AECOM (ACM) 2023 Q1 法說會逐字稿

Good morning, and welcome to the AECOM First Quarter 2023 Conference Call. I would like to inform all participants, this call is being recorded at the request of AECOM. This broadcast is the copyrighted property of AECOM. Any rebroadcast of this information in whole or part without the prior written permission of AECOM is prohibited. As a reminder, AECOM is also simulcasting this presentation with slides at the Investors section at www.aecom.com. (Operator Instructions).

早上好，歡迎來到 AECOM 2023 年第一季度電話會議。我想通知所有參與者，本次通話是應 AECOM 的要求進行錄音的。此廣播是 AECOM 的版權財產。未經 AECOM 事先書面許可，禁止全部或部分轉播此信息。提醒一下，AECOM 還在 www.aecom.com 的“投資者”部分用幻燈片同步播放此演示文稿。 （操作員說明）。

I would like to turn the call over to Will Gabrielski, Senior Vice President, Finance, Treasury and Investor Relations. Please go ahead.

我想將電話轉給財務、財政部和投資者關係高級副總裁 Will Gabrielski。請繼續。

Thank you, operator. I'd like to direct your attention to the safe harbor statement on Page 1 of today's presentation. Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements.

謝謝你，運營商。我想請您注意今天演示文稿第 1 頁上的安全港聲明。今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們向美國證券交易委員會提交的定期報告中描述的風險，實際結果可能與今天的前瞻性陳述中預測的結果大不相同。除法律要求外，我們不承擔更新前瞻性陳述的義務。

We use certain non-GAAP financial measures in our presentation. The incorporated GAAP reconciliations are incorporated into our materials, which are posted to our website. Any references to segment margins or segment adjusted operating margins will reflect the performance for the Americas and International segments. When discussing revenue and revenue growth, we will refer to net service revenue, or NSR, which is defined as revenue excluding pass-through revenue. NSR and backlog growth rates are presented on a constant currency basis unless otherwise noted. Today's remarks will focus on continuing operations.

我們在演示文稿中使用某些非 GAAP 財務指標。合併後的 GAAP 對賬已納入我們的材料中，這些材料已發佈到我們的網站上。對分部利潤率或分部調整後營業利潤率的任何提及都將反映美洲和國際分部的業績。在討論收入和收入增長時，我們將參考淨服務收入或 NSR，其定義為不包括傳遞收入的收入。除非另有說明，否則 NSR 和積壓增長率以固定貨幣為基礎呈現。今天的評論將集中在持續經營上。

On today's call, Troy Rudd, our Chief Executive Officer, will review our key accomplishments, our strategy and our outlook for the business. Lara Poloni, our President, will discuss key operational successes and priorities; and Gaurav Kapoor, our Chief Financial Officer, will review our financial performance and outlook in greater detail. We will conclude with a question-and-answer session.

在今天的電話會議上，我們的首席執行官 Troy Rudd 將回顧我們的主要成就、我們的戰略和我們的業務前景。我們的總裁 Lara Poloni 將討論關鍵的運營成功和優先事項；我們的首席財務官 Gaurav Kapoor 將更詳細地審查我們的財務業績和前景。我們將以問答環節結束。

With that, I will turn the call over to Troy.

有了這個，我會把電話轉給特洛伊。

Thank you, Will, and thank you all for joining us today. I'd like to begin by acknowledging the continued commitment of our approximately 50,000 professionals to fulfilling our shared purpose of delivering a better world. We have the best teams in the industry, and our widening competitive advantage stems from their passion, technical expertise and global collaboration. Our continued high win rate, record design backlog and continued margin expansion and strong cash flow are a testament to the strength of our team and the benefits of our strategy.

謝謝你，威爾，感謝大家今天加入我們。首先，我要感謝我們大約 50,000 名專業人員對實現我們創造更美好世界的共同目標的持續承諾。我們擁有業內最優秀的團隊，我們不斷擴大的競爭優勢源於他們的熱情、技術專長和全球協作。我們持續的高贏率、創紀錄的設計積壓、持續的利潤擴張和強勁的現金流證明了我們團隊的實力和我們戰略的好處。

All of our end markets are growing, and we are aggressively adding to our workforce to deliver on our commitments. Strong end market conditions and the continued growth of our professional workforce differentiates us from many businesses that are seeing macro conditions continue to soften.

我們所有的終端市場都在增長，我們正在積極增加員工隊伍以兌現我們的承諾。強勁的終端市場狀況和我們專業勞動力的持續增長使我們有別於許多宏觀環境持續疲軟的企業。

I also want to highlight that for the third year in a row, we have been recognized as the Most Admired Company in our industry by Fortune. This is a great accomplishment, and I couldn't be more proud of our people.

我還想強調的是，我們連續第三年被《財富》雜誌評為我們行業中最受尊敬的公司。這是一項偉大的成就，我為我們的員工感到無比自豪。

Turning to our financial performance. Organic NSR growth accelerated to 8%, which included strong growth across both segments and was led by 9% growth in design, which matches our highest for the past decade. Notably, our growth in Americas design business continued to accelerate. State and local activity remained strong, and when combined with the unprecedented infrastructure fund in the U.S. and the increases in the recently enacted 2023 U.S. Federal budget, we are confident in a multiyear growth cycle.

轉向我們的財務業績。有機 NSR 增長加速至 8%，其中包括兩個細分市場的強勁增長，並由設計領域 9% 的增長帶動，這與我們過去十年的最高水平持平。值得注意的是，我們在美洲設計業務的增長繼續加速。州和地方活動依然強勁，再加上美國前所未有的基礎設施基金以及最近頒布的 2023 年美國聯邦預算的增加，我們對多年增長周期充滿信心。

Our segment adjusted operating margin increased by nearly 40 basis points to 14%, which is a new high for a first quarter. Our profitability leads our industry and reflects strong execution, the benefits of our strategy and our lower-risk, higher-value backlog composition. We are well advanced in our path to deliver on our 15% fiscal 2024 margin target, and we are increasingly confident in our continued margin expansion over time.

我們部門調整後的營業利潤率增長了近 40 個基點，達到 14%，這是第一季度的新高。我們的盈利能力領先於我們的行業，反映了強大的執行力、我們戰略的優勢以及我們低風險、高價值的積壓訂單構成。我們在實現 2024 財年 15% 利潤率目標的道路上取得了長足進步，而且我們對隨著時間的推移持續擴大利潤率越來越有信心。

Adjusted EBITDA of $224 million and adjusted EPS of $0.86 were consistent with our expectations and included strong underlying operational growth. Consistent with our track record of delivering on our commitments, strong operational performance contributed to 19% growth to year-over-year earnings, which allowed us to deliver on our targets despite macro-related factors.

調整後的 EBITDA 為 2.24 億美元，調整後的每股收益為 0.86 美元，符合我們的預期，包括強勁的基礎運營增長。與我們兌現承諾的記錄一致，強勁的運營業績使收益同比增長 19%，這使我們能夠在宏觀相關因素的影響下實現目標。

Free cash flow was also strong, which enabled the execution of our returns-focused capital allocation policy. Our primary use of capital include investments in organic growth opportunities, share repurchases and our quarterly dividend program. I should highlight that our recent January dividend marked a 20% increase over our prior payment, which is consistent with our intent to grow our per share dividend by a double-digit percentage annually.

自由現金流也很強勁，這使得我們能夠執行以回報為中心的資本配置政策。我們的主要資本用途包括對有機增長機會的投資、股票回購和我們的季度股息計劃。我要強調的是，我們最近的 1 月份股息比之前的支付增加了 20%，這與我們每年以兩位數的百分比增長每股股息的意圖是一致的。

Importantly, we are prioritizing our investments to pursue transformational growth opportunities where we have a competitive advantage. This resulted in another near-record-high win rate, strong backlog momentum and an unprecedented level of visibility. The design backlog increased by 9% to a record high, which is an acceleration from the prior quarter and was driven by a 1.3 book-to-burn ratio.

重要的是，我們正在優先考慮我們的投資，以在我們具有競爭優勢的領域尋求轉型增長機會。這導致了另一個接近歷史最高的獲勝率、強勁的積壓勢頭和前所未有的知名度。設計積壓增加了 9%，創下歷史新高，比上一季度有所加速，並受到 1.3 的訂單消耗率的推動。

In addition, our pipeline of opportunities is also at an all-time high. This includes a nearly 30% increase in proposals and bids submitted, which is up from 20% growth in the prior quarter. As a result, we are confident that our design backlog will continue to increase as the year progresses.

此外，我們的機會渠道也處於歷史最高水平。這包括提交的提案和投標數量增加了近 30%，高於上一季度 20% 的增幅。因此，我們相信，隨著時間的推移，我們的設計積壓訂單將繼續增加。

Across our business, the benefits our Think and Act Globally strategy are apparent in the changing composition of our backlog. Let me share a few examples.

在我們的業務中，我們的 Think and Act Globally 戰略的好處在我們不斷變化的待辦事項構成中顯而易見。讓我分享幾個例子。

During the quarter, we were selected for the sizable water program management contract in Southern California. This win resulted from collaboration between our world-class water and program management practices, which led to an unrivaled technical solution for our client. In addition, this win fortifies our leadership position in this rapidly growing region, where last quarter, we won the sizable Padre Dam advanced water purification program in San Diego. As a result, we are well positioned to benefit as the billions of planned investments to address persistent drought and water supply challenges increase.

在本季度，我們被選中參與南加州規模龐大的水資源項目管理合同。這一勝利源於我們世界一流的水和項目管理實踐之間的合作，這為我們的客戶帶來了無與倫比的技術解決方案。此外，這次勝利鞏固了我們在這個快速發展地區的領導地位，上個季度，我們在聖地亞哥贏得了規模龐大的 Padre Dam 高級淨水項目。因此，隨著為解決持續乾旱和供水挑戰而增加的數十億計劃投資的增加，我們完全有能力從中受益。

We were also successful in our selection for the Navy-specific CLEAN program, which builds on our success with this client, including last year's award of the Atlantic CLEAN program. Both programs will run for at least 5 more years.

我們還成功地選擇了海軍特定的 CLEAN 計劃，該計劃建立在我們與該客戶的成功基礎上，包括去年授予 Atlantic CLEAN 計劃的獎項。這兩個項目將至少再運行 5 年。

We are experiencing a similar trajectory in our #1 ranked global transportation business. In Canada, we were selected to serve as the technical adviser on a transformative light rail project, creating visibility over the next decade on a marquee project in the region. In addition, while not reflected on our first quarter backlog, we've been notified that we were selected on another 9-figure win in the global rail market.

在我們排名第一的全球運輸業務中，我們正在經歷類似的軌跡。在加拿大，我們被選為轉型輕軌項目的技術顧問，在未來十年為該地區的大型項目創造知名度。此外，雖然沒有反映在我們第一季度的積壓訂單中，但我們已獲悉，我們在全球鐵路市場上又贏得了 9 位數的勝利。

We are very deliberate in how we allocate time and capital, with a focus on the best-return and highest-value opportunities. As a result, an increasing share of our wins are generated from scope increases and additional phases on existing programs. In fact, our largest first quarter design win was an additional phase to an existing project we already held.

我們非常謹慎地分配時間和資本，重點關注最佳回報和最高價值的機會。因此，我們越來越多的勝利來自現有計劃的範圍擴大和額外階段。事實上，我們第一季度最大的設計勝利是我們已經擁有的現有項目的附加階段。

Several of our first quarter wins have the potential to increase in value. We have identified more than $500 million of potential incremental opportunity from the first quarter wins that we expect to add to backlog over time. This demonstrates the more valuable composition of our wins and backlog, and with it, contributes to our visibility and confidence.

我們第一季度的幾項勝利有可能增加價值。我們已經從第一季度的勝利中確定了超過 5 億美元的潛在增量機會，我們希望隨著時間的推移增加這些機會。這證明了我們的勝利和積壓的更有價值的組成，並因此有助於提高我們的知名度和信心。

Also contributing to our confidence is the funding growth across our largest end markets. In the U.S., the initial wave of IIJA funding is beginning to materialize in our pipeline. And we continue to expect the benefits from IIJA funds to accelerate through the coming years. An increasing share of our activity today is helping clients position for this funding, and clients are increasingly turning to us to utilize our digital AI-powered tool, Fund Navigator.

我們最大的終端市場的資金增長也有助於增強我們的信心。在美國，IIJA 的第一波資金開始在我們的管道中實現。我們繼續期待 IIJA 基金的收益在未來幾年加速增長。我們今天越來越多的活動是幫助客戶為這筆資金定位，越來越多的客戶轉向我們使用我們的數字人工智能工具 Fund Navigator。

In Canada, provincial investment in rail infrastructure, a market where we lead, is supporting NSR, backlog and pipeline growth. The same is true of The U.K., where we have an established position on key frameworks and are converting large pursuits to wins. In Australia, our momentum continued, including another win in the first quarter which has further extended our backlog visibility. And finally, in Middle East, our backlog and NSR have increased at a double-digit pace due to our positioning on the substantial infrastructure investments transforming Saudi Arabia.

在加拿大，省級鐵路基礎設施投資支持 NSR、積壓訂單和管道增長，這是我們引領的市場。英國也是如此，我們在關鍵框架上擁有既定的地位，並且正在將巨大的追求轉化為勝利。在澳大利亞，我們的勢頭仍在繼續，包括第一季度的另一場胜利進一步擴大了我們積壓訂單的知名度。最後，在中東，由於我們對正在改變沙特阿拉伯的大量基礎設施投資的定位，我們的積壓訂單和 NSR 以兩位數的速度增長。

As we look ahead, we remain committed to executing our strategy, which is focused on: Expanding our addressable market through organic growth in our advisory, digital and program management practices; driving collaboration to fully capture the strength of our global platform; prioritizing our time and capital on the highest-returning growth opportunities; investing in digital AECOM at an unprecedented rate to lead our industry through digital transformation; and finally, creating an industry-leading employee value proposition to attract and retain the best professionals in their fields.

展望未來，我們將繼續致力於執行我們的戰略，該戰略的重點是： 通過諮詢、數字和項目管理實踐的有機增長來擴大我們的目標市場；推動協作以充分發揮我們全球平台的優勢；將我們的時間和資本優先放在回報最高的增長機會上；以前所未有的速度投資於數字 AECOM，通過數字化轉型引領我們的行業；最後，創建行業領先的員工價值主張，以吸引和留住各自領域的最佳專業人士。

Taken together, we are better positioned than ever to capitalize on the growing set of opportunities in front of us. Our competitive advantages are expanding the long-term earnings power of the company. As a result, we are reaffirming our 2023 financial guidance and remain confident in delivering on our long-term 2020 financial targets and aspirations.

總而言之，我們比以往任何時候都更有能力利用擺在我們面前的越來越多的機會。我們的競爭優勢正在擴大公司的長期盈利能力。因此，我們重申了我們的 2023 年財務指導方針，並對實現我們 2020 年的長期財務目標和願景充滿信心。

With that, let me turn the call over to Lara.

有了這個，讓我把電話轉給勞拉。

Thanks, Troy. Please turn to the next slide. I'd also like to acknowledge our teams across the globe for another strong quarter. We've built a culture around collaboration and expanding our competitive advantages, and our strong performance represents the realization of our strategy.

謝謝，特洛伊。請翻到下一張幻燈片。我還要感謝我們在全球的團隊又一個強勁的季度。我們建立了一種圍繞協作和擴大競爭優勢的文化，我們的強勁表現代表著我們戰略的實現。

In nearly every conversation with our clients, we've received consistent feedback: Our teams are delivering unrivaled technical solutions. Our technical proposal is the most often cited factor in our wins. These technical capabilities are an essential element of our competitive advantage, which is apparent in our consistently strong win rates, and we are winning half of every dollar we bid. The great work we do is a reflection of our professionals, and we are energized by the opportunities ahead.

在與客戶的幾乎每一次對話中，我們都收到了一致的反饋：我們的團隊正在提供無與倫比的技術解決方案。我們的技術方案是我們獲勝時最常被引用的因素。這些技術能力是我們競爭優勢的重要組成部分，這在我們一貫強勁的中標率中顯而易見，而且我們每出價一美元就贏了一半。我們所做的偉大工作是我們專業人士的反映，我們為未來的機遇而充滿活力。

Across our markets, we are ideally positioned to capitalize on the 3 secular megatrends, including growing global infrastructure investments, investments in sustainability and resilience and post-COVID supply chain and asset investments. These drivers were prevalent in several of our recent wins.

在我們的市場中，我們處於理想的位置，可以利用 3 個長期大趨勢，包括不斷增長的全球基礎設施投資、可持續性和彈性投資以及後 COVID 供應鍊和資產投資。這些驅動程序在我們最近的幾場胜利中很普遍。

In the U.S., our leadership in sustainability and resilience continues to be a differentiator. For instance, investments to modernize and strengthen the U.S. electric grid are expanding. This was highlighted by our selection to support a key renewable energy client in the U.S. on a large interstate transmission line that will leverage both our technical capabilities and our innovative digital PlanEngage tool for the NEPA environmental impact statement.

在美國，我們在可持續性和彈性方面的領導地位仍然是一個差異化因素。例如，用於現代化和加強美國電網的投資正在擴大。我們選擇在一條大型州際輸電線路上支持美國的一個主要可再生能源客戶，這突出了這一點，該輸電線路將利用我們的技術能力和我們用於 NEPA 環境影響聲明的創新數字 PlanEngage 工具。

In addition, PFAS activity is accelerating ahead of expected regulatory milestones in 2023. We are the leader in this market, and our backlog for PFAS-related programs increased by 40% in the quarter.

此外，在 2023 年達到預期的監管里程碑之前，PFAS 活動正在加速。我們是這個市場的領導者，本季度我們 PFAS 相關項目的積壓增加了 40%。

Finally, we were selected to advise the City of New York on its cloudburst program, which creates clustered stormwater management projects in flood-prone and underserved communities across the city. This win positions us to deliver similar services in other metros globally, which plays to our strength.

最後，我們被選中為紐約市的暴雨計劃提供建議，該計劃在全市易發生洪水和服務欠缺的社區創建集群雨水管理項目。這次勝利使我們能夠在全球其他大都市提供類似的服務，這發揮了我們的優勢。

In Australia, the government is investing at record levels in transportation infrastructure. We won the design contract for a substantial highway tunneling project in the first quarter, building on a series of large transportation wins over the past year. The ingenuity of our global tunneling expertise was critical in developing a technical solution for the client that reduced the environment and biodiversity impacts of this project. This was a key differentiator in our successful bid.

在澳大利亞，政府對交通基礎設施的投資創歷史新高。我們在第一季度贏得了大型公路隧道工程的設計合同，這是在過去一年贏得一系列大型運輸項目的基礎上取得的。我們的全球隧道專業知識的獨創性對於為客戶開發減少該項目對環境和生物多樣性影響的技術解決方案至關重要。這是我們成功競標的關鍵區別。

Finally, in the U.K., where the government has reaffirmed its commitment to expand its rail network and reconnect communities as part of its leveling up strategy, we are winning marquee projects that support this vision.

最後，在英國，政府已重申其擴大鐵路網絡和重新連接社區的承諾，作為其升級戰略的一部分，我們正在贏得支持這一願景的大型項目。

To fully capitalize on the accelerating set of opportunities ahead, we are continuing to make investments in our teams. This includes our increased investment in U.S. health care benefits, which we rolled out earlier this year; and ongoing investments in technical academies to bring professionals together and foster collaboration.

為了充分利用未來加速發展的機會，我們將繼續對我們的團隊進行投資。這包括我們今年早些時候推出的增加對美國醫療保健福利的投資；以及對技術學院的持續投資，以將專業人士聚集在一起並促進協作。

I am pleased to report that we are experiencing a strong return on these investments. Our workforce is growing, employee engagement is high and employee retention across the globe is ahead of our internal targets. The return on these investments is essential to retaining and attracting the best professionals, which is key to expanding our competitive advantage.

我很高興地報告，我們正在從這些投資中獲得豐厚的回報。我們的員工隊伍不斷壯大，員工敬業度高，全球員工保留率領先於我們的內部目標。這些投資的回報對於留住和吸引最優秀的專業人士至關重要，這是擴大我們競爭優勢的關鍵。

Across our business, our technical excellence, empowered by a culture of collaboration and focus on pursuing the best growth opportunities, have contributed to substantial momentum in our business and energize us as we pursue a record pipeline of opportunities today.

在我們的業務中，我們卓越的技術，在協作文化的支持下，專注於追求最佳增長機會，為我們的業務帶來了巨大的動力，並在我們今天追求創紀錄的機會管道時為我們注入活力。

With that, I will turn the call over to Gaur.

有了這個，我會把電話轉給 Gaur。

Thanks, Lara. Please turn to the next slide. The strength of our financial results is a testament to our focused allocation of time and capital to the highest-returning opportunities, the strength of our teams, the power of harnessing that strength through collaboration, and our disciplined capital allocation policy that is driven by one key element: Return on investment.

謝謝，勞拉。請翻到下一張幻燈片。我們財務業績的實力證明了我們將時間和資本集中分配給回報最高的機會、我們團隊的實力、通過合作利用這種力量的力量，以及我們由一個人驅動的紀律嚴明的資本分配政策關鍵要素：投資回報。

Importantly, we exited the first quarter with even more momentum than we entered. NSR and backlog growth accelerated. Our win rate, especially on transformational pursuits, is at historic levels. And funding behind the 3 secular megatrends driving our business is firmly in place. Just as importantly, we are delivering profitable growth. Our segment adjusted operating income margin increased by nearly 40 basis points, which is consistent with the expectations in our fiscal 2023 guidance for a 14.6% margin.

重要的是，我們在第一季度結束時的勢頭比進入時還要強勁。 NSR 和積壓訂單增長加速。我們的勝率，尤其是在轉型追求方面，處於歷史水平。推動我們業務發展的三大長期大趨勢背後的資金已經到位。同樣重要的是，我們正在實現盈利增長。我們的部門調整後營業收入利潤率增加了近 40 個基點，這與我們 2023 財年指引中 14.6% 的利潤率預期一致。

Our performance reflects the competitive advantage we are creating by investing to expand our addressable market, collaborating across business lines and geographies and narrowing the focus of our time and capital on the highest-value opportunities.

我們的業績反映了我們通過投資擴大我們的目標市場、跨業務線和地域合作以及將我們的時間和資本集中在價值最高的機會上而創造的競爭優勢。

Please turn to the next slide. NSR in the Americas design business increased by 6% and marked an acceleration from the prior quarter. The adjusted operating margin expanded by 50 basis points to a new first quarter high. Visibility continues to increase, with backlog up 7%, driven by a 1.2 book-to-burn ratio. In addition, our contracted backlog is at all-time high and bid and proposal activity increased by double digits.

請翻到下一張幻燈片。美洲設計業務的 NSR 增長了 6%，較上一季度有所加速。調整後的營業利潤率擴大了 50 個基點，創下第一季度新高。在 1.2 的圖書銷毀比的推動下，能見度繼續提高，積壓增加了 7%。此外，我們的合同積壓訂單處於歷史最高水平，投標和提案活動增加了兩位數。

These trends are a direct result of our accelerated business development activity we spoke about on our fourth quarter conference call. The growth and profitability profile we are delivering is enabling us to invest to capitalize on the growth opportunities ahead to create the best long-term earnings power while also continuing to deliver on our margin expansion targets.

這些趨勢是我們在第四季度電話會議上談到的加速業務發展活動的直接結果。我們提供的增長和盈利能力使我們能夠投資以利用未來的增長機會來創造最佳的長期盈利能力，同時繼續實現我們的利潤率擴張目標。

Please turn to the next slide. Turning to the International segment. NSR growth increased by 12%, led by the U.K., Australia and the Middle East, where we have built an incredibly strong backlog position over the past 2 years. Margins also expanded, which reflects our narrowed focus on key markets and vectors that drive the most value to the organization. Backlog growth accelerated to double digits with 1.5 book-to-burn ratio. We are now positioned on several multiyear projects with billions of dollars of committed funding, which creates an enhanced level of visibility.

請翻到下一張幻燈片。轉向國際部分。在英國、澳大利亞和中東的帶動下，NSR 增長了 12%，過去 2 年我們在這些地區建立了非常強大的積壓訂單。利潤率也有所擴大，這反映出我們縮小了對為組織帶來最大價值的關鍵市場和載體的關注。積壓訂單增長加速至兩位數，訂單消耗率為 1.5。我們現在正著手幾個多年期項目，承諾提供數十億美元的資金，這提高了知名度。

Please turn to the next slide. We had a strong start to the year on cash flow with $84 million of free cash flow in the quarter, which continues to reflect better phasing. It bears repeating: Our cash flow remains consistently strong because of the rigor we put into converting earnings to cash; and the inherent attributes of our professional services business, which includes high-quality clients with strong balance sheet; and the higher-margin and lower-risk nature of our work. As a result, we are able to invest in our organic growth opportunities and have substantial available cash to execute our other capital allocation priorities.

請翻到下一張幻燈片。我們今年的現金流量開局強勁，本季度自由現金流量為 8400 萬美元，這繼續反映出更好的階段性。值得重申的是：由於我們嚴格地將收益轉換為現金，我們的現金流一直保持強勁；以及我們專業服務業務的內在屬性，包括擁有強大資產負債表的優質客戶；以及我們工作的高利潤和低風險性質。因此，我們能夠投資於我們的有機增長機會，並擁有大量可用現金來執行我們的其他資本配置優先事項。

After investing in organic growth opportunities, share repurchases remain the highest and best use of our cash flow. Our quarterly dividend is a key element of our long-term commitment to return capital to our shareholders. During the quarter, we returned approximately $70 million in total, and we have returned approximately $1.6 billion to the shareholders over the past 2.5 years.

在投資於有機增長機會之後，股票回購仍然是我們現金流的最高和最佳用途。我們的季度股息是我們向股東返還資本的長期承諾的關鍵要素。本季度，我們總共返還了大約 7000 萬美元，在過去 2.5 年裡，我們已經向股東返還了大約 16 億美元。

Our balance sheet remains in great shape with no bond maturities until 2027 and 80% of our debt is fixed or capped at highly attractive interest rates for several years to come.

我們的資產負債表保持良好狀態，直到 2027 年才到期，我們 80% 的債務在未來幾年內固定或以極具吸引力的利率為上限。

Please turn to the next slide. Turning to the financial outlook. We are affirming our guidance for all metrics built on strong foundation we set in the first quarter and the strength of our strategy that has created strong visibility for the remainder of the year.

請翻到下一張幻燈片。轉向財務前景。我們確認我們對所有指標的指導建立在我們在第一季度設定的堅實基礎上，以及我們為今年剩餘時間創造強大可見度的戰略優勢。

We continue to expect 10% adjusted EBITDA and EPS growth at the midpoint of the ranges on a constant currency basis, with organic NSR growth accelerating to 8% for the year compared to 5% last year. We also continue to expect segment adjusted operating margin to increase by 40 basis points to 14.6%, which would mark a new annual high and continue to lead our industry.

我們繼續預計調整後的 EBITDA 和 EPS 增長 10%，以固定貨幣為基礎，在範圍的中點，有機 NSR 增長從去年的 5% 加速到今年的 8%。我們還繼續預計分部調整後的營業利潤率將增長 40 個基點至 14.6%，這將創下年度新高並繼續引領我們的行業。

Our ability to expand margins while investing in our teams and delivering accelerating top line growth is a testament to the strength of our platform.

我們在投資於我們的團隊和加速收入增長的同時擴大利潤的能力證明了我們平台的實力。

With that, operator, we are ready for questions.

有了這個，接線員，我們準備好提問了。

(Operator Instructions) The first question today comes from Michael Feniger with Bank of America.

（操作員說明）今天的第一個問題來自美國銀行的 Michael Feniger。

Troy, there's some concerns in the market with these headlines in D.C. I think a lot of the headlines are more on the defense budget. But can you just help us understand, when we look at your exposure to public funding, how locked in some of that funding is? Are you hearing any issues on the ground about that pipeline? It seems like the building could slow at all? Just curious if you could kind of comment on some of the headlines we're seeing. And if we flesh that out, what the actual risk to your growth outlook there?

特洛伊，市場對華盛頓特區的這些頭條新聞有些擔憂。我認為很多頭條新聞更多地與國防預算有關。但是，當我們查看您對公共資金的敞口時，您能否幫助我們了解其中一些資金的鎖定程度如何？您是否聽到有關該管道的任何問題？這座建築似乎可以放慢速度？只是想知道您是否可以對我們看到的一些頭條新聞發表評論。如果我們將其具體化，您的增長前景面臨的實際風險是什麼？

Okay. Yes, Michael, thanks for the question. So I'm going to -- that's a broad question. I'm going to take it in a few parts. First of all, in terms of the federal government, there certainly is an ongoing debate about spending and debt filling.

好的。是的，邁克爾，謝謝你的提問。所以我要 - 這是一個廣泛的問題。我將把它分成幾個部分。首先，就聯邦政府而言，肯定存在關於支出和債務填補的爭論。

And it's our perspective, first of all, that we think that our government will ultimately act rationally. If we go back and look at history, it always does seem to turn out that way. At the very least, there have been some periods of time where the government has been impacted for a few days.

首先，我們的觀點是，我們認為我們的政府最終會理性行事。如果我們回頭看看歷史，它似乎總是那樣。至少，有一段時間政府受到了幾天的影響。

For us, we only have low single-digit exposure to the federal government, and that really has no material impact on our business in the short term. And again, most importantly, those times of shutdowns are really irrelevant for the long-term performance of our business and the long-term investment cycle in infrastructure.

對我們來說，我們對聯邦政府的敞口只有低個位數，這在短期內對我們的業務確實沒有實質性影響。而且，最重要的是，那些停工時間與我們業務的長期表現和基礎設施的長期投資週期真的無關緊要。

Again, I think the second part to that question is, when we look at the -- again, in the United States, the funding that has come into infrastructure has been building for a period of time, and it certainly has been bipartisan. And those funds, for the most part, have been appropriated. So when we look forward, we really don't see there being a significant risk to the money that's been set aside by the IIJA or the other Acts. And so in the long term, we see that as not having an impact on the opportunity for our business in the U.S.

同樣，我認為這個問題的第二部分是，當我們再次審視美國時，進入基礎設施的資金已經建立了一段時間，而且肯定是兩黨合作的。這些資金大部分已被撥款。因此，當我們展望未來時，我們真的看不到 IIJA 或其他法案預留的資金存在重大風險。因此，從長遠來看，我們認為這不會對我們在美國的業務機會產生影響。

And then going a little bit even deeper than that. When we look at our state and local governments, state and local governments have very significant funding, and we see the rainy day funds in state and local governments being at the highest level since, I think, going back to the 1980s. And so again, I think there's just really strong underpinning for the long-term investment that's been set aside for infrastructure, and there certainly is demand for it.

然後再深入一點。當我們審視我們的州和地方政府時，州和地方政府擁有非常可觀的資金，我們看到州和地方政府的未雨綢繆資金處於自 1980 年代以來的最高水平。因此，我再次認為，為基礎設施預留的長期投資有非常強大的支撐，而且肯定有需求。

And the last one I'll make just about our overall business. Again, we're focusing on the U.S., but the trends that we're seeing are across our entire business. So they're global in nature. And we'd certainly see -- again, while there are always going to be blips, in terms of the long-term opportunity, we really don't see that being any significant risk to the long-term value of the business.

最後一個是關於我們的整體業務。同樣，我們專注於美國，但我們看到的趨勢遍及我們的整個業務。所以它們本質上是全球性的。我們肯定會再次看到——雖然總是會出現一些問題，但就長期機會而言，我們真的認為這不會對企業的長期價值構成任何重大風險。

And Troy, over the last 12 months, many of -- some of your public peers have acquired other businesses. You stayed the course and are talking about some increasing win share. So how do you view your organic approach versus the M&A approach as we think about capturing some of these bigger projects, these growing bigger projects, more scale, as the funding levels start to really pick up and ramp up into 2024?

特洛伊，在過去的 12 個月裡，許多——你們的一些公眾同行已經收購了其他企業。你堅持到底，並且正在談論一些增加的勝利份額。那麼，當我們考慮捕獲一些更大的項目、這些不斷增長的更大的項目、更大的規模時，隨著資金水平開始真正回升並上升到 2024 年，您如何看待有機方法與併購方法？

Yes. No, again, so Michael, our focus and our strategy has been built on taking advantage of the long-term opportunities. And so again, we built the strategy around that, and we're executing against it. And then in terms of allocating capital, we had discipline around our return profile. And we look forward and said, "The highest-returning opportunity is to invest in organic growth." We still believe that, and it is certainly paying off for us. And I'll expand upon it in a second, but it is paying off for us.

是的。不，邁克爾，我們的重點和戰略建立在利用長期機會的基礎上。因此，我們再次圍繞它制定了戰略，並且我們正在執行它。然後在分配資本方面，我們對我們的回報情況有紀律。我們展望未來並說，“回報最高的機會是投資於有機增長。”我們仍然相信這一點，而且它肯定會為我們帶來回報。我會在一秒鐘內擴展它，但它正在為我們帶來回報。

And then we look at just the next-best opportunity, it is certainly returning that capital to shareholders. Maybe it changes over time, but as of today and as we look forward, investing in organic growth and returning it to our shareholders is what we're focused on.

然後我們只看下一個最好的機會，它肯定是將資本返還給股東。也許它會隨著時間的推移而改變，但從今天開始，正如我們期待的那樣，投資於有機增長並將其回報給我們的股東是我們關注的重點。

And when you contrast that to doing M&A, we just had a difficult time being comfortable, that doing transactions at 15x earnings in businesses that really have organic growth opportunities that are in the mid-single digits, or certainly, they can reach double digits at certain points in time, it is hard for that return on the capital being deployed at a 15x transaction can make sense.

當你將其與進行併購進行對比時，我們很難感到舒服，即在真正具有中個位數有機增長機會的企業中以 15 倍的收益進行交易，或者當然，它們可以達到兩位數在某些時間點，以 15 倍交易部署的資本回報率很難說得通。

And so again, we're just -- we are governed by the discipline to making sure we're providing the best return on capital. And so our strategy is built around that, and we don't see that -- we just certainly don't see that changing.

因此，我們只是 - 我們受紀律約束，以確保我們提供最佳的資本回報。因此，我們的戰略是圍繞這一點建立的，我們看不到這一點——我們當然看不到這種變化。

And we look at the opportunities in the market that were bust, and it's paying off. And we made reference to the fact that the large wins that we're seeing in our portfolio of business has increased significantly. So now almost 30% of our wins are over $25 million. And if we go back a number of years, that number was approximately kind of 12%, 13%, 14%. And that bodes really well.

我們著眼於市場上破滅的機會，並且正在獲得回報。我們提到了這樣一個事實，即我們在業務組合中看到的巨大勝利已經顯著增加。所以現在我們幾乎 30% 的勝利都超過了 2500 萬美元。如果我們倒退幾年，這個數字大約是 12%、13%、14%。這真是個好兆頭。

It bodes really great for us because those are long-life projects that give a great visibility into the future. The other is they expand the relationship that you have with your customers. And using those long projects, actually have the ability to expand. And statistically speaking, we see them expand fairly significantly. So by winning those long-term programs, you're not just winning what's in backlog, you're winning something over the long term that's a much higher number.

這對我們來說真的是個好兆頭，因為這些都是長期項目，可以很好地了解未來。另一個是他們擴大了您與客戶的關係。而利用那些長項目，其實是有擴展能力的。從統計學上講，我們看到它們的擴張相當顯著。因此，通過贏得這些長期計劃，您不僅贏得了積壓的訂單，而且從長遠來看，您贏得了數量更多的東西。

Our next question comes from Andy Wittmann with Baird.

我們的下一個問題來自 Baird 的 Andy Wittmann。

Great. I guess you guys are guiding NSR growth of organic 8% for this year. In the quarter, the first quarter, you posted that. And you've got the benefit of some of the stimulus things that you referred to, and previously even said that you expected the year to accelerate as the year goes on. So it seems to me that the 8% could be conservative. And I was wondering if that is the case, or if there's an offset that's developed somewhere in your forecast or planning that we should know about.

偉大的。我猜你們正在指導今年 NSR 有機增長 8%。在本季度，第一季度，您發布了該信息。你已經從你提到的一些刺激措施中受益，之前甚至說過你預計這一年會隨著時間的推移而加速。所以在我看來，8% 可能是保守的。我想知道是否是這種情況，或者在您的預測或計劃中是否存在我們應該知道的抵消。

Andy, this is Gaurav. I'll take that question. There's no change in our outlook and the plan we had committed to in FY '23. Look, we're early in the year, and as you noted correctly, a little bit ahead of our expectations for Q1. And underlying bookings growth was very strong across our design business. But similar to what prior years have taught us is to be prudently conservative due to ever-changing macroeconomic conditions, but the management team will always be focused on delivering on its commitments.

安迪，這是高拉夫。我會回答這個問題。我們的前景和我們在 23 財年承諾的計劃沒有變化。看，我們今年年初，正如您正確指出的那樣，比我們對第一季度的預期提前了一點。在我們的設計業務中，潛在的預訂量增長非常強勁。但與往年教導我們的是，由於不斷變化的宏觀經濟條件，我們要謹慎保守，但管理團隊將始終專注於履行其承諾。

Got it. And maybe, Gaur -- maybe you reiterated the 2024 longer term, which is not that longer term anymore, guidance here today. In that, you've said that 15% margin would be kind of the target. And so I guess when I look at like 15% margins and the $4.75 with, frankly, the newer interest expense assumptions, it does imply a fairly material acceleration in organic growth rates to get to $4.75. I guess my question is, what's the most likely way that you get there? Is it by exceeding or well exceeding the 15% margin target? Or are you increasingly confident in the organic growth rate in the medium term?

知道了。也許，Gaur——也許你今天在這裡重申了 2024 年的長期指導，這不再是長期指導。在那裡，你說過 15% 的利潤率是目標。所以我想當我看到 15% 的利潤率和 4.75 美元時，坦率地說，新的利息支出假設，它確實意味著有機增長率相當大的加速，達到 4.75 美元。我想我的問題是，您到達那裡最有可能的方式是什麼？是超過還是遠遠超過 15% 的利潤率目標？還是您對中期的有機增長率越來越有信心？

Yes. Good question again. Thanks for that, Andy. So you're right. There's no change in what we have committed to, including when we spoke just 2, 3 months back. In our FY '24 outlook, we feel confident. In fact, as we sit here today, we're more confident than we were 3 months ago.

是的。又是好問題。謝謝你，安迪。所以你是對的。我們承諾的內容沒有改變，包括我們在 2、3 個月前的談話時所做的承諾。在我們的 24 財年展望中，我們充滿信心。事實上，當我們今天坐在這裡時，我們比 3 個月前更有信心。

And it's a dynamic model, right? The 3 key pillars we're focused on are growth, margin expansion and our capital allocation strategy. We have outperformed to date on every single one of those metrics. Our growth is ahead of expectations. Our margin expansion has been faster, and we expect to deliver on that 15% with the focus being to maximize that delivery as we move forward over the next, call it, 21 months, 20 months, into 2024.

這是一個動態模型，對嗎？我們關注的 3 個關鍵支柱是增長、利潤率擴張和我們的資本配置策略。迄今為止，我們在每一項指標上都表現出色。我們的增長超出預期。我們的利潤率增長速度更快，我們預計將實現這 15% 的增長，重點是在接下來的 21 個月、20 個月到 2024 年期間最大限度地實現這一目標。

And these things are allowing us to overcome some things that are outside of our control, like FX or interest, as you said. But even those, this management team is focused on making sure we put the best foot forward on every single facet we can control. A great example of that is our balance sheet and how -- the strength of our balance sheet we've created over the last 2 years, where 80% of our debt is fixed at very favorable, and I want to really emphasize very favorable, interest rates. So those headwinds are absolutely there. We overdeliver on the factors that we can control.

正如您所說，這些事情使我們能夠克服一些我們無法控制的事情，例如外匯或利息。但即使是那些，這個管理團隊也專注於確保我們在我們可以控制的每一個方面都發揮最好的作用。一個很好的例子就是我們的資產負債表，以及我們在過去兩年中創造的資產負債表的實力，我們 80% 的債務固定在非常有利的水平，我想真正強調非常有利，利率。所以那些逆風絕對存在。我們超額交付我們可以控制的因素。

Now you layer on top of that our strong book-to-burn you've seen over the last 18 months continuing into Q1, it really supports not only our 2024 model, but puts forth strong results we expect to deliver for years to come.

現在，除了過去 18 個月持續到第一季度以來我們看到的強勁的銷毀書外，它不僅真正支持我們的 2024 年模型，而且提出了我們希望在未來幾年實現的強勁結果。

The next question comes from Sabahat Khan with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Sabahat Khan。

Great. Just a question on the earlier comments around still continuing to sort of ramp up hiring given the demand outlook. I guess, how are you balancing that against maybe just some of the uncertainty in the backdrop? Or do you have enough visibility to support some of this hiring? And I know some of your peers kind of used contract engineers and things like that. Are you using some of those tools? Just trying to understand how you're balancing your hiring needs with sort of the evolving backdrop.

偉大的。考慮到需求前景，關於仍在繼續增加招聘的早期評論只是一個問題。我想，你如何平衡它與背景中的一些不確定性？或者您是否有足夠的知名度來支持這種招聘？我知道你的一些同行使用過合同工程師之類的東西。你在使用其中的一些工具嗎？只是想了解您如何在不斷變化的背景下平衡您的招聘需求。

Yes. Saba, thank you. It's Troy. We're kind of in an unusual predicament in that we're focused on trying to continue to create capacity to keep up with the rate at which we're winning work. And so we are focused on hiring broadly across the business.

是的。薩巴，謝謝你。是特洛伊。我們處於一種不尋常的困境，因為我們專注於努力繼續創造能力以跟上我們贏得工作的速度。因此，我們專注於在整個企業範圍內廣泛招聘。

And at the same time, we're focused on trying to increase the capacity of our entire professional team. And we're doing that by using digital tools to deploy on projects. And then we're also building and expanding our enterprise capability centers, which allow us to actually create efficiencies in the delivery of some of our work.

同時，我們專注於提高我們整個專業團隊的能力。我們正在通過使用數字工具在項目上進行部署來做到這一點。然後我們還在建立和擴展我們的企業能力中心，這使我們能夠在交付某些工作時真正提高效率。

And so at this point in time, we don't -- again, our focus is really on trying to increase the capacity to keep up with the rate at which we're winning work.

因此，在這個時間點，我們沒有——再次強調，我們的重點實際上是努力提高能力，以跟上我們贏得工作的速度。

Okay. Great. And then just, I guess, the comments around the increased win rates, particularly on larger projects. I was hoping maybe you could share some color around, are these changes that you made to win these projects? And are these structural things that you think could last sort of through the economic cycle, through the demand cycle? How do you sort of adjust your approach to bidding and things like that if the demand environment over the next 12 to 24 months maybe moderates? Just a little bit of color on maybe the changes you've made and how sustainable you think some of those impacts are.

好的。偉大的。然後，我猜，關於中標率增加的評論，尤其是在大型項目上。我希望也許你可以分享一些顏色，這些改變是你為贏得這些項目所做的嗎？您認為這些結構性事物是否會在整個經濟周期和需求週期中持續存在？如果未來 12 到 24 個月的需求環境可能溫和，您將如何調整您的投標方式和類似的事情？關於您所做的更改以及您認為其中一些影響的可持續性，只需一點點顏色。

Okay. Yes. So I guess I'm going to start by saying I think that they're highly sustainable. We've, again, focused on our strategy and trying to create competitive advantage. And I think we're seeing that pay off. And again, the payoff is, again, seeing backlog grow, but also seeing the composition of our backlog change in a meaningful way that creates much more long-term visibility and therefore opportunities for the people that are here.

好的。是的。所以我想我首先要說我認為它們是高度可持續的。我們再次專注於我們的戰略並努力創造競爭優勢。我認為我們正在看到回報。再一次，回報是，再次看到積壓增加，但也看到我們積壓的構成以有意義的方式發生變化，從而創造更多的長期可見性，從而為這裡的人們創造機會。

The other thing we've done is we've exposed ourselves to more of the client spend on projects. In the past, if you're a design business, you're exposed to a certain component of the spend on a project. And so by building out an advisory and a program management business, and our program management business has now been growing at over 30% per year, it exposes us to much more of that client budget. And so again, that's sort of structural and things that we don't think will change.

我們所做的另一件事是，我們讓自己接觸到更多客戶在項目上的支出。過去，如果你從事設計業務，你會接觸到項目支出的特定組成部分。因此，通過建立諮詢和項目管理業務，我們的項目管理業務現在每年以超過 30% 的速度增長，這使我們能夠承擔更多的客戶預算。因此，這又是一種結構性的，我們認為不會改變的事情。

And then in terms of creating that competitive advantage, it really is built around investing in our teams, making sure that we provide the best technical solutions to our clients. It is focused on bringing the best that we have around the globe to our clients and to our most important projects. And it's our investment in building changes in how we deliver.

然後就創造競爭優勢而言，它實際上是圍繞投資我們的團隊而建立的，確保我們為客戶提供最好的技術解決方案。它專注於將我們在全球擁有的最好的東西帶給我們的客戶和我們最重要的項目。這是我們在改變交付方式方面的投資。

And we refer to that as Digital AECOM, but it really is delivering some different consulting services, some different external tools that are used by our clients, but importantly, it's focused on how we actually deliver that work differently and create efficiencies.

我們將其稱為 Digital AECOM，但它確實提供了一些不同的諮詢服務，我們的客戶使用的一些不同的外部工具，但重要的是，它專注於我們如何實際交付不同的工作並提高效率。

And I'm going to give -- I'm going to turn this over to Lara just to talk a little bit about what we're seeing in terms of the winning around the world. It's a great example of that competitive advantage that we're building.

我要給 - 我要把這個交給 Lara 來談談我們在世界各地的勝利方面所看到的。這是我們正在建立的競爭優勢的一個很好的例子。

Yes. Saba, I mean, I think to answer your question, the technical academy is a great example of the difference and that point of differentiation. So -- and another key element of our investment in our people and the return on investment that we're seeing with that.

是的。 Saba，我的意思是，我想回答你的問題，技術學院是差異和差異點的一個很好的例子。所以 - 我們對我們的人員投資的另一個關鍵因素以及我們看到的投資回報。

So we have invested in technical academies and we've got great uptake and engagement from all of our 50,000 employees in that, that is ongoing technical learning. And that's how we show up to interviews, and it's a key differentiator in terms of our positioning.

因此，我們對技術學院進行了投資，我們所有 50,000 名員工都對技術學院有了很大的了解和參與，這是持續的技術學習。這就是我們如何出現在採訪中，這是我們定位方面的一個關鍵差異化因素。

And anecdotally, we know that, on 9 out of the 10 recent key enterprise critical wins that we've had, AECOM earned top technical scores, which means that our technical prowess and capability is that key differentiator and a key reason why we're winning. So I think that's a very material point of differentiation for us at the moment, and it's really paying off in terms of that investment in technical talent.

有趣的是，我們知道，在我們最近取得的 10 項關鍵企業關鍵勝利中，有 9 項 AECOM 獲得了最高的技術分數，這意味著我們的技術實力和能力是關鍵的差異化因素，也是我們之所以如此的關鍵原因獲勝。所以我認為目前這對我們來說是一個非常重要的差異化點，而且它在技術人才方面的投資確實得到了回報。

Our next question comes from Andy Kaplowitz with Citigroup.

我們的下一個問題來自花旗集團的 Andy Kaplowitz。

So book-to-bill accelerated in Q1, 1.3x. I think you mentioned the 30% increase in bids and proposals from last year. You obviously had a nice move in contracted backlog as well. So just 2 questions. Can you maintain this kind of book-to-bill based on your increased proposals for the next few quarters? And do you see Americas NSR growth based on current conditions continuing to rise from 6%? Or is it more that double-digit international growth that will carry you to the 8% growth for the year?

因此，第一季度的訂單出貨速度加快了 1.3 倍。我想你提到了去年投標和提案增加了 30%。顯然，您在合同積壓方面也取得了不錯的進展。所以只有兩個問題。您能否根據未來幾個季度增加的提案來維持這種訂單出貨量？您認為基於當前條件的美洲 NSR 增長率是否會繼續從 6% 上升？或者更多的是兩位數的國際增長將使您實現今年 8% 的增長？

So Andy, I -- yes. The answer to your question is yes. I do see us being able to continue the high book to burn. Just again, given the fact that, as Lara pointed out in our prepared comments, we're actually winning $1 out of every $2 that we did. So our capture rate is at 50%. And frankly, it's been that way now for 5 quarters. So you create a lot of confidence when you are winning the things that you define as really matter.

所以安迪，我——是的。你的問題的答案是肯定的。我確實看到我們能夠繼續燃燒高書。再說一遍，正如勞拉在我們準備好的評論中指出的那樣，我們實際上每做 2 美元就贏 1 美元。所以我們的捕獲率為 50%。坦率地說，現在已經有 5 個季度了。因此，當您贏得您定義為真正重要的事情時，您會建立很大的信心。

Secondly is with our pipeline growing so significantly, and the pipeline is in the U.S. and around the world, with that increased pipeline, yes. We do think, as we keep winning at this rate, we're going to keep building our backlog at the clip that we're seeing. So we do have confidence around that. And I'll take it to Gaur to answer your second question.

其次是我們的管道增長如此顯著，管道在美國和世界各地，隨著管道的增加，是的。我們確實認為，隨著我們以這種速度不斷獲勝，我們將繼續以我們所看到的剪輯建立我們的積壓。所以我們對此有信心。我會把它交給 Gaur 來回答你的第二個問題。

Yes. Andy, as we look forward, what's really driving our confidence in the market, how our progress in the marketplace and how we're being successful is, if you really look at it, our strategy is simple yet focused. We're focused on the 9 key geographies that have significant funding macroeconomic tailwinds. Our people are some of the best professionals in the industry. We're investing significantly in ensuring that their brand, their technical brand, continues to outpace competition in the marketplace. While at the same time, looking at those key geographies and being very focused on return-based investments. As Troy alluded to earlier, program management, advisory, the digital tools.

是的。安迪，正如我們所期待的那樣，真正推動我們對市場充滿信心的是什麼，我們在市場上的進步以及我們如何取得成功，如果你真的看看它，我們的戰略很簡單但重點突出。我們專注於具有重大融資宏觀經濟順風的 9 個關鍵地區。我們的員工是業內最優秀的專業人士。我們正在大力投資以確保他們的品牌、技術品牌繼續在市場競爭中脫穎而出。同時，著眼於那些關鍵地區並非常關注基於回報的投資。正如特洛伊之前提到的，項目管理、諮詢和數字工具。

So all this builds and bodes so well not only sustaining what we have done, but to continue to take our competitive differentiating platform we have created into the future and capitalize on the funding that's going to continue to be available for us.

因此，所有這一切都非常好，不僅可以維持我們所做的一切，而且可以繼續將我們創建的具有競爭力的差異化平台帶入未來，並利用將繼續為我們提供的資金。

And then could you update us on your construction management business? Are you growing backlog in that business? And I know last quarter, you mentioned some nontraditional developers were pulling out of the market, but your business was more than supported by aviation, convention centers, other end markets. Can you give us an update of what you're seeing?

然後您能否向我們介紹您的建築管理業務？您是否在該業務中積壓？我知道上個季度，你提到一些非傳統開發商正在退出市場，但你的業務得到航空、會議中心和其他終端市場的支持。你能告訴我們你所看到的最新情況嗎？

Yes, Andy. So we're seeing sort of the same thing happening. I mean, while there certainly is some softness in residential and commercial markets and that business is in the United States. We are still seeing a great pipeline of opportunities, in particular some large opportunities.

是的，安迪。所以我們看到了同樣的事情正在發生。我的意思是，雖然住宅和商業市場肯定有一些疲軟，但業務在美國。我們仍然看到大量機會，特別是一些大機會。

And it is a more diversified portfolio of opportunities. And it's focused around the same things. It's aviation, it is certainly sports and leisure, it's investment in convention centers and investments that cities are making across the country. So we do see -- continue to see a robust pipeline. But I think the really important part around that business is that we do have almost 4 years of work and some large projects that will create great long-term visibility for us to build upon.

這是一個更加多元化的機會組合。它專注於相同的事情。它是航空，當然是體育和休閒，它是對會議中心的投資以及城市在全國范圍內進行的投資。所以我們確實看到了——繼續看到一個強大的管道。但我認為圍繞該業務真正重要的部分是我們確實有將近 4 年的工作和一些大型項目，這些項目將為我們創造巨大的長期知名度。

And then again, I'll just say the last point about that business is, even with some softness in the market. And we do have -- it is lumpy in terms of how wins work. Our book-to-burn was almost 1 in this quarter. So I think our CM business is exposed to some markets that's slower. But it's because of the exposure we've created to other market segments, it's in great shape.

再一次，我只想說關於該業務的最後一點是，即使市場有些疲軟。我們確實有——就勝利的運作方式而言，它是不穩定的。本季度我們的待銷書量幾乎為 1。所以我認為我們的 CM 業務暴露於一些較慢的市場。但這是因為我們在其他細分市場創造了曝光度，所以它的狀態很好。

Our next question comes from Jamie Cook with Credit Suisse.

我們的下一個問題來自瑞士信貸的傑米庫克。

I guess just 2 questions. One, Troy, understanding that your win rates are up and you have projects with longer duration, which helps create visibility, can you talk to sort of the margin profile of the backlog today relative to where we were 12 months ago or 24 months ago as you're refocusing on higher profit-type opportunities?

我想只有2個問題。第一，特洛伊，了解到你的贏率上升了，而且你的項目持續時間更長，這有助於提高知名度，你能談談今天積壓的利潤率情況相對於我們 12 個月前或 24 個月前的情況嗎？您正在重新關注利潤更高的機會嗎？

And then my second question, just confidence level in getting the international margins to double digit? Like what are the 2 or 3 things that need to happen from here in order to execute against that?

然後我的第二個問題，只是讓國際利潤率達到兩位數的信心水平？就像為了執行它需要從這裡發生的 2 或 3 件事是什麼？

Okay. Thanks, Jamie. I'll take the first part of that question. I'll let Gaur handle the second question.

好的。謝謝，傑米。我將回答這個問題的第一部分。我會讓 Gaur 處理第二個問題。

And first of all, with respect to win rates, they've been -- again, I'd say we're really pleased with those kind of high win rates. And even in the larger projects, our win rates are even higher than that.

首先，關於勝率，他們一直——我要說的是，我們對這種高勝率真的很滿意。甚至在更大的項目中，我們的勝率甚至更高。

And in terms of the margin profile and what we're winning, the margin profile continues to get better, which again, is part that gives us confidence in expanding margins as we move forward. If you go back a few years, the margins that currently exist in our backlog by comparison are up more than a few percentage points.

就利潤率狀況和我們正在贏得的勝利而言，利潤率狀況繼續變得更好，這再次讓我們有信心在我們前進的過程中擴大利潤率。如果你回到幾年前，相比之下，我們積壓訂單中目前存在的利潤率上升了幾個百分點以上。

So again, part of the progress we're making on improving margins, which gives us the opportunity to continue to invest through our margins, it's because of the profile of the work that were awaiting comes with significantly higher margins than it did years ago.

因此，我們在提高利潤率方面取得的部分進展再次使我們有機會繼續通過我們的利潤率進行投資，這是因為正在等待的工作概況比幾年前的利潤率要高得多。

Yes. And Jamie, looking at the margins going to double digit. That is our focus. We're going to deliver double-digit margins in 2024, and there's going to be various pieces, some of which we've already spoken about during the call. They go from making the right investments in our people, providing the right platform for them to be successful in the marketplace, while at the same time, being very rigorous in how we review our portfolio to make sure it meets our risk and return profile.

是的。還有傑米，看著利潤率達到兩位數。這是我們的重點。我們將在 2024 年實現兩位數的利潤率，並且會有各種不同的部分，其中一些我們已經在電話會議中談到過。他們從對我們的員工進行正確的投資，為他們在市場上取得成功提供合適的平台，同時非常嚴格地審查我們的投資組合，以確保它符合我們的風險和回報狀況。

Something you saw in the first quarter, as we spoke in Q4, we exited parts of our Southeast Asia business because we knew on a long-term basis, the risk in those businesses and the return available in the marketplace is not consistent with what we want to expect and deliver for sustained shareholder value creation.

你在第一季度看到的東西，正如我們在第四季度所說的那樣，我們退出了部分東南亞業務，因為我們知道從長期來看，這些業務的風險和市場上的回報與我們的不一致希望期望並實現可持續的股東價值創造。

Our expectations on the long term for the international business are not just to get to the double-digit margins. It is similar to what we have done in the U.S., in our Americas business, is to be leading the pack, on top of the pack, in terms of margin delivery.

我們對國際業務的長期期望不僅僅是達到兩位數的利潤率。這類似於我們在美國所做的，在我們的美洲業務中，在保證金交付方面處於領先地位。

And that's going to be significantly driven by the growth, not only what we're seeing in the marketplace, in our international marketplace. And maybe, Lara, you can speak to that factor a little bit more.

這將受到增長的顯著推動，而不僅僅是我們在市場上看到的，在我們的國際市場上。也許，勞拉，你可以多談談這個因素。

Sure. Jamie, the 1.5 backlog that we have at the moment, we have a lot of momentum in the international part of the business, and we have definitely taken market share across all of the key geographies that comprise our international business. And we have confidence because infrastructure is one of those long-term secular trends. And we're winning more than we ever have before. And they're great examples of the long-term nature of some of those wins.

當然。傑米，我們目前有 1.5 的積壓，我們在業務的國際部分有很大的勢頭，我們肯定已經在構成我們國際業務的所有關鍵地區佔據了市場份額。我們有信心，因為基礎設施是那些長期的長期趨勢之一。我們贏得的比以往任何時候都多。他們是其中一些勝利的長期性質的很好的例子。

So whether it's the key wins we talked about in ANZ, the very transformational long-term wins in the Middle East, and particularly Saudi Arabia, where we have a leading position in the market. And then even in The U.K., where some might consider that a somewhat uncertain market, that we had a very simple plan a few years ago to ensure we had a strong position on all the key infrastructure frameworks, and we secured all those positions and we've had some great wins.

因此，無論是我們在澳新銀行談到的關鍵勝利，還是在中東，尤其是我們在市場上處於領先地位的沙特阿拉伯，非常具有變革性的長期勝利。然後甚至在英國，有些人可能認為這是一個有點不確定的市場，幾年前我們有一個非常簡單的計劃，以確保我們在所有關鍵基礎設施框架上擁有強大的地位，我們確保了所有這些地位，我們取得了一些偉大的勝利。

So again, long term, we have confidence around our margin improvement strategy and our -- the strength of our business to capitalize on those infrastructure trends, which are very long term.

因此，從長遠來看，我們再次對我們的利潤率提高戰略和我們的業務實力充滿信心，以利用這些非常長期的基礎設施趨勢。

The next question comes from Michael Dudas with Vertical Research.

下一個問題來自 Vertical Research 的 Michael Dudas。

Great. Troy, you mentioned in your prepared remarks, you've been very successful helping your state and local clients and others, I guess, in the whole ecosystem of IIJA, et cetera, finding and capturing funds. Can you maybe talk a little bit about the base business of just the typical blocking and tackling in your water, municipality, transportation, highway work? And then that acceleration and timing of that acceleration for the federal funding and some of the projects that get left from there. Is that going to provide a big uplift as we move into '24 and '25?

偉大的。特洛伊，你在準備好的發言中提到，你已經非常成功地幫助你的州和地方客戶以及其他人，我猜，在 IIJA 的整個生態系統中，等等，尋找和獲取資金。您能否談談水務、市政、交通、公路工作中典型阻塞和處理的基本業務？然後是聯邦資金的加速和加速的時間安排以及從那裡留下的一些項目。當我們進入 24 世紀和 25 世紀時，這會帶來很大的提升嗎？

Yes. Mike, the answer to that is yes. And I think the long-term uplift goes beyond that. So -- if you think about how the IIJA funds or other funds from the investment -- the federal investment bills have been put in place, that it was slow to start. And so we're starting to see the impact in the marketplace today, but we think we'll see the more significant impact of the funding from IIJA when matched with state and local funding in '24. But we see that going well through '26 and '27.

是的。邁克，答案是肯定的。而且我認為長期的提升不止於此。所以——如果你想想 IIJA 基金或其他投資基金——聯邦投資法案是如何實施的，那就是啟動緩慢。因此，我們今天開始看到對市場的影響，但我們認為，在 24 年與州和地方資金相匹配時，我們將看到 IIJA 的資金產生更重大的影響。但我們看到 26 和 27 年一切順利。

In fact, what we're forecasting is the peak of that money being in the market in infrastructure projects is probably in '26 and '27, and again moves up into '28 and '29. But that's where we'd see that peak. So we see those opportunities extending for quite a long period of time.

事實上，我們預測的是，基礎設施項目市場上的資金高峰可能在 26 年和 27 年，然後再次上升到 28 年和 29 年。但這就是我們看到那個高峰的地方。所以我們看到這些機會會持續相當長的一段時間。

And again, I made the comment about state and local governments, they again have -- they're well funded. They have good rainy day funds, and they set aside funding for these large investments in infrastructure. So again, I think this is an opportunity that will extend for a long period of time, and we're looking to take advantage of it.

再一次，我對州和地方政府發表了評論，他們再次擁有 - 他們資金充足。他們有充足的未雨綢繆資金，並為這些大型基礎設施投資預留了資金。因此，我再次認為這是一個將持續很長時間的機會，我們正在尋求利用它。

And to follow up, maybe you could share us some thoughts on your exposure to new energy, renewable energy. Certainly those, the transmission projects you've been booking, are quite supportive. And it was a big wind, offshore wind, phase here in the U.S. and certainly in Europe.

接下來，也許你可以和我們分享一些關於你接觸新能源、可再生能源的想法。當然，您一直在預訂的傳輸項目非常支持。這是一場大風，離岸風，在美國這裡，當然在歐洲也是如此。

So how is a composition there? Can that be an improving part of the pie over the next couple of years? And is there any margin? Or is that an area where some of the higher-margin or better-value work that you're talking about capturing, in that subset?

那麼那裡的構圖是怎樣的呢？在接下來的幾年裡，這會成為餡餅的一部分嗎？還有餘量嗎？還是在那個子集中，您正在談論捕獲的一些利潤更高或價值更高的工作？

Yes, Mike. We do see that as, again, an expanded opportunity as funding is coming into I'm going to just call it the generation of new energy to support the economy, and then the infrastructure to support that generation of new energy.

是的，邁克。我們確實再次看到，隨著資金的到來，這是一個擴大的機會，我將稱之為支持經濟的新能源的產生，然後是支持新能源產生的基礎設施。

We're well positioned across the entire business. So it's not our group of people that are actually focused on those elements of projects, like you made reference to some of our transmission wins, yes.

我們在整個業務中處於有利地位。因此，實際上並不是我們的團隊專注於項目的這些要素，就像您提到我們的一些傳輸勝利一樣，是的。

But the -- across our business, we participate in that. So in the beginning of the process, our environment teams would participate in that. And then all of the infrastructure that has to go in place around that are -- usually, I would see our entire business participate in that.

但是——在我們的業務中，我們參與其中。因此，在流程開始時，我們的環境團隊將參與其中。然後所有必須圍繞這些建立的基礎設施——通常，我會看到我們的整個企業都參與其中。

So again, those are -- as part of the long-term megatrends that we're looking to participate in. And I think that the investment in infrastructure and energy infrastructure isn't just something that's going to last 3 years. That investment will last for decades. So again, we're very well positioned for that, and very broadly.

所以，這些都是 - 作為我們希望參與的長期大趨勢的一部分。而且我認為對基礎設施和能源基礎設施的投資不僅僅是持續 3 年的事情。這項投資將持續數十年。因此，我們再次為此做好了準備，而且非常廣泛。

Our next question comes from Adam Thalhimer with Thompson Davis.

我們的下一個問題來自 Adam Thalhimer 和 Thompson Davis。

Can you give a little more color on private sector demand? Troy, I think in response to Andy's question, you mentioned there was a little bit of weakness in resi and nonresi, particularly in the U.S. Just curious what your outlook is there.

你能給私營部門的需求多一點色彩嗎？ Troy，我想在回答 Andy 的問題時，你提到 resi 和 nonresi 有一點弱點，特別是在美國。只是想知道你在那裡的前景如何。

So our -- again, our exposure to residential is very limited in the U.S. So it really has been through our construction management business. So that exposure for us is limited. And then Gaur just reminded me, our construction management represents a 9% of our overall business.

所以我們 - 再一次，我們在美國的住宅業務非常有限，所以它真的是通過我們的建築管理業務。所以我們的曝光率是有限的。然後 Gaur 提醒我，我們的施工管理占我們整體業務的 9%。

When we look across the broader private portfolio of work, most of our exposure is that -- is in our environment, our water business, our transportation business, our ports, our aviation. And so our private customer base really, really touches on all those pieces of the economy that are being invested in. And so we're just -- we're really not exposed significantly to residential.

當我們審視更廣泛的私人工作組合時，我們的大部分風險是——在我們的環境、我們的水務業務、我們的運輸業務、我們的港口、我們的航空領域。所以我們的私人客戶群真的，真的觸及了所有正在投資的經濟領域。所以我們只是 - 我們真的沒有顯著暴露於住宅。

Perfect. And then when you're talking about adding capacity, I'm just curious if now might be a good time to ramp up M&A again.

完美的。然後當你談論增加產能時，我很好奇現在是否是再次增加併購的好時機。

Not for us. That's the way I can answer that. And I'm going to -- I'd say, look, I'm going to -- I'll give you a little bit more color on that, which is -- we're having great success in the business because we're building momentum, right? It's sort of like a flywheel effect. You invest in organic growth, you create competitive differentiation, and the business starts to expand. And then people will join you, clients pay more attention to what you're doing, you deliver a better solution and you keep creating this flywheel effect.

不適合我們。這就是我可以回答的方式。我要 - 我會說，看，我要 - 我會給你更多的顏色，那就是 - 我們在業務上取得了巨大的成功，因為我們正在建立勢頭，對嗎？這有點像飛輪效應。您投資於有機增長，創造競爭優勢，然後業務開始擴張。然後人們會加入你，客戶會更加關注你在做什麼，你會提供更好的解決方案，並且你會不斷創造這種飛輪效應。

And really important around that is you create a consistent culture. So everybody is, again, working together collaboratively to produce much better results. And that's where our focus has been. And I think that's important, too, because it's a returns-driven strategy, but it's where our focus is, and we don't want to be distracted by having an inconsistent culture, being focused on having to integrate businesses and other people into that culture. We want to focus on just continuing to drive that flywheel effect.

真正重要的是你創造了一種一致的文化。因此，每個人再次通力合作，以產生更好的結果。這就是我們的重點所在。我認為這也很重要，因為它是一個以回報為導向的戰略，但這是我們關注的重點，我們不想因擁有不一致的文化而分心，專注於必須將企業和其他人融入其中文化。我們想專注於繼續推動飛輪效應。

Our next question comes from Avi Jaroslawicz with UBS.

我們的下一個問題來自瑞銀的 Avi Jaroslawicz。

I'm on for Steve Fisher. Just in terms of the resources that you have today in place, is it enough to meet that 8% growth for the year? Or if it's not, how much would you need to add -- or is the -- kind of the question there with international being up double digits, and presumably an acceleration from 6% in Americas, just in terms of when work is actually ready to burn.

我支持史蒂夫費舍爾。僅就您今天擁有的資源而言，是否足以滿足今年 8% 的增長？或者，如果不是，您需要添加多少——或者是——國際增長兩位數的問題，並且可能從美洲的 6% 加速，只是就工作實際準備就緒而言燃燒。

Avi, thanks for that question. This is Gaur. So we did deliver 8% in the quarter with the labor base we have. And a good question you asked is, as we look forward?

阿維，謝謝你提出這個問題。這是高爾。因此，我們確實在本季度交付了 8% 的勞動力基礎。你問的一個很好的問題是，正如我們期待的那樣？

What we're focused on is not only providing, again, the right platform for our people to be successful but making sure the investments we're making are very focused in delivering our 2024 and long-term ambitions we have. We continue to expand on this competitive edge, this differentiation we talk about. A great example of that is digital, automation.

我們關注的重點不僅是再次為我們的員工提供成功的正確平台，而且確保我們正在進行的投資非常專注於實現我們的 2024 年和我們的長期目標。我們繼續擴大這種競爭優勢，我們談論的這種差異化。一個很好的例子就是數字化、自動化。

We have been making investments in the business more than ever over the last 3 years to capture -- to not only capture in the marketplace, but to outdeliver our competition. And part of that strategy is also what we call our enterprise capability center, right? Where only very few firms have the opportunity to truly use scale for a benefit. And that's what we're doing, is making sure we're able to capture in the marketplace and deliver it as effectively and efficiently we can across the globe because we do have the #1 or 2 position in practically every single geography that we operate, in the business lines that we operate.

在過去的 3 年裡，我們一直在比以往任何時候都更多地對該業務進行投資，以佔領市場——不僅要佔領市場，還要超越我們的競爭對手。該戰略的一部分也就是我們所說的企業能力中心，對嗎？只有極少數公司有機會真正利用規模獲得收益。這就是我們正在做的，確保我們能夠在全球範圍內盡可能有效和高效地佔領市場，因為我們在我們運營的幾乎每個地區都佔據第一或第二的位置, 在我們經營的業務範圍內。

Got it. That's very clear. And then just in terms of the market share that you're capturing. So are there any areas where you're notably outperforming? Or are you gaining share in pretty much every sector?

知道了。這很清楚。然後就您正在捕獲的市場份額而言。那麼，您是否有任何表現突出的領域？還是您幾乎在每個領域都獲得了份額？

I would characterize it's broad-based across our sector. But really, where we're seeing that is in the, I'll call it, the larger projects. And so we're seeing that to be very broad-based across the business, whether it's by geography or whether it's by business line. But that's where we're seeing this -- that's where we're seeing ourselves gaining that market share.

我認為它在我們的行業中具有廣泛的基礎。但實際上，我們在更大的項目中看到了這一點。因此，我們看到它在整個業務中的基礎非常廣泛，無論是按地理位置還是按業務線。但這就是我們看到的——這就是我們看到自己獲得市場份額的地方。

Our next question comes from Alex Dwyer with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Alex Dwyer。

Alex on for Sean. I just have one question. So I just wanted to get your -- I just wanted to hit on the IIJA in the past -- your updated thoughts on where we will see it flow through the model first. Like will it be your water and environment business? Will it be transportation? And is there a major difference in margin profile between the work you guys do in these 2 end markets? Just wanted to get your thoughts there.

亞歷克斯代替肖恩。我只有一個問題。所以我只是想得到你的——我過去只是想談談 IIJA——你對我們將在哪裡看到它首先流經模型的最新想法。比如您的水和環境業務？會是交通工具嗎？你們在這兩個終端市場所做的工作在利潤率方面是否存在重大差異？只是想讓你的想法在那裡。

So yes, I wouldn't see there being any difference in terms of how we see it roll out, that the IIJA funds, when matched with state and local funds, are coming broadly across our entire portfolio that's covered by all of our business lines. So I don't see a difference.

所以，是的，我認為在我們如何看待它的推出方面沒有任何不同，即 IIJA 基金與州和地方基金相匹配時，將廣泛出現在我們所有業務線所涵蓋的整個投資組合中.所以我看不出有什麼區別。

And in terms of a margin profile difference generally don't see that across our business lines. Obviously, you see it project to project, but not across the business lines. And as I said earlier, what we have been seeing is the margins within the profile of our backlog continue to improve.

就利潤率概況而言，我們的業務線通常看不到這一點。顯然，您看到的是項目到項目，但不是跨業務線。正如我之前所說，我們所看到的是我們積壓訂單中的利潤率繼續提高。

Those are all of our questions, so I will now hand the call back to CEO, Troy Rudd, for closing remarks.

這些就是我們所有的問題，所以我現在將把電話轉回給首席執行官特洛伊·拉德，請他作結束語。

Thank you, operator. And again, I want to thank everyone for joining us on the call today. I appreciate the questions from our analysts. And I want to, most importantly, thank our teams for their great contributions to the first quarter and the work that they've done just to create great momentum across our entire business and create opportunities for our professionals and the opportunities to continue to do great work for our clients.

謝謝你，運營商。再一次，我要感謝大家今天加入我們的電話會議。我感謝我們的分析師提出的問題。最重要的是，我要感謝我們的團隊為第一季度做出的巨大貢獻，感謝他們所做的工作，為我們的整個業務創造巨大的動力，為我們的專業人士創造機會，並為他們創造機會繼續做大做強為我們的客戶工作。

As we look around the world, we certainly see a lot of conditions in many markets that are volatile. But we're lucky we're in an industry that's benefiting from very favorable long-term funding trends. And I'm proud to say, with the work of all the people here, we've really done a -- we really create a great opportunity to position ourselves to take advantage of or capitalize in those opportunities for the long term. So again, a thank you to all the professionals here at AECOM.

當我們環顧世界時，我們當然會看到許多市場的許多情況都在波動。但我們很幸運，我們所處的行業受益於非常有利的長期融資趨勢。我很自豪地說，通過這裡所有人的努力，我們真的做了——我們真的創造了一個很好的機會，讓我們自己能夠長期利用或利用這些機會。再次感謝 AECOM 的所有專業人士。

And we'll talk to you next quarter. Thank you.

我們將在下個季度與您交談。謝謝。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開您的線路。