the quarter with $179 million of cash and $2.7 billion of debt, including $293 million of finance lease obligations.
After the close of the quarter, we amended and extended our credit agreement to provide us greater financial flexibility. We extended the maturities on a revolver, term loan A1 and term loan A2 by 15 months.
In addition, we increased our maximum total net leverage financial covenant to be more in line with our industry peers and increased our size of our revolver by $150 million to $750 million.
We also acquired all of the equity interest of Knight Point for $250 million subject to customary purchase price adjustments. Knight Point is roughly $150 million in annual revenues, with an EBIT and EBITDA margin profile similar to ours.
The acquisition should contribute roughly $100 million to FY 2020 revenue and about $0.02 to $0.03 to FY 2020 adjusted EPS. The EBITDA multiple we paid is very close to our own.
Consistent with our capital allocation model, we have built a modest amount of acquisition revenue and profit into the guidance we gave on the last call.
As Knight Point was larger than anticipated, we're able to raise fiscal year 2020 guidance as shown on slide seven. We now expect revenue for the year to be $4.4 billion to $4.5 billion, which is an increase of $50 million to the upper and lower ends of our previous guidance.
We expect adjusted diluted earnings per share of $2.08 to $2.18 which is an increase of $0.02 on the upper and increase of $0.03 on the lower end of prior guidance. There is no change to adjusted EBITDA margin, which stays at 17% to 18% and we're now trending to the middle of the range, so up compared to when we originally gave the guidance.
Finally, there is no change to adjusted free cash flow conversion guidance, which remains at 95% plus of adjusted net income.
Operator, we are now ready to take any questions.

现金指标之间的差额为3600万美元的资本支出,其中包括融资租赁付款和1200万美元的整合和重组付款。请注意,我们本季度采用了ASC 842,现在使用融资租赁这一术语而不是我们之前使用的资本租赁。

本季度强劲的现金流量反映在我们的55天的销售优异指标中,这是我们目标DSO中高50的范围的低端。调整后的自由现金流高于正常水平,部分基于时间安排,一些融资租赁付款进入第二季度,本季度没有纳税,工资周期比第二季度少一个。

在第一季度,我们偿还了2200万美元的债务,向股东返还了2300万美元,季度红利为800万美元,股票回购为1500万美元。我们在本季度结束时获得了1.79亿美元的现金和27亿美元的债务,其中包括2.93亿美元的融资租赁债务。

在本季度结束后,我们修改并延长了我们的信贷协议,为我们提供更大的财务灵活性。我们将左轮手枪,定期贷款A1和定期贷款A2的期限延长了15个月。

此外,我们增加了最大总净杠杆财务契约,使其更符合我们的行业同行,并将我们的左轮手枪的规模增加了1.5亿美元至7.5亿美元。

我们还以2.5亿美元的价格收购Knight Point的所有股权,但需要进行惯常的购买价格调整。 Knight Point的年收入约为1.5亿美元,EBIT和EBITDA利润率与我们的相似。

此次收购应为2020财年的收入贡献约1亿美元,对2020财年调整后的每股收益约为0.02美元至0.03美元。我们支付的EBITDA倍数非常接近我们自己。

与我们的资本配置模型一致,我们在最后一次调用的指导中建立了适量的收购收入和利润。

由于Knight Point比预期的要大,我们能够提高2020年财政年度指引,如第七张幻灯片所示。我们现在预计今年的收入将达到44亿美元至45亿美元,这比我们之前指引的上端和下端增加了5000万美元。

我们预计调整后的每股摊薄收益为2.08美元至2.18美元,其中上限为0.02美元,而之前指引的下限为0.03美元。调整后的EBITDA利润率没有变化,保持在17%至18%,我们现在趋向于中间范围,与我们最初提供指导时相比有所上升。

最后,调整后的自由现金流转换指引没有变化,仍然是调整后净收入的95%以上。

接线员,我们现在准备好接受任何问题。

问答环节

[Operator Instructions]. And our first question today comes from Edward Caso with Wells Fargo. Please go ahead.

[操作员说明]。 我们今天的第一个问题来自爱德华卡索与富国银行。 请继续。

Jonathan Atkin

Hi. This is Justin Donati on for Ed. Thanks for taking my question. Good quarter here. It looks like with some of the recent contracts that you've won, you may have been able to fill in the revenue hole of NASA NEST. Can you provide any more color on that?

你好。 这是贾斯汀多纳蒂为艾德。 谢谢你提出我的问题。 这里好季度。 看起来你已经获得了一些最近的合同,你可能已经能够填补NASA NEST的收入漏洞。 你可以提供更多的颜色吗?

John Kavanaugh

Sure, Justin. This is John. So, again, as we indicated, we are increasing guidance on an annual basis. We're taking it up $50 million on the lower and upper end. Clearly, NASA NEST is still a headwind that hasn't changed as we laid out in previous calls, right? It's roughly about $100 million headwind for this year. That said, again, based on the strong business development performance, the ramp ups of some new business wins that are happening, we feel overall, big picture, tailwinds will outweigh the headwinds, but NASA, obviously, still remains a headwind for us.

当然,贾斯汀。 这是约翰。 因此,正如我们所指出的那样,我们每年都在增加指导。 我们在低端和高端都拿到了5000万美元。 很明显,NASA NEST仍然是一个逆风,并没有像我们之前的电话中所说的那样改变,对吧? 今年逆风约为1亿美元。 也就是说,再次,基于强劲的业务发展表现,正在发生的一些新业务的大幅增加,我们感觉整体,大局观,顺风将超过逆风,但显然,NASA仍然是我们的逆风。

Mac Curtis

Another way to look at it, Justin, we've talked about revenue visibility and those new wins have allowed us to increase our revenue visibility as we go through and we're kind of on plan with where we were last year.

另一种看待它的方式,贾斯汀,我们谈到了收入可见性和那些新的胜利,这使我们能够在我们经历的过程中提高我们的收入可见度,并且我们对去年的情况有所了解。

John Kavanaugh

Yeah, guidance to guidance.

是的,指导指导。

Jonathan Atkin

Okay, thanks. And then, last quarter, you talked about some greenfield opportunities in [indiscernible], could you talk about kind of the potential timeframe for how you see that playing out? Or how long it could be until it becomes a more meaningful piece of the business?

好的谢谢。 然后,上个季度,你在[音频不清晰]中谈到了一些新的机会,你能谈谈你看到这种情况的潜在时间表吗? 或者它可以持续多久,直到它成为一个更有意义的业务部分?

Mac Curtis

Yeah. I think we're also – that's a good question. What we also spoke of is that part of the business was somewhat under-invested as it was part of USPS. And we're reinventing in the business. We've got a new leader on, Rocky Thurston, who understands how to grow business in the civilian sector.
We've got some bids. We're focusing on some larger bids. There's some good opportunities, Department of Transportation. Certainly, tomorrow, we'll announce – in Q2 the Senate ITO contract which is about $170. So, we've won that.
And so, we see some of the pipeline. We see some opportunities in the Department of State that are kind of in the proposal phase. We see some additional work in the VA that's pending award. So, we're really focused. Department of Labor is another contract that was awarded and subsequent protest. We hope to get that cleared up in the next couple of weeks.
So, we don't control when these things are awarded, but we certainly see, in Q2, hopefully some of these things will come to fruition. Transportation, I think, certainly, Department of Labor, get that cleared up.
But further out, you see in proposal, the FDIC deal, some Department of State. So, I think we're really starting to see the back end of Q3, Q4 kind of a consistent flow of deals because we're writing the proposals now and really focused on that.
We don't do much of Department of Justice at this point. So, we see that as an opportunity. Certainly, several parts of Department of Treasury. So, it's a bit spotty at Q1, Q2, but we see a more steady flow, typically common for Department of State, Department of Justice kind of in the back end of Q3 and Q4. Is that helpful?

是啊。我想我们也是 - 这是一个很好的问题。我们还谈到的是,由于它是USPS的一部分,部分业务有些投资不足。我们正在重塑业务。我们有一位新的领导者,Rocky Thurston,他了解如何在民用领域发展业务。

我们有一些出价。我们专注于一些较大的出价。交通部有一些很好的机会。当然,明天,我们将在第二季度宣布参议院ITO合约约170美元。所以,我们赢了。

所以,我们看到了一些管道。我们看到国务院有一些机会处于提案阶段。我们在VA中看到了一些待批准的额外工作。所以,我们真的很专注。劳工部是另一项被授予和随后抗议的合同。我们希望在接下来的几周内解决这个问题。

因此,我们无法控制何时授予这些东西,但我们当然会在第二季度看到,希望其中的一些事情能够实现。运输,我认为,当然,劳工部,让这一点得到澄清。

但更进一步,你在提案中看到FDIC协议,一些国务院。所以,我认为我们真的开始看到Q3的后端,Q4是一种一致的交易流程,因为我们现在正在撰写提案并且真正专注于此。

在这一点上,我们没有做很多司法部。所以,我们认为这是一个机会。当然,财政部的几个部分。因此,在第一季度,第二季度,它有点不稳定,但我们看到更稳定的流量,通常是国务院,司法部在第三季度和第四季度的后端。这有用吗?

Jonathan Atkin

Yeah, very helpful. And then, if I could just speak one last one in here, what are your expectations for pro forma leverage with Knight Point?

是的,非常有帮助。 然后,如果我能在这里说最后一个,那么你对Knight Point的形式杠杆的期望是什么?

John Kavanaugh

Sure, Justin. This is John. So, again, we ended the quarter, net leverage was roughly 3.0. With the acquisition of Knight Point, we'd be roughly net leverage per covenant agreement right around 3.4 and we'll continue to drive that down as we proceed through the year. Very comfortable where we're at.

当然,贾斯汀。 这是约翰。 因此,我们再次结束本季度,净杠杆率约为3.0。 通过收购Knight Point,我们大约在3.4左右的每个契约协议的净杠杆率,我们将继续推动这一点,因为我们继续这一年。 在我们所处的地方非常舒适。

Jonathan Atkin

Great, thank you.

太好了谢谢。

John Kavanaugh

Sure.

当然。

会议主持员

And our next question comes from Joseph DeNardi with Stifel. Please go ahead.

我们的下一个问题来自Joseph DeNardi和Stifel。 请继续。

Joseph DeNardi

Hey, good evening, guys. Mac, appreciate your enthusiasm in your prepared remarks. You spoke bullishly about the bookings activity that you see. And the book to bill the last 12 months has been strong. You talked about the pipeline and the big swings you've got out there. Is it safe to say that if you can retain NGEN and hit on one or two of the bigger opportunities you're pursuing that there's upside to the revenue CAGR guidance that you guys have provided?

嘿,晚上好,伙计们。 Mac,在你准备好的评论中感谢你的热情。 你对你看到的预订活动表示乐观。 过去12个月的账单一直很强劲。 你谈到了管道和你在那里发生的巨大波动。 可以肯定地说,如果你能够保留NGEN并找到你所追求的一个或两个更大的机会,那么你们提供的收入CAGR指导的好处是什么?

Mac Curtis

Yeah. First of all, Joe, thanks. And there's a lot to be enthusiastic about. And I think if you look at that, there's a lot to be awarded. We've got $24 billion that's in evaluation. I think we'll see maybe some those larger ones awarded maybe before NGEN. And so, yeah, that – and a lot of that, we don't have in the forecast quite frankly. So, we see a couple of large deals in NGEN, absolutely. We see some great growth opportunities in the back end of our – our fiscal year 2020, certainly into 2021. So, we've got to bring these contracts online. We don't want to get ahead of our skis. Some of them are army cyber are coming online the way we hoped. We've got to learn to do a better job in some cases of making sure we leverage all of the potential ceiling of contracts. We're getting better at that. But, yes, we see some of the large contracts, Joe, and we see NGEN. Absolutely, in the back end of our fiscal 2020, we would see some really, really strong growth.

是啊。 首先,乔,谢谢。 还有很多值得热心的事情。 我想如果你看一下,那就有很多东西要奖励。 我们已经获得了240亿美元的评估费用。 我想我们可能会看到一些可能在NGEN之前获得的大奖。 所以,是的,而且很多,我们在预测中并没有坦率地说。 所以,我们绝对会在NGEN中看到几笔大宗交易。 我们在2020年财政年度的后端看到了一些巨大的增长机会,当然是在2021年。因此,我们必须将这些合同纳入网上。 我们不想超越滑雪板。 其中一些是军队网络以我们希望的方式上线。 在确保我们充分利用合同的所有潜在上限的某些情况下,我们必须学会做得更好。 我们正在变得更好。 但是,是的,我们看到一些大合同,乔,我们看到NGEN。 当然,在2020财年的后期,我们会看到一些真正强劲的增长。

Joseph DeNardi

Got it. And then, Mac, just on the NGEN process, you sounded more positive about it now than maybe you have. Is there something kind of in the process, what you've heard in terms of feedback from the customer that makes you feel better about your standing there, maybe help us understand that a little bit more?

得到它了。 然后,Mac,就在NGEN流程上,你现在对它的看法比你可能更积极。 在这个过程中有什么样的东西,你从客户的反馈中听到的是什么让你对你站在那里感觉更好,或许可以帮助我们理解更多一点?

Mac Curtis

Well, Joe, I think –I've always felt positive about it. We've always felt very positive. It's a complex contract. I think where we are in the process now is the – no, so I've gotten any ex parte feedback. This is a very tightly controlled processes, as you know. You get a lot of ENs or questions on the technical, the cost and we'll go through the process. We've always been positive about it. We feel very good about how Knight Point can help given what they do in the world of Agile DevOps and certainly looking at cloud as a service which we've wrote about being able to augment our solution with that if given the opportunity. But, no, we all feel positive about it and we'll go through the process. They've given an extension. We've talked about from mid [ph] 2020, could be to December. I'm not sure it's going to go that far. I think the team [ph] is working really hard. They're do a really good job from what we've seen of trying to evaluate this contract which is finally stood up after almost two decades. It's a complicated program. It's a complicated technical program. It's a complicated business program with a lot of buyers across the Navy looking at buying network services, laptops and the odd. So, I hope I'm in an even keel, but very positive all along. I think part of my enthusiasm is certainly that the focus on the other 85% is business. NGEN is what it is and we feel confident about our success. I'm very enthusiastic about the other 400 we've got and the 85% of the business. And it is growing and we're focused on taking big swings that will change this company. So, I've always been enthusiastic and passionate about this business, probably not more so than now.

好吧,乔,我想 - 我一直对此感到乐观。我们总是感到非常积极。这是一份复杂的合同。我想现在我们在这个过程中的位置是 - 不,所以我得到了任何单方面的反馈。如您所知,这是一个非常严格控制的流程。您会收到很多关于技术,成本的EN或问题,我们将完成整个过程。我们一直都很积极。我们非常了解Knight Point如何帮助他们在敏捷DevOps世界中所做的事情,并且肯定将云视为一种服务,我们已经写过如果有机会就可以用它来增强我们的解决方案。但是,不,我们都对此感到乐观,我们将完成整个过程。他们给了延期。我们从2020年中期开始谈到,可能会到12月。我不确定它会走多远。我认为团队[ph]工作非常努力。他们从我们所看到的试图评估这份合同的过程中做得非常好,这项合同在经过近二十年的努力后终于得以实现。这是一个复杂的计划。这是一个复杂的技术计划。这是一个复杂的商业计划,海军的很多买家正在寻找购买网络服务,笔记本电脑和奇怪的商品。所以,我希望我一直都很平稳,但一直非常积极。我认为我的一部分热情当然是关注其他85%的业务。 NGEN就是这样,我们对我们的成功充满信心。我非常热衷于我们拥有的其他400个以及85%的业务。而且它正在增长,我们专注于采取会改变这家公司的重大变化。所以,我一直对这项业务充满热情和热情,可能不会比现在更多。

Joseph DeNardi

Very helpful. Thanks, Mac.

很有帮助。 谢谢,Mac。

会议主持员

[Operator Instructions]. And the next question comes from Gautam Khanna with Cowen. Please go ahead.

[操作员说明]。 下一个问题来自Gautam Khanna和Cowen。 请继续。

Gautam Khanna

Yeah. Thank you, guys. Couple of questions. First, I was wondering, on the guidance raise of $50 million on sales, did you guys say the deal is going to add $100 million for current fiscal year revenue? So, is there something in the core business that's eroded? Or what's the signal there?

是啊。 感谢你们。 几个问题。 首先,我想知道,根据销售额5000万美元的指导性增加,你们有没有说这笔交易将为当前财年的收入增加1亿美元? 那么,核心业务中有什么东西被侵蚀了吗? 或者那里的信号是什么?

John Kavanaugh

No. Hey, Gautam. It's John. So, as you know, M&A was always part of our capital allocation plan, right? So, from the get-go, the original guidance we had built-in a modest amount, about $50 million into our guidance. Okay? So, as I mentioned in my prepared remarks, Knight Point is roughly $150 million. On an annual basis, we'll see about a hundred-ish million. So, so we have raised the guidance in line with that $50 million on a lower and upper range. So, again, feel real good about the performance. We're now guiding 3% to 5%. We're breaking [ph] 4% and we feel really good again about the pipelines, as Mac talked about. That's the answer there.

不,嘿,高塔姆。 这是约翰。 所以,如您所知,并购始终是我们资本分配计划的一部分,对吗? 因此,从一开始,我们已经建立了适量的原始指导,大约5000万美元用于我们的指导。 好的? 因此,正如我在准备好的评论中所提到的,Knight Point大约是1.5亿美元。 每年,我们将看到大约一百万。 所以,我们已经在上下范围内提出了5000万美元的指导。 所以,再一次,对性能感觉非常好。 我们现在指导3%到5%。 正如Mac谈到的那样,我们正在打破[4]并且我们对管道感觉非常好。 那是答案。

Gautam Khanna

And likewise, for the $0.02 to $0.03?

同样,0.02美元到0.03美元?

John Kavanaugh

Yeah, correct. Yeah.

是的,没错。是啊。

Gautam Khanna

You're raising it by the corresponding amount.

你按相应的数额筹集它。

John Kavanaugh

Sure.

当然。

Gautam Khanna

To follow-up on the NASA NEST comment, question, was there erosion sequentially in the quarter? And if so, how much and how much still can drop off sequentially?

对美国国家航空航天局NEST评论的问题进行跟踪,问题是,该季度是否会继续出现侵蚀? 如果是这样,有多少,多少仍可以顺序下降?

John Kavanaugh

We're still performing on NASA NEST roughly through the August timeframe. Obviously, we're still in discussions with both NASA and the new awardee. So, we will see the start of that a bit in Q2, but then more pronounced, obviously, in Q3. And as we've talked about, roughly about $100 million on an annual basis, but very low margin.

我们仍然在8月的时间框架内大致在NASA NEST上演出。 显然,我们仍在与美国宇航局和新的获奖者进行讨论。 因此,我们将在Q2中看到这一点的开始,但在Q3中显然更加明显。 正如我们所谈到的那样,每年约为1亿美元,但利润率非常低。

Gautam Khanna

So, it didn't actually sequentially decline in the quarter just reported?

那么,它刚刚报道的那个季度实际上并没有顺序下降?

John Kavanaugh

That's correct. Not in Q1.

那是对的。 不是在Q1。

Gautam Khanna

The earlier prepared remarks on the SMIT evaluation notices, what is the significance of that? What does that mean?

早先就SMIT评估通知准备的评论,具有什么意义? 那是什么意思?

Mac Curtis

Yeah. This is Mac. It's kind of standard fare in government proposals. They used to call them Q&A. Now, they're calling them evaluation notices because it's in evaluation. And they vary. I don't think the number of – that you get is significant, whether it's split between technical, volume, management volume and a call sign. These are clarifications. And the government says, we've got a question about, what did you mean in your transition plan here. We've run our evaluation model and there's some disconnect between this contract line item and what you said at the bottom. So, they're really kind of clarifications and notices of making sure they can understand what you're saying in your proposal, your technical proposal, to your management proposal, to your cost proposal, that it all ties together clearly, so they can do an evaluation. You shouldn't read anything into it. Gautam, it's typical government evaluation process.

是啊。 这是Mac。 这是政府提案中的标准票价。 他们过去称他们为问答。 现在,他们称他们为评估通知,因为它正在评估中。 它们各不相同。 我不认为你获得的数量是多少,无论是技术,数量,管理量和呼号之间的分配。 这些都是澄清。 政府说,我们有一个问题,你在这里的过渡计划中意味着什么。 我们运行了我们的评估模型,这个合同项目与您在底部所说的内容之间存在一些脱节。 因此,它们确实是一种澄清和通知,以确保他们能够理解您在提案,技术提案,管理建议,成本提案中所说的内容,这些都清楚地联系在一起,因此他们可以 做一个评估。 你不应该读任何东西。 高塔姆,这是典型的政府评估过程。

Gautam Khanna

Got it. It's just moving, I guess.

得到它了。 我猜,它只是在移动。

Mac Curtis

It's moving along. That's a good way – it is moving along, which is great. It is moving along. It is moving along.

它正在前进。 这是一个好方法 - 它正在前进,这很棒。 它正在前进。 它正在前进。

Gautam Khanna

Excellent. And then, in the quarter, the margins came in pretty good. Could you talk a little bit about – was there any – I think you mentioned an award fee. What was the size of the contract adjustment in the quarter [indiscernible] catch up or what have you if there was one?

优秀。 然后,在本季度,利润率相当不错。 你能谈一点 - 有没有 - 我想你提到了奖励费。 本季度合同调整的大小[音频不清晰]赶上了什么,或者如果有的话,你有什么?

John Kavanaugh

So, there wasn't. But let me give you a little bit more color. So, first off, very, very pleased with the continued strong execution and performance in both the segments. So, as I had mentioned in my prepared remarks, we have seen a little bit of increase in depreciation resulting from some customer required procurement of assets. So, that was roughly, if you think about the quarter, that was roughly about $13 million. So, I would look at the quarter running more like 17.3%. But as I've indicated, good performance. And as I've stated in my prepared remarks, now trending more toward the middle of the range on adjusted EBITDA. So, we feel good about where we are.

所以,没有。 但是,让我给你一点颜色。 因此,首先,非常非常满意两个细分市场的持续强劲执行和表现。 因此,正如我在准备好的评论中所提到的那样,我们看到一些客户需要采购资产导致折旧增加一点点。 所以,粗略地说,如果你考虑一下这个季度,那大约是1300万美元。 所以,我会看看季度运行更像是17.3%。 但正如我所说,表现良好。 正如我在准备好的评论中所说的那样,现在调整后的EBITDA趋势更接近范围的中间位置。 所以,我们对自己所处的位置感到满意。

Gautam Khanna

Got it. So, it did not relate to a one-off contract adjustment?

得到它了。 那么,它与一次性合同调整无关?

John Kavanaugh

No.

没有。

Gautam Khanna

It was just heightened depreciation in the quarter?

这个季度的折旧率只是提高了吗?

John Kavanaugh

That's correct.

那是对的。

Gautam Khanna

And just last one, you've already started off the third calendar quarter with strong bookings, it looks like. Can you speak to anything that – can you quantify what you anticipate is yet to be adjudicated in the September quarter in terms of size, stuff that – couple of billion or how should we think about the potential?

就在最后一个,你已经开始了第三季度的预订,看起来很棒。 你能否谈谈任何一件事 - 你能否量化你预期的9月季度在规模,数十亿或者我们应该如何看待这种潜力方面尚未被裁定的事情?

Mac Curtis

So, it's just kind of in rough numbers. We've got a total of $24 billion in evaluation. There's some large ones in there we think because we don't control that, Gautam, as you well know. But there's some large – we expect the DISA [indiscernible2to be adjudicated we think, GSMO we think, those are contracts – I'm not going to give you specific number. They have a B behind them. And I think as we talked about, we certainly expect to see – hopefully, the Department of Labor, which is a contract that we were awarded that was protested and that could pull here. We think we'll see the VA contract clear which is pretty sizeable. The Department of Transportation, it was about $700 million. We expect to see that clear. So, again, we don't control that. We're coming into the end of the government fiscal year. So, certainly, they're in evaluation now. We should see some of those clear as we get through the back end of the fourth quarter of the government fiscal year. Hard to protect. Hard to predict. But that's kind of what we see.

所以,它只是粗略的数字。我们的评估总额达240亿美元。我们认为在那里有一些大的,因为我们不能控制,Gautam,你知道。但是有一些大的 - 我们期望DISA [indiscernible2被裁定我们认为,GSMO我们认为,那些是合同 - 我不打算给你具体数字。他们背后有一个B.而且我认为,正如我们所谈到的那样,我们当然希望看到 - 希望是劳工部,这是我们被授予的一份合同,这项合同得到了抗议,可以拉到这里。我们认为我们会看到VA合约清楚,这是相当大的。交通部,大约7亿美元。我们希望看到这一点。所以,我们再次控制不了。我们即将结束政府财政年度。所以,当然,他们现在正在评估中。当我们通过政府财政年度第四季度的后期时,我们应该看到一些明确的。很难保护。很难预测。但这就是我们所看到的。

Gautam Khanna

And just so I'm clear, of all of those mentioned, the labor department one is one that you were awarded that's being protested. The other ones are just out. They haven't yet been adjudicated?

而且我很清楚,在提到的所有这些中,劳动部门就是一个你被授予抗议的部门。 其他的只是出局。 他们还没有被裁定?

Mac Curtis

That's correct.

那是对的。

Gautam Khanna

Okay. All right. Thank you very much. I appreciate it.

好的。 行。 非常感谢你。 我很感激。

Mac Curtis

Very good.

很好。

John Kavanaugh

Thanks, Gautam.

谢谢,高塔姆。

斯图尔特戴维斯

As I'm looking at the queue, it looks like that there are no other questions. So, I think we'll bring this call to a close. Obviously, as is our practice, if you have follow-up questions, please feel free to give me a shout. But, Cole, we want to thank you for your assistance and thank everybody for their interest and perspective.

当我看着队列时,看起来没有其他问题。 所以,我想我们会结束这个电话会议。 显然,按照我们的惯例,如果您有后续问题,请随时给我一个喊叫。 但是,科尔,我们要感谢你的帮助,感谢大家的兴趣和观点。

会议主持员

Thank you, sir. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time and have a wonderful day.

谢谢你,先生。 会议现已结束。 感谢您参加今天的演讲。 您现在可以断开线路并度过美好的一天。

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