使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
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Margins are segment adjusted operating margins will reflect the for the Americas and International segments.
利潤率是按部門調整後的營業利潤率，將反映美洲和國際部門的情況。
When discussing revenue and revenue growth, we will refer to net service revenue or NSR, which is defined as revenue excluding pass-through revenues and as our 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，並且除非另有說明，否則我們的成長率以固定貨幣為基礎呈現。
Today's remarks will focus on continuing operations.
今天的演講將重點放在持續經營業務上。
On today's call, Troy Rudd, our Chief Executive Officer, will review our key accomplishments, our strategy and our outlook for the business.
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。
Lara Mahoney, our President, will discuss key operational successes and priorities and garner support.
我們的總裁勞拉·馬奧尼 (Lara Mahoney) 將討論關鍵的營運成功和優先事項並爭取支持。
Our Chief Financial and Operations Officer, will review our financial performance and outlook in greater detail.
我們的財務和營運長將更詳細地審查我們的財務業績和前景。
We will conclude with it question and answer session.
我們將以問答環節結束。
With that, I will turn the call over to Troy.
這樣，我就把電話轉給特洛伊。
Troy.
特洛伊。
Thank you, Will, and thank you all for joining us today.
謝謝威爾，也謝謝大家今天加入我們。
I want to begin by thanking our professionals across the globe for their unwavering commitment to our purpose of delivering a better world.
首先，我要感謝全球各地的專業人士對我們建立更美好世界這一目標的堅定承諾。
The value that we bring to our clients and communities every day is a testament to the collective strengths of our organization.
我們每天為客戶和社區帶來的價值證明了我們組織的集體優勢。
I would also like to thank our professionals for supporting our teams and communities impacted by both hurricanes Helene and Milton.
我還要感謝我們的專業人士支持我們受颶風海倫和米爾頓影響的團隊和社區。
The Southeastern United States for our employees remain safe and the safety is a core value of the e-com.
美國東南部為我們的員工提供安全保障，安全是 e-com 的核心價值。
We take great pride in our best-in-class safety record, which is well above our peers.
我們為我們一流的安全記錄感到非常自豪，該記錄遠高於我們的同行。
Before discussing our financials, I want to comment on the US election.
在討論我們的財務狀況之前，我想先評論一下美國大選。
First and foremost, the election creates certainty.
首先，選舉創造了確定性。
This structure investment is a bipartisan priority, and we do not foresee this changing.
這種結構性投資是兩黨的優先事項，我們預期這種情況不會改變。
The incoming Trump administration is focused on a strong U.S. economy, which is built on a foundation of world-class interests and objectives.
即將上任的川普政府的重點是強大的美國經濟，而美國經濟則是建立在世界級利益和目標的基礎上。
May shift was 70% of our workforce fungible across market sectors.
5 月的轉變是我們 70% 的勞動力可以在各個市場領域進行互換。
We are in a great position to capitalize on the investments in the US economy.
我們處於有利地位，可以利用對美國經濟的投資。
Specific to our US federal exposure, I want to highlight the following.
針對我們在美國聯邦的風險，我想強調以下幾點。
The US federal client represents 9% of our revenue.
美國聯邦客戶占我們收入的 9%。
Within that, nearly all of our work is for funded multiyear mission, critical and essential infrastructure projects.
其中，我們幾乎所有的工作都是為了資助多年任務、關鍵和必要的基礎設施項目。
The EPA and USAID combined represent less than 50 base basis points of our enterprise revenue.
EPA 和 USAID 合計占我們企業收入的比例不到 50 個基點。
And similarly, the inflation Reduction Act accounts for less than 1% of our revenue.
同樣，《通貨膨脹削減法案》占我們收入的比例還不到 1%。
On the other side of the equation, we see several growth opportunities emerging from the new administration's priorities.
另一方面，我們看到新政府的優先事項中出現了一些成長機會。
For example, deregulation, prudent deregulation is a positive for our clients in our business.
例如，放鬆管制，謹慎的放鬆管制對我們的客戶在我們的業務中是正面的。
This includes permitting reform, which is one of the greatest bottlenecks to infrastructure investments and certification would increase the V volume of project opportunities.
這包括許可改革，這是基礎設施投資的最大瓶頸之一，而認證將增加專案機會的數量。
With respect to the IGA, 95% of the IAJ. funding is secure and not at risk.
就 IGA 而言，95% 為 IAJ。資金安全且無風險。
And with only third of the money allocated to date, plenty of runway remains a reduction in government staffing would increased demand for advisory, tactical and program management services to support infrastructure investment.
迄今為止，僅分配了三分之一的資金，仍有大量跑道，政府人員配置的減少將增加對支援基礎設施投資的諮詢、戰術和專案管理服務的需求。
Lastly, voters demonstrated continued support for infrastructure funding in the November elections, including 41 billion of state and local transportation specific ballot measures as well as 20 billion of bonds in California that includes sizable investments in water.
最後，選民在 11 月的選舉中表現出對基礎設施資金的持續支持，包括 410 億美元的州和地方交通專項投票措施以及 200 億美元的加州債券，其中包括大量的水投資。
Taken together, we expect the next several years to bring new growth opportunities for which we are well suited to deliver.
總而言之，我們預計未來幾年將帶來新的成長機會，而我們非常適合實現這些機會。
On.
在。
Turning to our fiscal 2020 financial results and key accomplishments.
轉向我們 2020 財年的財務表現和主要成就。
First, our financial performance was strong on all fronts and included records for net service revenue, margins, earnings and cash flow.
首先，我們的財務表現在各方面都表現強勁，包括淨服務收入、利潤率、收益和現金流量創紀錄。
We also exceeded the midpoints of our previously increased adjusted EPS and adjusted EBITDA guidance was 22% and 14% growth, respectively.
我們也超過了先前調整後每股盈餘和調整後 EBITDA 指引值的中點，分別成長 22% 和 14%。
This was driven by 140 basis points of EBITDA margin expansion in the fourth quarter.
這是由第四季度 EBITDA 利潤率擴張 140 個基點推動的。
And record free cash flow enabled the return of approximately 560 million to shareholders through repurchases and dividend payments.
創紀錄的自由現金流透過回購和股息支付為股東帶來了約5.6億美元的回報。
Second, we are winning what matters and extending our visibility.
其次，我們正在贏得重要的勝利並擴大我們的知名度。
We had a 1.2 times book-to-burn ratio in the design business in the fourth quarter with strength in both segments.
第四季度，我們設計業務的預訂與銷毀比率為 1.2 倍，這兩個領域均表現強勁。
And we ended the year with a record backlog.
我們以創紀錄的積壓結束了這一年。
Our enterprise wide book-to-burn ratio has been at one or greater in each of the last 16 quarters, which speaks to our competitive advantage and the strength of our end markets.
在過去 16 個季度中，我們整個企業的帳面銷毀比率都在 1 或更高，這說明了我們的競爭優勢和終端市場的實力。
Our pipeline achieved a new high and increased by 10%.
我們的管道再創新高，成長了 10%。
Our win rate remains at a record high at 50% and is notably even higher on larger pursuits or our competitive advantages are greatest.
我們的勝率保持在 50% 的歷史新高，尤其是在更大的追求或我們的競爭優勢最大時甚至更高。
And we are winning recompetes at a 90% plus pace in our largest markets.
在我們最大的市場中，我們以 90% 以上的速度贏得重新競爭。
Third, we gained organic revenue market share for the first time in our history.
第三，我們歷史上首次獲得了有機收入市場份額。
We achieved the number one ranking by engineering news record in the water design market.
我們在水務設計市場的工程新聞記錄中排名第一。
This is consistent with our goal of doubling our water practice over the next five years, and we are now number one in every key market sector.
這與我們在未來五年內將水務實踐增加一倍的目標是一致的，我們現在在每個關鍵市場領域都排名第一。
I also want to highlight a global program.
我還想強調一個全球計畫。
Management took another big step forward moving to the number two ranking, which is on track to be number one this year, following 20% growth in fiscal 2020 for capital allocation policy.
繼 2020 財年資本配置政策成長 20% 後，管理階層又向第二名邁出了一大步，今年有望成為第一名。
This includes record investors, rents, inorganic growth initiatives, continued growth of dividend and 450 million of share repurchases during the year.
這包括創紀錄的投資者、租金、無機成長計畫、股息持續成長以及年內回購 4.5 億股股票。
Today, we also announced that the Board of Directors approved an increase in our repurchase authorization to 1 billion and an 18% increase in our quarterly dividend.
今天，我們也宣布，董事會批准將回購授權增加至 10 億美元，並將季度股息增加 18%。
Our dividend has increased by an average of 20% annually over the last three years, and the indicative dividend yield is now at the top of our direct peer group.
過去三年，我們的股息平均每年增長 20%，指示性股息收益率目前在我們的直接同業中名列前茅。
We remain committed to double digit annual growth in the per-share value of our dividend for the long term.
從長遠來看，我們仍然致力於每股股息價值實現兩位數的年度成長。
Finally, we are investing in new high-margin growth businesses that leverage existing strengths.
最後，我們正在投資利用現有優勢的新的高利潤成長業務。
For instance, the Water and Environment advisory business, which draws on the technical leadership of our number one, ranked Water and Environment practices, furthers our vision of becoming a global leader in Infrastructure Advisory Services.
例如，水與環境諮詢業務利用了我們排名第一的水與環境實踐的技術領先地位，進一步推動了我們成為基礎設施諮詢服務全球領導者的願景。
Expect this business to double within three years from 200 million of NSR today and will become our next $1 billion platform similar to what we've already accomplished with program management.
預計該業務將在三年內從目前的 2 億 NSR 翻一番，並將成為我們下一個 10 億美元的平台，類似於我們在專案管理方面已經取得的成就。
Importantly, this growth will be a higher margins, which further underpins our confidence in not only delivering on our 17% long-term margins target but exceeding it as we look to 2025 and beyond.
重要的是，這種成長將帶來更高的利潤率，這進一步增強了我們的信心，不僅實現了 17% 的長期利潤率目標，而且展望 2025 年及以後，我們將超越這一目標。
The secular growth drivers of our business are firmly intact.
我們業務的長期成長動力完好無損。
The need for infrastructure investment has never been greater.
對基礎設施投資的需求從未如此之大。
For instance, more than 46,000 bridges are considered structurally deficient in the U.S. and the average bridge is more than 40 years old.
例如，美國有超過 46,000 座橋樑被認為有結構缺陷，平均橋樑壽命超過 40 年。
The IAJ. created a competitive grant program with the goal of improving bridge safety and reliability and larger projects such as a brand Spence bridge on which a common lead designer received more than $1 billion of large federal bridge grants and will continue on for several more years.
IAJ。創建了一個競爭性撥款計劃，旨在提高橋樑的安全性和可靠性，以及更大的項目，例如品牌Spence 橋，一位共同的首席設計師獲得了超過10 億美元的大型聯邦橋樑撥款，並將持續數年。
Funding for transit, highway rail and aviation infrastructure is also increasing, which is driving a record backlog and double digit pipeline growth we are seeing in the Americas around the world.
交通、公路鐵路和航空基礎設施的資金也在增加，這推動了我們在美洲和世界各地看到的創紀錄的積壓和兩位數的管道增長。
Urbanization is transforming infrastructure demand.
城市化正在改變基礎設施需求。
Nearly 70% of the world's population is expected to live in cities by 2050, which has created enormous investment demand for safe, reliable drinking water and for building modern transportation systems while minimizing environmental impacts.
預計到 2050 年，全球近 70% 的人口將居住在城市，這對安全、可靠的飲用水和建造現代交通系統創造了巨大的投資需求，同時最大限度地減少對環境的影響。
Additionally, energy demand for electrification and data centers to support a, I create several growth opportunities where we are poised to capitalize from permitting to air quality, energy storage and grid modernization.
此外，為了支持電氣化和資料中心的能源需求，我創造了一些成長機會，我們準備充分利用從許可到空氣品質、能源儲存和電網現代化的機會。
To give you a sense of how this has directly benefited us.
讓您了解這如何使我們直接受益。
Our transmission and distribution backlog has increased five times compared to just a few years ago.
與幾年前相比，我們的輸配電積壓工作增加了五倍。
Our role as a design partner on the UK's great grid project has a program manager on San Diego Gas & Electric's undergrounding investment.
作為英國大型電網專案的設計合作夥伴，我們的角色是聖地牙哥天然氣和電力公司地下投資的專案經理。
And as the advisory partner for a major transmission grid buildout in Australia demonstrate the depth of our expertise in the strength of our brand in the market.
作為澳洲主要輸電網建設的諮詢合作夥伴，我們展示了我們專業知識的深度以及我們品牌在市場上的實力。
Turning to 2025, our backlog pipeline and continued high win rates underpin our conviction in another record year for the business.
展望 2025 年，我們的積壓訂單和持續的高勝率增強了我們對業務再創紀錄的一年的信心。
This includes expectations for 5% to 8% and as our growth and adjusted EBITDA and EPS of 1.19 billion and $5.10 at the respective midpoints, I could not be prouder of what we accomplished over the last several years.
這包括 5% 至 8% 的預期，隨著我們的成長以及調整後的 EBITDA 和每股盈餘分別達到 11.9 億美元和 5.10 美元，我對我們在過去幾年取得的成就感到非常自豪。
So our strategy and focus on winning what matters we've created and are expanding our competitive advantage.
因此，我們的策略和重點是贏得我們所創造的重要事物，並正在擴大我們的競爭優勢。
As we looked at 2025 and beyond at the ceiling for what's possible has never been higher.
展望 2025 年及以後，可能性的上限將達到前所未有的高度。
With that, I'll turn the call over to Laura.
這樣，我就把電話轉給勞拉。
Thanks, Troy.
謝謝，特洛伊。
I'm incredibly proud of that team's accomplishments in fiscal 2020 for our consistently strong performance reflects the realization of the key elements of our strategy.
我對該團隊在 2020 財年的成就感到無比自豪，因為我們持續強勁的業績反映了我們策略關鍵要素的實現。
Let me provide a few examples.
讓我舉幾個例子。
First is our focus on only the highest growth and best retaining markets and clients today at telephone geographies and the US, Canada, UK, Ireland and Australia accounts for approximately 90% of our profits, and our win rate remained at an all-time high tech and eight coming to the most desirable place to work in our industry.
首先，我們只關注當今電話地區成長最快、留存率最高的市場和客戶，美國、加拿大、英國、愛爾蘭和澳洲約占我們利潤的 90%，而且我們的勝率保持在歷史最高水準技術和八個來到我們行業最理想的工作地點。
We had a number one ranked fan by a and our across all of our major end markets, which managed to buy clients, Andrich freight.
我們在所有主要終端市場上都擁有排名第一的粉絲，他們設法購買了客戶安德里奇貨運。
We consistently win the K-12.
我們始終贏得 K-12 冠軍。
I'm amazed at clinic and exciting projects, which creates a tremendous area of in a five professionals.
我對診所和令人興奮的計畫感到驚訝，它們在五名專業人員中創造了巨大的領域。
And we have the best leadership and technical development training in our industry.
我們擁有業界最好的領導力和技術開發培訓。
In fact, more than 10% of our workforce is enrolling leadership development training at any given time.
事實上，我們超過 10% 的員工隨時參加領導力發展培訓。
And the return on these investments is evident in the reduction in voluntary attrition rates amongst participants.
這些投資的回報在參與者自願離職率的降低中顯而易見。
Finally, we formed a new water and environment advisory business.
最後，我們組建了新的水與環境諮詢業務。
That business will blend strategic advice for that technical and domain expertise to unlock new solutions for our clients in some of the largest and fastest growing markets in the world.
該業務將結合技術和領域專業知識的策略建議，為世界上一些最大和成長最快的市場的客戶解鎖新的解決方案。
The most critical element of any organically late initiative is pointing the right laid out.
任何有機遲到的舉措中最關鍵的要素是指出正確的佈局。
And in September, we announced Steelhead came to those joining a come to later.
9 月份，我們宣布 Steelhead 會加入稍後加入的人員。
This business deal brings a wealth of experience, expertise and market credibility to e-comm and has a proven track record of leading similar value creating initiatives throughout his career.
這項業務交易為電子商務帶來了豐富的經驗、專業知識和市場信譽，並在整個職業生涯中領導類似的價值創造計劃方面擁有良好的記錄。
As Troy detailed, we expect this business to grow rapidly similar to the trajectory late delivery program management, which increased from only a few hundred million or three years ago, to approximately $1.3 billion in FY 24.
正如特洛伊所詳述的，我們預計這項業務將像延遲交付專案管理的軌跡一樣快速成長，從三年前的幾億美元增加到 24 財年的約 13 億美元。
A great example of the opportunity is in digital wholesale, which is a $70 billion opportunity through 2030.
數位批發就是一個很好的例子，到 2030 年，這個機會將達到 700 億美元。
In the U.S. alone, there are 500 municipal water utility saving populations of over 500,000 people and H. requires substantial digital investments to modernize operations in bed, predictive analytics and cybersecurity and drive process efficiencies.
光是在美國，就有 500 家市政供水公司為超過 50 萬人口提供用水，H. 需要大量數位投資來實現床上運作、預測分析和網路安全的現代化，並提高流程效率。
Similarly in the UK and a set to substantially increase regulated water utility investment over the next five years, including a deeper emphasis on digital water investments.
同樣，英國也計劃在未來五年大幅增加受監管的水務投資，包括更加重視數位水務投資。
To date, we have won 100% of the frameworks and which we had incumbent position.
到目前為止，我們已經贏得了 100% 的框架，並且佔據了現有位置。
And we've also secured 60% of new frameworks, consistent with our focus on gaining market share within the AMP program.
我們還獲得了 60% 的新框架，這與我們在 AMP 計劃中獲得市場份額的重點是一致的。
Expanding our advisory services is a key element of our strategy to more deeply engaged with our clients and provide services from conception at the project through execution.
擴大我們的諮詢服務是我們與客戶更深入地接觸並提供從專案構思到執行的服務的策略的關鍵要素。
Importantly, we lead with our scientific and technical excellence, which places us in a competitively advantaged position as compared to traditional advisory fans.
重要的是，我們以卓越的科學和技術處於領先地位，這使我們與傳統的諮詢愛好者相比處於競爭優勢地位。
As a result, the energy inside the organization as we build our advisory capabilities is palpable.
因此，當我們建立諮商能力時，組織內部的活力是顯而易見的。
With that, I'll turn it over to Guy.
有了這個，我會把它交給蓋伊。
Thanks, Laura.
謝謝，勞拉。
Echoing both toy and Laura's comments.
回應玩具和勞拉的評論。
We have built a strategy and culture that results in consistently strong performance, which is evident in both our strong 2024 results and in our guidance for double-digit adjusted EPS growth in 2025.
我們建立了一種能夠實現持續強勁業績的策略和文化，這在我們 2024 年強勁的業績和 2025 年調整後每股收益兩位數增長的指導中都得到了證明。
I want to highlight three metrics that underpin our continued value creation, the first as margins where we continue to lead our industry.
我想強調支撐我們持續創造價值的三個指標，第一個是我們繼續領先產業的利潤率。
We exited the year with a 16.7 adjusted EBITDA margin in the fourth quarter, up 140 basis points from the prior year.
今年第四季調整後 EBITDA 利潤率為 16.7，比上年成長 140 個基點。
For the full year, adjusted EBITDA margin increased by 100 basis points to 16%, reflecting continued execution on key margin expansion initiatives.
全年調整後 EBITDA 利潤率成長 100 個基點，達到 16%，反映出關鍵利潤擴張措施的持續執行。
Importantly, this margin expansion is what funds the record level of high value organic investments we have made and are continuing to make, which are expensed through the income statement.
重要的是，這種利潤率的擴張為我們已經進行和正在繼續進行的高價值有機投資創紀錄水平提供了資金，這些投資通過損益表支出。
The second is EPS growth.
第二是每股收益成長。
We delivered 26% adjusted EPS growth in the fourth quarter and 22% for the full year.
我們第四季調整後每股盈餘成長 26%，全年成長 22%。
Our EPS has compounded at 21% rate since 2020, which directly correlates to shareholder value creation.
自 2020 年以來，我們的每股盈餘複合成長率為 21%，這與股東價值創造直接相關。
Finally, free cash flow, which exceeded 700 million for the first time in our history.
最後是自由現金流，史上首次突破7億。
Notably, free cash flow represented 10% of our net services revenue, which is great representation of high quality of our earnings.
值得注意的是，自由現金流占我們服務淨收入的 10%，這很好地反映了我們收入的高品質。
Turning to other highlights from our results for the year, we delivered record net service revenue, including 8% organic growth in the design business, which is a historically strong growth rate.
談到我們今年業績的其他亮點，我們實現了創紀錄的淨服務收入，其中設計業務有機成長 8%，這是歷史上強勁的成長率。
Results could have been even better if not for two impacts in the fourth quarter.
如果不是第四季的兩次影響，結果可能會更好。
First, hurricane Helene resulted in several law states in a few of our larger markets.
首先，海倫颶風導致我們的一些較大市場出現了多個法律州。
We expect a similar impact from Hurricane Milton in the first quarter, but this is incorporated in our strong guidance for fiscal 2020.
我們預計米爾頓颶風將在第一季產生類似的影響，但這已納入我們對 2020 財年的強有力的指導中。
Second, we made the decision to not proceed with an already awarded construction management project where the owner wanted to check change the commercial risk profile.
其次，我們決定不再繼續進行已授予的施工管理項目，因為業主希望檢查商業風險狀況的變化。
We will always prioritize appropriate risk management, even if it means sacrificing some of the revenue in the near term.
我們將始終優先考慮適當的風險管理，即使這意味著在短期內犧牲一些收入。
Despite this, the competitive edge of our platform was evident in our overperformance versus guidance for margins, adjusted EBITDA, adjusted EPS and cash flow.
儘管如此，我們平台的競爭優勢在我們的利潤率、調整後 EBITDA、調整後每股收益和現金流方面的表現優於指引方面表現得很明顯。
I also want to comment on the new water and environment advisory business.
我還想評論一下新的水和環境諮詢業務。
I'm sure you're asking yourselves how much investment will be required and what is the payback unlike M&A, which has a high upfront cost and risk.
我確信您會問自己需要多少投資以及回報是多少，這與前期成本和風險較高的併購不同。
The cost here is much smaller with focus on hiring the right leader and teams to organically grow the business.
這裡的成本要小得多，重點是僱用合適的領導者和團隊來有機發展業務。
As we've proven, we deliver more than 40% incremental return on capital on our organic growth investments.
正如我們所證明的那樣，我們的有機成長投資帶來了超過 40% 的增量資本回報。
Also unlike M&A, the cost of our growth runs through our margins and is already reflected in our expectation for another year of record margins in fiscal 2025 and continued expansion beyond that.
與併購不同的是，我們的成長成本貫穿我們的利潤率，並且已經反映在我們對 2025 財年利潤率再次創紀錄的一年以及在此之後繼續擴張的預期中。
Turning to our segment results.
轉向我們的部門業績。
Beginning in the Americas.
從美洲開始。
Net service revenue in the design business increased nine for the fourth quarter and included strong contributions across all key end markets.
第四季度設計業務的淨服務收入成長了 9 %，其中包括所有主要終端市場的強勁貢獻。
Defunding drivers, including the IGA, are still ramping up and state and local clients continue to have strong budget outlooks and historically high reserves, which adds to our confidence that design book to burn in the fourth quarter was 1.2, and we are confident that the backlog will continue to increase based on our strong pipeline.
包括 IGA 在內的撤資驅動因素仍在增加，州和地方客戶繼續擁有強勁的預算前景和歷史高位的儲備，這增強了我們對第四季度設計書消耗量為 1.2 的信心，並且我們有信心基於我們強大的管道，積壓訂單將繼續增加。
Adjusted operating margin in the Americas achieved a new annual high at 18.8%, including 19.6% in the fourth quarter.
美洲地區調整後營業利潤率創下年度新高，達 18.8%，其中第四季為 19.6%。
We continue to deliver on initiatives that increased margins and return on capital and are confident in our margin expansion in 2025 and beyond.
我們持續實施提高利潤率和資本回報率的舉措，並對 2025 年及以後的利潤率擴張充滿信心。
Turning to the international segment, net service revenue increased by 6% for the year.
至於國際業務，今年淨服務收入成長了 6%。
This was materially consistent with our expectations.
這與我們的預期基本一致。
We had a 1.2 book-to-burn ratio in the fourth quarter and backlog remains at an all-time high.
第四季我們的預訂銷毀率為 1.2，積壓訂單仍處於歷史最高水準。
We delivered a 12.6 adjusted operating margin in the quarter, which increased 260 basis points from the prior year and is at an all-time high.
本季調整後營業利益率為 12.6，比上年增加 260 個基點，創歷史新高。
We continue to benefit from our focus on our highest growth and lowest risk end markets and clients and ongoing continuous improvement initiatives across our markets.
我們繼續受益於我們對成長最快、風險最低的終端市場和客戶的關注以及整個市場的持續改進舉措。
Trends are strong.
趨勢強勁。
The autumn budget in the U.K. released in late October provides key funding for infrastructure, including GBP100 billion for energy transport, health care and housing CapEx, and GBP70 billion for growth industries such as green hydrogen and giga factories.
英國10月下旬公佈的秋季預算為基礎設施提供了關鍵資金，其中包括1000億英鎊用於能源運輸、醫療保健和住房資本支出，以及700億英鎊用於綠色氫能和巨型工廠等增長型產業。
Finally, and eight spending is set to accelerate and our wins to date position us to gain market share.
最後，八項支出將加速，迄今為止我們的勝利使我們能夠獲得市場份額。
In Australia, our backlog increased by 26%, driven by larger water and P. and D. wins and in the Middle East.
在澳大利亞，由於水量增加、P. 和 D. 勝利以及中東地區的勝利，我們的積壓訂單增加了 26%。
We continue to win large scopes of work, including another nine figure win in the fourth quarter and other off opportunities in both UA are picking up.
我們繼續贏得大範圍的工作，包括第四季度的另一個九位數的勝利，以及 UA 的其他機會正在增加。
Turning to cash flow and capital allocation.
轉向現金流和資本配置。
We delivered record free cash flow exceeding 700 million for the first time, and increasing 20 push increased even more at 23%, further demonstrating the value of our capital allocation policy to shareholders.
我們的自由現金流首次超過7億，創歷史新高，而增加20推動則增加了23%，進一步向股東展示了我們的資本配置政策的價值。
As I noted earlier, free cash flow conversion was 115%.
正如我之前指出的，自由現金流轉換率為 115%。
And as I noted, we achieved a new milestone with a 10% free cash flow margin on net service revenue.
正如我所指出的，我們實現了一個新的里程碑，淨服務收入的自由現金流利潤率為 10%。
As a result of our strong cash flow, we repurchased 325 million of stock in the fourth quarter and approximately 450 million for the full year.
由於現金流強勁，我們在第四季度回購了 3.25 億股股票，全年回購了約 4.5 億股股票。
We also paid 115 million of dividends during the year, and we completed the acquisition of an environment permitting practice focused on federal land, which is rapidly growing opportunity.
我們在這一年還支付了 1.15 億美元的股息，並完成了對專注於聯邦土地的環境許可業務的收購，這是一個快速成長的機會。
Under the incoming Trump administration, we are affirming our returns focused capital allocation priorities.
在即將上任的川普政府的領導下，我們確認以回報為重點的資本配置優先事項。
This includes the increase of our repurchase authorization to EUR1 billion and the 18% increase to our quarterly dividend, beginning with our January 2025 payment.
這包括將我們的回購授權增加到 10 億歐元，以及從 2025 年 1 月支付開始，我們的季度股息增加 18%。
Our balance sheet is strong with net leverage of 0.8, which supports our ability to remain opportunistic in how we deploy capital.
我們的資產負債表穩健，淨槓桿率為 0.8，這支持我們在資本配置方面維持機會主義的能力。
I want to provide an update on our discontinued operations since our last quarterly call in August should make successfully resolved to legacy projects disputes, resulting in gross cash infusion of approximately EUR130 million.
我想提供有關我們已停止運營的最新信息，因為我們 8 月份的最後一個季度電話會議應該會成功解決遺留項目糾紛，從而帶來約 1.3 億歐元的總現金注入。
This infusion of cash enhances their visibility and reduces the risk profile.
這種現金注入提高了他們的知名度並降低了風險狀況。
Turning to our guidance, we expect net service revenue growth of 5% to 8% in 2025, supported by our 1.2 book-to-burn ratio in the design business in the fourth quarter and a record backlog and pipeline.
談到我們的指導，我們預計 2025 年淨服務收入將增長 5% 至 8%，這得益於我們第四季度設計業務 1.2 的預訂銷毀比以及創紀錄的積壓和管道。
We expect revenue phasing to follow a normal seasonal pattern, which means we expect NSR growth will accelerate as the year progresses.
我們預計收入階段將遵循正常的季節性模式，這意味著我們預計 NSR 的成長將隨著時間的推移而加速。
We expect 30 basis points of adjusted EBITDA margin expansion to 16.3%.
我們預計調整後 EBITDA 利潤率將擴大 30 個基點至 16.3%。
Adjusted EBITDA is expected to increase by 9% at the midpoint to $1.19 billion and adjusted EPS to increased 13% at the mid $0.25 $0.1.
調整後的 EBITDA 預計將成長 9%，達到 11.9 億美元，調整後的每股盈餘將成長 13%，達到 0.25 美元的中位數 0.1 美元。
With that, operator, we're ready for questions.
接線員，我們已經準備好回答問題了。
At this time.
此時。
We'd like to remind everyone in order to ask a question, simply press star, followed by the number one on your telephone key pad at.
我們想提醒大家，要提問，只需按星號，然後按電話鍵盤上的數字 1。
We'll take our first question from the line of Andy Wittmann with Baird.
我們將從安迪·魏特曼 (Andy Wittmann) 與貝爾德 (Baird) 的對話中提出第一個問題。
Please go ahead.
請繼續。
Okay.
好的。
I just wanted to ask a clarification here.
我只是想在這裡要求澄清。
I was looking at your adjusted EBITDA guidance and the reconciliations for that.
我正在查看你們調整後的 EBITDA 指導及其調節表。
And I noticed that after spending 100 and costs and 24, which was a kind of a big number, there was nothing listed in 2025.
我注意到，在花費了 100 美元和 24 美元（這是一個很大的數字）之後，2025 年沒有列出任何內容。
I was just wondering if that's just because you don't know what it is or if you expect that your earnings will be devoid of these kinds of one-time charges?
我只是想知道這是否只是因為您不知道它是什麼，或者您期望您的收入不會包含此類一次性費用？
Andy, thanks for the question that I'm going to turn that over to Gar.
安迪，謝謝你提出這個問題，我會把這個問題轉交給加。
But I'm also acknowledged that has a good observation.
但我也承認有很好的觀察力。
Yes, morning, Andy.
是的，早安，安迪。
Thanks for the question.
謝謝你的提問。
So your your assumption that FY 25, we did not contemplate any restructuring.
因此，您假設 25 財年我們沒有考慮任何重組。
As we've said before, there were some significant restructuring program that we have to right-size as we were exiting countries and being very focused on that geographies that have the best growth fundamentals we have completed through it.
正如我們之前所說，我們必須調整一些重大重組計劃的規模，因為我們正在退出國家，並非常關注我們透過該計劃完成的具有最佳增長基本面的地區。
But there's no new contemplated restructuring our FY 25 results and beyond should be constant.
但沒有新的重整計劃，我們 25 財年及以後的業績應該保持不變。
Got it.
知道了。
Okay.
好的。
That's good to hear of a kind of a similar question, maybe another one for you guys.
很高興聽到類似的問題，也許對你們來說是另一個問題。
But just to understand, because I just noticed that you're doing that a little bit different.
但只是為了理解，因為我剛剛注意到你的做法有點不同。
So again, here in the adjusted EBITDA, you guys are calculating the margins at 16.7%.
所以，在調整後的 EBITDA 中，你們計算的利潤率為 16.7%。
But that's that's that's the number that people would immediately calculation data from the income statement.
但這就是人們立即從損益表中計算數據的數字。
So can you talk about what's the difference between the 16.7% in the 16.0 percentages that most of us are calculating what that is and why you're doing that?
那麼你能談談我們大多數人計算的 16.7% 和 16.0% 之間的差異是什麼以及為什麼要這樣做嗎？
And maybe if you could just maybe to take that same concept and apply it towards the guidance.
也許您可以採用相同的概念並將其應用到指南中。
When I look at the adjusted EBITDA dollar guidance and look at the implied margins, it doesn't back into the organic growth rates that you're talking about.
當我查看調整後的 EBITDA 美元指導並查看隱含利潤率時，它並沒有回到您所說的有機成長率。
And so I think maybe for all of this has to do with the same thing and you could clarify that for all of us.
所以我認為也許所有這些都與同一件事有關，你可以為我們所有人澄清這一點。
No, absolutely no problem at all and be so specific to to adjusted EBITDA that we're guiding to.
不，絕對沒有問題，並且要具體到我們指導的調整後 EBITDA。
And we started that at midway through last year as well.
我們也是在去年年中開始這樣做的。
There was feedback from our shareholders, prospective shareholders that they wanted a margin target that was comparative inclusive, inclusive of all cost at the enterprise.
我們的股東和潛在股東回饋說，他們希望制定一個相對包容的利潤目標，包括企業的所有成本。
And as you know, adjusted operating income that we provided for segments did not include corporate costs that we were incurring, so that is now reconciled within adjusted EBITDA.
如您所知，我們為各部門提供的調整後營業收入不包括我們產生的企業成本，因此現在已在調整後 EBITDA 中進行調整。
Further, the denominator in adjusted EBITDA has net services revenue for all consolidated JVs.
此外，調整後 EBITDA 的分母是所有合併合資企業的淨服務收入。
But our EBITDA that we report it is attributable EBITDA EBITDA only.
但我們報告的 EBITDA 僅為可歸屬 EBITDA EBITDA。
So it excludes NCI. we add that back.
所以它排除了 NCI。我們把它加回來。
What we have also included is we've included a margin reconciliation bridge and in the release that we provided for you and for investors that walks through the separate steps I just articulated.
我們還包括了一個保證金調節橋，並在我們為您和投資者提供的版本中包含了我剛才闡述的單獨步驟。
And for us, it's all about simplicity as we as we go forward with clean results that one can compare easily for us.
對我們來說，一切都與簡單性有關，因為我們不斷前進，獲得了可以輕鬆比較的清晰結果。
Got it.
知道了。
Okay.
好的。
About the quarter was pretty straightforward.
關於本季的情況非常簡單。
So just post definitional questions for me.
所以只需為我發布定義問題即可。
I have a good day.
我今天過得很愉快。
Thank you all.
謝謝大家。
Thanks, Andy.
謝謝，安迪。
Next question will come from the line of Sangeeta gain with KeyBanc.
下一個問題將來自 Sangeeta 與 KeyBanc 的增益線。
Please go ahead.
請繼續。
Yes, good morning.
是的，早安。
Thanks for taking my question.
感謝您提出我的問題。
I just had a couple on the international segment.
我剛剛在國際航班上遇到了一些。
Is there anything particular that you would highlight on the international backlog strength in 4Q, maybe a sizable project or a specific geography where you may have seen more strength?
關於第四季度的國際積壓實力，您有什麼特別需要強調的嗎？
Thanks for the question, and I'm going to pass it over to Laura.
謝謝你的提問，我會把它轉給勞拉。
Thank you.
謝謝。
Thank you for the question.
謝謝你的提問。
We closed another strong year for international methane.
國際甲烷又迎來強勁的一年。
Continued strength lies a amongst all of those key end markets for us, whether it's in UK, Australia, New Zealand, Middle East.
對我們來說，持續的優勢在於所有這些關鍵終端市場，無論是在英國、澳洲、紐西蘭或中東。
So along with the client is going to continue to be lead price, intends to date, 10 megatrends, infrastructure and energy.
因此，迄今為止，客戶將繼續關註十大趨勢、基礎設施和能源的主導價格。
We've got renewed optimism in the UK where now we've got clarity into the autumn budget, which creates certainty next related infrastructure investment.
英國的樂觀情緒重新燃起，秋季預算變得清晰，這為下一步相關基礎設施投資創造了確定性。
And importantly, we can capitalize on that during our long-term positioning with theme frameworks, whether they're at the transportation nation owner or energy that with a very solid condition.
重要的是，我們可以在主題框架的長期定位中利用這一點，無論是交通國家所有者還是條件非常穩固的能源國家。
And importantly, we have some tail.
重要的是，我們有一些尾巴。
We've got tat coverages as most of those frameworks, including in and eight, where we're now 100% of the rate and pace and lately with the incumbent and 60% of the finalists.
我們已經涵蓋了大多數框架，包括 in 和 8，我們現在 100% 的速度和速度，最近與現有框架和 60% 的決賽入圍者一樣。
And importantly, those frameworks are going to continue to define the higher than the next 18 months since I've been currently not included in our backlog that equally, we have strength in terms of our TSA market, where we actually go around 15% fiscal year.
重要的是，這些框架將繼續定義未來18 個月的更高水平，因為我目前尚未將其納入我們的積壓工作中，同樣，我們在TSA 市場方面也有實力，我們實際上在該市場上的財務成長率約為15%年。
And we continue to see long-term opportunities, this whole infrastructure.
我們繼續看到整個基礎設施的長期機會。
And also I'm Dave Shea and the Abbott deal at 2030 initiatives around and key people own comp NOI on the other initiatives.
我是戴夫·謝伊 (Dave Shea)，雅培 (Abbott) 圍繞 2030 年倡議達成了協議，關鍵人物在其他倡議上擁有公司 NOI。
And then also Australia.
然後還有澳洲。
New Zealand is a long-term trend that we're seeing in terms of $120 billion of long tenant structure investment result of continued strength across all of the key infrastructure segments in our international business.
紐西蘭是一個長期趨勢，我們看到了 1,200 億美元的長期租戶結構投資，這是我們國際業務中所有關鍵基礎設施領域持續強勁的結果。
Great.
偉大的。
That's helpful.
這很有幫助。
So if I can just say on international and ask your question on margin expansion, the only current double-digit margins in international just a year ago and now you're over 12.5%.
因此，如果我可以說國際業務並問您有關利潤率擴張的問題，國際業務目前唯一兩位數的利潤率就在一年前，而現在已經超過 12.5%。
Should we expect the same pace of improvement in fiscal 25?
我們是否應該期待 25 財年同樣的改善速度？
Or should the moderate expect expectations somewhat as we go into 25?
或者，當我們進入 25 世紀時，溫和派是否應該有所期待？
Hey, morning, Sangita.
嘿，早上好，桑吉塔。
The Skarv.
斯卡夫。
I'll take that question.
我來回答這個問題。
And when it comes to margin, we are the North Star industry and we will continue to be the Northstar industry in terms of the art of possible.
就利潤率而言，我們是北極星產業，就可能性的藝術而言，我們將繼續成為北極星產業。
And as we have made investments in prior years, including FY 20 for what we've realized, a ceiling of that Artic possible be continues to increase for both segments.
由於我們在前幾年（包括 20 財年）進行了投資，我們已經意識到，這兩個細分市場的 Artic 上限可能會繼續增加。
Because we have made and continue to make investments in high growth, high margin platforms, similar to the advisory services we have now launched in Q4, investing and efficiently delivering our services.
因為我們已經並將繼續對高成長、高利潤的平台進行投資，類似於我們現在在第四季度推出的諮詢服務，投資並有效地提供我們的服務。
And to your point, international has led the way on that margin expansion.
就您而言，國際公司在利潤率擴張方面處於領先地位。
And we've provided guidance we expect on the top end of our long-term algorithm range.
我們已經提供了我們期望的長期演算法範圍高端的指導。
30 bps is what we expect will be the enterprise increase for margin expansion.
我們預計企業利潤率擴張將增加 30 個基點。
And we do expect International will leave that way.
我們確實預計國際將離開這種方式。
one thing I do want to note is the investments that we have made and will continue to make.
我確實想指出的一件事是我們已經進行並將繼續進行的投資。
These are record investments again in FY 25 that we're contemplating.
我們正在考慮的 25 財年投資將再次創下紀錄。
They go through our income statement, and it allows us the confidence as we sit here to say, not only are we going to be able to deliver our FY 25 continue to lead our industry margins, but exit FY 27 and seven at 17% for the enterprise.
他們審查了我們的損益表，這讓我們有信心坐在這裡說，我們不僅能夠在 25 財年繼續領先我們的行業利潤率，而且在 27 財年和 7 財年以 17% 的利率退出企業。
And beyond that, we are now pretty confident again that feeling it is 17 plus percent with all the significant initiatives and investments we're making.
除此之外，我們現在再次非常有信心，認為透過我們正在進行的所有重大舉措和投資，這一數字將達到 17% 以上。
Thanks so much, guys.
非常感謝，夥計們。
Thank you.
謝謝。
Our next question comes Please go ahead.
我們的下一個問題來了，請繼續。
Thank this.
謝謝這個。
Is the kind of on the have Manny Catholic.
是那種有曼尼天主教徒的。
Good morning.
早安.
My question, I'd like to ask on the 5% to 8% organic and a target for 25 in both segments can range or the medical so faster.
我的問題是，我想問一下 5% 到 8% 的有機食品，以及兩個細分市場 25% 的目標，或者醫療食品的範圍可以更快。
If you could also update us as you've seen any improvement in deposit income in the Middle East?
您是否也可以告訴我們最新情況，您發現中東的存款收入有任何改善？
Sure.
當然。
Of morning, I'll take the first part and Laura will respond to your question.
早上，我將進行第一部分，勞拉將回答你的問題。
On Middle East, the MSR organic growth that we are aware contemplating for FY. 25 is 5% to 8%, which is consistent again with our long-term algorithm we articulated during our Investor Day.
在中東，我們知道在財年將出現 MSR 有機成長。 25 是 5% 到 8%，這再次與我們在投資者日期間闡述的長期演算法一致。
We do expect, as you've seen in the second half of the year, Americas will be the organic growth leader between the two segments for NSR growth and expectations on international will be will start off slower during the year because as Mark articulated in our opening comments and in response to one of the questions, their funding is now coming back online and some of our key international markets.
我們確實預計，正如您在今年下半年看到的那樣，美洲將成為NSR 增長這兩個細分市場之間的有機增長領先者，而國際市場的預期將在今年開始放緩，因為正如馬克在當我們的開篇評論並回答其中一個問題時，他們的資金現在已重新回到線上和我們的一些主要國際市場。
And we expect that to ramp up into into the second half.
我們預計這種情況將持續到下半年。
Yes.
是的。
And if I can just specifically on the Middle East and we didn't see a slowdown in oil and coal volumes backed out of business, Garmin, careful encourage it grew in the year.
如果我能具體談談中東，我們沒有看到石油和煤炭產量放緩而關閉的話，Garmin，請謹慎鼓勵其在這一年的增長。
And then some of this visit the largest segments like Saudi Arabia business, we won another nine figure major programming team for giving us additional long-term visibility.
然後其中一些訪問了最大的細分市場，例如沙烏地阿拉伯業務，我們贏得了另一個九位數的主要程式設計團隊，為我們提供了額外的長期知名度。
And as I said earlier, we've got confidence in terms of some of the longer-term programs that are going to continue for us.
正如我之前所說，我們對我們將繼續實施的一些長期計劃充滿信心。
But we are the leading consultants in the region and we have broad coverage across many of the cane programs that cover infrastructure and major projects up.
但我們是該地區領先的顧問，我們廣泛涵蓋許多甘蔗項目，涵蓋基礎設施和重大項目。
And then that's helpful.
這很有幫助。
Thank you for your question.
謝謝你的提問。
Focusing on margins on just on margins, you did 100 bps of margin expansion, 24.
只專注在利潤率，你的利潤率擴張了 100 個基點，24。
I think annually we've averaged about 80, perhaps a little over 80, but a large expansion for like capacity here, and we've got reasonably good growth in 25.
我認為每年我們平均大約有 80 個，也許略高於 80 個，但這裡的類似容量有很大的擴展，並且我們在 25 個中獲得了相當不錯的增長。
Why would you only averaged 30 bps of margin expansion, 25 of what's holding you back to more margin expansion?
為什麼你的利潤率平均只擴張 30 個基點，而 25 個基點卻阻礙你進一步擴張？
So I it's a great question.
所以我這是一個很好的問題。
I would I would not describe it as us being held back for margin expansion.
我不會將其描述為我們因利潤擴張而受到阻礙。
We've said this on a number of times over the last few years is that we're continuing to invest heavily in the business.
過去幾年我們多次說過，我們將繼續大力投資這項業務。
And in each of the last four years, we've invested more than the business than we've had in the prior year.
在過去四年中，我們每年的投資都超過了前一年的業務投資。
And as Ford are going to continue to invest in the business.
福特將繼續投資該業務。
And again, there's pretty significant returns from that, which is obviously higher margins in the future and a growing business.
再說一次，這會帶來相當可觀的回報，這顯然是未來更高的利潤和不斷增長的業務。
I'll just give you kind of a highlight of where we've invested.
我只是向您重點介紹我們的投資領域。
First of all, we've invested in our workforce.
首先，我們對勞動力進行了投資。
We've invested in recruiting extraordinary professionals to the organization and most importantly, investing in leadership and technical development of our workforce.
我們投資於為組織招募傑出的專業人士，最重要的是，投資於員工隊伍的領導力和技術發展。
Secondly, we are doing we are investing in transforming the way that we deliver our work delivered now and actually deliver it very differently in the future.
其次，我們正在投資改變我們現在交付工作的方式，並且在未來實際上以非常不同的方式交付它。
And we think that will have a very significant margin benefit to us as we go forward.
我們認為，隨著我們的前進，這將為我們帶來非常顯著的利潤效益。
And then we're looking to expand our business.
然後我們正在尋求擴大我們的業務。
We have said that term design and engineering or our knowledge is science as a base of our business and we've looked to expand this.
我們說過，術語設計和工程或我們的知識是作為我們業務基礎的科學，我們希望擴展這一點。
Our vision is to actually have 50% of the business and engineering and design.
我們的願景是實際擁有 50% 的業務、工程和設計業務。
I'm going to have our rest of our business or the other 50% event performing advisory and program management work in the future.
未來我將讓我們的其餘業務或其他 50% 的活動執行諮詢和專案管理工作。
We made a significant investment in program management.
我們在專案管理方面進行了大量投資。
And the last three years we've grown that business represents about last year and we see double digit growth for that business.
在過去的三年裡，我們的業務成長了大約去年，我們看到該業務的兩位數成長。
And now we're making invent and investment in growing that advisory business, which will are referenced in our comments that we're going to look to double that business and make that are NeXT platform.
現在，我們正在進行發明和投資來發展諮詢業務，我們的評論中將提到這一點，我們將尋求將該業務翻一番，並將其打造為 NeXT 平台。
So it's again, it's not that our margins are not going as fast growing as fast as they have is if we're being very thoughtful in terms of investing in the future of the business, our margins will go well beyond the 70% target.
所以，這並不是說我們的利潤率不會像現在這樣快速成長，如果我們在投資業務的未來方面非常周到，我們的利潤率將遠遠超過 70% 的目標。
Helpful.
有幫助。
Thank you.
謝謝。
Thank you.
謝謝。
Our next question will come from the line of Michael Feniger with Bank of America.
我們的下一個問題將來自美國銀行的邁克爾費尼格 (Michael Feniger)。
Please go ahead.
請繼續。
Hey, guys.
嘿，夥計們。
Thanks for taking my questions.
感謝您回答我的問題。
Just Troy, I am curious on a bigger picture here.
只是特洛伊，我對這裡的更大的圖景感到好奇。
As we turn over to a new administration, there are some concerns out there around federal funding and budget could be under a tighter scrutiny.
當我們轉向新政府時，人們擔心聯邦資金和預算可能會受到更嚴格的審查。
Are you starting to hear any of those concerns from your customers that are on the pulp book side?
您是否開始從紙漿書方面的客戶那裡聽到這些擔憂？
Because I hold back some of the pipeline?
因為我保留了一些管道？
I know it's early days, Troy, but just would love to get a sense of what you're hearing on risks or or or tailwinds as we're kind of heading into this new administration.
我知道現在還為時過早，特洛伊，但我很想了解一下您所聽到的有關風險或順風的信息，因為我們即將進入新政府。
Yes.
是的。
So at the at the moment, we're not hearing anything directly from our clients.
因此，目前我們還沒有直接從客戶那裡聽到任何消息。
I think that DOD.
我認為國防部。
So the thoughts around the impact of election are actually just sort of coming from the election process itself.
因此，關於選舉影響的想法實際上只是來自選舉過程本身。
And so we don't have any insight into the agenda of our clients, our federal clients and then what exists today.
因此，我們對我們的客戶、聯邦客戶的議程以及今天存在的情況沒有任何洞察力。
But what based on what we do know is we know a couple of things.
但根據我們所知道的情況，我們知道一些事情。
one is, is that the federal election does create certainty.
一是聯邦選舉確實創造了確定性。
It means it creates certainty that over a period of time, we're going to understand what the new investment agenda is going to be for the federal government.
這意味著它創造了確定性，即在一段時間內，我們將了解聯邦政府的新投資議程。
And from my perspective, the fact is we have a very agile business we made reference to that is that about 70% of our workforce is fungible across our markets.
從我的角度來看，事實是我們擁有非常靈活的業務，我們提到的大約 70% 的勞動力在我們的市場中是可以互換的。
And the other thing that we do know is that some there needs to be a continued investment in infrastructure.
我們確實知道的另一件事是，有些國家需要持續投資基礎建設。
And the majority of that investment well supported by federal funding at predominantly comes from our state and local clients, municipal clients or city clients and private clients that represents more than 90% of our work.
聯邦資金支持的大部分投資主要來自我們的州和地方客戶、市政客戶或城市客戶以及占我們工作 90% 以上的私人客戶。
So when we sort of look forward, we do have a great degree of certainty on what the priorities of the government in the U.S. and the governments in U.S. and our private clients are going to have on their agenda.
因此，當我們展望未來時，我們確實非常確定美國政府、美國政府以及我們的私人客戶將在他們的議程上優先考慮哪些事項。
And we believe that based on what we know about the I'll start with the election, the election agenda of the new administration is that they're going to need to invest in infrastructure.
我們相信，根據我們對選舉的了解，新政府的選舉議程是他們需要投資基礎設施。
And because if you're going to strengthen the manufacturing base in the United States, you're going to have to invest in aviation parts, rail roads and all this 40 infrastructure for those that net increase manufacturing base or manufacturing investment.
因為如果你要加強美國的製造基地，你必須投資航空零件、鐵路和所有這 40 項基礎設施，以淨增加製造基地或製造業投資。
And then the other thing that we know is if there is permitting reform, there is an awful lot of money that is going to spend on infrastructure.
我們知道的另一件事是，如果允許進行改革，就會有大量資金用於基礎設施建設。
I mean, the next few years.
我的意思是，未來幾年。
And if there is Permian new form that's meaningful in the next three years, we see that is actually improving the returns on that investment now and accelerating and investment infrastructure.
如果二疊紀新形式在未來三年內有意義，我們看到這實際上正在提高現在投資的回報並加速投資基礎設施。
So well, I think there's an environment of some uncertainty.
所以，我認為存在一些不確定性的環境。
I think when we look forward just kind of given the focus of our clients and the focus of the non the need for infrastructure that we've got full trial.
我認為，當我們展望未來時，只是考慮到我們客戶的關注點以及我們已經進行了全面試驗的基礎設施的非需求。
Thank you for that answer.
謝謝你的回答。
I'd just add on on 2025, it sounds like there were some things that are holding back the NSR growth in Q4.
我想補充一下 2025 年的情況，聽起來有些事情阻礙了第四季度 NSR 的成長。
And as I mentioned, acceleration of that NSR growth in the second half and 25.
正如我所提到的，下半年和 25 年 NSR 成長加速。
So just curious on the first half or second half and to get that acceleration in the second half, does it require certain recompete wins or a bigger pickup in the pipeline that we're seeing now?
所以只是對上半場或下半場感到好奇，為了在下半場獲得加速，是否需要一定的重新比賽勝利或我們現在看到的管道中更大的回升？
Or any kind of have visibility on that second half acceleration?
或對下半場的加速有任何了解嗎？
Thank you.
謝謝。
Yes, the simple answer is we have good visibility on the second half acceleration, and that's driven by the kind of the work that has been awarded that we're going to contract on.
是的，簡單的答案是我們對下半年的加速有很好的了解，這是由我們將要承包的已授予的工作類型所推動的。
And as and even as LAR pointed out with some of it as a result, election, some of the changing agendas that term that work has been coming to market and has been awarded through frameworks.
正如 LAR 所指出的，其中一些結果是選舉，一些不斷變化的議程，即這項工作已經進入市場，並透過框架授予。
And that gives us confidence in the second half of the year that Tim will take 30 to work out of those five of those frameworks.
這讓我們對今年下半年充滿信心，提姆將花 30 個小時來完成這五個框架。
And then in terms of just what's happened in the first six weeks of this quarter, we can add continued success, which also gives us confidence in terms of the confidence in the year, but also confidence in the growth in in MSR in the second half of the year.
然後就本季前六週發生的事情而言，我們可以添加持續的成功，這也讓我們對今年的信心充滿信心，同時也對下半年 MSR 的增長充滿信心今年的。
Great.
偉大的。
If I could just sneak one more and barges that 10% of NSR to free cash flow.
如果我能再偷偷溜一個，並將 NSR 的 10% 注入自由現金流就好了。
Is that in your view, is that sustainable?
您認為這是可持續的嗎？
Can you actually expand that in oh four and 25, 26, 27?
你真的能把它擴展到哦四和25、26、27嗎？
Just curious on how to think about that at that, that free cash flow conversion of NSR going forward.
只是好奇如何思考 NSR 未來的自由現金流轉換。
Thanks.
謝謝。
Sharon Spirit, not not a problem, Mike, and thank you for acknowledging that, that fantastic accomplishment for the enterprise, up 10% to NSR growth.
Sharon Spirit，這不是問題，Mike，感謝您的認可，為企業帶來了巨大的成就，NSR 成長了 10%。
We have 35 to 50,000 projects that are ongoing at any point in time.
我們隨時都有 35 到 50,000 個專案正在進行中。
So it's very hard to be precise to say that's the number we're going to land on what more importantly, what has driven these great results is cash conversion is embedded in the culture and DNA of how our professionals operate.
因此，很難準確地說這就是我們要達到的數字，更重要的是，推動這些偉大成果的因素是現金轉換植根於我們專業人員運作方式的文化和 DNA 中。
It's one of the corporate tenants, and that provides us the confidence to your point that 10% conversion.
它是企業租戶之一，這讓我們對您所說的 10% 轉換率充滿信心。
It is achievable, especially as we move forward, continued margin expansion even on industrial leading margins that we've delivered expectations that our investments will pay dividends leading us to unheard of levels of margin at 17 and 17 plus percent.
這是可以實現的，特別是當我們向前邁進時，即使在行業領先的利潤率上，利潤率也能持續擴張，我們已經實現了我們的投資將帶來股息的預期，從而使我們的利潤率達前所未有的17% 和17% 以上。
All those things bode exceptionally well for great cash conversion at a very high rate.
所有這些都預示著現金轉換率非常高。
And that will be our focus year in year out to have the best cash results, including continue to continue to deliver on that 10% conversion rate.
這將是我們年復一年獲得最佳現金業績的重點，包括繼續實現 10% 的轉換率。
We'll take our next question from the line of Steven Fisher with UBS.
我們將回答瑞銀集團史蒂文費雪的下一個問題。
Please go ahead.
請繼續。
Thanks.
謝謝。
Good morning.
早安.
I just wanted to follow up on in morning.
我只是想早上跟進。
Just wanted to follow up on the growth rate in the pipeline that you have.
只是想跟進您現有管道的成長率。
I thought I heard you mentioned 10%, but if you could kind of remind us what's the growth rate you're seeing in the pipeline of larger pursuits?
我想我聽到你提到了 10%，但你能否提醒我們，你在更大的追求中看到的成長率是多少？
I think it was 20% last quarter, but maybe that was just program management, not sure if you're differentiating between kind of large pursuits in general and program management versus the just trying to clarify a little bit on the.
我認為上個季度是 20%，但也許這只是專案管理，不確定您是否區分一般性的大型追求和專案管理與只是試圖澄清一點。
Yes, the pipeline growth rate.
是的，管道增長率。
Thank you.
謝謝。
Sure.
當然。
Hey, Stephen scar.
嘿，史蒂芬·疤痕。
I'll take that question.
我來回答這個問題。
You're right.
你說得對。
In your recollection, our pipeline year over year, which was pretty robust out when you compare to this time last year, it's up 10% again in all our end markets.
在您的記憶中，我們的頻道逐年成長，與去年同期相比相當強勁，在我們所有的終端市場再次成長了 10%。
And it gives us a lot of confidence, especially when you look at the book to burn in our design business of 1.2 as we exited the year, but as importantly, 50 plus percent win rates overall that we've been capturing for multiple years in a row.
這給了我們很大的信心，特別是當你看到這本書在我們的1.2 設計業務中燃燒時，我們已經結束了這一年，但同樣重要的是，我們多年來一直在捕捉50%以上的總勝率。
And when you look at our larger pursuits, not only the pipeline more abundant with those larger pursuits coming in at higher velocity throughout the year, but our win rates and greater than that when it comes to win rates greater than the 50 plus percent on the larger pursuits greater than 25 million and including program management, where it seems to be we won't has been clearing the deck as those opportunities have come up over the last few years ago.
當你看到我們更大的追求時，不僅管道更加豐富，這些更大的追求全年以更高的速度出現，而且我們的勝率也比這更高，當談到勝率時，勝率超過了50 % 以上。
Gives us a lot of confidence as we march into FY 25.
當我們邁入 25 財年時，這給了我們很大的信心。
Okay.
好的。
That's helpful.
這很有幫助。
And then maybe a question around sort of private sector versus public sector and short term interest rate policy is still a little bit in an open question and also the outlook for the long term rates as well.
然後，關於私營部門與公共部門以及短期利率政策的問題以及長期利率的前景可能仍然是一個懸而未決的問題。
So how do you see the influence there on the private sector?
那麼您如何看待這對私部門的影響？
And when do you think about for business for the next couple of years?
您什麼時候考慮未來幾年的業務？
How do you see private sector versus public sector from here?
從這裡您如何看待私部門與公部門？
So Steve, we actually have optimism obviously, around both.
所以史蒂夫，我們實際上對這兩個問題都持樂觀態度。
There is a again, there's a need for infrastructure.
再次，需要基礎設施。
There's clearly a need for infrastructure that's going to support the expansion in the economy and is going to support the agenda of things like addressing the concerns around resiliency and sustainability message structures.
顯然需要基礎設施來支持經濟擴張，並支持解決有關彈性和永續性資訊結構的擔憂等議程。
Certainly, as you've seen the impact of kind of climate events.
當然，正如您所看到的氣候事件的影響。
So we have an optimism around the governments and we see in our pipeline.
因此，我們對政府抱持樂觀態度，我們在我們的管道中也看到了這一點。
But we also see that within our private customer base and simple places to look for that as you really look at sort of the insatiable need for energy and that, that need is some really exemplifies the significant amount of investment is being made by our private clients.
但我們也看到，在我們的私人客戶群和簡單的地方，當你真正看到對能源的某種永不滿足的需求時，這種需求確實反映了我們的私人客戶正在進行大量投資。
And so where do we sort of look across them?
那我們從哪裡來看待它們呢？
We have optimism around that entire pipeline.
我們對整個管道持樂觀態度。
But the thing that we were hopeful of is that with permitting reform, it will increase the returns for our private clients.
但我們希望的是，透過允許改革，它將增加我們私人客戶的回報。
And in fact, our client, our private clients will have an even larger appetite to invest in the infrastructure they need to support their growth ambitions.
事實上，我們的客戶、我們的私人客戶將有更大的興趣投資於他們所需的基礎設施，以支持他們的成長雄心。
I think you actually just to follow up there.
我認為你實際上只是跟進那裡。
I did want to ask you since you talked about the pulmonary form where you see it having the biggest impact on your business.
我確實想問您，因為您談到了肺部疾病，您認為它對您的業務影響最大。
Is that exactly where you see it on the private sector side now?
這正是您現在在私部門方面看到的情況嗎？
I mean, I know the answer is I see it across the entire portfolio for work that we do, Tom, when you when you sort of look at whether it's private or on publicly funded infrastructure projects, the permitting process can take anywhere from three to six years.
我的意思是，我知道答案是，我在我們所做的整個工作組合中看到了這一點，湯姆，當你考慮它是私人的還是公共資助的基礎設施項目時，許可過程可能需要三到六年。
That's sort of in a statistical industry average.
這相當於統計行業的平均值。
But even beyond that, when you start to look at all of the work that has to get done one to take something from design all the way through construction, there is a significant amount of sort of a government regulatory review that goes on in that process.
但除此之外，當你開始審視從設計一直到施工所必須完成的所有工作時，你會發現在過程中會進行大量的政府監管審查。
So we actually see that as an opportunity as well for simplifying the process.
因此，我們實際上認為這也是簡化流程的一個機會。
So it's it's permitting, but it also extends right into the delivery of the project.
所以這是允許的，但它也延伸到專案的交付。
And so it's a really significant opportunities.
所以這是一個非常重要的機會。
Perfect.
完美的。
Thanks a lot.
多謝。
Thank you.
謝謝。
You.
你。
We'll take our next question from the line of Michael Dudas with Vertical Research.
我們將從垂直研究領域的 Michael Dudas 那裡提出我們的下一個問題。
Please go ahead.
請繼續。
Good morning, gentlemen.
早安，先生們。
Lar, I think, aren't morning in Europe from the new water and by the viral load advisory business that you've created and looking to grow, is that going to be mostly driven by your current account base and you're just adding you're getting more involved than from beginning to end type services?
拉爾，我認為，歐洲的早晨不是來自新水和您創建並希望增長的病毒載量諮詢業務，這主要是由您的經常賬戶基礎驅動的，而您只是添加您比從頭到尾類型的服務更多參與嗎？
Or is there opportunities away from your existing clients?
或者您現有的客戶還有機會？
I'm sure it's both, but where the program management can be much more impactful, especially with some of your non you U.S. government clients as you're looking to grow that program management business?
我確信兩者都是，但是專案管理在哪裡可以更具影響力，特別是當您希望發展專案管理業務時，尤其是對於一些非美國政府客戶？
Yes, thanks for the question, Mike.
是的，謝謝你的提問，麥克。
It was a lot of excitement about this news in that some of our new later at John Hopkins is up to a flying start.
這個消息讓我們非常興奮，因為我們在約翰霍普金斯大學的一些新人即將迎來一個好的開始。
Any banking flakes bet on the ThinTouch positivity internally and externally intensive on this new business for us than the aspiration that we have looked at.
任何銀行業人士都押注於 ThinTouch 對我們這項新業務的內部和外部積極性，而不是我們所期望的。
And to answer the question is by and we obviously have very strong coverage across many on municipal water clients.
要回答這個問題，我們顯然對許多市政供水客戶有很強的覆蓋範圍。
Incident possibilities in the federal segment were also at that at the leading by air, but obviously opportunities in the private sector.
聯邦部門發生事故的可能性也以空運為主，但私部門顯然也有機會。
And we look at the core markets, certainly opportunity to take more market share at the municipal space and where their freight in the U.S. alone.
我們著眼於核心市場，當然有機會在市政空間以及僅在美國的貨運中佔據更多市場份額。
For example, there are 500 municipal water utilities that setting populations and a half million people in each of them require substantial digital investment to modernize their operations that all of these existing clock on have challenged in terms of water supply optimization.
例如，有 500 家市政供水公司，每家都有 50 萬人，需要大量的數位投資來實現營運現代化，而所有這些現有的供水公司在供水優化方面都面臨挑戰。
So at the time is right that this new business and the fact that their existing clients and these opportunities will not translate on many other clients in the municipal space on augurs well for us and also in the UK.
因此，現在正是時候，這項新業務以及他們現有的客戶和這些機會不會轉化為市政領域的許多其他客戶這一事實對我們和英國來說都是個好兆頭。
And then just the anticipation around the Double E. ON play we've looked at coming with the and bank by bank.
然後就是對 Double E.ON 的期待，我們已經看到了逐一銀行的到來。
I mentioned earlier, our positioning and alignment our win rate in terms of a very important finalists.
我之前提到過，我們的定位和勝率對於非常重要的決賽入圍者來說是一致的。
Again, these clients will benefit directly from this new business that we've established.
同樣，這些客戶將直接從我們建立的這項新業務中受益。
We deliberately employees to really capitalize on the timing of standing at the same advisory opportunity with super excited about it.
我們故意讓員工真正利用這個機會，並對此感到非常興奮。
Excellent.
出色的。
Thank you.
謝謝。
Thank you.
謝謝。
Our next question will come from the line of Kevin Wilson with Truist Securities.
我們的下一個問題將來自 Truist Securities 的 Kevin Wilson。
Please go ahead.
請繼續。
Hey, good morning.
嘿，早安。
Thanks for the time.
謝謝你的時間。
I'm following up on the water and environment advisory business from.
我正在跟進水和環境諮詢業務。
I think you spoke to that sort of lower level of investment required.
我認為您談到了所需的較低投資水平。
But I'm wondering in our understanding of the higher margin area, can you speak to sort of the level of business development spending on reinvestment in the business?
但我想知道，根據我們對較高利潤率領域的理解，您能否談談業務再投資的業務發展支出水準？
They are setting and how that potentially may be ways on margins in the shorter term?
他們正在設定以及短期內這可能會如何影響利潤率？
Yes, it takes them a discount.
是的，他們需要折扣。
I'll take that question.
我來回答這個問題。
In terms of lower level of investment.
在投資水準較低方面。
That comment is just a comparative to if we were to do a very expensive M&A, which would be in this type of space.
該評論只是與我們在此類領域進行非常昂貴的併購進行比較。
We've proven our track record, including program, prudent management that we're able to make very smart investments through our P&L by attracting great market reach resources and professionals to drive this organically.
我們已經證明了我們的業績記錄，包括計劃、審慎的管理，我們能夠透過我們的損益表吸引大量的市場資源和專業人士來有機地推動這一目標，從而進行非常明智的投資。
Right.
正確的。
If you look at our program management business of 4.5 years ago, that was less than 3% of our overall NSR, and it's now almost 15% of our overall NSR based on the organic investments.
如果你看看 4.5 年前我們的專案管理業務，它只占我們整體 NSR 的不到 3%，而現在基於有機投資，它幾乎占我們整體 NSR 的 15%。
So not to say that they're low investments, but comparatively, but the investments we make our organic and drive very high ROI, in fact, close to 40 plus percent.
所以並不是說它們的投資很低，而是相對而言，但我們進行的有機投資並帶來非常高的投資報酬率，事實上，接近 40% 以上。
And we look at what does the specific investments?
我們來看看具體的投資有哪些？
It's all included in our guidance because it's all going through our income statement.
這些都包含在我們的指導中，因為它們都包含在我們的損益表中。
We don't break out individually what an investment cost, but that's again, is what we build on.
我們不會單獨列出投資成本，但這又是我們的基礎。
It gives us confidence to continue to be the industry leader and continue to separate ourselves in margin delivery out a few years ago, nobody thought 13% was possible.
這讓我們有信心繼續成為行業領導者，並繼續在保證金交付方面脫穎而出，幾年前沒有人認為 13% 是可能的。
two years ago, nobody thought 15% was possible.
兩年前，沒有人認為 15% 是可能的。
We're going to deliver 17 and continue to march forward from that 17 plus percent.
我們將交付 17%，並從 17% 以上繼續前進。
Thanks.
謝謝。
That's helpful.
這很有幫助。
And then my second question, I'm wondering if you could speak to if you see consolidation opportunity in this space among infrastructure services, professional services firms?
然後我的第二個問題，我想知道您是否看到基礎設施服務、專業服務公司在這個領域的整合機會？
And if so, why are there scale benefits from all of the biggest risks to something like that in Europe?
如果是這樣，為什麼歐洲類似的事情面臨的所有最大風險都能帶來規模效益？
And I'm sort of relate to that add.
我對這個補充有點了解。
To what extent do you think M&A or portfolio optimization from peers are trading opportunities Raycom to to gain share as peers, commodities distracted tax?
您認為同業的併購或投資組合優化在多大程度上是融康科技獲得同業份額、商品分散稅收的交易機會？
So yes, it's difficult for us.
所以，是的，這對我們來說很困難。
It's difficult to talk about what other people's ambitions are, but I can talk about our own.
很難談論別人的抱負是什麼，但我可以談論我們自己的抱負。
And so first of all, the way we think about this is if you're going to do M&A, is there a need for is there a need to do it?
首先，我們思考這個問題的方式是，如果你要進行併購，是否有必要這麼做？
And so first of all, if you are already number one and all the marketplaces that you serve, is there a need to do acquisitions to kind of grow Jan can grow your capability?
因此，首先，如果您已經是第一，並且您所服務的所有市場都是第一，是否需要進行收購以提高您的能力？
We don't think so.
我們不這麼認為。
We do believe that you do need scale to invest in the future of this business.
我們確實相信您確實需要規模來投資該業務的未來。
There are some trends on.
有一些趨勢。
I wouldn't even say there are some trends.
我什至不會說有一些趨勢。
There are investments that we are making investments that need to be made in the industry to keep up with us.
我們正在進行一些投資，需要在行業中進行投資才能跟上我們的步伐。
The fact is that we are going to transform the way that we deliver work.
事實上，我們將改變我們交付工作的方式。
And secondly, due to the question does it really makes sense to do an acquisition to acquire more people in a business in a business where effect in the long term, you're going to need less people to deliver the same amount of work?
其次，由於這樣的問題，在一家企業中進行收購以獲取更多人員是否真的有意義，從長遠來看，您將需要更少的人員來完成相同數量的工作？
So we look at business.
所以我們看業務。
So we're focused on growing the business organically organically, transforming the way that we're going to deliver work in the future and extend our vision of actually expanding on how we serve our clients by growing and advisory and by continuing to grow program management.
因此，我們專注於有機地發展業務，改變我們未來交付工作的方式，並擴展我們的願景，即透過發展和諮詢以及繼續發展專案管理來實際擴展我們為客戶服務的方式。
So organic investments is where we think it's important to have to be focused.
因此，我們認為必須專注於有機投資。
Now the other the other issue is when you when you look at making an acquisition in today's market, the prices are very expensive.
現在另一個問題是，當你考慮在當今市場進行收購時，價格非常昂貴。
And so it just again, just in terms of return model, it doesn't make any sense to do that, especially when we're actually deploying capital and and compounding our existing earnings so that we're delivering at least the last four years, we're delivering compound EPS growth in excess of 20%.
因此，就回報模型而言，這樣做沒有任何意義，特別是當我們實際部署資本並複合現有收益以便我們至少在過去四年實現盈利時，我們的每股收益複合增長率超過 20%。
And so that's where we see the greatest opportunity to deploy capital.
因此，這就是我們看到部署資本的最佳機會的地方。
Is there going to be an opportunity for others in the industry possibly, but that's not where we're focused on.
該行業的其他人是否可能有機會，但這不是我們關注的重點。
And we also view that the scarcest resource that we have in the business is actually management time and our management team is dedicated to it.
我們也認為，我們在業務中擁有的最稀缺資源實際上是管理時間，我們的管理團隊致力於此。
I just described.
我剛才描述了。
If we were to do participate a large acquisition, it would absolutely detract from how management is spending their time to continue to create a competitive advantage.
如果我們確實參與一項大型收購，那絕對會影響管理層花時間繼續創造競爭優勢的方式。
So that's our focus.
這就是我們的重點。
Thank you.
謝謝。
Our next question will come from the line of Adam Thalhimer with Thompson Davis & Company.
我們的下一個問題將來自 Thompson Davis & Company 的 Adam Thalhimer。
Please go ahead.
請繼續。
Hey, good morning, guys.
嘿，早上好，夥計們。
Nice quarter.
不錯的季度。
Thank you, guys.
謝謝你們，夥計們。
Why did you guys see any caution in the US in the months leading up to the election from public or private sector clients?
為什麼你們在美國大選前的幾個月看到公營或私部門客戶的謹慎態度？
And I'm just curious if that was the case on, are you seeing any signs of improvement there?
我只是好奇如果情況確實如此，您是否看到任何改善的跡象？
We really didn't see any any signs from Ben Pham from our clients, whether they were private or whether they were a public sector.
我們確實沒有從我們的客戶那裡看到 Ben Pham 的任何跡象，無論他們是私營部門還是公共部門。
Clients want things we did observe, though, as we said, this is that from what you're focused on larger project awards, we've been focused on that and winning a lot of larger project awards is that the process from to bid in the process to award in the process to contract takes a little bit longer.
客戶想要我們確實觀察到的東西，不過，正如我們所說，這是從您專注於較大的專案獎項來看，我們一直專注於這一點，並贏得了很多較大的專案獎項，這是從投標到投標的過程合約簽訂過程中的授予過程需要更長的時間。
So we didn't see anything unusual, but that was really what we saw in our business as a result of our focus on kind of what we describe as winning the things to winning the things that matter a larger icon for larger programs.
所以我們沒有看到任何不尋常的事情，但這確實是我們在我們的業務中看到的，因為我們專注於我們所描述的贏得事物，以贏得對大型項目來說更重要的更大圖標。
Okay, interesting.
好吧，有趣。
Thanks.
謝謝。
And then I wanted to ask on the construction management issue that you called out.
然後我想問你提到的施工管理問題。
I'm curious if that was a one-off issue or is that or is that a reflection of the state of the industry as a whole?
我很好奇這是否是一次性問題，還是整個產業狀況的反映？
Hey, Adam, just got.
嘿，亞當，剛到。
I'll take that question.
我來回答這個問題。
That was a one-off issue.
那是一個一次性的問題。
We haven't experienced that ever.
我們還沒有經歷過這樣的事情。
And as I said in my comments, my prepared remarks in anytime there's a situation where a client will trying to push onerous risks gone to us.
正如我在評論中所說，每當出現客戶試圖將繁重的風險推給我們的情況時，我都會準備好評論。
We will walk away.
我們會走開。
We have no interest in taking onerous risk.
我們沒有興趣承擔巨大的風險。
The great thing is any given point in time, again, something I alluded to earlier, we have 35 to 50,000 projects ongoing and not one project is ever material.
偉大的事情是任何給定的時間點，我之前提到過，我們有 35 到 50,000 個項目正在進行，但沒有一個項目是實質性的。
So we will manage, but we will continue to employ our risk management and continue to deliver organic growth.
因此，我們將進行管理，但我們將繼續採用風險管理並繼續實現有機成長。
And as importantly, Troy mentioned in his comment to Kevin 21% EPS compounded kegger over a five-year period.
同樣重要的是，特洛伊在對凱文的評論中提到，五年內複合每股收益達到 21%。
And I just wanted to add to Gary's comment.
我只是想補充一下加里的評論。
I think it's I think it's not necessarily the project itself.
我認為這不一定是項目本身。
But I think it's also important to recognize that at some this is something built into the culture of organization is we're going to continue to make again, really thoughtful decisions about how we manage the risk in our business and we manage the risk around projects and that when we are uncomfortable with that, we're willing to again, not chase and not chase revenue, not chase revenue growth were sometimes that would be to your detriment the long term.
但我認為認識到這一點也很重要：在某些情況下，這是組織文化中的一部分，我們將繼續就如何管理業務風險以及如何管理專案風險做出深思熟慮的決定當我們對此感到不舒服時，我們願意再次，不追逐，不追逐收入，不追逐收入成長，有時這會對您造成長期損害。
So again, that's a that's a really important part of what's become our culture.
再說一遍，這是我們文化中非常重要的一部分。
And then just real quickly, just staying on that theme, could you actually make a case to the opposite that the Construction Management business is about to get better for the next couple of years?
然後，很快地，只停留在這個主題上，你真的能提出相反的理由，即建築管理業務將在未來幾年變得更好嗎？
All I have no doubt that it's getting better for the next couple of years.
我毫不懷疑未來幾年情況會變得更好。
And the reason is, um, you know, we've won a we've won a pretty significant amount of work over the course of the last few quarters, and we have good visibility into the future.
原因是，嗯，你知道，我們在過去幾個季度中贏得了相當多的工作，而且我們對未來有很好的預見性。
But in construction management, when you when you win projects, there's typically a start-up phase and that startup phase can take anywhere from nine months to a year, we think about as preconstruction.
但在施工管理中，當您贏得專案時，通常會有一個啟動階段，該啟動階段可能需要九個月到一年的時間，我們將其視為施工前。
And during that phase, they are smaller projects on their sort of on a time and materials basis.
在此階段，它們在時間和材料方面都是較小的項目。
They don't have have significant margins in them, but you then get to the point where you move from that preconstruction phase to award and all of a sudden your backlog expands and you have big projects that show up that you deliver for the next four or five years.
他們沒有顯著的利潤，但你會從施工前階段轉向授標階段，突然間你的積壓工作就會擴大，並且你有大型專案顯示你將在接下來的四個階段交付或五年。
And so no, but that business has had some fairly significant wins were in preconstruction phase.
所以不，但該業務在施工前階段已經取得了一些相當重大的勝利。
And so it gives the impression perhaps that the backlog isn't as strong as we believe it to be, but it will become visible in the short period of time.
因此，它給人的印像也許是，積壓的情況並不像我們想像的那麼嚴重，但它會在短時間內變得明顯。
Good color.
顏色好。
Thank you.
謝謝。
And that will conclude our question and answer session.
我們的問答環節就到此結束。
I'll turn the call back over to Troy Rudd, CEO for closing remarks.
我將把電話轉回首席執行官特洛伊·拉德 (Troy Rudd) 致閉幕詞。
Thank you.
謝謝。
Again, thank you, everyone, for joining the call today.
再次感謝大家今天加入電話會議。
And I want to close by just thanking all of the people at a come for the very significant contributions effort that takes energy.
最後，我想感謝所有的人，感謝他們付出的巨大貢獻和努力。
And of course, of this year and and what they're doing as we already start entering into this new fiscal year.
當然，今年以及他們正在做什麼，因為我們已經開始進入這個新的財政年度。
Again, I thank you all and thanks again, and we'll talk to you next quarter.
我再次感謝大家，再次感謝，我們將在下個季度與您交談。
Thank you all for joining today's call.
感謝大家參加今天的電話會議。
You may now disconnect.
您現在可以斷開連線。
I mean, I mean.
我是說，我是說。