AECOM (ACM) 2024 Q3 法說會逐字稿

Good morning and welcome to the AECOM third-quarter 2024 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. Later, we'll conduct a question-and-answer session.

早上好，歡迎參加 AECOM 2024 年第三季電話會議。我謹通知所有參與者，本次通話是應 AECOM 的要求進行錄音的。該廣播是 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資訊。謹此提醒，AECOM 也在 www.aecom.com 的投資者部分同步播放了本簡報和投影片。稍後，我們將進行問答環節。

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、財務和投資者關係高級副總裁威爾·加布里埃爾斯基 (Will Gabrielski)。請繼續。

Thank you, operator. I would 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.

謝謝你，接線生。我想請您注意今天簡報第一頁的安全港聲明。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所述的風險，實際結果可能與今天的前瞻性聲明中預測的結果有顯著差異。

Except as required by law, we undertake no obligation to update our forward-looking statements. We use certain non-GAAP financial measures in our presentation. The appropriate GAAP reconciliations are incorporated into our materials, which are posted to our website. Growth rates are presented on a year-over-year basis unless otherwise noted. Any references to segment margins or segment adjusted operating margins will reflect the performance for the Americas and International segments.

除法律要求外，我們不承擔更新前瞻性陳述的義務。我們在演示中使用某些非公認會計準則財務指標。適當的 GAAP 調整已納入我們的資料中，並發佈到我們的網站上。除非另有說明，增長率均按年計算。任何提及分部利潤率或分部調整後營業利潤率的內容均將反映美洲和國際分部的業績。

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.

在討論收入和收入成長時，我們將指淨服務收入或NSR，其定義為不包括傳遞收入的收入。除非另有說明，NSR 和積壓成長率均以固定匯率計算。

Today's remarks will focus on continuing operations. On today's call, and 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 and Operations Officer, will review our financial performance and outlook in greater detail. We will conclude with a question-and-answer session.

今天的演講將重點放在持續經營業務上。在今天的電話會議上，我們的執行長 Troy Rudd 將回顧我們的主要成就、我們的策略和我們的業務前景。我們的總統拉拉·波洛尼 (Lara Poloni) 將討論關鍵的營運成功和優先事項；我們的財務和營運長 Gaurav Kapoor 將更詳細地審查我們的財務表現和前景。我們將以問答環節結束。

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

這樣，我會將電話轉給 Troy。

Thank you, Will, and good morning, everyone. I would like to begin by thanking our talented professionals across the globe. Through their dedication to our purpose of delivering a better world, we continue to create successful outcomes for clients. Our teams are the best in the industry, and we lead in every market sector in which we operate.

謝謝你，威爾，大家早安。首先，我要感謝我們遍布全球的才華橫溢的專業人士。透過他們致力於實現創造更美好世界的目標，我們不斷為客戶創造成功的成果。我們的團隊是業界最優秀的，並且在我們經營的每個市場領域中均處於領先地位。

To that point, earlier this year, ENR recognized AECOM as the number one ranked water design firm. We now hold the number one ranking of water, environmental engineering, transportation, and facilities design.

為此，今年早些時候，ENR 認可 AECOM 為排名第一的水務設計公司。目前，我們在水利、環境工程、交通、設施設計等領域排名第一。

Today, I'm also excited to share that we moved up two spots to number-two in ENR's ranking of program management firms. This reflects our deliberate focus on extending our competitive advantages with program management, which is ideally suited for projects of increasing size and complexity. Based on the 20% growth in our program management pipeline in the third quarter, I'm confident that we are on track to be number-one in this category within the next year.

今天，我還很高興地告訴大家，我們在 ENR 的專案管理公司排名中上升了兩位，升至第二位。這反映出我們刻意致力於透過專案管理來擴大我們的競爭優勢，這非常適合規模和複雜性不斷增加的專案。基於第三季我們的專案管理管道成長 20%，我相信我們預計在明年成為該類別的第一名。

Turning to our results, our third quarter performance exceeded our expectations. As a result, we are increasing our earnings guidance for a second consecutive quarter.

談到我們的業績，我們第三季的業績超出了我們的預期。因此，我們連續第二季提高了獲利預期。

For the quarter, NSR increased by 8% to a new high. Our adjusted EBITDA and EPS increased by 16% and 23% respectively, and we delivered record quarterly margins. We also delivered strong cash flow in the quarter. And on a year-to-date basis, free cash flow has increased by 32%. Importantly, our backlog is strong and our pipeline is at a record high. This provides us with significant visibility and is consistent with our view that we are in the early innings of a multi-decade secular growth cycle across our markets.

本季度，NSR 成長 8%，創下新高。我們調整後的 EBITDA 和 EPS 分別成長了 16% 和 23%，季度利潤率創歷史新高。我們在本季也實現了強勁的現金流。年初至今，自由現金流增加了 32%。重要的是，我們的積壓量很大，而且我們的管道處於歷史最高水平。這為我們提供了顯著的可見性，並且與我們的觀點一致，即我們正處於整個市場數十年長期成長週期的早期階段。

This visibility gives us confidence in our future, which underpins the increase in our fiscal '24 guidance. We now expect to deliver 21% adjusted EPS growth at the midpoint this year. Our performance in our outlook demonstrate that we've built a tremendous competitive advantage to our strategy, which is resulting in a more valuable company. This is evident in our 20% adjusted EPS CAGR from 2020 to 2024, and in our commitment to deliver double-digit annual adjusted EPS and free cashflow per share growth.

這種可見性讓我們對未來充滿信心，這為我們提高 24 財年指導奠定了基礎。我們現在預計今年中期調整後每股收益將實現 21% 的成長。我們的前景表現表明，我們已經為我們的策略建立了巨大的競爭優勢，從而使公司變得更有價值。這從 2020 年至 2024 年 20% 的調整後每股收益複合年增長率以及我們實現兩位數的年度調整後每股收益和每股自由現金流增長的承諾中可以明顯看出。

To fully realize the value creation opportunity, we are continuing to allocate substantially all available free cashflow to share repurchases after investment in high-return organic growth and dividend payments. To that end, we have repurchased $200 million of stock since the end of the second quarter, including $150 million since the close of the third quarter. We have more than $700 million remaining under our current board authorization, and we will continue to take advantage of the disconnect between price and value.

為了充分實現價值創造機會，在投資於高回報有機成長和股息支付之後，我們將繼續將幾乎所有可用的自由現金流分配用於股票回購。為此，我們自第二季末以來回購了 2 億美元的股票，其中自第三季末以來回購了 1.5 億美元。根據目前董事會的授權，我們還剩下超過 7 億美元的資金，我們將繼續利用價格與價值之間的脫節。

I would now like to review our strategic priorities. First, we are committed as ever to winning what matters; that is winning the key pursuits valued at greater than $25 million that enhance our visibility and expand the long-term earnings potential of our organization. Notably, our win rate is at a record level, securing $0.50 of every dollar we bid and our success rate on large pursuits is even greater.

我現在想回顧一下我們的戰略重點。首先，我們一如既往地致力於贏得重要的勝利；這就是贏得價值超過 2500 萬美元的關鍵追求，從而提高我們的知名度並擴大我們組織的長期獲利潛力。值得注意的是，我們的勝率達到了創紀錄的水平，我們每出價 1 美元就能贏得 0.50 美元，而且我們在大型追求中的成功率甚至更高。

Just this year, we have won seven out eight program management pursuits, each valued at over $25 million. This brings our total to 19 out of the last 20 over the past two years. Across the enterprise, we're pursuing an unprecedented level of larger opportunities.

就在今年，我們贏得了 8 項專案管理任務中的 7 項，每項價值超過 2,500 萬美元。這使得我們過去兩年過去 20 次中的總數達到 19 次。在整個企業中，我們正在追求前所未有的更大機會。

In fact, value of our larger pursuits expected to be awarded in 2025 is approximately 70% greater than at this time last year. This includes the growth and program management that I referenced earlier and strong trends in each of our other markets as well. In water, our large pursuit pipeline increased by 45%. The pipeline and facility design business, the majority of which is public sector, has increased by nearly 25%. The trends are also strong in environment and transportation.

事實上，我們預計在 2025 年授予的更大追求的價值比去年同期高出約 70%。這包括我之前提到的成長和專案管理以及我​​們每個其他市場的強勁趨勢。在水中，我們的大型追擊管道增加了 45%。管道和設施設計業務（其中大部分為公共部門）成長了近 25%。環境和交通方面的趨勢也很強勁。

Second, we are enhancing our employee value proposition, which has a very high payback. For instance, the number of employees enrolled in leadership development program has tripled from just a few years ago. As a result, we are equipping our leaders and project managers with the best resources to promote our culture of technical excellence across the organization. These investments are directly linked to our voluntary attrition, being meaningfully lower than the industry average, and are a key element of winning what matters to our technical leadership.

其次，我們正在增強我們的員工價值主張，這具有非常高的回報。例如，參加領導力發展計畫的員工數量比幾年前增加了兩倍。因此，我們為領導者和專案經理配備了最好的資源，以在整個組織內推廣我們的卓越技術文化。這些投資與我們的自願減員直接相關，顯著低於行業平均水平，並且是贏得對我們技術領先地位至關重要的關鍵因素。

Third, we are leveraging our scale and capacity to create meaningful long-term operational efficiencies. For instance, the adoption of digital tools is growing across the company. As we detailed during our December Investor Day, we aim for 5% to 15% of our work hours to be delivered through scripts and code that we create by leveraging our extensive digital libraries.

第三，我們正在利用我們的規模和能力來創造有意義的長期營運效率。例如，數位工具的採用在整個公司範圍內不斷增長。正如我們在 12 月投資者日期間詳細介紹的那樣，我們的目標是透過利用我們廣泛的數位圖書館創建的腳本和程式碼來交付 5% 到 15% 的工作時間。

This will increase the capacity in extending our cash capabilities of our teams. We're also transforming how we work through AI by integrating AI into specific areas our business, such as our bid and proposal process. Although it is early to fully measure the potential benefits of these technologies, the signals are quite positive. Overall, these investments are designed to strengthen our company and help us exceed our 17% long-term margin target.

這將提高我們團隊的現金能力。我們也透過將人工智慧整合到我們業務的特定領域（例如我們的投標和提案流程）來改變我們利用人工智慧的工作方式。儘管現在全面衡量這些技術的潛在好處還為時過早，但訊號非常積極。總體而言，這些投資旨在增強我們的公司實力並幫助我們超越 17% 的長期利潤率目標。

Fourth, we are focusing our best resources on the fastest growing, highest valued, and most resilient markets and clients to ensure that we fully capitalize on the opportunities ahead. This includes our four largest regions: the US, Canada, UK, and Australia, which generate approximately 90% of our profit. Also, our largest clients are growing at a rate that is several times faster than the rest of the business due to this effort.

第四，我們將最好的資源集中在成長最快、價值最高、最具彈性的市場和客戶上，以確保我們充分利用未來的機會。其中包括我們最大的四個地區：美國、加拿大、英國和澳大利亞，它們約占我們利潤的 90%。此外，由於這項努力，我們最大的客戶的成長速度比其他業務快幾倍。

Finally, we are seizing new complementary, high-value market opportunities. One example is the energy transition. Nearly every aspect of our business will be touched in one form or another by this long-term secular growth opportunity. Another great example is digital consulting. Our investments are growing rapidly for our infrastructure clients. Our revenue in this market has increased by 70% year to date, and we estimate this to be a $50 billion addressable opportunity for AECOM over the next decade.

最後，我們正在抓住新的互補的高價值市場機會。能源轉型就是一個例子。我們業務的幾乎每一個方面都將以這樣或那樣的形式受到這個長期長期成長機會的影響。另一個很好的例子是數位諮詢。我們對基礎設施客戶的投資正在快速成長。迄今為止，我們在該市場的收入已成長 70%，我們預計這將為 AECOM 在未來十年帶來 500 億美元的潛在機會。

Traditionally, this market has been dominated by management consulting and IT consulting firms. However, we are winning because of our superior technical expertise, trusted client relationships, and extensive capabilities that set us apart from these traditional competitors. Taken together, we remain very confident in our ability to deliver on our increased guidance this year and on our long-term growth targets, which include our expectation for annual 5% to 8% net service revenue growth, as well as double-digit adjusted EPS and free cashflow per share growth.

傳統上，該市場一直由管理諮詢和 IT 諮詢公司主導。然而，我們之所以獲勝，是因為我們卓越的技術專長、值得信賴的客戶關係以及廣泛的能力，使我們有別於這些傳統競爭對手。總而言之，我們對實現今年增加的指引和長期成長目標的能力仍然非常有信心，其中包括我們對年度淨服務收入增長 5% 至 8% 以及兩位數調整後的預期每股收益和自由現金流增長。

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

這樣，我就把電話轉給勞拉。

Thank you, Troy. Our strong performance highlights the effectiveness of our strategy and competitive advantages from our unmatched technical expertise. We have built a backlog and pipeline of opportunities that reflects strength across nearly every market in which they operate and provides substantial visibility.

謝謝你，特洛伊。我們強勁的業績凸顯了我們策略的有效性以及我們無與倫比的技術專長帶來的競爭優勢。我們已經建立了積壓的機會和管道，反映了他們經營的幾乎每個市場的實力，並提供了巨大的知名度。

In the US, IIJA funding is ramping up. In the UK, the government continues to prioritize investments in infrastructure led by the transportation and water markets. In Canada, both national and provincial funding commitments for infrastructure investment remain robust, and our backlog in this market hit another record high this quarter.

在美國，IIJA 的資金正在增加。在英國，政府繼續優先投資以交通和水務市場為主導的基礎設施。在加拿大，國家和省級基礎設施投資的資金承諾依然強勁，本季我們在該市場的積壓訂單再創新高。

Across all our markets, the multi-trillion-dollar investment needed to address current and future infrastructure challenges is gaining momentum, particularly for areas such as urbanization, the energy transition and sustainability and resilience. These drivers cut across all of our markets and especially the water and environment markets, which account for 35% of our revenue.

在我們所有的市場中，應對當前和未來基礎設施挑戰所需的數萬億美元投資正在獲得動力，特別是在城市化、能源轉型以及永續性和復原力等領域。這些驅動因素涉及我們所有的市場，尤其是水和環境市場，這兩個市場占我們收入的 35%。

For instance, urbanization is driving demand for clean drinking water, energy-efficient waste water treatment solutions, and effective strategies of storing and reusing water supplies. The energy transition cuts into the environment and water sectors in various ways. This includes utilizing pumped hydro storage to enhance the value and reliability of renewable resources, as well addressing the water and environment related impacts associated with mining the resources essential for electrification.

例如，城市化正在推動對清潔飲用水、節能廢水處理解決方案以及有效的水資源儲存和再利用策略的需求。能源轉型以多種方式切入環境和水領域。這包括利用抽水蓄能來提高再生資源的價值和可靠性，以及解決與開採電氣化必需資源相關的水和環境影響。

Moreover, the rising level flooding and drops introduces new challenges, prompting our clients to integrate sustainability and resilience more deeply into the planning and decision-making processes. A recent US government report estimated that more than $630 billion of investment in water infrastructure is needed over the coming decades to meet these challenges, which illustrates the scale of the opportunity.

此外，不斷上升的洪水和水位下降帶來了新的挑戰，促使我們的客戶將永續性和復原力更深入地融入規劃和決策過程中。美國政府最近的一份報告估計，未來幾十年需要超過 6,300 億美元的水基礎設施投資來應對這些挑戰，這說明了機會的規模。

Of note, is estimated spend is two times the projected need from just 10 years ago and includes significant increases to stormwater management and wastewater treatment, which plays to our strength. A prime example of our leadership in addressing this need is our involvement in the Pure Water Southern California program, which aims to create a sustainable water supply by purifying treated waste water.

值得注意的是，預計支出將是 10 年前預計需求的兩倍，其中包括雨水管理和廢水處理的大幅增加，這發揮了我們的優勢。我們在滿足這一需求方面發揮領導作用的一個典型例子是我們參與南加州純淨水計劃，該計劃旨在透過淨化處理後的廢水來創造可持續的供水。

Our team is responsible for managing environmental compliance efforts and program managing the development of advanced purification facilities at the waste water treatment plant, including approximately 60 miles of large diameter water pipeline infrastructure and pump stations. In addition, PFAS investment is ramping up not only locally but globally.

我們的團隊負責管理環境合規工作，並規劃管理廢水處理廠先進淨化設施的開發，包括約 60 英里的大直徑水管基礎設施和泵站。此外，PFAS 投資不僅在本地而且在全球範圍內不斷增加。

In fact, already in the fourth quarter, we secured one of our largest ever PFAS lanes globally for a project in Australia. Across our number-one ranked water practice, our pipeline of larger pursuits is up by 45% in just the last year alone, which gives us confidence in delivering on our market share gain ambitions and goal of doubling our water revenue over the next five years.

事實上，早在第四季度，我們就為澳洲的一個專案確保了全球有史以來最大的 PFAS 通道之一。在我們排名第一的水業務中，僅​​去年一年，我們的更大追求就增加了45%，這讓我們有信心實現我們的市場份額增長雄心和在未來五年內將水收入翻一番的目標。

Importantly, these same dynamics are playing out across all of our market sectors, and we are focused on capitalizing.

重要的是，這些相同的動態正在我們所有的市場領域上演，我們專注於資本化。

With that, I'll turn the call over to Gaurav.

這樣，我會將電話轉給 Gaurav。

Thanks, Lara. I am proud of our team's performance, which has allowed us to increase the midpoint of our full year earnings guidance for the second time this year. This quarter was highlighted by strong organic revenue growth, further expansion of our industry-leading margins, and 23% adjusted EPS growth. The key driver of these successes have been our culture of continuous improvement and delivering industry leading margins while reinvesting in the business.

謝謝，拉拉。我為我們團隊的表現感到自豪，這使我們今年第二次提高了全年獲利指導的中點。本季的亮點是強勁的有機收入成長、業界領先的利潤率進一步擴大以及調整後每股收益成長 23%。這些成功的關鍵驅動力是我們持續改進的文化，並在對業務進行再投資的同時提供業界領先的利潤率。

Turning to the Americas segment. Net service revenue increased by 8% and our adjusted operating margin expanded by 50 basis points to 19.3%. Americas backlog and pipeline of opportunities continue to be strong with the third quarter book-to-burn ratio of 1.1, reflecting our high win rate. Wins were highlighted by strength in transportation, where we were selected for several more transformative projects in both the US and Canada as well as the environment business, which is benefiting from all aspects of infrastructure investment growth.

轉向美洲部分。淨服務收入成長 8%，調整後營業利益率成長 50 個基點，達到 19.3%。美洲的積壓和機會持續強勁，第三季的預訂銷毀比率為 1.1，反映了我們的高贏率。我們在交通領域的實力凸顯了勝利，我們被選為美國和加拿大的幾個更具變革性的項目，以及環境業務，該業務受益於基礎設施投資成長的各個方面。

Turning to the international segment. Net services revenue increased by 7%. Our 11.7% adjusted operating margin set a new quarterly high, and we remain confident and further expansion ahead. Our tremendous growth and margin enhancement in the international segment over the past several years has resulted in a 26% compounded profit growth rate since 2020.

轉向國際部分。淨服務收入成長 7%。我們 11.7% 的調整後營業利潤率創下了季度新高，我們對未來的進一步擴張仍然充滿信心。過去幾年，我們在國際業務領域取得了巨大的成長和利潤率的提高，自 2020 年以來，複合利潤成長率達到了 26%。

This is a direct outcome of our focus on higher-returning and lower-risk markets and fostering relationships with key clients and partners. Building on substantial growth we have delivered over the past two years, we expect continued growth from here even with the reprioritization of funding in the Middle East and the pause in the UK resulting from the July elections.

這是我們專注於高回報和低風險市場以及培養與主要客戶和合作夥伴關係的直接結果。在我們過去兩年實現大幅增長的基礎上，我們預計即使中東的資金優先順序重新調整以及英國因 7 月大選而暫停，我們仍預計將繼續實現增長。

Importantly, the core growth drivers across our international segments are firmly in place. In the UK, the new government has outlined its commitment to investments in infrastructure, energy transition, and sustainability and resilience. For example, the government has already put in place a new national wealth fund designed to drive nearly $30 billion of investments to decarbonize heavy industry expert activity in new growth areas. In addition, the record water investment through AMP8 is expected to accelerate in 2025 and beyond.

重要的是，我們國際業務的核心成長動力已經牢固確立。在英國，新政府概述了對基礎設施、能源轉型、永續性和復原力投資的承諾。例如，政府已經設立了一個新的國家財富基金，旨在推動近 300 億美元的投資，使新增長領域的重工業專家活動脫碳。此外，透過 AMP8 實現的創紀錄的水投資預計將在 2025 年及以後加速成長。

In the Middle East, key projects underway are advancing and record levels of capital are being directed to support investments in World Cup and expo-related infrastructure, where we are very well-positioned. The Australian market is also strong with several key opportunities to be awarded in the coming quarters.

在中東，正在進行的關鍵項目正在推進，創紀錄的資本水準正被用於支持世界盃和世博會相關基礎設施的投資，而我們在這方面處於非常有利的地位。澳洲市場也很強勁，未來幾季將獲得幾個關鍵機會。

Turning to our cashflow, balance sheet, and capital allocation. We delivered $273 million of free cashflow in the quarter and are track with our guidance for at least 100% free cashflow conversion. Our cashflow has enabled the return of $407 million to shareholders this year, including $150 million of share repurchases already completed in the fourth quarter.

轉向我們的現金流量、資產負債表和資本配置。我們在本季交付了 2.73 億美元的自由現金流，並遵循我們的指導，實現至少 100% 的自由現金流轉換。今年，我們的現金流為股東帶來了 4.07 億美元的回報，其中包括第四季已完成的 1.5 億美元的股票回購。

Our balance sheet continues to provide a competitive advantage. Our net leverage was 0.8x exiting the third quarter. And with our completed amendment to our credit facilities in the quarter, we will continue to benefit from low cost of debt and substantial available liquidity.

我們的資產負債表繼續提供競爭優勢。截至第三季度，我們的淨槓桿率為 0.8 倍。隨著我們在本季完成對信貸安排的修訂，我們將繼續受益於較低的債務成本和大量的可用流動性。

Before discussing our raised financial guidance, I want to provide a brief update on the financial impacts from discontinued operations. After the second quarter earnings call, we entered into several agreements with our previously disposed of civil construction business. This included resolving outstanding litigation and providing limited financing to provide the time and capital needed to the civil business to address its near-term liquidity challenges. Our support is in two forms: a $30 million revolving loan commitment and a non-cash guarantee on other outstanding debt.

在討論我們提出的財務指引之前，我想先簡單介紹一下終止營運所造成的財務影響。第二季財報電話會議後，我們與先前出售的土木建築業務簽訂了幾項協議。這包括解決未決訴訟並提供有限的融資，以為民事企業提供解決近期流動性挑戰所需的時間和資金。我們的支持有兩種形式：3000萬美元的循環貸款承諾和對其他未償債務的非現金擔保。

As with all our capital allocation decisions, our choice to provide capital was driven by a returns-based assessment of different options. Importantly, the impact to e-com, if any, is not expected to be material. Our balance sheet also includes to retain receivables from completed projects totaling approximately $250 million that we retained as part of our divestures.

與我們所有的資本配置決策一樣，我們提供資本的選擇是由對不同選擇的基於回報的評估所驅動的。重要的是，預計對電子商務的影響（如果有的話）不會很大。我們的資產負債表還包括保留已完成項目的應收帳款，總額約 2.5 億美元，作為資產剝離的一部分。

While we can't predict the exact timing for these settlements, we are optimistic that both matters result in positive cash events for AECOM and under no circumstance will these results and cash outflows.

雖然我們無法預測這些和解的確切時間，但我們樂觀地認為這兩件事都會為 AECOM 帶來積極的現金事件，並且在任何情況下都不會出現這些結果和現金流出。

Concluding with our outlook, I'm pleased to report that our year to date outperformance has positioned us to increase our full year adjusted EBITDA and EPS guidance. At our new guidance midpoints, we expect adjusted EBITDA and EPS growth of 13% and 21%, respectively.

在總結我們的展望時，我很高興地報告，我們今年迄今為止的優異表現使我們能夠提高全年調整後 EBITDA 和 EPS 指導。在我們新的指引中點，我們預期調整後的 EBITDA 和 EPS 成長率分別為 13% 和 21%。

With that, operator, we're ready for questions.

接線員，我們已經準備好回答問題了。

(Operator Instructions) Andrew Wittmann, Baird.

（操作員說明）Andrew Wittmann，Baird。

Okay. Thanks for taking my questions, guys. So I thought I would just ask a little bit about the revenue outlook. It sounds like the pipeline prospects are good. But I was just hoping you could just drill in a little bit more. When you look at the design and only backlog which you guys report, this is what drives the bus at AECOM -- the design-only backlog at the end of the third quarter, I guess, my calculations of 3%. Long-term guidance talks about minimum organic growth rate of 5%.

好的。謝謝你們回答我的問題，夥伴們。所以我想我只想問一下收入前景。聽起來管道前景不錯。但我只是希望你能多鑽研一點。當你查看你們報告的設計和僅積壓訂單時，這就是推動 AECOM 發展的因素——我猜，第三季末僅設計積壓訂單，我的計算是 3%。長期指引談到最低有機成長率為 5%。

And so I was just wondering if there's anything to read between those two things. If there's a lot more book-and-burn work or prospects that are awaiting notice that you're waiting on to help give some confidence that 2025 will be in that long term revenue guidance range. Thank you.

所以我只是想知道這兩件事之間是否有什麼值得讀的。如果還有更多的預訂和銷毀工作或潛在客戶正在等待通知，您正在等待幫助您對 2025 年將在長期收入指導範圍內充滿信心。謝謝。

Yeah, Andy, thanks for the question. So I guess maybe the first point to make is during the third quarter in the international business, what we experienced was we actually experienced, I'll call it some clients repositioning their priorities and their funding, in particular in the UK with the election that was called. And a change in government, there's clearly a reprioritization of how the government is going to invest in infrastructure and so that caused a bit of a pause.

是的，安迪，謝謝你的提問。所以我想也許首先要說的是在國際業務的第三季度，我們所經歷的是我們實際經歷的，我稱之為一些客戶重新定位他們的優先事項和資金，特別是在英國，隨著選舉被稱為。政府發生變化，顯然政府重新調整了基礎設施投資的優先順序，因此導致了一些停頓。

And in the Middle East, we also see the same thing. We also see our clients in the Middle East repositioning their spend. So we don't actually see that in decline, but we see repositioning moving from some projects that were completed and some other projects, I'll say, in the Middle East that had a very long-time frame to them and some of the funding on those has being repositioned to some other more important and more urgent projects. For example, being prepared for FIFA, for the World Cup.

在中東，我們也看到了同樣的情況。我們也看到中東的客戶重新定位他們的支出。因此，我們實際上並沒有看到這一點正在下降，但我們看到一些已完成的項目和其他一些項目正在重新定位，我想說的是，在中東，這些項目有很長的時間框架，以及一些這些項目的資金已重新分配給其他一些更重要和更緊迫的項目。例如，為國際足總、世界盃做準備。

And so when we look at the international business we really do see that reprioritization being temporary. It doesn't change our view on what the future will hold. And I think as we've said, our backlog, we feel very positive about it. It is growing and it is growing at a faster rate -- sorry, our pipeline not our backlog. So we feel very good about the future in terms of the international business and backlog. In the Americans, the backlog growth has continued to be strong. And again, the pipeline is very strong.

因此，當我們審視國際業務時，我們確實發現重新調整優先順序是暫時的。它不會改變我們對未來的看法。我認為正如我們所說，我們對積壓工作感到非常積極。它正在增長，而且增長速度更快——抱歉，是我們的管道，而不是我們的積壓。因此，我們對國際業務和積壓訂單的未來感到非常樂觀。在美國，積壓訂單成長持續強勁。再說一次，管道非常強大。

And as we look forward for fiscal '25 and fiscal '26, I can say that our backlog -- or sorry, our pipeline is actually significantly larger than our pipeline, one at the beginning of fiscal '24. So we're seeing the opportunities accelerate in the Americas. And putting that together for the design business means that we have a high degree of optimism and confidence in our ability to grow in the future.

當我們展望 25 財年和 26 財年時，我可以說我們的積壓訂單——或者抱歉，我們的管道實際上比 24 財年年初的管道要大得多。因此，我們看到美洲的機會正在加速增加。將這些整合到設計業務中意味著我們對未來的發展能力抱持高度樂觀和信心。

And the other thing I'd point out is that at least for the year, our book to burn in the Americas is actually over. So for the entire year to date is over 1.2 times. And our book to burn in international business for the year is over one times. So again, putting those things together, I think you can't read too much into a quarter and backlog in terms of our expectations and our confidence in growing in the future.

我要指出的另一件事是，至少今年，我們在美洲燒毀的書實際上已經結束了。因此全年至今已超過 1.2 倍。而我們今年在國際業務中燒毀的書已經超過了一倍。因此，再次將這些因素放在一起，我認為您不能對季度和積壓的訂單過多地解讀我們的期望和對未來成長的信心。

Appreciate that. I guess maybe just to build on that, I'd be curious, what's the record pipeline that you guys are citing today and in your win rate staying at that around 60% range -- it's not up over the past. I was just wondering if you're seeing, Troy, anything from customers -- like political risks or economic risk that's slowing down the conversion from the pipeline where they're asking for our fees or what have you to conversion into actual contracts? Is there any change at all?

很欣賞這一點。我想也許只是在此基礎上，我很好奇，你們今天引用的創紀錄的管道是什麼，以及你們的勝率保持在 60% 左右的範圍——它並沒有比過去有所上升。我只是想知道，特洛伊，您是否從客戶那裡看到了任何東西，例如政治風險或經濟風險，這些風險正在減慢他們向我們收取費用的管道的轉換速度，或者您有什麼可以轉換為實際合約的東西？有什麼變化嗎？

And you mentioned the stuff in UK and the Middle East, I understand that. But anything more broadly than that or even in the Americas where we’re after the election season here?

你提到了英國和中東的事情，我明白。但還有什麼比這更廣泛的事情，甚至是在選舉季結束後的美洲呢？

So yeah, Andy, it's a great point of our win rates. Actually, our win rates are at 50% or greater for the last 12 quarters. So that's been a change in the business -- entirely consistent. But more importantly, within our larger projects and we've defined (technical difficulty) $25 million, our win rate is significantly higher than that. And that's important because we've been transforming the work that we do in the business and the projects we pursue and they're larger.

所以，是的，安迪，這是我們勝率的一個重要點。事實上，過去 12 個季度我們的勝率都在 50% 或更高。所以這是業務上的變化——完全一致。但更重要的是，在我們較大的專案中，我們定義（技術難度）為 2500 萬美元，我們的勝率明顯高於此。這很重要，因為我們一直在改變我們在業務中所做的工作和我們追求的項目，而且它們規模更大。

And so that actually does cause a change in the time it takes for an award to be made into convert award to contract and begin those projects. So larger projects are in fact, a little bit longer in terms of the time to actually get working on them.

因此，這實際上確實導致了從授予合約到將授予合約並開始這些專案所需的時間發生變化。因此，事實上，較大的專案的實際工作時間會更長一些。

So I don't know if it's necessarily markets that are causing the change in a long takes converting maybe up a bid to an award to contract and to work. I think that might just be a function of how we transformed the business and the size of the nature of the project that we're pursuing and that we're currently working on.

所以我不知道是否一定是市場導致了長鏡頭的變化，可能會提高對合約和工作的投標。我認為這可能只是我們如何改變業務以及我們正在追求和目前正在進行的專案性質規模的函數。

The other part of that equation is of course, is larger projects mean that you work on them for a lot longer, and you have significantly more visibility. And it means that you also have significantly more upside or changes or change orders or additional work on those projects.

當然，等式的另一部分是，較大的項目意味著您在這些項目上工作的時間更長，而且您的可見性明顯更高。這意味著您在這些項目上還有更多的好處或變更或變更訂單或額外工作。

So when you look at our backlog because of the transformation, it also means that we actually have a lot more upside in the backlog that we stated that will come through change orders and additional work on larger programs or projects during the course of the future years.

因此，當你因為轉型而查看我們的積壓工作時，這也意味著我們實際上在積壓工作中還有更多的上升空間，我們所說的這些上升空間將通過未來幾年中更大的計劃或項目的變更訂單和額外工作來實現。

Thank you very much.

非常感謝。

Yeah, thanks, Andy.

是的，謝謝，安迪。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hi, good morning. I guess two questions. Just the margin cadence that we've seen over the past couple of years. I mean, this year, your margins will be up, I think 90 bps. I think you are 50 bps from '23 to 2022 relative to the longer-term guidance of 20 to 30 basis points a year.

嗨，早安。我猜有兩個問題。這就是我們在過去幾年中看到的保證金節奏。我的意思是，今年你的利潤率將會上升，我認為是 90 個基點。我認為，相對於每年 20 至 30 個基點的長期指導，從 23 年到 2022 年，您的利率為 50 個基點。

Just given the strong performance we've had over the past couple of years, should we expect the margin growth to start to normalize more towards your longer term goal of the 20 to 30 bps? Or there's still opportunities with some of the bookings that you're talking about in these larger, more complex projects, maybe we can still see above average margin growth as we're looking out over the next 12 to 18 months?

鑑於我們過去幾年的強勁表現，我們是否應該期望利潤率成長開始更加正常化，以實現 20 至 30 個基點的長期目標？或者，在這些更大、更複雜的項目中，您所談論的一些預訂仍然存在機會，也許我們在未來 12 到 18 個月的展望中仍然可以看到高於平均水平的利潤增長？

And then just my second question, Troy, just because some of the things I talked about with larger, more complex projects, et cetera, should we expect the design backlog, it could be lumpier over time in terms of the gross versus the steady growth you've seen over the past couple of years? Thank you.

然後是我的第二個問題，特洛伊，只是因為我在更大、更複雜的項目等中談到的一些事情，我們是否應該預期設計積壓，隨著時間的推移，就總體增長與穩定增長而言，它可能會變得更加不穩定過去幾年你見過嗎？謝謝。

Thanks, Jamie. I'll let Gaurav take margin question and then I'll cover the backlog question.

謝謝，傑米。我將讓 Gaurav 回答保證金問題，然後我將討論積壓問題。

Thanks, Troy. Good morning, Jamie. So you're right. You know, over the past four years, we have delivered on our margin target every time. And over that period, we've gone from being laggards in our peer group to being head and shoulders above everyone in margin delivery. So we have been and will always be very focused on delivering on our annual target, because it is very important to us that every dollar we put into our backlog today is more valuable in the future as we deliver it.

謝謝，特洛伊。早安，傑米。所以你是對的。你知道，在過去的四年裡，我們每次都實現了我們的利潤目標。在此期間，我們已經從同行中的落後者變成了保證金交付方面的佼佼者。因此，我們一直並將永遠非常專注於實現我們的年度目標，因為對我們來說非常重要的是，我們今天投入積壓的每一美元在我們實現目標時在未來會更有價值。

And for this management team, to your point, the Q3 results were strong, but it's just consistent with our expectations, and it's not surprising to us. Even while we continue on elevated business development spend in Q3 and year to date compared to our plan, I'm very confident that we will be delivering on the 90 bps increase that we had set out as a target year over year.

對於這個管理團隊來說，就您而言，第三季的業績很強勁，但這與我們的預期一致，這對我們來說並不奇怪。儘管與我們的計劃相比，我們在第三季和今年迄今繼續增加業務開發支出，但我非常有信心我們將實現我們設定的同比目標增長 90 個基點。

And further, when you look at the backlog and pipeline growth opportunities that Troy just laid out earlier, it gives us great visibility for the upcoming future years. You combine it with our track record of executing on efficiency initiatives, I expect us to continue to deliver good, strong margin growth in future periods, consistent with the target we had laid out, which is to get to 17% by end of 2026. And then we're going to be growing at 17%-plus thereafter, and we have a track record of delivering it.

此外，當您查看特洛伊之前剛剛提出的積壓訂單和管道成長機會時，它為我們提供了未來幾年的良好可見性。將其與我們執行效率計劃的記錄相結合，我預計我們將在未來一段時間內繼續實現良好、強勁的利潤增長，這與我們制定的目標一致，即到 2026 年底達到 17%。率將達到17% 以上，並且我們有實現這一目標的良好記錄。

And Jamie, your question on backlog, you -- it's a good observation because, in fact, quarter to quarter in terms of the dollar volume of business, because we're pursuing more larger opportunities, it is more lumpy. It is not consistent and linear, like it is when you have a business that's pursuing to get tens of thousands of smaller projects. So that is the case.

傑米，你關於積壓的問題，你——這是一個很好的觀察，因為事實上，就美元業務量而言，每個季度的業務量，因為我們正在追求更多更大的機會，它更加不穩定。它不是一致的和線性的，就像你的企業正在追求數以萬計的小型專案一樣。情況就是這樣。

But I think this year in the second half of this year, it is a little bit unusual because when you look around the world, so this is the year of the election. I think that in the course of a period of 12 months, there's about 64 federal government elections taking place. And what that means is that means a little bit of bumpiness, because as governments change, there's no doubt there's a change in your priorities.

但我認為今年下半年有點不尋常，因為當你環顧世界時，這是選舉年。我認為在 12 個月的時間裡，大約舉行了 64 場聯邦政府選舉。這意味著會有些坎坷，因為隨著政府的變化，毫無疑問你的優先事項也會改變。

What we don't see when we look around is that there is any less of a focus on the long-term investment infrastructure, in more sustainable and resilient infrastructure. I mean, certainly, the infrastructure to support our long-term energy transition. So that's again, that gets to us the point you made about the lumpiness. But also, I think it's important to recognize that it doesn't change the long-term trends, even though it might be a little bit more lumpy.

當我們環顧四周時，我們沒有看到的是，人們對長期投資基礎設施的關注較少，而對更永續和更靈活的基礎設施的關注卻更少。當然，我指的是支持我們長期能源轉型的基礎設施。這又讓我們明白了您對塊狀現象的觀點。而且，我認為重要的是要認識到它不會改變長期趨勢，儘管它可能有點不穩定。

Thank you so much.

太感謝了。

Thanks.

謝謝。

Sangita Jain, KeyBanc.

桑吉塔‧賈恩 (Sangita Jain)，KeyBanc。

Good morning and thank you for taking my questions. If I can go back to margins, we know that you're expecting revenue to us that lower end of guidance, but your EBITDA is still higher. Can you point to any specific areas where you're seeing profitability exceed expectations or is it more broad based?

早上好，感謝您回答我的問題。如果我可以回到利潤率，我們知道您期望我們的收入低於指導值的下限，但您的 EBITDA 仍然較高。您能否指出您認為獲利能力超出預期的任何具體領域，還是基礎更廣泛的領域？

Hey, Sangita. This is Gaurav, I'll answer that question. So on revenue growth, it is going to be within the range that we had forecasted to begin the year; 8% to 10%. Given the outlying Troy has provided, we expect it to be in the lower end of the range right now. But what you're seeing is the competitive platform as a differentiator we have created at this enterprise of this company over the last four years. It allows us to extract great value for our shareholders and for our employees.

嘿，桑吉塔。我是 Gaurav，我來回答這個問題。因此，就收入成長而言，它將在我們年初預測的範圍內； 8% 至 10%。鑑於特洛伊外圍已經提供，我們預計它目前處於該範圍的下限。但您看到的是過去四年來我們在這家公司的企業中創建的競爭平台，作為差異化因素。它使我們能夠為股東和員工獲取巨大價值。

And this is driven through a lot of different things: our focus on making sure we provide and capture on the best growth opportunities in the market as laid out by our global program management, where we're delivering double digit growth higher than what we had expected three years ago when we stepped into that organic investment profile; our advisory and digital businesses that continue to be very robust in responding to our clients' evolving needs, we're at the forefront of providing that.

這是透過許多不同的事情推動的：我們專注於確保我們提供並抓住市場上最好的成長機會，正如我們的全球專案管理所規劃的那樣，我們正在實現比我們之前更高的兩位數增長三年前我們開始進行有機投資時就預計到了；我們的諮詢和數位業務在滿足客戶不斷變化的需求方面繼續保持強勁勢頭，我們處於提供這項服務的最前沿。

And then you combine that with our efficiency measures on our enterprise capability centers, we recall, this is where we provide great technical support to our teams where the labor markets are more abundant for us. With our centralized support functions and other initiatives put forth, it really has created this great juggernaut of what we call a competitive differentiator in the marketplace from growth to execution and delivery.

然後你將其與我們企業能力中心的效率措施結合起來，我們記得，這是我們為我們的團隊提供強大技術支援的地方，那裡的勞動力市場對我們來說更加豐富。憑藉我們的集中支援功能和其他措施的提出，它確實創造了我們所說的市場競爭差異化的巨大力量，從成長到執行和交付。

(multiple speakers) Sangita, I just want to add one point to that which is, our organic growth of 8% is pretty significant accomplishment. Our 8% growth, organic growth for the year is probably the best growth we've had in history of the company. But even more important, I think the thing that we're really proud of is the fact that we've been able to take 8% organic growth and turn that into 16% earnings growth in the business.

（多名發言者） Sangita，我只想補充一點，即我們 8% 的有機增長是相當重大的成就。我們今年 8% 的有機成長可能是我們公司歷史上最好的成長。但更重要的是，我認為我們真正感到自豪的是我們能夠將 8% 的有機成長轉化為 16% 的業務獲利成長。

And then, you know, through our deployment of capital, which is -- we think is a high return, low risk way to do it. We've actually deploy capital against that 16% earnings growth to get to 23% EPS growth. And for the year, our EPS is going to grow in excess of 20%. So I think what we're proud of is the fact that we're growing the business organically. But at the same time, we're actually targeting into them much -- again, growing profit in much faster rate, growing capital and even more important, investing through our margins, and investing in the future of the business so that we have even more confidence in the future.

然後，你知道，透過我們的資本部署，我們認為這是一種高回報、低風險的方式。實際上，我們已經針對 16% 的獲利成長部署了資本，以實現 23% 的每股盈餘成長。今年，我們的每股盈餘將成長超過 20%。所以我認為我們感到自豪的是我們正在有機地發展業務。但同時，我們實際上瞄準了它們——再次，以更快的速度增長利潤，增加資本，更重要的是，透過我們的利潤進行投資，並投資於業務的未來，以便我們甚至可以對未來更有信心。

Got it. And if I can follow up with one on -- Troy, you talked about elections globally and you talked about a record pipeline and larger bookings. Can you tie that all and tell us what you're seeing in the US, in particular, ahead of the elections as you head into fiscal fourth quarter?

知道了。如果我可以跟進一個 - 特洛伊，您談到了全球選舉，您談到了創紀錄的管道和更大的預訂。您能否將所有這些聯繫起來並告訴我們您在美國看到的情況，特別是在即將進入第四財季的選舉之前？

Sure. We are really not seeing any material change in our pipeline in the Americas. I'll say with one odd exception, and that's in the New York metro market. Because with the withdrawal of congestion pricing in this past quarter, there was a lot of funding that was being put in place through congestion pricing that was going to drive some really important and needed infrastructure investment in particular with some of the larger clients there.

當然。我們確實沒有看到美洲的管道發生任何重大變化。我要說的是，有一個奇怪的例外，那就是紐約地鐵市場。因為隨著上個季度擁堵收費的取消，透過擁堵收費投入了大量資金，這將推動一些非常重要且需要的基礎設施投資，特別是對那裡的一些較大客戶。

And so I think there's a point in time where that's being sorted out, that infrastructure investments is needed. So that's the one place in our pipeline where maybe we see it being a little bit different. And frankly, this place are known. But across the entire US business, we see our pipeline continue to build. And what I said about fiscal '25 and '26 is pretty Americas. That pipeline has been growing off of what we had seen in '24. And so we haven't seen -- we have not seen a change at this point in time.

所以我認為現在已經到了解決這個問題的時候了，基礎設施投資是必要的。所以這就是我們管道中的一個地方，我們可能會發現它有點不同。坦白說，這個地方是眾所周知的。但在整個美國業務中，我們看到我們的管道繼續建造。我所說的關於 25 財年和 26 財年的內容非常適合美國。這條管道一直在我們 24 年看到的基礎上不斷增長。所以我們目前還沒有看到任何變化。

Thank you.

謝謝。

Thank you.

謝謝。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

Good morning, everyone. Troy, can you talk about what may be changed in your Americas margin between Q2 and Q3? Because I think you did a 130 basis points better and only $30 million higher in sales, and I think you still had higher business development expense in Q3. And then how should we think about Americas margin going forward?

大家早安。 Troy，您能談談第二季和第三季之間你們的美洲利潤率可能會發生什麼變化嗎？因為我認為你們的業績提高了 130 個基點，銷售額僅增加了 3000 萬美元，而且我認為你們在第三季度的業務開發費用仍然較高。那我們該如何看待美國未來的利潤率呢？

I know you want us to think of that e-com's margins at the enterprise level. But can margins still optimally rise from current levels in the Americas in '25 and beyond?

我知道您希望我們考慮該電子商務在企業層面的利潤。但在 25 年及以後，美洲的利潤率還能在目前水準的基礎上達到最佳成長嗎？

Good morning. So on the Americas margin, again, it's consistent with our expectations. And you're right, we don't take a quarterly view. We do take our annual view and we will be delivering our Americas margin consistent with our expectations and targets we have set.

早安.因此，在美洲地區，這再次符合我們的預期。你是對的，我們不採取季度觀點。我們確實採取了年度觀點，並且我們將按照我們設定的預期和目標提供我們的美洲利潤率。

In terms of specifically in Q3, just remember our second half across both businesses, but particularly in the Americas, it's -- there's always seasonal impacts. There's more work days, more labor hours. So your overhead is spread over a larger base. And when you -- again look at the great backlog we have won over the 12 months in the Americas, pipeline continues to be really robust. It really allows us the opportunities, especially on these large projects that we've been successful in capitalizing and now are delivering. Our labor is running very, very efficiently on those projects.

特別是在第三季度，請記住我們這兩項業務的下半年，但特別是在美洲，總是存在季節性影響。工作日更長，勞動時間更長。因此，您的管理費用會分散在更大的基礎上。當你再次看看我們在美洲 12 個月裡贏得的大量積壓訂單時，你會發現管道仍然非常強勁。它確實為我們提供了機會，特別是在我們已經成功利用並正在交付的這些大型專案上。我們的勞動力在這些項目上運作得非常非常有效率。

So I expect Americas to continue that same culture we have throughout the organization, which is continuous improvement. Every year, we will continue to get better as we execute forward.

因此，我希望美洲地區能夠在整個組織中延續我們所擁有的相同文化，即持續改進。每一年，我們都會在前進的過程中不斷變得更好。

Helpful, Gaurav. And Troy, I think you mentioned lumpiness of awards to Jamie, I think (technical difficulty) larger. But is there any reason given your pipeline of opportunity that you've been talking about in your current backlog that you really couldn't deal with the 5% to 8% organic growth in '25? And are you seeing any delays associated with the weaker macro and your (technical difficulty) ? I know you just mentioned congestion pricing in the US. Anything else that's changed quarter to quarter?

有幫助，高拉夫。特洛伊，我想你提到了傑米的獎項的塊狀性，我認為（技術難度）更大。但是，考慮到您在目前積壓工作中一直在談論的機會管道，是否有任何原因導致您確實無法應對 25 年 5% 至 8% 的自然成長？您是否看到與宏觀疲弱和您的（技術困難）相關的任何延遲？我知道您剛才提到了美國的擁擠費。每季還有其他變化嗎？

So first of all, what's changed quarter to quarter is the things that I think I've already mentioned, which is -- again, New York, the Middle East, and the UK. And we do see internationally those things, those issues as being temporary. In New York, I actually believe that will be temporary as well, because we know that there's a significant amount of investment that is needed and is planned, the infrastructure in New York. And I'm positive that that will be worked out.

首先，每季發生的變化是我想我已經提到過的事情，也就是紐約、中東和英國。我們確實在國際上認為這些事情、這些問題都是暫時的。在紐約，我實際上相信這也將是暫時的，因為我們知道紐約的基礎設施需要併計劃進行大量投資。我確信這將會得到解決。

With respect to our fiscal '25, it is premature for us to give guidance. However, I will say, based on our backlog, our pipeline, our consistent win rates, that we have confidence in our ability to deliver on our long-term guidance in terms of NSR growth.

就我們的 25 財年而言，我們現在給予指導還為時過早。然而，我要說的是，根據我們的積壓訂單、我們的管道和我們持續的勝率，我們對實現 NSR 成長方面的長期指導的能力充滿信心。

Helpful, thank you.

有幫助，謝謝。

Yeah. Thanks.

是的。謝謝。

Judah Aronovitz, UBS.

猶大‧阿羅諾維茨，瑞銀集團。

Thanks for taking my questions. Calling in for Stephen Fisher. First question is: how do the margins in backlog compare the margins you just posted for the quarter?

感謝您回答我的問題。呼叫史蒂芬·費雪。第一個問題是：積壓訂單的利潤率與您剛發布的本季利潤率相比如何？

Hey, thanks for that question. We don't provide that information as to the margin and backlog. Now what I will point out is, we have the long-term margin growth targets of 20 to 30 bps every single year. But more importantly, in our Investor Day, we laid out over the midterm, we do see our margin of the enterprise-wide going to 17% by end of FY26. So we'll be delivering at 15.6 head and shoulders above anybody delivering anything in our marketplace right now. And we expect over the next two years, as we exit 2026, we will be at 17% and the margin to 17%-plus.

嘿，謝謝你提出這個問題。我們不提供有關保證金和積壓訂單的資訊。現在我要指出的是，我們的長期利潤成長目標是每年 20 到 30 個基點。但更重要的是，在投資者日，我們制定了中期計劃，我們確實看到到 2026 財年末，我們的企業利潤率將達到 17%。因此，我們的交付速度將比目前市場上任何交付的產品高出 15.6 個頭。我們預計，在未來兩年，也就是 2026 年結束時，我們的市佔率將達到 17%，利潤率將達到 17% 以上。

And I would like to take this opportunity again to maybe be redundant, but I think it's really important you look at our backlog record of our team. We have proven going from the bottom of the path to top of the heap in delivering margins, and we have a lot of confidence for all the reasons based on backlog pipeline and efficiency measures that we will be achieving it year after year after year.

我想再次利用這個機會，也許是多餘的，但我認為查看我們團隊的積壓記錄非常重要。事實證明，我們在實現利潤率方面從墊底到頂峰，基於積壓管道和效率措施，我們對年復一年實現這一目標充滿信心。

That's helpful, thanks. And just my follow-up, what's the setup first spending on IIJA programs in 2025 at this point relative to 2024? Thanks.

這很有幫助，謝謝。我想問一下，相對於 2024 年，2025 年 IIJA 計畫的首次支出是多少？謝謝。

I can't give you a relative percentage -- what I can tell you is that we see the IIJA funding being deployed in projects in our pipeline. So it's certainly -- we have visibility to that. So I'll give you a ballpark. We think that during the course of this year, the IIJA funding was about 30% deployed. And so it's increasing. I can't tell you whether the pace at which it's coming to that market at a faster rate.

我無法給你一個相對百分比——我可以告訴你的是，我們看到 IIJA 資金被部署在我們管道中的專案中。所以，我們當然可以看到這一點。所以我會給你一個大概的範圍。我們認為，今年 IIJA 資金已部署了約 30%。所以它正在增加。我無法告訴你它進入該市場的速度是否更快。

And the reason is that even though our pipeline is growing, our pipeline is actually made up of funding from IIJA, but also funding from state and local government clients and from our private clients. So in aggregate, we see that growing. I would expect that the IIJA is supporting that growth in pipeline.

原因是，儘管我們的管道正在成長，但我們的管道實際上是由 IIJA 的資金組成，但也包括來自州和地方政府客戶以及我們的私人客戶的資金。所以總的來說，我們看到這種成長。我預計 IIJA 會支持管道的成長。

Michael Dudas, Vertical Research Partners.

麥可‧杜達斯 (Michael Dudas)，垂直研究合作夥伴。

Morning, gentlemen, Lara. Troy, maybe you can elaborate -- you talked about your four reasons -- digital consulting and the growth you've seen in the three large market over the next several years. Maybe some examples of what that is and how that differentiates and how that differs from your regular consulting advisory work that you're working for your clients?

早安，先生們，蘿拉。特洛伊，也許你可以詳細說明一下——你談到了你的四個原因——數位諮詢以及未來幾年你在三大市場中看到的成長。也許可以舉一些例子來說明這是什麼，以及它與您為客戶提供的常規諮詢顧問工作有何不同？

Yeah. Certainly, I think Lara will answer your question.

是的。當然，我想拉拉會回答你的問題。

Yeah, sure. We certainly, as projects are becoming bigger and more complex, which obviously plays to our strength, the pipeline includes a 70% increase in programs that involve digital consulting, so our revenue from digital infrastructure consulting have increased 70% year-to-day.. And over time, we see that to the $50 billion addressable market over the next decade.

是的，當然。當然，隨著專案變得越來越大、越來越複雜，這顯然發揮了我們的優勢，管道中涉及數位諮詢的專案增加了70%，因此我們來自數位基礎設施諮詢的收入同比增長了70 %。

And drastic cuts across all of that vertical, the opportunities that digital consulting in environmental remediation, in transportation, and most importantly, in water and we have had some great wins in the quarter. For example, a $100 million data framework of the NHS in the UK, but that we really see this is a global play with substantial long-term opportunity.

數位諮詢在環境修復、交通、最重要的是在水務領域大幅削減了所有垂直領域的機會，我們在本季度取得了一些巨大的勝利。例如，英國 NHS 的價值 1 億美元的數據框架，但我們確實看到這是一個具有大量長期機會的全球性遊戲。

Great. And then my follow-up would be, as you're looking at the pipeline for new into backlog conversion and the success of your organic growth, can you talk about your staffing levels today? What you need to grower on an annual basis, and grow that at a rates of your revenue, backlog expectations, few years, given some of the different and dynamics and different services that you provide your customers?

偉大的。然後我的後續行動是，當您正在研究新訂單轉換為積壓訂單的管道以及有機增長的成功時，您能談談您今天的人員配置水平嗎？考慮到您為客戶提供的一些不同的動態和不同的服務，您需要每年成長什麼，並以您的收入、積壓預期、幾年的速度成長？

Hey, Mike, this Gaurav. I'll take that question. So yeah, you're right, in our in our backlog, as Troy pointed out, right, our Americas backlog on trailing 12 months is up over 1.2. International over strong organic growth over the last two years, it is still delivering a book-to-burn up over 1x, and our pipeline is extremely robust across the board.

嘿，麥克，這個高拉夫。我來回答這個問題。所以，是的，你是對的，在我們的積壓訂單中，正如特洛伊指出的那樣，我們的美洲積壓訂單過去 12 個月增長了 1.2 以上。國際業務在過去兩年中實現了強勁的有機成長，但其帳面銷毀率仍成長超過 1 倍，而且我們的產品線在各方面都非常強勁。

So valid question as to our labor. This is again, where -- point I made earlier about having a competitive differentiator platform, because the war on talent in our industry continues to be very robust across the marketplace. But we're one of the few companies that can leverage our scale to an advantage.

關於我們的勞動，這是一個非常有效的問題。這又是我之前提到的關於擁有一個有競爭力的差異化平台的觀點，因為我們行業的人才爭奪戰在整個市場上仍然非常激烈。但我們是少數能夠利用規模優勢獲得優勢的公司之一。

And we've laid that out in how we utilize our enterprise capability center. These are not just detailed design centers, these are design centers across the world where we may not even have any operational platform anymore. But there's great technical talent that not only helps us deliver these large complex projects, but it also helped these employees, help us their resumes, help us win projects across the globe.

我們已經在如何利用我們的企業能力中心中闡述了這一點。這些不僅僅是詳細的設計中心，這些是世界各地的設計中心，我們甚至可能不再有任何操作平台。但是，優秀的技術人才不僅可以幫助我們交付這些大型複雜項目，還可以幫助這些員工，幫助我們履歷他們的履歷，幫助我們贏得全球的項目。

And that's how we're going to be managing our staff, while at the same time, being very focused on bringing on the best talent, great talent, onshore at every opportunity we get.

這就是我們管理員工的方式，同時，我們非常注重利用每個機會引進最優秀的人才。

Yeah. And if I can just add, I mean, the good news also is attrition is down well below industry benchmarks and below the competitors across all of our key markets. So when you add that to the optimism that we see in the pipeline, where we we're saying in terms of those large pursuits that Troy referenced, 70% year on year increase in terms of that element as the pipeline. And that played to growing all parts of that business, just not projects become more complex, and utilize our multidisciplinary services.

是的。如果我可以補充一點，我的意思是，好消息是人員流失率遠低於行業基準，也低於我們所有主要市場的競爭對手。因此，當你將這一點添加到我們在管道中看到的樂觀情緒時，我們所說的特洛伊提到的那些大型追求，就管道中的元素而言，同比增長了 70％。這有助於發展該業務的所有部分，而不是讓專案變得更加複雜，並利用我們的多學科服務。

Excellent. Thank you.

出色的。謝謝。

And that does conclude the question-and-answer session. I would like to turn the floor back over to the CEO, Troy Rudd, for closing remarks.

問答環節到此結束。我想請執行長特洛伊·拉德 (Troy Rudd) 致閉幕詞。

All right. Again, thank everyone for joining this discussion today. And I'm going to end the way I started, which is to thank our teams for the extraordinary performance in serving their clients and their communities over the quarter. We will look forward to talking to you in another three months. Thank you.

好的。再次感謝大家參加今天的討論。我將以我開始的方式結束，即感謝我們的團隊在本季為客戶和社區提供服務方面的出色表現。我們期待在接下來的三個月內與您交談。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。