<p>博思艾伦咨询（Booz Allen Hamilton Holding (BAH)）已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
<h3>认识塞缪尔 – 您的个人投资先知</h3>
<ul>
<li>与 TipRanks 值得信赖的数据驱动投资情报开始对话</li>
<li>向塞缪尔询问股票、您的投资组合或市场，并在几秒钟内获得即时、个性化的见解</li>
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<p>博思艾伦咨询最新的财报电话会议在对其盈利能力引擎充满信心的同时，对收入压力表示谨慎，尤其是在其民用业务方面。管理层强调强劲的利润率、现金生成和不断增长的订单积压，证明其战略正在奏效，但也承认资金不确定性和合同重置对短期增长造成了压力。</p>
<h2>强劲的盈利能力和利润率扩张</h2>
<p>博思艾伦在 2026 财年实现调整后 EBITDA 为 12 亿美元，利润率为 11%，尽管销售疲软，但仍显示出韧性。第四季度调整后 EBITDA 达到 3.09 亿美元，利润率为 11.1%，同比上升 50 个基点，调整后每股收益约增长 11%，全年为 6.51 美元，第四季度为 1.78 美元。</p>
<h2>强劲的现金生成和资本部署</h2>
<p>自由现金流在 2026 财年保持突出，达到 9.51 亿美元，第四季度为 2.12 亿美元，为公司提供了充足的财务灵活性。管理层在年度内部署了 11 亿美元，包括 2.19 亿美元的战略投资和 1.47 亿美元回馈给股东，第四季度末现金余额为 7.28 亿美元，总流动性为 22 亿美元。</p>
<h2>订单积压增长和账单比率强劲</h2>
<p>订单积压超过 380 亿美元，同比增长约 3%，支持未来收入的可见性。过去 12 个月的账单比率保持在健康的 1.1 倍，第四季度的 0.9 倍如果包括一个被抗议的 MCTP 合同，接近 1.2 倍。</p>
<h2>基于结果的产品战略加速</h2>
<p>公司报告基于结果的工作显著增长，OTA 提案提交量同比增长约 90%，授予量增长约 50%。它还强调了 Vellox 套件和 EdgeXtend 等产品的势头，以及 Defy Security 的收购，作为扩大高价值网络安全产品的杠杆。</p>
<h2>国家安全势头和大型合同获胜</h2>
<p>国家安全工作在第四季度增长 1.6%，逆势于整体收入下降，突显了该组合的强劲。博思艾伦在本季度获得了 17 亿美元的工作，包括约 9.37 亿美元的 BEATS 单一授予合同和与金色圆顶空间拦截器原型相关的关键 OTA。</p>
<h2>生产力提升和成本控制</h2>
<p>第四季度员工人数下降约 12%，但每位员工的收入增长约 6%，显示出显著的生产力提升。针对每年约 1.5 亿美元的节省目标的成本削减计划正在进行中，约三分之一已实现，公司平均保留约 40% 的净节省。</p>
<h2>谨慎的 2027 财年财务指引</h2>
<p>对于 2027 财年，博思艾伦预计收入为 112 亿至 117 亿美元，意味着在艰难的基年上实现持平到低个位数的增长。调整后 EBITDA 预计为 12.4 亿至 12.9 亿美元，利润率约为 11%，调整后每股收益为 6.00 至 6.35 美元，自由现金流在 8.25 亿至 9.25 亿美元之间，表明稳定但短期内上行空间有限。</p>
<h2>大型民用业务下滑</h2>
<p>最大的拖累仍然是民用部门，第四季度收入同比暴跌 23%，导致整体收入下降。管理层预计 2027 财年民用收入将下降高个位数，尤其是上半年由于面临艰难的比较和吸收之前的合同减少而表现疲软。</p>
<h2>整体收入收缩和订单波动</h2>
<p>第四季度总收入下降 6.4% 至 28 亿美元，扣除可计费费用的收入下降约 7%，反映出民用业务的逆风。尽管过去的账单比率为 1.1 倍，但季度账单比率为 0.9 倍，突显出在授予和收入转化速度上的短期不均衡。</p>
<h2>资金和采购不确定性</h2>
<p>管理层强调持续的采购和资金波动，指出尽管自 1 月以来情况有所改善，但环境仍然不稳定。选举年和预算时机的动态可能会延迟授予的流动，并减缓胜利转化为确认收入的速度。</p>
<h2>自由现金流展望和时机影响</h2>
<p>公司 2027 财年的自由现金流展望为 8.25 亿至 9.25 亿美元，低于前一年，部分原因是时机因素。之前披露的 1.7 亿美元的 IRS 退款现在预计在 2028 财年到账，而雷斯顿总部的支出对短期现金造成压力，同时股票回购低于历史标准。</p>
<h2>杠杆和资本配置考虑</h2>
<p>截至季度末，净杠杆为 2.6 倍调整后 EBITDA，留有投资和股东回报的空间，但限制了过度灵活性。管理层在资金转型议程时在回购与战略投资之间进行平衡，投资者将关注这一权衡，因为盈利增长正在放缓。</p>
<h2>前瞻性指引和战略展望</h2>
<p>展望未来，博思艾伦预计国家安全将增长中个位数，而民用业务将下降高个位数，第一季度将是低点，随后逐渐改善。结合超过 380 亿美元的订单积压和 1.1 倍的账单比率，该指引描绘了温和增长、稳定利润率和强劲现金生成的前景，随着资金条件逐渐正常化。</p>
<p>财报电话会议描绘了一家公司依靠盈利能力、现金流和国家安全的优势来应对收入疲软和民用部门的重置。对于投资者来说，关键的收获是博思艾伦的战略重组和成本控制正在抵消短期的收入压力，为一旦资金和采购周期变得更加有利时的潜在强劲轨迹奠定基础。</p>

博思艾伦咨询

<p>博思艾伦咨询报告了第四季度的财报，调整后的 EBITDA 为 3.09 亿美元，利润率为 11.1%，尽管收入下降了 6.4%，降至 28 亿美元，主要是由于其民用部门的收入下降了 23%。该公司预计 2027 财年的收入将持平或低个位数增长，调整后的 EBITDA 预计在 12.4 亿至 12.9 亿美元之间。公司强调了强劲的现金流，达到 9.51 亿美元，以及超过 380 亿美元的订单积压，但持续的资金不确定性对未来增长构成挑战</p>

<p>Booz Allen Hamilton Holding ((BAH)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>博思艾伦咨询（Booz Allen Hamilton Holding (BAH)）已召开其第四季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Meet Samuel – Your Personal Investing Prophet</h3>
<div class="lb-trans"><h3>认识塞缪尔 – 您的个人投资先知</h3>
</div><ul>
<li>Start a conversation with TipRanks’ trusted, data-backed investment intelligence</li>
<li>Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds</li>
</ul>
<div class="lb-trans"><ul>
<li>与 TipRanks 值得信赖的数据驱动投资情报开始对话</li>
<li>向塞缪尔询问股票、您的投资组合或市场，并在几秒钟内获得即时、个性化的见解</li>
</ul>
</div><p>Booz Allen Hamilton’s latest earnings call mixed confidence in its profitability engine with caution about revenue pressure, especially in its Civil business. Management stressed strong margins, cash generation and a growing backlog as proof the strategy is working, but acknowledged that funding uncertainty and contract resets are weighing on near‑term growth.</p>
<div class="lb-trans"><p>博思艾伦咨询最新的财报电话会议在对其盈利能力引擎充满信心的同时，对收入压力表示谨慎，尤其是在其民用业务方面。管理层强调强劲的利润率、现金生成和不断增长的订单积压，证明其战略正在奏效，但也承认资金不确定性和合同重置对短期增长造成了压力。</p>
</div><h2>Strong Profitability and Margin Expansion</h2>
<div class="lb-trans"><h2>强劲的盈利能力和利润率扩张</h2>
</div><p>Booz Allen delivered fiscal 2026 adjusted EBITDA of $1.2 billion with an 11% margin, underscoring resilient profitability despite softer sales. Fourth‑quarter adjusted EBITDA reached $309 million with an 11.1% margin, up 50 basis points year over year, and adjusted EPS grew about 11% to $6.51 for the year and $1.78 in Q4.</p>
<div class="lb-trans"><p>博思艾伦在 2026 财年实现调整后 EBITDA 为 12 亿美元，利润率为 11%，尽管销售疲软，但仍显示出韧性。第四季度调整后 EBITDA 达到 3.09 亿美元，利润率为 11.1%，同比上升 50 个基点，调整后每股收益约增长 11%，全年为 6.51 美元，第四季度为 1.78 美元。</p>
</div><h2>Robust Cash Generation and Capital Deployment</h2>
<div class="lb-trans"><h2>强劲的现金生成和资本部署</h2>
</div><p>Free cash flow remained a standout at $951 million for fiscal 2026 and $212 million in Q4, giving the firm ample financial flexibility. Management deployed $1.1 billion during the year, including $219 million in strategic investments and $147 million returned to shareholders, ending Q4 with $728 million in cash and $2.2 billion of total liquidity.</p>
<div class="lb-trans"><p>自由现金流在 2026 财年保持突出，达到 9.51 亿美元，第四季度为 2.12 亿美元，为公司提供了充足的财务灵活性。管理层在年度内部署了 11 亿美元，包括 2.19 亿美元的战略投资和 1.47 亿美元回馈给股东，第四季度末现金余额为 7.28 亿美元，总流动性为 22 亿美元。</p>
</div><h2>Backlog Growth and Book‑to‑Bill Strength</h2>
<div class="lb-trans"><h2>订单积压增长和账单比率强劲</h2>
</div><p>Backlog climbed above $38 billion, up about 3% from a year earlier, supporting visibility into future revenue. The trailing 12‑month book‑to‑bill ratio held at a healthy 1.1x, and Q4’s 0.9x would have been close to 1.2x if a protested MCTP award were included.</p>
<div class="lb-trans"><p>订单积压超过 380 亿美元，同比增长约 3%，支持未来收入的可见性。过去 12 个月的账单比率保持在健康的 1.1 倍，第四季度的 0.9 倍如果包括一个被抗议的 MCTP 合同，接近 1.2 倍。</p>
</div><h2>Outcome‑Based and Product Strategy Acceleration</h2>
<div class="lb-trans"><h2>基于结果的产品战略加速</h2>
</div><p>The company reported sharp gains in outcome‑based work, with OTA proposal submissions up about 90% and awards up roughly 50% year over year. It also highlighted momentum in products like the Vellox suite and EdgeXtend, and the Defy Security acquisition, as levers to scale higher‑value cyber offerings.</p>
<div class="lb-trans"><p>公司报告基于结果的工作显著增长，OTA 提案提交量同比增长约 90%，授予量增长约 50%。它还强调了 Vellox 套件和 EdgeXtend 等产品的势头，以及 Defy Security 的收购，作为扩大高价值网络安全产品的杠杆。</p>
</div><h2>National Security Momentum and Large Contract Wins</h2>
<div class="lb-trans"><h2>国家安全势头和大型合同获胜</h2>
</div><p>National security work grew 1.6% in Q4, bucking the broader revenue decline and underscoring the strength of this portfolio. Booz Allen booked $1.7 billion of work in the quarter, including the roughly $937 million BEATS single‑award contract and a key OTA tied to the Golden Dome space‑based interceptor prototype.</p>
<div class="lb-trans"><p>国家安全工作在第四季度增长 1.6%，逆势于整体收入下降，突显了该组合的强劲。博思艾伦在本季度获得了 17 亿美元的工作，包括约 9.37 亿美元的 BEATS 单一授予合同和与金色圆顶空间拦截器原型相关的关键 OTA。</p>
</div><h2>Productivity Improvements and Cost Discipline</h2>
<div class="lb-trans"><h2>生产力提升和成本控制</h2>
</div><p>Headcount fell about 12% in the quarter, yet revenue per employee rose about 6%, pointing to meaningful productivity gains. A cost reduction program targeting roughly $150 million in annualized savings is underway, with about one‑third realized and the company retaining around 40% of net savings on average.</p>
<div class="lb-trans"><p>第四季度员工人数下降约 12%，但每位员工的收入增长约 6%，显示出显著的生产力提升。针对每年约 1.5 亿美元的节省目标的成本削减计划正在进行中，约三分之一已实现，公司平均保留约 40% 的净节省。</p>
</div><h2>Prudent FY2027 Financial Guidance</h2>
<div class="lb-trans"><h2>谨慎的 2027 财年财务指引</h2>
</div><p>For fiscal 2027, Booz Allen guided revenue to $11.2–$11.7 billion, implying flat to low‑single‑digit growth off a tough base year. Adjusted EBITDA is projected at $1.24–$1.29 billion with roughly 11% margin, adjusted EPS at $6.00–$6.35, and free cash flow between $825 million and $925 million, signaling stability but limited near‑term upside.</p>
<div class="lb-trans"><p>对于 2027 财年，博思艾伦预计收入为 112 亿至 117 亿美元，意味着在艰难的基年上实现持平到低个位数的增长。调整后 EBITDA 预计为 12.4 亿至 12.9 亿美元，利润率约为 11%，调整后每股收益为 6.00 至 6.35 美元，自由现金流在 8.25 亿至 9.25 亿美元之间，表明稳定但短期内上行空间有限。</p>
</div><h2>Large Civil Business Decline</h2>
<div class="lb-trans"><h2>大型民用业务下滑</h2>
</div><p>The biggest drag remains the Civil segment, where Q4 revenue plunged 23% year over year and drove the overall top‑line decline. Management expects Civil revenue to fall high single digits in fiscal 2027, with the first half especially weak as it laps difficult comparisons and absorbs prior contract reductions.</p>
<div class="lb-trans"><p>最大的拖累仍然是民用部门，第四季度收入同比暴跌 23%，导致整体收入下降。管理层预计 2027 财年民用收入将下降高个位数，尤其是上半年由于面临艰难的比较和吸收之前的合同减少而表现疲软。</p>
</div><h2>Overall Revenue Contraction and Booking Choppiness</h2>
<div class="lb-trans"><h2>整体收入收缩和订单波动</h2>
</div><p>Total Q4 revenue fell 6.4% to $2.8 billion and revenue excluding billable expenses dropped about 7%, reflecting the Civil headwinds. A quarterly book‑to‑bill of 0.9x, despite a stronger 1.1x on a trailing basis, highlights some near‑term unevenness in the pace of awards and revenue conversion.</p>
<div class="lb-trans"><p>第四季度总收入下降 6.4% 至 28 亿美元，扣除可计费费用的收入下降约 7%，反映出民用业务的逆风。尽管过去的账单比率为 1.1 倍，但季度账单比率为 0.9 倍，突显出在授予和收入转化速度上的短期不均衡。</p>
</div><h2>Funding and Procurement Uncertainty</h2>
<div class="lb-trans"><h2>资金和采购不确定性</h2>
</div><p>Management underlined ongoing procurement and funding volatility, noting that while conditions have improved since January, the environment remains choppy. Election‑year and budget‑timing dynamics could delay the flow of awards and slow the translation of wins into recognized revenue.</p>
<div class="lb-trans"><p>管理层强调持续的采购和资金波动，指出尽管自 1 月以来情况有所改善，但环境仍然不稳定。选举年和预算时机的动态可能会延迟授予的流动，并减缓胜利转化为确认收入的速度。</p>
</div><h2>Free Cash Flow Outlook and Timing Effects</h2>
<div class="lb-trans"><h2>自由现金流展望和时机影响</h2>
</div><p>The company’s fiscal 2027 free cash flow outlook of $825–$925 million is below the prior year, driven partly by timing items. A previously disclosed $170 million IRS refund is now expected in fiscal 2028 and Reston headquarters spending weighs on near‑term cash, while share repurchases were lighter than historic norms.</p>
<div class="lb-trans"><p>公司 2027 财年的自由现金流展望为 8.25 亿至 9.25 亿美元，低于前一年，部分原因是时机因素。之前披露的 1.7 亿美元的 IRS 退款现在预计在 2028 财年到账，而雷斯顿总部的支出对短期现金造成压力，同时股票回购低于历史标准。</p>
</div><h2>Leverage and Capital Allocation Considerations</h2>
<div class="lb-trans"><h2>杠杆和资本配置考虑</h2>
</div><p>Net leverage stood at 2.6x adjusted EBITDA at quarter end, leaving room for both investment and shareholder returns but limiting excess flexibility. Management is balancing buybacks against strategic investments as it funds its transformation agenda, a trade‑off investors will monitor as earnings growth moderates.</p>
<div class="lb-trans"><p>截至季度末，净杠杆为 2.6 倍调整后 EBITDA，留有投资和股东回报的空间，但限制了过度灵活性。管理层在资金转型议程时在回购与战略投资之间进行平衡，投资者将关注这一权衡，因为盈利增长正在放缓。</p>
</div><h2>Forward‑Looking Guidance and Strategic Outlook</h2>
<div class="lb-trans"><h2>前瞻性指引和战略展望</h2>
</div><p>Looking ahead, Booz Allen expects national security to grow mid‑single digits while Civil declines high single digits, with Q1 as the low point before gradual improvement. Coupled with a $38‑plus billion backlog and a 1.1x trailing book‑to‑bill, the guidance paints a picture of modest growth, stable margins and strong cash generation as funding conditions slowly normalize.</p>
<div class="lb-trans"><p>展望未来，博思艾伦预计国家安全将增长中个位数，而民用业务将下降高个位数，第一季度将是低点，随后逐渐改善。结合超过 380 亿美元的订单积压和 1.1 倍的账单比率，该指引描绘了温和增长、稳定利润率和强劲现金生成的前景，随着资金条件逐渐正常化。</p>
</div><p>The earnings call portrayed a company leaning on profitability, cash flow and national security strength to navigate a soft revenue patch and Civil‑sector resets. For investors, the key takeaway is that Booz Allen’s strategic repositioning and cost discipline are offsetting near‑term top‑line pressure, setting up a potentially stronger trajectory once funding and procurement cycles turn more favorable.</p>
<div class="lb-trans"><p>财报电话会议描绘了一家公司依靠盈利能力、现金流和国家安全的优势来应对收入疲软和民用部门的重置。对于投资者来说，关键的收获是博思艾伦的战略重组和成本控制正在抵消短期的收入压力，为一旦资金和采购周期变得更加有利时的潜在强劲轨迹奠定基础。</p>
</div>

博思艾伦咨询的财报电话会议：利润增长，但增长面临挑战