美国国防部信息技术 支持服务 咨询业务成为关注焦点：效仿民事机构的类似行动

SAICGDITRestricted - External U.S. Aerospace & DefenceNEUTRALU.S. Aerospace & DefenseDavid Strauss+1 212 526 5580david.strauss@barclays.comBCI, USJoshua Korn+1 212 526 3283joshua.korn@barclays.comBCI, USSrividya Vinjamuri+1 212 526 7536srividya.vinjamuri@barclays.comBCI, USBenjamin Tomick+1 212 526 8926benjamin.tomick@barclays.comBCI, US LDOS The second memo requires that new IT Consulting and Management Services contracts withintegrators or consultants justify that no element of each contract can be accomplished byexisting DoD agencies, and that no element can be acquired from a direct service provider(rather than the integrator or consultant). All existing IT Consulting and Management Servicescontracts will also be reviewed. All contracts will also require approval from the DeputySecretary of Defense.In addition, Advisory and Assistance Services Contracts will also require approval from theDeputy Secretary of Defense. This includes contracts for advice, recommendations, studies, andanalyses to support management, strategic planning, policy development, organizationalassessments, technical expertise, or operational decision making.Our analysis of NAICS categories indicates that applicable IT Consulting and ManagementServices and Advisory and Assistance Services make up 25% of work (FY24 obligations) for GDIT/CACI, 21% for LDOS/SAIC, and 19% for BAH.FIGURE 2. IT Consulting and Management Services and Advisory and Assistance Services at DoD (% ofTotal Company FY24 Obligations)Source: BGOVThese categories of focus are generally in line with our prior expectations (U.S. GovernmentServices: Framing DOGE EPS Downsidepublished 18 Mar 2025). 2 Analyst(s) Certification(s):I, David Strauss, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Risk Disclosure(s)Master limited partnerships (MLPs) are pass-through entities structured as publicly listed partnerships. For tax purposes, distributions to MLP unitholders may be treated as a return of principal. Investors should consult their own tax advisors before investing in MLP units.Disclosure(s) regarding Information SourcesBloomberg® is a trademark and service mark of Bloomberg Finance L.P. and itsaffiliates(collectively “Bloomberg”) and the Bloomberg Indices aretrademarks of Bloomberg. Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve orendorse this material, or guarantee the accuracy o