AECOM (ACM) 2025 Q1 法說會逐字稿

Good morning, and welcome to the AECOM first-quarter 2025 conference call.

早上好，歡迎參加 AECOM 2025 年第一季電話會議。

I would like to inform all participants that this call is being recorded at the request of AECOM.

我想告知所有參與者，本次通話是應 AECOM 的要求進行錄音的。

This broadcast is the copyrighted property of AECOM.

本次廣播的版權歸 AECOM 所有。

Any rebroadcast of this information in whole or part without the prior written permission of AECOM is prohibited.

未經 AECOM 事先書面許可，禁止全部或部分轉播該資訊。

As a reminder, AECOM is also simulcasting this presentation with slides at the Investors section at www.aecom.com.

提醒一下，AECOM 也將在 www.aecom.com 的投資者部分透過投影片同步播放此簡報。

(Operator Instructions)

（操作員指令）

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

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)。

Thank you, operator.

謝謝您，接線生。

I would like to direct your attention to the Safe Harbor statement on page 1 of today's presentation.

我想請大家注意今天簡報第 1 頁的安全港聲明。

Today's discussion contains forward-looking statements about future business and financial expectations.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。

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.

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很大差異。

Except as required by law, we undertake no obligation to update our forward-looking statements.

除法律要求外，我們不承擔更新前瞻性聲明的義務。

We use certain non-GAAP financial measures in our presentation.

我們在演示中使用了某些非 GAAP 財務指標。

The appropriate GAAP reconciliations are incorporated into our materials, which are posted to our website.

適當的 GAAP 對帳已納入我們的資料中，並發佈到我們的網站上。

Growth rates are presented on a year-over-year basis unless otherwise noted.

除非另有說明，成長率均以年比計算。

Any reference to segment margins or segment adjusted operating margins reflects the performance for the Americas and International segments.

對分部利潤率或分部調整後營業利潤率的任何提及均反映了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.

在討論收入和收入成長時，我們將參考淨服務收入（NSR），其定義為不包括轉嫁收入的收入。

NSR growth rates are presented on a constant currency basis unless otherwise noted.

除非另有說明，NSR 成長率以固定匯率計算。

Today's remarks will focus on continuing operations.

今天的演講將重點討論持續經營問題。

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、我們的策略以及我們的業務前景。

Lara Poloni, our President, will discuss key operational successes and priorities.

我們的總裁 Lara Poloni 將討論關鍵的營運成功和優先事項。

And Gaurav Kapoor, 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 Gaurav Kapoor 將更詳細地審查我們的財務表現和前景。

We will conclude with a question-and-answer session.

我們將以問答環節結束。

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

說完這些，我現在將電話轉給特洛伊。

Troy?

特洛伊？

Thank you, Will, and thank you, everyone, for joining us today.

謝謝威爾，也謝謝大家今天的參與。

I would like to start by acknowledging the devastation caused by the fires in Southern California.

首先，我要承認南加州火災造成的破壞。

We are relieved to report that all of our employees in the region are safe.

我們欣慰地報告說，該地區的所有員工都很安全。

However, we recognize that the community will face significant challenges during what is anticipated to be a prolonged recovery period.

然而，我們認識到，在預計的長期恢復期內，社區將面臨重大挑戰。

We are committed to providing direct support to our teams and the affected areas in the L.A. Metro Region.

我們致力於為我們的團隊和洛杉磯大都會地區受災地區提供直接支援。

As the rebuilding process gets underway, our highly skilled teams are well equipped to assist our clients with the recovery and reconstruction efforts throughout the region.

隨著重建過程的進行，我們技術精湛的團隊已做好充分準備，協助我們的客戶進行整個地區的恢復和重建工作。

We pride ourselves on having the best workplace culture in the industry.

我們為擁有業內最好的工作場所文化而感到自豪。

I am pleased to report our efforts are paying off.

我很高興地報告我們的努力正在獲得回報。

Last week, we were named for the 11th consecutive year on Fortune's World's Most Admired Companies list, including being featured as the number one ranked company in our industry.

上週，我們連續第 11 年被《財星》雜誌評為全球最受讚賞公司，並被評為業界第一名。

In addition, employee engagement reached a new all-time high in our recent firm-wide survey, which is directly linked to employee satisfaction and the results in strong employee retention.

此外，在我們最近的全公司調查中，員工敬業度達到了歷史新高，這與員工滿意度直接相關，並帶來了強勁的員工留任率。

Before we discuss our first-quarter performance, I would like to share some insights regarding our end markets and client exposure, which underscore our confidence in fiscal 2025 and beyond.

在我們討論第一季的業績之前，我想分享一些關於我們的終端市場和客戶曝光的見解，這強調了我們對 2025 財年及以後的信心。

First and foremost, our business is highly diverse, eliminating reliance on any single market or client.

首先，我們的業務高度多樣化，不再依賴任何單一市場或客戶。

As we detailed last quarter, the EPA and USAID together account for only 50 basis points of our trailing 12 months revenue and reflect a similar proportion in our pipeline and backlog.

正如我們上個季度所詳述的那樣，美國環保署和美國國際開發署加起來只占我們過去 12 個月收入的 50 個基點，並且在我們的管道和積壓訂單中也佔了類似比例。

Notably, the Inflation Reduction Act is not material to us.

值得注意的是，《通貨膨脹削減法案》對我們來說並不重要。

The majority of our US Federal engagements revolve around essential and mission critical services for the Department of Defense, where we anticipate strong funding growth in the coming years.

我們與美國聯邦政府的大部分合作都圍繞著國防部的基本和關鍵任務服務，我們預計未來幾年這些方面的資金將強勁增長。

Consequently, we expect any disruptions stemming from the temporary freezes or 90-day reviews to be negligible and short term, a sentiment reflected in our increased financial guidance for fiscal 2025.

因此，我們預計由暫時凍結或 90 天審查引起的任何干擾都將是微不足道且短暫的，這一觀點在我們增加 2025 財年的財務指導中有所體現。

Looking ahead, we anticipate opportunities arising from the new administration's commitment to a robust new economy, supported by prudent deregulation and a push for energy independence that positions the US as an attractive destination for capital investment and growth.

展望未來，我們預計新政府將致力於發展強勁的新經濟，並輔以審慎的放鬆管制和推動能源獨立，將為美國帶來機遇，從而使美國成為資本投資和增長的有吸引力的目的地。

World class infrastructure is at the heart of these objectives.

世界一流的基礎設施是這些目標的核心。

Turning to our first-quarter performance.

談談我們第一季的業績。

NSR increased by 5.5%, which was slightly ahead of our expectations.

NSR 增加了 5.5%，略高於我們的預期。

Growth was strongest in our largest and most profitable segment, the Americas, where NSR increased by 9% in the design business.

我們規模最大、利潤最高的市場美洲區成長最為強勁，該區設計業務的 NSR 成長了 9%。

The segment adjusted operating margin increased by 40 basis points, exceeding our annual guidance for a 30 basis point increase.

該部門調整後的營業利潤率增加了 40 個基點，超過了我們預計的 30 個基點的年度增幅。

Our consistently strong and industry-leading margins enhance our competitive advantage, allowing us to invest in business development and growth initiatives, including in our water and environment advisory and disaster response practices.

我們持續強勁且領先業界的利潤率增強了我們的競爭優勢，使我們能夠投資於業務發展和成長計劃，包括我們的水和環境諮詢以及災害應變實踐。

Adjusted EBITDA rose by 8% and while adjusted EPS increased by 25%.

調整後的 EBITDA 成長了 8%，調整後的 EPS 成長了 25%。

The year-over-year growth in EPS benefited from a lower tax rate compared to the prior year.

每股盈餘較去年同期成長得益於與上一年相比較低的稅率。

When adjusting for this variance, EPS increased by 14%.

調整此差異後，每股收益增加了 14%。

It's important to note that the lower first quarter tax rate was due to the timing of items that were contemplated in our initial tax rate guidance, which is unchanged at approximately 24%.

值得注意的是，第一季稅率較低是由於我們初始稅率指引中考慮的項目的時間安排，該稅率保持不變，約為 24%。

We also had strong cash flow.

我們的現金流也強勁。

Free cash flow increased by 28%, and we returned $55 million to shareholders through repurchases and dividends.

自由現金流增加了28％，我們透過回購和股利向股東返還了5,500萬美元。

Turning to our backlog and pipeline.

轉向我們的積壓訂單和管道。

Backlog in the design business increased by 5%, including 7% growth in the Americas.

設計業務積壓訂單增加了5%，其中美洲地區成長了7%。

As a result, total backlog achieved a new all-time high.

結果，總積壓訂單量創下了歷史新高。

Importantly, our pipeline is also at a record and included double-digit growth in later stages pursuits as we remain on a multiyear growth cycle.

重要的是，我們的產品線也創下了紀錄，其中包括後期階段的兩位數成長，因為我們仍處於多年的成長週期。

To reiterate, we have less than 1% exposure in our pipeline to the areas expected to be under the most budget pressure, including EPA and USAID.

需要重申的是，我們在預算壓力最大的領域（包括環保署和美國國際開發署）的投資佔不到 1%。

As our consistently strong performance demonstrates, we have created a competitive advantage, which is apparent in several ways.

正如我們一貫強勁的表現所表明的那樣，我們已經創造了競爭優勢，這在多個方面都有所體現。

First, we are winning at a record rate and gaining market share.

首先，我們正在以創紀錄的速度獲勝並不斷擴大市場份額。

In fact, we had a 100% win rate in our largest and most strategic pursuits in the first quarter.

事實上，我們在第一季最大、最具戰略意義的追求中的成功率達到了 100%。

This consistently high success rate reflects our technical expertise and scale as evidenced by our number one rankings by ENR in water, environment, transportation, and facilities markets, and the deliberate approach we bring to each client and pursuit to create an advantage.

持續的高成功率反映了我們的技術專長和規模，這一點從我們在水、環境、交通和設施市場 ENR 排名中位居第一以及我們為每位客戶採取的慎重態度和追求創造優勢可以看出。

Second, we are expanding our addressable market with highly complementary professional services that build on our existing technical expertise and create an even greater value proposition for our clients.

其次，我們正在透過高度互補的專業服務來擴大我們的目標市場，這些服務以我們現有的技術專長為基礎，為我們的客戶創造更大的價值主張。

The substantial growth over the past several years in our program management business is a great example of the opportunity.

過去幾年我們專案管理業務的大幅成長就是一個很好的機會例證。

Today, we are investing in our next $1 billion NSR platform, Water & Environment Advisory, which has similar characteristics to program management with growing client demand for added services that leverage our domain expertise.

今天，我們正在投資下一個價值 10 億美元的 NSR 平台——水與環境諮詢平台，該平台具有與專案管理類似的特徵，並且客戶對利用我們領域專業知識的附加服務的需求不斷增長。

This business generates approximately $200 million annually in net revenue, and we expect to double that in the next three years.

這項業務每年創造約 2 億美元的淨收入，我們預計未來三年將翻倍。

Third, our margins continue to lead our industry, and we're committed to further expansion.

第三，我們的利潤率持續領先產業，我們致力於進一步擴張。

Our strong margins are the direct result of the technical value we deliver to our clients as well as our global delivery and scale advantages.

我們強勁的利潤率直接得益於我們為客戶提供的技術價值以及我們的全球交付和規模優勢。

This profitability creates the capital to invest in AI, digital delivery and our greater higher-margin advisory capabilities.

這種獲利能力創造了投資人工智慧、數位交付和更高利潤的諮詢能力的資本。

We remain confident in delivering a 17% margin exiting fiscal 2026 and in achieving meaningfully higher margins over time.

我們仍然有信心在 2026 財年實現 17% 的利潤率，並隨著時間的推移實現更高的利潤率。

Finally, our returns-based capital allocation policy is a key driver of shareholder value creation and compounds the benefits of our strong operating performance.

最後，我們基於回報的資本配置政策是股東價值創造的關鍵驅動力，並加劇了我們強勁的營運績效帶來的好處。

We allocate time and capital to the highest returning opportunities and return substantially all available earning cash flow to shareholders.

我們將時間和資本分配給回報最高的機會，並將幾乎所有可用的獲利現金流回饋給股東。

We have nearly $1 billion remaining under our existing share repurchase authorization and have grown our dividend at a 20% CAGR over the past three years, which leads our industry by several multiples.

我們現有的股票回購授權餘額接近 10 億美元，過去三年來我們的股息以 20% 的複合年增長率增長，領先於行業平均水平數倍。

Turning to a review of our end markets.

轉向對我們的終端市場的回顧。

The secular growth drivers of investment in infrastructure, sustainability, resilience and energy are gaining momentum.

基礎設施、永續性、復原力和能源投資等長期成長動力正在增強。

In the US, our largest market, these drivers are apparent in the priorities of the Trump administration, including declaring a national energy emergency and creating incentives to attract capital investment to the US.

在我們最大的市場美國，這些驅動因素在川普政府的優先事項中顯而易見，包括宣布國家能源緊急狀態和創造激勵措施以吸引資本投資到美國。

This includes the potential for permitting reform, which we have long supported as a means of accelerating project timelines and reducing costly delays and in turn, will attract more capital to the industry.

這包括許可改革的可能性，我們長期以來一直支持這項改革，認為它可以加快專案進度、減少代價高昂的延誤，進而吸引更多資本進入該行業。

Across our International markets, long-term trends remain favorable.

在我們的國際市場中，長期趨勢仍然良好。

In the UK, the final determination of the multiyear AMP8 water investment period came in higher than expected at more than GBP100 billion.

在英國，AMP8多年水務投資期間的最終確定金額高於預期，超過1,000億英鎊。

We won 100% of our recompetes as well as positions on several new frameworks that position us to expand our market share.

我們在重新競爭中贏得了 100% 的勝利，並在幾個新框架中佔據一席之地，這使我們能夠擴大市場份額。

Additionally, investments in energy and electric transmission infrastructure remain strong.

此外，對能源和電力傳輸基礎設施的投資仍然強勁。

Our positions on key transportation frameworks create additional visibility.

我們在關鍵交通框架上的立場創造了額外的知名度。

In the Middle East, growth continues to be strong, supported by key priority investments in Saudi Arabia as well as growth in the UAE.

在中東，成長持續強勁，得益於沙烏地阿拉伯的關鍵優先投資以及阿聯酋的成長。

Importantly, investments to support upcoming global events, such as the World Cup and Expo 2030, continue to create new opportunities for which we are ideally suited.

重要的是，對即將舉行的全球性盛事（如世界盃和 2030 年世博會）的投資將繼續為我們創造新的機會。

More broadly, against a backdrop of change the inherent attributes of our professional services business position us for continued success.

更廣泛地說，在變革的背景下，我們專業服務業務的固有屬性使我們能夠繼續取得成功。

First, our backlog and pipeline of opportunities are at a record level, creating strong visibility and certainty.

首先，我們的積壓訂單和機會管道達到了創紀錄的水平，創造了強大的可見度和確定性。

Second, we are expanding our addressable market.

第二，我們正在擴大我們的目標市場。

Third, we have a highly variable cost model.

第三，我們有一個高度變動的成本模型。

Fourth, we have an agile workforce.

第四，我們擁有一支敏捷的員工團隊。

More than 70% of our professionals can work across disciplines, which allows us to quickly pivot resources to the highest growth opportunities.

我們 70% 以上的專業人員可以跨學科工作，這使我們能夠快速將資源轉移到最高的成長機會。

Finally, we have a strong balance sheet with low leverage and strong cash flow, which gives us the ability to be opportunistic and operate with certainty.

最後，我們擁有強勁的資產負債表，槓桿率低，現金流強勁，這使我們能夠抓住機會並確定性地運作。

Our confidence is underscored in our increased guidance for fiscal 2025, in which we expect another year of record revenue, margins, and earnings, with continued strong free cash flow conversion.

我們上調了 2025 財年的預期，這突顯了我們的信心。

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

說完這些，我將把電話轉給 Lara。

Thanks, Troy.

謝謝，特洛伊。

We are off to a strong start to the year, reflecting the benefits of our Think and Act Globally strategy and our technical advantage, which is cited as the key reason we are selected on more than 90% of our largest wins.

我們今年開局表現強勁，體現了我們的「全球化思考與行動」策略和技術優勢，這也是我們在 90% 以上最大訂單中脫穎而出的關鍵原因。

As we navigate our markets, we see that project size and complexity continue to rise, presenting challenges for our clients, but also significant growth opportunities for us.

隨著我們不斷探索市場，我們發現專案規模和複雜性不斷上升，這給我們的客戶帶來了挑戰，但也為我們帶來了巨大的成長機會。

To capitalize on these opportunities, we have expanded our high-margin professional services, including the rapid growth of our program management capabilities over the last several years.

為了利用這些機會，我們擴展了高利潤的專業服務，包括過去幾年來專案管理能力的快速成長。

I am pleased to report that our program management business has increased threefold in the past four years and now accounts for over 15% of our total revenue.

我很高興地報告，我們的專案管理業務在過去四年中成長了三倍，現在占我們總收入的15％以上。

In fact, one of our largest wins in the quarter was for a program management award to support the Toronto Pearson International Airport’s capital improvement program.

事實上，本季我們獲得的最大獎項之一是獲得支持多倫多皮爾遜國際機場資本改善計畫的專案管理獎。

Our success resulted from an early advisory role helping the client with environmental master planning, which further informed a deeper understanding of the clients' needs for the larger program management opportunity.

我們的成功源自於早期作為顧問的角色，幫助客戶進行環境總體規劃，這進一步使我們更深入地了解客戶對更大的專案管理機會的需求。

This project draws on elements of all four of our major business lines, which further cemented our advantage by being able to bring multifaceted expertise to the client.

本專案借鑒了我們四大主要業務線的元素，進一步鞏固了我們能夠為客戶提供多方面專業知識的優勢。

This project is a great example of the competitive advantage we have built in the market.

該項目是我們在市場上建立的競爭優勢的一個很好的例子。

Looking ahead, we are actively investing in what we anticipate will become our next $1 billion growth platform through our Water & Environment Advisory business.

展望未來，我們正在透過水和環境諮詢業務積極投資我們預計將成為下一個 10 億美元成長平台的平台。

Similar to program management, this advisory service complements our established technical strengths and addresses the growing client demand for infrastructure-informed advisory services.

與專案管理類似，這項諮詢服務補充了我們現有的技術優勢，並滿足了客戶對基礎設施諮詢服務日益增長的需求。

I'm pleased to report that the Water & Environment Advisory business has already reached several key milestones.

我很高興地報告，水和環境諮詢業務已經達到了幾個重要的里程碑。

Last quarter, we appointed a leader, Jill Hudkins, who brings a wealth of experience and expertise to AECOM.

上個季度，我們任命了一位領導者 Jill Hudkins，她為 AECOM 帶來了豐富的經驗和專業知識。

Over the past few months, we have made several senior hires that further enhance our credibility in the space, we have had key wins, and we are pursuing a robust pipeline of opportunities.

在過去的幾個月裡，我們招募了幾名高階管理人員，進一步提高了我們在該領域的信譽，我們取得了關鍵的勝利，並且我們正在尋求強大的機會管道。

Client feedback has been overwhelmingly positive, emphasizing the unique value our technical expertise adds to the advisory space.

客戶的回饋非常積極，強調了我們的技術專長為諮詢領域帶來的獨特價值。

In recent months, we have further evaluated the market opportunity and are increasingly confident in the growth potential of the underserved white space that exists in the market.

最近幾個月，我們進一步評估了市場機會，並且對市場上存在的服務不足的白色空間的成長潛力越來越有信心。

Last quarter, we highlighted a significant opportunity in the $70 billion digital water market as clients seek our guidance and expertise for their digital and automation investments.

上個季度，我們強調了價值 700 億美元的數位水務市場中存在的巨大機遇，因為客戶尋求我們對其數位和自動化投資的指導和專業知識。

This quarter, I want to highlight the opportunity in the non-revenue water market, which refers to water that is unaccounted for and goes unpaid.

本季度，我想強調非收入水市場的機會，這指的是未記名和未付款的水。

Annually, the amount of water loss is equivalent to the total usage of Germany, France, Spain, Italy, and the UK combined, which S&P estimates costs our clients nearly $200 billion annually in lost revenue.

每年的水損失量相當於德國、法國、西班牙、義大利和英國的水使用量總和，標準普爾估計，這導致我們的客戶每年損失近 2000 億美元的收入。

This growing challenge positions us well to provide higher-end advisory services.

這項日益嚴峻的挑戰使得我們有能力提供更高階的諮詢服務。

Recently, we were selected by a major US water client for a significant advanced metering project.

最近，我們被美國一家大型水務客戶選中，負責一項重要的先進計量專案。

Given the age and declining accuracy of existing metering infrastructure, investing in more advanced metering technology has become a priority for our water clients.

鑑於現有計量基礎設施的老化和準確性下降，投資更先進的計量技術已成為我們水務客戶的首要任務。

As a result, we have already developed a substantial pipeline in this market and are excited about the promising growth potential that lies ahead.

因此，我們已經在這個市場開發了大量產品線，並對未來光明的成長潛力感到興奮。

Over time, we expect program management and advisory services to represent at least 50% of our business.

隨著時間的推移，我們預計專案管理和諮詢服務將占我們業務的至少 50%。

As evidenced by our early successes and expanding pipeline, we are more confident than ever about the opportunities that await us.

從我們早期的成功和不斷擴大的管道可以看出，我們對於即將到來的機會比以往任何時候都更有信心。

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

說完這些，我會把電話轉給 Gaur。

Thanks, Lara.

謝謝，拉拉。

I'm pleased to report strong results to start the year.

我很高興地向大家報告今年的強勁業績。

NSR increased 5.5%, adjusted EBITDA increased by 8% and adjusted EPS increased by 25%.

NSR 增加 5.5%，調整後 EBITDA 增加 8%，調整後 EPS 增加 25%。

As Troy noted, our EPS was up [14%] after adjusting for the year-over-year variance in the tax rate.

正如特洛伊所說，在調整稅率同比差異後，我們的每股盈餘成長了 [14%]。

Our results included strong performance on margins and cash flow which enabled investment in organic growth as well as ongoing returns to shareholders through repurchases and dividends.

我們的業績包括利潤率和現金流的強勁表現，這使得我們能夠投資於有機成長並透過回購和股息持續回報股東。

Our book-to-burn ratio in the design business was 1.2. This marks the 17th consecutive quarter in which our enterprise-wide book-to-burn ratio was greater than 1, which is a testament to our industry-leading technical expertise, strong client relationships and highly effective business development investments.

我們設計業務的書籍消耗比是1.2。這是我們全企業的訂單消耗比連續第 17 個季度大於 1，證明了我們行業領先的技術專長、牢固的客戶關係和高效的業務發展投資。

It is because of high returns we realized on our investments that we are delivering today and why we are so confident in achieving both our near and long-term financial targets.

正是由於我們在投資中獲得了高額回報，我們才有今天這樣的成績，也正是由於這一點，我們才有信心實現我們的近期和長期財務目標。

Turning to our segments results, beginning in the Americas.

談談我們各分部的業績，先從美洲開始。

NSR growth accelerated to 8%, including 9% in the design business.

NSR增幅加速至8%，其中設計業務增幅為9%。

Growth was broad-based by client type and market.

按客戶類型和市場劃分，成長呈現廣泛性。

We are benefiting from strong IIJA funding, which remains less than 35% deployed with several years of remaining visibility.

我們受益於 IIJA 的強大資金支持，該資金目前部署率仍不到 35%，並且還有幾年的可見性。

State and local trends are also strong, and we had double-digit growth in the quarter, and we expect continued growth in our large multiyear critical federal programs.

州和地方的趨勢也很強勁，我們在本季實現了兩位數的成長，我們預計我們的大型多年關鍵聯邦計畫將繼續成長。

The adjusted operating margin increased by 40 basis points to 18.7%, a new first quarter high.

調整後營業利益率上升40個基點至18.7%，創第一季新高。

This margin includes the benefit of high returning organic growth and included substantial investments in business development as well as key hires as we expand our higher-margin advisory services.

這項利潤率包括高回報有機成長的好處，也包括我們擴大高利潤諮詢服務時對業務發展的大量投資以及關鍵招聘。

Importantly, we not only grew at an accelerating pace, but we continued to grow our backlog as well.

重要的是，我們不僅以更快的速度成長，而且我們的積壓訂單也持續增加。

Our Americas design backlog increased by 7%, driven by a 1.2 book-to-burn ratio.

由於圖書與焚燒比率為 1.2，我們在美洲的設計積壓量增加了 7%。

Our book-to-burn was driven by sizable transportation wins in the US and Canada, as well as positive contributions across our water, environment, and facilities practices.

我們的焚書活動受到我們在美國和加拿大交通運輸領域的巨大成功以及在水資源、環境和設施實踐方面做出的積極貢獻的推動。

In the International segment, revenue increased, although it varied across different markets.

在國際領域，儘管不同市場的收入有所不同，但收入卻增加。

Our largest market, the UK, was up slightly, benefiting from the stability afforded by our diverse backlog, strong positions on key frameworks and our focus on growth sectors, such as water and energy.

我們最大的市場英國略有上漲，這受益於我們多樣化的積壓訂單、在關鍵框架上的強勢地位以及我們對水和能源等成長產業的關注所帶來的穩定性。

In the near term, certain markets like transportation remains lower.

短期內，運輸等某些市場仍將維持低迷。

However, the UK business had a 1.4 book-to-burn in the quarter which supports our expectation for improving trends as we move through the year.

然而，英國業務本季的售出書量為 1.4，這支持了我們對全年趨勢改善的預期。

Revenue in the Middle East increased in the high single digits with work on our mega projects continuing and new investments ramping up in Saudi Arabia and the UAE.

隨著我們大型專案持續推進以及沙烏地阿拉伯和阿聯酋的新投資不斷增加，中東地區的收入實現了高個位數成長。

International growth was partially offset by a revenue decline in Australia.

澳洲的收入下降部分抵消了國際成長。

Even so, backlog in Australia increased by 9% and our wins in the water sector were strong.

即便如此，澳洲的積壓訂單仍增加了 9%，我們在水務領域的勝利是強勁的。

International backlog remains at an all-time high, including a 1.2 book-to-burn rate in the first quarter.

國際訂單積壓量仍處於​​歷史最高水平，第一季的訂單量與銷售量比率達到 1.2。

Adjusted operating margin increased by 20 basis points to 10.8%, also a new high for the first quarter.

調整後營業利益率上升20個基點至10.8%，也創下第一季新高。

Turning to cash flow and capital allocation.

轉向現金流和資本配置。

We executed on our returns-focused capital allocation policy during the quarter.

我們在本季執行了以回報為重點的資本配置政策。

In total, we returned $55 million through share repurchases and dividends, supported by our strong first-quarter cash flow and balance sheet.

總體而言，在強勁的第一季現金流和資產負債表的支持下，我們透過股票回購和股息返還了 5,500 萬美元。

As a reminder, our cash flow tends to be weighted to the second half of the year, and our strong start to the year gives us confidence in our 100% free cash flow conversion guidance.

提醒一下，我們的現金流往往集中在下半年，今年強勁的開局讓我們對 100% 自由現金流轉換指引充滿信心。

Our capital allocation priorities are unchanged.

我們的資本配置重點並沒有改變。

We will maximize opportunities to invest in high returning organic growth and return substantially all available cash to shareholders over time.

我們將最大限度地利用投資高回報有機成長的機會，並隨著時間的推移將所有可用現金回饋給股東。

Turning to guidance.

轉向指導。

We are increasing the midpoint of our guidance for fiscal 2025 for both adjusted EBITDA and EPS.

我們正在提高 2025 財政年度調整後 EBITDA 和 EPS 的預期中位數。

This guidance includes our strong year-to-date performance, record backlog and pipeline, and strong funding across majority of our markets, which is balanced against a headwind from foreign exchange rates that have moved against us so far this year.

這項指引包括我們今年迄今強勁的業績、創紀錄的積壓訂單和通路、以及在大多數市場的強勁資金，這些都抵消了我們今年迄今不利的外匯匯率帶來的不利影響。

Our full-year 24% tax guidance is unchanged as the outperformance in the first quarter was driven by timing of items only.

我們對全年 24%​​ 的稅率指引保持不變，因為第一季的優異表現僅僅是由專案時間表推動的。

We expect our tax rate to approximate 25% in the second quarter and to be in the high 20s in the second half of the year.

我們預計第二季的稅率約為 25%，下半年的稅率將達到 20% 左右。

We continue to expect our tax rate to approximate 24% over the next several years.

我們預計未來幾年我們的稅率將繼續保持在 24% 左右。

With that, operator, we are ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Michael Feniger, Bank of America.

（操作員指示）美國銀行邁克爾費尼格 (Michael Feniger)。

Look, just to talk big picture, you guys are starting the year off NSR growth of 5.5%.

看一下，僅僅從整體來看，你們今年的 NSR 成長率為 5.5%。

Positive start.

積極的開始。

It feels like there's visibility with the pipeline.

感覺就像管道是可見的。

Do you still expect that growth to build through the year?

您仍預計今年的成長動能會持續下去嗎？

Is that more Americas driven?

這是否更多地受到美國驅動？

Or is it really International starting to come back in the back half?

還是國際隊真的在後半段開始捲土重來？

And just secondly, Troy, there's obviously a lot of headlines out there on funding freezes for certain programs impacting certain agencies.

其次，特洛伊，顯然有很多關於凍結某些項目的資金並影響某些機構的新聞頭條。

Some of your peers that maybe have a different exposure have had to highlight that.

您的一些同行可能有不同的看法，他們必須強調這一點。

There's even been some headlines around some IIJA and IRA projects.

一些 IIJA 和 IRA 項目甚至登上了頭條新聞。

I realize IRA is not in your wheelhouse.

我知道 IRA 不在你的掌控範圍內。

But can you just kind of talk broadly what you guys are observing in recent weeks, what you're hearing on the ground that kind of gives you visibility into that project pipeline and to how that growth is building even as we kind of come across some of these headlines from week to week?

但是，您能否大致談談最近幾週您觀察到的情況，以及您在實地聽到的情況，這些情況可以讓您了解該項目渠道以及這種增長是如何形成的，即使我們每週都會看到這樣的頭條新聞？

Thank you,

謝謝你，

All right.

好的。

Thanks for the question, Mike.

謝謝你的提問，麥克。

I'm going to take them in reverse order.

我將按相反的順序來做這些事。

First, just sort of starting with what we're seeing in the marketplace.

首先，從我們在市場上看到的情況開始。

And I'm going to start by saying over the last two weeks, there certainly has been a lot to digest.

首先我想說，過去兩週確實有很多事情要消化。

But as we've been going through that process over the last two weeks, what we found is there just isn't a material impact at all on our business.

但在過去兩週經歷這個過程後，我們發現這對我們的業務並沒有產生實質影響。

And I think it's attributed to a few things.

我認為這可歸因於幾件事。

First of all, as you already pointed out, where there is risk of significant funding change for some of our clients at the federal government level, we're just not exposed to that.

首先，正如您所指出的，對於我們聯邦政府層面的一些客戶來說，存在重大資金變化的風險，但我們不會面臨這種風險。

But when you look broadly across our portfolio, again, I think the best example of this is we see our backlog growing.

但當你廣泛地審視我們的投資組合時，我認為最好的例子就是我們的積壓訂單不斷增加。

And importantly, we still continue to see our pipeline grow.

重要的是，我們仍然看到我們的管道繼續增長。

And as we said, our pipeline across the world was up year over year for the quarter.

正如我們所說，本季度我們在全球範圍內的管道同比增長。

So well, again, you sort of look forward and you say there's probably going to be more to digest over the coming weeks and certainly months.

所以，好吧，再一次，你有點向前看，你說在接下來的幾週，甚至幾個月裡，可能會有更多的事情需要消化。

But I think when you sort of step back and look at the sort of the macro impact and where we play, that we're aligned with really, again, kind of what are the global objectives around infrastructure are.

但我認為，當你退一步看看宏觀影響和我們所處的位置時，我們實際上與基礎設施的全球目標保持一致。

And there still are these really important trends.

而這些確實重要的趨勢仍然存在。

There still are investments being made in infrastructure in the US.

美國仍在對基礎設施進行投資。

If you look at the current administration's goals, they're looking at economic development in the United States.

如果你看看現任政府的目標，你會發現他們關注的是美國的經濟發展。

And if your agenda is economic development in the long term in the United States, that means that it's going to be supported by infrastructure.

如果你的議程是美國的長期經濟發展，那就意味著它將得到基礎設施的支持。

And whether that's energy infrastructure, water infrastructure, transportation infrastructure, so you get your goods to markets domestically and internationally.

無論是能源基礎設施、水利基礎設施或交通基礎設施，都可以協助您將產品運送到國內和國際市場。

And then all of the work that would be done if there is permitting -- environmental permitting reform, there certainly is going to be more work to be done because that should accelerate projects.

如果有許可——環境許可改革，那麼所有的工作肯定會有更多的工作要做，因為這應該會加速專案的進展。

So we look broadly in the US, and we see that we're aligned with the objectives around infrastructure.

因此，我們從美國的情況來看，我們與基礎設施的目標是一致的。

And globally, we do see the same thing, although we see something similar in certain markets, where there certainly are governments that have been switching their agendas, and so that is impacting us, and we think in the first half of the year.

在全球範圍內，我們確實看到了同樣的事情，儘管我們在某些​​市場也看到了類似的情況，但這些市場的政府確實在改變他們的議程，所以這對我們產生了影響，我們認為這將在今年上半年產生影響。

So let me turn to your question just about NSR growth.

那麼讓我來回答一下關於 NSR 成長的問題。

And we don't see anything changing.

我們沒有看到任何變化。

We had expected that our NSR growth would be not quite as good as it was in the first quarter.

我們預計我們的 NSR 成長不會像第一季那麼好。

We did a little better than we expected, but we do expect it to ramp up in the second half of the year.

我們的表現比預期要好一些，但我們確實預計今年下半年業績將會有所提升。

And that's a function of the opportunities that we have in our pipeline and also the things that we've won in backlog.

這是我們通路中擁有的機會以及我們在積壓訂單中所贏得的東西的功能。

Again, I think if you sort of look at our backlog and our ability to address the opportunities in the marketplace, we have a very high win rate.

再說一次，我認為如果你看看我們的積壓訂單和我們抓住市場機會的能力，我們的成功率非常高。

And we made mention to this that for our -- our significant pursuits, as we define them, our pursuits that are over $50 million in size, we said we had 100%.

我們提到了這一點，對於我們定義的重大追求，即規模超過 5,000 萬美元的追求，我們說我們已經擁有 100%。

And I'll just point out that is not 1 for 1.

我只想指出，這並不是一對一。

In the quarter, that was 8 for 8.

本季度，這一數據是 8 比 8。

And so that's a pretty significant example of how we're winning in the marketplace.

這是一個相當顯著的例子，說明了我們如何在市場上取得成功。

Andrew Kaplowitz, Citigroup.

花旗集團的 Andrew Kaplowitz。

Troy, just looking at Americas growth, NSR actually accelerated a little bit in the quarter.

特洛伊，僅從美洲的成長來看，NSR 在本季實際上有所加速。

Your design backlog looks good.

您的設計積壓看起來不錯。

Obviously, you just talked about there's a lot of cross-currents out there.

顯然，您剛才談到，外面存在著許多逆流。

So what would you expect to drive growth in FY25?

那麼您預計什麼將推動 25 財年的成長？

Is it more weighted to state and local revenue growth versus private sector?

與私營部門相比，它是否更側重於州和地方的收入成長？

Is it more equally balanced?

是否更均衡？

And then would you say it's more water related or is it kind of a balance between water, transportation, and facilities?

那麼您是否認為這與水有關，或者它是水、交通和設施之間的平衡？

Like how do we think about it?

例如我們該如何看待它？

Yeah.

是的。

Think about it in terms of it just being balanced.

從平衡的角度來思考這個問題。

Again, we've built the business in a certain way.

再次強調，我們以特定方式建立了業務。

So that's aligned against what we think is important for longer-term investments in infrastructure.

所以，這與我們認為對長期基礎設施投資重要的觀點是一致的。

Now kind of every part of our marketplace has slightly different objectives.

現在我們市場的每個部分都有略微不同的目標。

And so we might look at certain markets, for example, like the UK, we say that what used to be transportation focused is now more water and energy focused.

因此，我們可能會關注某些市場，例如英國，我們認為過去專注於交通運輸的市場現在更側重於水和能源。

But when we look across the entire business, we are exposed to trends across the business that would imply that we're just going to see success across transportation, water, environment, energy, and our buildings business.

但當我們縱觀整個業務時，我們會發現整個業務的趨勢意味著我們將在交通、水利、環境、能源和建築業務中取得成功。

Very broad based.

基礎非常廣泛。

Helpful.

很有幫助。

And then I know you've already talked about your limited exposure to federal budgets and -- but given sort of all the noise, should we expect a period of lower bookings on that side of the business?

然後我知道您已經談到了您對聯邦預算的有限接觸——但考慮到所有的噪音，我們是否應該預計該業務的預訂量會在一段時間內下降？

Or would you -- and do you worry that the uncertainty could drift in state and local?

或者你會——你是否擔心這種不確定性會在州和地方蔓延？

Or would you still expect on average book-to-bill at or above 1 over the rest of the year?

還是您仍預計今年剩餘時間內平均訂單出貨比將達到或超過 1？

Well, based our pipeline and based on our win rate, we would expect it to be over 1 throughout the year.

嗯，根據我們的通路和成功率，我們預計全年成功率將超過 1。

And we actually sort of look at -- again, we look at our pipeline and we certainly do see, as we move through the year, there are opportunities that actually improve over the course of the year.

我們實際上再次審視了我們的管道，我們確實看到，隨著時間的流逝，我們確實有機會在一年的時間內得到改善。

So we don't anticipate our pipeline of opportunity shrinking, and we actually view it as expanding over the course of the year.

因此，我們預計我們的機會管道不會減少，實際上我們認為它在今年內會擴大。

Jamie Cook, Truist Securities.

傑米庫克（Jamie Cook），Truist Securities。

Congrats on a nice quarter.

恭喜您度過了一個愉快的季度。

I guess my first question, can you just talk -- maybe Gaurav talk about some of the investments that you're making this year in order to continue to ignite the organic growth organically, in particular in the water, and in the environmental business and sort of compare that to last year.

我想我的第一個問題是，您能否談談——也許 Gaurav 可以談談您今年進行的一些投資，以便繼續有機地推動有機增長，特別是在水務和環境業務方面，並將其與去年進行比較。

And then, I guess, my second question, on the International side, it sounded like there were some positives in terms of the book-to-bills turning 1.

然後，我想我的第二個問題，在國際方面，聽起來訂單出貨比達到 1 方面有一些積極的進展。

As we exit the year, how do you think about sort of international design backlog growth for the year?

今年即將過去，您如何看待今年國際設計積壓業務的成長情況？

Thanks, Jamie.

謝謝，傑米。

It's Lara here.

我是拉拉。

I might start with just responding to the first part of the question around water and environment advisory.

我首先要回答有關水和環境諮詢的問題的第一部分。

And the update is we're 100 days in.

最新情況是，已經過了 100 天。

We've got great momentum.

我們擁有強大的發展動能。

We're running ahead of some of the key milestones that we expected in terms of winning a good solid backlog, a growing pipeline of opportunities.

我們在贏得大量積壓訂單和不斷增長的機會方面已經提前實現預期的一些關鍵里程碑。

But most importantly, we've had great success in great talent joining the team, but most recently in the digital water and disaster recovery disciplines, and those team members are straight to work.

但最重要的是，我們在吸引優秀人才加入團隊方面取得了巨大成功，最近在數位水和災難復原領域，這些團隊成員都直接投入工作。

And we're still quite optimistic.

我們仍然非常樂觀。

There's tremendous white space and adjacencies for us in this sector, whereas you know, we already have the sort of market-leading position in water and environment across our operations.

我們在這個領域有巨大的空白和相鄰領域，而您知道，我們的整個營運領域中，在水和環境領域已經佔據了市場領先地位。

So there's a lot more addressable market for us to attack in terms of water and environment, and that the client response has been very positive.

因此，在水和環境方面我們有更多可進攻的目標市場，而且客戶的反應也非常積極。

And as I said, we've had some great wins in the quarter.

正如我所說，我們在本季度取得了一些重大勝利。

We had a large, for example, advanced metering infrastructure project.

例如，我們有一個大型的先進計量基礎設施專案。

So we still believe that's our next big catalyst, a higher-margin growth accelerator for us that builds on that technical advantage that we have.

因此，我們仍然相信這是我們的下一個重大催化劑，是一個基於我們現有技術優勢的更高利潤率的成長加速器。

And then I'll just make some comments about international and some of the bookings and what we're seeing across that market.

然後我會對國際、一些預訂以及我們在整個市場上看到的情況發表一些評論。

It was patchy, but it was basically in line with expectation.

雖然有些參差不齊，但基本上符合預期。

But I think, as Troy said earlier, we had growth in backlog across the portfolio, so in International as well as Americas.

但我認為，正如特洛伊之前所說，我們整個投資組合的積壓訂單都有所增長，無論是在國際還是在美洲。

We did see Middle East leading away, it grew 7% for the quarter and 1.1 book-to-burn.

我們確實看到中東地區領先，本季其成長了 7%，銷量為 1.1 本。

UK for us continues to be strong.

對我們來說，英國依然很強大。

I mean we are capitalizing on those long-term frameworks that we have.

我的意思是我們正在利用我們現有的長期框架。

And most importantly, we are looking forward to AMP8, as we know, doubling of the total dollar addressable market that's going to exist up from AMP7, as Troy said.

最重要的是，我們期待 AMP8，正如特洛伊所說，我們知道，與 AMP7 相比，總美元目標市場將增加一倍。

We have captured 100% of all of the recompetes on AMP8.

我們已經捕獲了 AMP8 上所有重新競爭的 100%。

So a lot of positivity around that.

因此對此有很多正面的看法。

But also, as you said, the wins continue, and the position continue across all the sectors in that key market.

但正如您所說，勝利仍在繼續，我們在該關鍵市場所有領域的地位仍將繼續保持。

So I think overall, a positive factor.

所以我認為總體來說，這是一個積極因素。

And shows that we're not dependent on any sort of single geographic market, and that we have the fungibility of workforce to work across our various operations.

這表明我們不依賴任何單一的地理市場，並且我們擁有可在各項業務中互換勞動力的能力。

Adam Bubes, Goldman Sachs.

高盛的亞當布貝斯 (Adam Bubes)。

You had like really strong momentum in program management.

您在專案管理方面有著非常強勁的勢頭。

Can you just update us on your outlook for growth in that business line this year?

您能否向我們介紹一下今年該業務線的成長前景？

And what are the levers being pulled to continue to drive capacity for sustained growth in the medium term in that business?

那麼，需要採取哪些措施來繼續推動該業務在中期內持續成長的能力？

Yeah.

是的。

So first of all, our outlook for program management remains unchanged from the level of success that we have.

首先，我們對專案管理的展望與我們現有的成功水準保持不變。

Sort of think about -- I'm going to start by taking you back to what we said at our Investor Day last year, which is we set out an objective.

想想看——我首先要回顧一下我們去年投資者日上說過的話，那就是我們設定了一個目標。

So that ultimately, 50% of our business will be kind of in our design and our science-based businesses.

因此，最終我們的 50% 業務將集中在設計和基於科學的業務上。

And with that expertise, we're expanding into program management and into advisory.

憑藉這些專業知識，我們正在擴展到專案管理和諮詢領域。

At this moment, we now have -- I think during the quarter, about 16% of our NSR came from program management work, which is up significantly and has grown again at a double-digit rate.

目前，我認為在本季度，我們約有 16% 的 NSR 來自專案管理工作，這一數字大幅上升，並再次以兩位數的速度成長。

We expect to continue to grow at a double-digit rate.

我們預計將繼續以兩位數的速度成長。

But importantly, as we're now building out the advisory practice, we're heading towards that 50-50 split.

但重要的是，隨著我們目前正在建立諮詢業務，我們正朝著 50-50 的比例邁進。

And the reason that becomes important for us is we're exposing ourselves to significantly more of our clients' budgets.

這對我們來說很重要的原因是我們將更多地接觸客戶的預算。

So if you, again, think about the confidence that we're describing in the business, and our successes we've got exposed to the right -- what we think are the right diverse marketplaces.

因此，如果你再次思考我們所描述的對業務的信心，以及我們在正確領域的成功——我們認為是正確的多元化市場。

We believe that we're being exposed to a much greater degree of influence that our clients and their spend through our design, our program management advisory business.

我們相信，透過我們的設計和專案管理諮詢業務，我們的客戶及其支出將受到更大程度的影響。

And then we're experiencing really a very high win rate.

我們的勝率確實非常高。

And so we've been doing that now for a few years, that extraordinarily high win rate in those large projects.

幾年來我們一直這樣做，這些大型專案的成功率非常高。

And so that -- again, that just gives us the overall confidence in the future of the business even when you experience some bumps along the way.

所以 — — 再說一次，即使在途中遇到一些坎坷，這也給了我們對業務的未來充滿信心。

And I think that's showing up in the really strong Americas revenue growth at 9%.

我認為這體現在美洲地區 9% 的強勁收入成長。

Is there any way to sort of bifurcate that growth between what you're seeing in the underlying end market trend versus what could be the targeted increased project scope in share gains?

有沒有什麼方法可以將這種成長分為兩類：您所看到的潛在終端市場趨勢與專案範圍擴大所帶來的份額成長目標？

Well, again, we're seeing a higher growth rate in program management.

好吧，我們再次看到專案管理的成長率更高。

But when you look across kind of the way we think about our business lines are markets, it's broad-based.

但當你縱觀我們的業務線和市場格局時，你會發現它的基礎十分廣泛。

And then last one for me.

這對我來說是最後一個。

Really strong margins in the quarter, up 40 basis points.

本季利潤率確實強勁，上漲了 40 個基點。

Can you help us just think about the puts and takes on margins this quarter and the balance of the year?

您能幫我們考慮一下本季和全年的利潤損失和盈虧情況嗎？

You have the accelerating investments in digital and advisory, but wondering on the positive contributor side, how much of a benefit is mix versus the enterprise capability centers and automation initiatives you folks have laid out previously?

您在數位和顧問領域不斷加大投資，但想一想，從積極貢獻者的角度來看，與您之前提出的企業能力中心和自動化計劃相比，這種組合能帶來多大的好處？

So I'll let Gaur take that question, and then I'll follow up with a little bit of discussion on our digital investments.

因此，我請 Gaur 回答這個問題，然後我將進一步討論我們的數位投資。

So you're right, margins continue to be very strong.

所以你說得對，利潤率仍然很高。

As you recall, our guidance for the year was 30 bps of increase.

大家還記得，我們​​今年的預期是成長 30 個基點。

We've exited Q1 at 40 bps of increase led by all-time high margins in both of our segments, in Americas and in the International markets.

我們第一季的業績成長了 40 個基點，這得益於美洲和國際市場兩個部門的利潤率均創歷史新高。

And you also are correct to point out this includes continued significant organic investments we make in our business.

而且您也正確地指出，這包括我們對業務持續進行的大量有機投資。

Let it be through the Water Advisory -- Environment Advisory business, Lara articulated earlier, to any opportunities where we think we can drive the right returns through business (technical difficulty) benefit in our international markets.

正如 Lara 先前所闡述的，透過水資源諮詢——環境諮詢業務，我們可以抓住任何機會，透過國際市場上的業務（技術難度）利益獲得正確的回報。

Pleased -- and we're very pleased to report the 1.2 book-to-burn, which was ahead of our expectations in that international market.

很高興——我們非常高興地報告，圖書銷量達到了 1.2 億本，這超出了我們對國際市場的預期。

So the International margins definitely had a lot higher-than-planned business development.

因此，國際利潤率肯定比計劃的業務發展高得多。

And I'd also be remiss not to point out, compared to plan, our international margins also had FX headwind, and they still grew 20 bps year over year.

我還要指出的是，與計劃相比，我們的國際利潤率也受到了外匯逆風的影響，但仍同比增長了 20 個基點。

So as we move forward, we continue to expect good strong margin generation based on all the investments we will continue to make, because it's very representative of the culture that has seeped through this operation, especially in the people business, a culture which is just focused on finding opportunities to drive the right value for our clients, which in turn also drive value for our shareholders.

因此，隨著我們不斷前進，我們將繼續期待透過持續進行的所有投資實現強勁的利潤率，因為這非常具有代表性，體現了貫穿我們整個營運過程的文化，特別是在人力業務領域，這種文化只注重尋找機會為我們的客戶創造正確的價值，進而也為我們的股東創造價值。

So just to talk a little about the nature of some of the investments.

我只想簡單談談一些投資的性質。

As again, as Gaur pointed out, we're investing more than ever in business development.

正如 Gaur 再次指出的那樣，我們在業務發展方面的投資比以往任何時候都多。

We're investing more than we ever have in our people, in their professional development.

我們對員工及其專業發展的投資比以往任何時候都多。

We're invested in building the advisory business.

我們投資建設諮詢業務。

And then we're continuing to invest in growing and building the program management business.

然後我們將繼續投資發展和建造專案管理業務。

But also importantly, we're investing in what we call, our digital transformation, the way we deliver work.

但同樣重要的是，我們正在投資所謂的數位轉型，也就是我們完成工作的方式。

And that really has developed in something that's slightly different.

這確實發展成為略有不同的事物。

So we started out a few years ago, making those investments to transform how we digitally delivered, so the underlying work.

因此，我們幾年前就開始進行這些投資，以改變我們的數位化交付方式以及基礎工作。

But we recognized about 18 months ago, that digital was transforming itself into artificial intelligence.

但我們在大約 18 個月前就意識到數位化正在轉變為人工智慧。

And so we developed a road map, and we've been working against that road map, starting with investing to actually prepare our bids using AI tools.

因此，我們制定了路線圖，並一直在按照該路線圖開展工作，從投資開始，使用人工智慧工具實際準備我們的投標。

And so now that is something we do across the organization.

所以現在這是我們在整個組織內所做的事情。

On that road map, we also developed some other use cases.

在該路線圖上，我們還開發了一些其他用例。

And those use cases are now underway, executing against those.

這些用例現在正在進行中，並且正在執行。

And those were supporting how we actually run the business or support our projects.

這些都支持了我們如何實際經營業務或支持我們的專案。

Next on that road map that we've started working on is actually the way we deliver our design and our engineering work.

我們已開始著手製定的路線圖的下一步實際上是我們交付設計和工程工作的方式。

And so that is going to, I think, have a profound impact, and we're investing a significant amount of money in those digital initiatives.

所以我認為這將產生深遠的影響，我們正在向這些數位計畫投入大量資金。

And I would -- again, think about it this way, is we gave guidance in our Investor Day last year, that through our digital efforts, we thought we would reduce the amount of effort to deliver work by 5% to 15%.

而且我會—再這樣想一下，我們在去年的投資者日給了指導，我們認為透過數位化努力，我們可以將工作量減少 5% 到 15%。

With where we're headed now and based on the investments we're making in digital and AI, we see that number being larger as we move forward.

從我們現在的發展方向以及我們在數位和人工智慧領域的投資來看，我們看到這個數字會隨著我們的前進而不斷增長。

So hopefully, that gives you a perspective on the investments that we're making to our margins.

所以希望這能讓您了解我們為利潤所做的投資。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

So if I can ask about the L.A. rebuild and how we should think of your contribution to that.

所以我可以問一下關於洛杉磯重建的問題以及我們應該如何看待你對此的貢獻。

If it's going to be more FEMA work in the short term and also what type of type of long-term revenue opportunity there could be?

如果短期內聯邦緊急事務管理局 (FEMA) 的工作量增加，那麼可能存在哪些類型的長期收入機會？

Maybe there's a historical parallel that you can help us to understand the scope.

也許有一個歷史相似之處可以幫助我們理解其範圍。

Yeah.

是的。

So thanks for the question.

感謝您的提問。

And I would just -- I would say, first of all, we don't sort of call out individual projects or individual pieces of work or our participation in them, certainly not without discussion with our customers.

我想說的是——首先，我們不會在沒有與客戶討論的情況下公開單一專案或單一工作，也不會公開我們對這些工作的參與。

The main way to think about the recovery work and resiliency work and think about it as two phases and here's our participation is.

思考復原工作和彈性工作的主要方式是將其視為兩個階段，而這就是我們的參與。

Over the last decade, we've participated in the recovery from over 700 kind of climate disasters.

在過去十年中，我們參與了700多種氣候災害的復原工作。

So this is really kind of part of our business, which is continuing to support communities as they have to recover from, I'll just say, again, climate events and other kinds of disasters, but helping them recover.

所以這實際上是我們業務的一部分，那就是繼續支持社區從氣候事件和其他類型的災難中恢復過來，幫助他們恢復。

So that's a short-term where we help them do that, and we have a great deal of experience to do that.

所以這是我們在短期內幫助他們做到這一點，而且我們有豐富的經驗來做到這一點。

And then in the long term is helping them become more resilient.

然後從長遠來看幫助他們變得更有韌性。

And as you sort of get to that phase of recovery, there's even a really significant amount of work to help that community become more resilient.

當進入復原階段時，需要做大量工作來幫助社區變得更具復原力。

So that if there is an event like that in the future, you could certainly reduce the impact and the cost.

這樣，如果將來再發生類似事件，你絕對可以減少影響和成本。

You can never mitigate it, but you can certainly go a long way.

你永遠無法減輕它，但你肯定可以走很遠。

(technical difficulty)

（技術難度）

Sorry, we had a problem with the line.

抱歉，我們的線路出了問題。

It certainly goes a long way to go beyond recovery and making those communities more resilient.

這對於超越復原並增強這些社區的復原力無疑大有裨益。

So again, we have a long history of doing that around the world.

所以，我們在世界各地有悠久的歷史這樣做。

And certainly, in the US and working with multiple agencies, whether they're local, state, or federal in helping communities recover.

當然，在美國，我們與多個機構合作，無論是地方、州或聯邦，幫助社區復原。

Great.

偉大的。

Appreciate that color.

欣賞那種顏色。

And if I can ask on segment margins.

可以詢問一下片段邊緣嗎？

Clearly, a lot of progress has been made.

顯然，我們已經取得了很大進展。

Ànd do you still feel like international margins will grow faster this year than Americas margins based on what you're seeing in the pipeline?

根據您所看到的情況，您是否仍然認為今年國際利潤率的成長速度將快於美國利潤率？

And what do you think that's going to be driven by?

您認為這將受什麼推動？

Thank you.

謝謝。

Hey, Sangita.

嘿，桑吉塔。

This is Gaur, I'll take that question.

我是 Gaur，我來回答這個問題。

I appreciate again the comment on the margins.

我再次感謝邊緣的評論。

It is impressive even with industry-leading margins, our professionals continue to drive to even a higher -- a better north star than what we have created before.

令人印象深刻的是，即使擁有領先業界的利潤率，我們的專業人員仍繼續努力，達到比我們以前創造的更高的目標——更好的北極星。

And then it's probably as important to note that this margin generation is very clean in terms of all the restructuring activities that we had taken in the past.

同樣值得注意的是，就我們過去採取的所有重組活動而言，這種利潤的產生是非常乾淨的。

Current year, we don't expect any of those restructuring activities.

今年我們預計不會有任何重組活動。

So you're seeing that strong margin generation continue to grow, as I mentioned before, better than the guidance we had put forth of 30 bps.

因此，您會看到強勁的利潤率繼續成長，正如我之前提到的，比我們提出的 30 個基點的預期要好。

I do expect International margins will continue to outpace American margins, consistent with the commentary we had provided before, just because we were coming off a lower base.

我確實預計國際利潤率將繼續超過美國利潤率，這與我們之前提供的評論一致，只是因為我們的基數較低。

So the opportunities to drive that margin from a better value generation standpoint, existed and still exists in front of us from International.

因此，從更好的價值創造角度來提高利潤的機會在國際上是存在的，而且仍然存在於我們面前。

And our ambitions are very consistent with what we've already delivered in Americas.

我們的目標與我們在美洲已經實現的成果非常一致。

In Americas, we're head and shoulders above our peers.

在美洲，我們遠遠領先其他同行。

And international, that's what we're going to drive to.

而國際化，這就是我們要努力的方向。

Now with that said, there's always a balance, as we've said, we will make organic investments that are necessary to ensure that our business is positioned for sustained long-term value creation.

話雖如此，但總是存在著平衡，正如我們所說的，我們將進行必要的有機投資，以確保我們的業務能夠持續創造長期價值。

And as we look in our International business, from a growth standpoint consistent with our plan, the guidance we had put forth, we knew international is going to have not as strong of a growth year, but the pipeline, the opportunities and pursuits continue to be abundant.

當我們審視我們的國際業務時，從與我們的計劃和所提出的指導一致的成長角度來看，我們知道國際業務今年的成長速度不會那麼強勁，但通路、機會和追求仍然豐富。

So we've made those business investment dollars.

因此，我們進行了這些商業投資。

You've seen the returns of that in our book-to-burn, and we'll continue to do that throughout the year.

您已在我們的焚書活動中看到了回報，並且我們將在全年繼續這樣做。

So instead of focusing so much on the segment margins, we look at it from an overall enterprise standpoint and feel very confident we'll be able to drive those strong results, if not better.

因此，我們不會過度關注分部利潤，而是從整體企業的角度來看待它，我們非常有信心能夠取得強勁的業績，甚至更好。

Michael Dudas, Vertical Research.

邁克爾·杜達斯（Michael Dudas），垂直研究。

Troy, you highlighted in your comments that you're seeing expansion now in your backlog and the pipeline is growing as well.

特洛伊，你在評論中強調，你現在看到積壓訂單在擴大，而且管道也在增長。

I think over the past, let's say, three months since the election, do you expect -- you get the sense that your clients are being more optimistic about bringing capital forward and investing in the US?

我認為在過去，比如說，在大選後的三個月裡，您是否預期——您是否感覺到您的客戶對於引入資本並在美國投資更加樂觀？

Is the reshoring opportunities accelerating?

回流機會是否正在加速？

And remind us how you -- with your water business, certainly it could be helpful on a lot of those types of projects, especially in the power side, that people are really talking about and certainly on the data center front.

提醒我們一下，你們的水務業務肯定會對許多這類專案有幫助，特別是在人們真正談論的電力方面，當然也包括資料中心方面。

Is that part of where the pipeline can expand here in the next several quarters?

這是未來幾季管道可以擴展的一部分嗎？

So the answer -- the simple answer is yes.

所以答案——簡單的答案是肯定的。

But let me give a little more detail.

但請讓我更詳細地講一下。

In our pipeline at the moment, we have not seen a change in the makeup of the pipeline or the pursuits, certainly not in the markets that we play in.

在我們目前的通路中，我們尚未看到通路組成或追求的變化，當然在我們所處的市場中也沒有變化。

Some of the markets we're not exposed to, that's where you're seeing the change.

在有些我們尚未接觸的市場，你會看到改變。

But as we look forward, there's no question that the intention of the administration is to reshore activities.

但展望未來，毫無疑問，政府的意圖是讓經濟活動回流。

And if you combine that with an improvement in a permitting environment, where you can actually expedite the delivery of those projects, we think that creates more opportunity here, certainly in US markets.

如果再加上許可環境的改善，就可以加快這些專案的交付，我們認為這會創造更多的機會，當然在美國市場。

And so I think we're very well aligned against that.

所以我認為我們對此非常一致。

We haven't seen an impact yet.

我們還沒有看到影響。

It will take time, no doubt, for that to have an impact.

毫無疑問，要產生影響力需要時間。

And I think you'll probably start to see the impact of that after the federal government puts forward its next budget.

我認為，在聯邦政府提出下一輪預算後，你可能會開始看到其影響。

Judah Aronovitz, UBS.

瑞銀的 Judah Aronovitz。

On for Steve Fisher.

替補史蒂夫費雪上場。

So we're now squarely within the long-term 5% to 8% organic growth range.

因此，我們現在正處於長期 5% 至 8% 的有機成長範圍內。

And as we look out over the next few years, what are the factors that could drive acceleration towards the upper end of that range versus maybe moderation or steadier growth?

展望未來幾年，哪些因素可能推動經濟成長加速至該範圍的上限，而不是放緩或更穩定的成長？

Well, again, I think it's a combination of things.

嗯，我再說一遍，我認為這是多種因素的綜合作用。

First of all, as we pointed out, over the last really, nine months, we've been in this unusual period where, I think we said this before, there was a period of nine months or a year where there were 53 federal elections around the world, which means that you've had a significant change of governments.

首先，正如我們所指出的，在過去的九個月裡，我們處於一個不尋常的時期，我想我們之前就說過，在九個月或一年的時間裡，世界各地共舉行了 53 次聯邦選舉，這意味著政府發生了重大變化。

Or upon those re-elections, sometimes those agendas change.

或者在重新選舉時，這些議程有時會改變。

And so we've been in this period where there's been some decision change, and obviously, you have to work to react to that.

因此，我們處於一個決策改變的時期，顯然，你必須努力對此做出反應。

But through that entire period, where there has been some uncertainty in those markets and there's certainly a change in agendas, our business has been very successful and growing.

但在整個時期，儘管市場存在一些不確定性，議程也發生了變化，但我們的業務非常成功且不斷成長。

And I think that's as a result of, again, the clients that we work with, the markets that we have been exposed to, the way that we are working with our clients in a more meaningful or influential way by focusing on design program management and now advisory work, and then a high win rate.

我認為這再次歸功於我們合作的客戶、我們所接觸的市場，以及我們透過專注於設計專案管理和現在的諮詢工作以更有意義或更有影響力的方式與客戶合作的方式，以及高成功率。

And so I think as you see stability over the course of the next few years, I think that will create a better marketplace for us.

因此我認為，隨著未來幾年的穩定，這將為我們創造一個更好的市場。

And all things holding true as we continue to invest in the business the same way we are.

只要我們繼續以同樣的方式對業務進行投資，所有事情都將保持不變。

We have more optimism around improved growth in the business over the next few years.

我們對未來幾年業務的加速成長更加樂觀。

Thanks.

謝謝。

That's helpful.

這很有幫助。

And then just one last question.

最後一個問題。

Leverage, I think it's under 1 time.

槓桿，我認為在1倍以下。

You mentioned being opportunistic, so what would get you to do more M&A?

您提到了機會主義，那麼什麼會促使您進行更多的併購？

I know that comment probably didn't necessarily refer to M&A, but what will get you to do more M&A?

我知道該評論可能不一定是指併購，但什麼能促使您進行更多的併購？

Yeah.

是的。

So first of all, just again, we say this all the time, we take a returns-based approach.

首先，我們一直都這麼說，我們採取基於回報的方法。

And so there's no question that the highest returning opportunities we see today are organic growth -- organic investments in the business.

因此毫無疑問，我們今天看到的回報最高的機會是有機成長——對業務的有機投資。

The limitation that we have on making investments in the business is actually time.

我們對業務投資的限制實際上是時間。

It's time of the management team and leaders.

現在是管理團隊和領導者的時代。

And so we're investing in everything we think we can into the business at the moment.

因此，我們目前正在將我們認為可以投入的一切資金投入到業務中。

And then when you start sort of looking externally, we do believe that we should continue to return capital to shareholders.

然後，當你開始從外部審視時，我們確實相信我們應該繼續向股東回饋資本。

I think it becomes a question of how much and that's where we look at this returns-based approach.

我認為這是一個「多少」的問題，這就是我們看待這種基於回報的方法的地方。

There's no doubt that, as we look out, there might be places where we would consider M&A to accelerate our organic growth.

毫無疑問，只要我們放眼未來，我們可能會考慮透過併購來加速我們的有機成長。

So for example, in our advisory business, there may be some opportunities for us to invest, to accelerate the growth of our advisory business.

例如，在我們的諮詢業務中，我們可能有一些投資機會，以加速我們的諮詢業務的成長。

But again, we'll stick -- we'll hold true to our returns-based approach.

但我們會堅持——我們將堅持基於回報的方法。

But maybe think about it that way is if we can find ways to accelerate organic growth, we would look at M&A to do that.

但也許可以這樣想想，如果我們能夠找到加速有機成長的方法，我們會考慮透過併購來實現這一目標。

Broad-based M&A is not something that we've done or that we see in our future.

我們還沒有進行過廣泛的併購，也不認為未來會進行廣泛的併購。

Again, I'll say especially in an environment where, because of the investments that we're making, we would actually see needing less people to deliver the same amount of work.

我再說一遍，尤其是在這樣的環境下，由於我們所做的投資，我們實際上會發現需要更少的人來完成相同數量的工作。

Or said differently, it means that it creates a wonderful opportunity for our people to accomplish even more with their clients.

或者換句話說，這意味著它為我們的員工創造了一個絕佳的機會，使他們能夠與客戶一起完成更多的事情。

And that concludes our question-and-answer session.

我們的問答環節到此結束。

I will now turn the call back over to Troy Rudd, CEO, for closing remarks.

現在我將電話轉回給執行長特洛伊·拉德 (Troy Rudd)，請他致最後總結。

Great.

偉大的。

Again, thank you, everyone, for joining us today.

再次感謝大家今天的參與。

We appreciate your support and engagement.

我們感謝您的支持與參與。

And thank you to all the employees and professionals at AECOM for the amazing job they've done over this past quarter and continue to do.

感謝 AECOM 的所有員工和專業人員在過去一個季度所做的出色工作以及他們將繼續做下去。

Thank you very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。