AECOM (ACM) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is [Jay] and I will be your conference operator today. At this time, I would like to welcome everyone to the AECOM Third Quarter 2025 Earnings conference call. All lines have been placed on mute to prevent any background noise. (Operator Instructions)

感謝您的支持。我的名字是 [Jay]，今天我將擔任您的會議主持人。現在，我歡迎大家參加 AECOM 2025 年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。（操作員指示）

And now, I'd like to hand the conference over to Will Gabrielski, Senior Vice President, Finance and Investor Relations. You may begin.

現在，我想將會議交給財務和投資者關係高級副總裁威爾·加布里埃爾斯基 (Will Gabrielski)。你可以開始了。

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

謝謝您，接線生。我想請大家注意今天簡報第一頁的安全港聲明。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天的前瞻性聲明中預測的結果有很大差異。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. The appropriate GAAP reconciliations are incorporated into our materials which are posted to our website. Growth rates are presented on a year-over-year basis unless otherwise noted. Any reference to segment margins or segment adjusted operating margins will reflect the performance for the Americas and International segments.

我們在演示中使用了某些非公認會計準則財務指標。適當的 GAAP 對帳已納入我們發佈到網站的資料中。除非另有說明，成長率均以年比計算。任何對分部利潤率或分部調整後營業利潤率的提及都將反映美洲和國際分部的業績。

When discussing revenue and revenue growth, we will refer to net service revenue, or NSR, which is defined as revenue excluding pass through revenue. NSR growth rates are presented on a constant currency basis unless otherwise noted. Today's remarks will focus on continuing operations.

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。除非另有說明，NSR 成長率均以固定貨幣為基礎。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. Lara Poloni, our President, will discuss key operational successes and priorities. And Gaurav Kapoor, our Chief Financial and Operations Officer, will review our financial performance and outlook in greater detail. We will conclude with a question-and-answer session.

在今天的電話會議上，我們的執行長特洛伊·拉德 (Troy Rudd) 將回顧我們的主要成就、我們的策略以及我們對業務的展望。我們的總裁 Lara Poloni 將討論關鍵的營運成功和優先事項。我們的財務和營運長 Gaurav Kapoor 將更詳細地審查我們的財務表現和前景。我們將以問答環節作為結束。

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

說完這些，我會把電話轉給特洛伊。

Thank you, Will, and thank you all for joining us today. Our third quarter financial results surpassed our expectations. This performance stems from the dedication of our professionals, unmatched technical expertise, high returning organic growth investments, trusted client relationships, and strong market trends.

謝謝你，威爾，也謝謝大家今天加入我們。我們的第三季財務表現超出了我們的預期。這項業績源自於我們專業人員的奉獻精神、無與倫比的技術專長、高回報的有機成長投資、值得信賴的客戶關係以及強勁的市場趨勢。

We set new records for NSR, margins, EBITDA, EPS, backlog, and pipeline. As a result, we are confident in raising our annual financial guidance for the third consecutive time this year. Turning to the details of our results. Organic NSR growth accelerated to 6%, led by 8% growth in the Americas, our highest margin segment. Growth increased in most of our large international markets as well.

我們在 NSR、利潤率、EBITDA、EPS、積壓訂單和管道方面創下了新紀錄。因此，我們有信心今年連續第三次提高年度財務指導。轉向我們結果的細節。有機 NSR 成長率加速至 6%，其中美洲地區（我們利潤率最高的地區）的成長率達到 8%。我們大多數的大型國際市場也實現了成長。

Importantly, we delivered a 17.1% segment adjusted operating margin, which is a new record for the organization. This performance reflects three key elements of our strategy:

重要的是，我們實現了 17.1% 的分部調整後營業利潤率，這是公司的新紀錄。這一業績反映了我們策略的三個關鍵要素：

First, we've demonstrated consistently that through our returns-based capital allocation policy, investments in organic growth initiatives have the highest returns. This includes not only standing up and accelerating the growth of our program management and advisory businesses, but also the record level of business development investment we make quarter after quarter.

首先，我們一貫證明，透過基於回報的資本配置政策，有機成長計畫的投資可以獲得最高的回報。這不僅包括支持和加速我們的專案管理和諮詢業務的成長，還包括我們每季進行創紀錄的業務發展投資。

Second, we continue to make organic investments in our technical capabilities to drive the highest level of productivity and quality in our industry. This investment also includes the development of advanced technical solutions that drive greater client value, which allows for us to excel in the marketplace and add to our record backlog position.

其次，我們持續對技術能力進行有機投資，以推動產業最高水準的生產力和品質。這項投資還包括開發先進的技術解決方案，以創造更大的客戶價值，使我們在市場上脫穎而出，並增加我們的創紀錄積壓訂單。

Third, we build trusted client relationships and offer the broadest and deepest capability set in the industry, which gives us an advantage on our pursuits. Looking ahead, we have line of sight to several drivers of continued margin expansion, as we continue to make critical investments that are consistent with our long-term margin objectives.

第三，我們建立值得信賴的客戶關係，並提供業界最廣泛、最深入的能力，這使我們在追求中佔據優勢。展望未來，我們已註意到幾個推動利潤率持續擴大的因素，因為我們將繼續進行與我們的長期利潤率目標一致的關鍵投資。

Our third quarter adjusted EBITDA and EPS increased by 10% and 16%, and on a year-to-date basis are up 9% and 20%. Cash flow was also ahead of our expectations in the quarter and on a year-to-date basis. We convert earnings to cash flow at an industry-leading rate. And year-to-date, our free cash flow increased by 27%. We have also returned nearly $240 million to shareholders this year.

我們第三季的調整後 EBITDA 和 EPS 分別成長了 10% 和 16%，年初至今分別成長了 9% 和 20%。本季和年初至今的現金流也超出了我們的預期。我們以業界領先的速度將收益轉化為現金流。今年迄今為止，我們的自由現金流增加了 27%。今年我們也向股東返還了近2.4億美元。

Importantly, we have an unprecedented level of visibility for continued growth. Backlog increased both sequentially and year-over-year to a new all-time high, and we delivered a 19th consecutive quarter with a book-to-burn ratio in excess of 1. Two factors drive the strength.

重要的是，我們對持續成長的預見性達到了前所未有的水平。積壓訂單量環比和同比增長均創歷史新高，我們連續第 19 個季度實現了超過 1 的訂單量與銷售量的比率。有兩個因素推動了其實力。

First, we continue to win work at an all-time high rate. This includes another quarter where we won more than 50% of the value we bid. Embedded within this result is a more than 80% success rate on our largest pursuits where our competitive advantage is greatest and where our focus on winning what matters is evident.

首先，我們繼續以歷史最高水準贏得工作。其中包括另一個季度，我們贏得了超過 50% 的投標價值。這項成果反映了我們在最大追求上超過 80% 的成功率，這是我們最大的競爭優勢，也是我們對贏得重要事物的焦點。

Second, the multi-decade secular megatrends that are driving our markets are accelerating. This includes global investments in infrastructure, sustainability and resilience, and energy. As the number one ranked transportation, water, environment, and facilities firm in the world by ENR, we are ideally suited to benefit.

其次，推動我們市場發展的數十年長期大趨勢正在加速。這包括對基礎設施、永續性和復原力以及能源的全球投資。作為 ENR 評選的全球第一大交通、水利、環境和設施公司，我們完全有能力從中受益。

These megatrends are apparent in our pipeline, which also achieved a new all-time high for the fifth consecutive quarter. Within the pipeline, growth remains fastest in the earliest stages, which indicates several years of continued strong market conditions as our clients plan for a future of higher spending.

這些大趨勢在我們的產品線中顯而易見，我們的產品線也連續第五個季度創下歷史新高。在管道內，早期階段的成長速度仍然最快，這表明隨著我們的客戶為未來更高的支出做準備，市場狀況將在未來幾年持續保持強勁。

For example, in the UK, the government recently released its 10-year infrastructure strategy, committing to invest GBP725 billion, including substantial investments in transportation, water and energy. Our leading positions on key frameworks position us to ideally benefit.

例如，英國政府最近發布了十年基礎設施策略，承諾投資7,250億英鎊，其中包括對交通、水利和能源領域的大量投資。我們在關鍵框架上的領先地位使我們獲得了理想的利益。

In the Middle East, where we maintain a market-leading position, we've successfully navigated a reprioritization of investment dollars to emerging areas to support the World Expo and World Cup infrastructure in Saudi Arabia. Our revenue growth also picked up this quarter and our contracted backlog was up by double digits. We are also experiencing strong growth in the UAE, another key market in the region for us.

在中東，我們保持著市場領先地位，並成功將投資重點轉向新興地區，以支持沙烏地阿拉伯的世博會和世界盃基礎設施建設。本季我們的營收成長也有所回升，合約積壓訂單成長了兩位數。我們在阿聯酋也經歷了強勁的成長，阿聯酋是該地區的另一個重要市場。

In Australia and Asia, long-term demand drivers are firmly in place. However, near-term budgetary constraints have led us to a pause in larger transportation awards, which has weighed on the near-term revenue trends. The water market is strong, but these projects tend to be longer in duration, and therefore, less impactful to near-term revenue as compared to the large civil projects that we completed during the last cycle.

在澳洲和亞洲，長期需求驅動因素已穩固存在。然而，近期的預算限制導致我們暫停頒發較大的運輸獎項，這對近期的收入趨勢造成了壓力。水市場強勁，但這些項目往往持續時間較長，因此與我們在上一個週期完成的大型民用工程相比，對近期收入的影響較小。

Finally, in the US, market environment continues to be one of the best in the world. Only 36% of IIJA funding targeted to our markets has been spent, which provides for continued growth opportunities as evident in our pipeline. Furthermore, state and local budgets remain robust, with state DoT budget's forecasted to achieve another record high in 2026.

最後，在美國，市場環境仍然是世界上最好的之一。針對我們市場的 IIJA 資金僅被使用 36%，這為我們的持續成長提供了機會，這一點已在我們的管道中得到證實。此外，州和地方預算依然強勁，預計 2026 年州交通部預算將再創歷史新高。

Our state and local clients continue to prioritize infrastructure spending to maximize available Federal matching funds. The passage of The Big Beautiful Bill only enhances this opportunity. The US Federal government is prioritizing investments in critical infrastructure to attract investment and securing a leadership position in growth industries such as AI.

我們的州和地方客戶繼續優先考慮基礎設施支出，以最大限度地利用可用的聯邦配套資金。《大美麗法案》的通過只會增強這個機會。美國聯邦政府優先投資關鍵基礎設施，以吸引投資並確保在人工智慧等成長型產業中的領導地位。

To that end, the bill includes tax incentives such as bonus depreciation that attract investment to onshore manufacturing, expand data center capacity and build energy infrastructure necessary to meet unprecedented demand growth. This bill also allocates $150 billion of mandatory defense spending. The DoD is our largest single client, and activity is gaining momentum. It also includes substantial funding for aviation and the Coast Guard, both markets where we have a leading presence.

為此，該法案包括獎勵折舊等稅收激勵措施，以吸引對國內製造業的投資，擴大資料中心容量，並建立滿足前所未有的需求成長所需的能源基礎設施。該法案還撥款1500億美元的強制國防開支。國防部是我們最大的單一客戶，活動正在蓬勃發展。它還包括對航空和海岸警衛隊的大量資金投入，這兩個市場我們都佔據領先地位。

Across the business, we've built a track record of delivering on and exceeding our financial and strategic commitments. As a result of our outperformance this year, we are raising our fiscal 2025 financial guidance for the third consecutive quarter. At the new midpoints, we expect full year adjusted EBITDA and EPS to increase by 10% and 16%, and we remain confident in delivering further growth and value for our shareholders long into the future.

在整個業務範圍內，我們一直致力於履行並超越我們的財務和策略承諾。由於今年的出色表現，我們連續第三個季度上調了 2025 財年的財務預期。在新的中點，我們預計全年調整後的 EBITDA 和 EPS 將分別成長 10% 和 16%，並且我們仍然有信心在未來很長一段時間內為股東帶來進一步的成長和價值。

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

說完這些，我就把電話轉給拉拉。

Thanks, Troy. We're excited about the significant growth opportunities ahead, particularly in the US, our largest and most profitable market. Government initiatives are driving infrastructure investment with a focus on advancing US leadership in key markets.

謝謝，特洛伊。我們對未來的巨大成長機會感到非常興奮，特別是在我們最大、利潤最高的市場美國。政府措施正在推動基礎設施投資，重點是提升美國在主要市場的領導地位。

This is especially true regarding AI with US data center investment projected to triple by 2030. And alongside it, demand is also expected to grow substantially for electricity and supporting infrastructure. We can address this demand holistically like no other firm in our industry through our advisory, program management, and design capabilities. In fact, we are ideally suited for the complexities of this growth and the new challenges facing our clients, including scarce resources like land, power, and water.

對於人工智慧來說尤其如此，預計到 2030 年美國資料中心投資將增加兩倍。同時，對電力和配套基礎設施的需求也預計將大幅成長。我們可以透過我們的諮詢、專案管理和設計能力來全面滿足這項需求，這是我們行業中其他公司所無法比擬的。事實上，我們非常適合這種成長的複雜性以及客戶面臨的新挑戰，包括土地、電力和水等稀缺資源。

Looking at data centers specifically, we have supported some of the most complex projects in over 40 countries around the world, establishing us as a global leader in this market. Our scale and expertise in environmental permitting, siting, stakeholder engagement, energy and water give us a significant advantage. In fact, our global data centers practice doubled in NSR in the last two years, and we're confident growth will continue to accelerate.

具體到資料中心，我們支援了全球 40 多個國家的一些最複雜的項目，使我們成為該市場的全球領導者。我們在環境許可、選址、利害關係人參與、能源和水方面的規模和專業知識為我們帶來了顯著優勢。事實上，過去兩年來，我們的全球資料中心在 NSR 方面的實踐翻了一番，而且我們相信成長將繼續加速。

Moreover, supportive government policy is a critical to sustaining this growth and recent actions in several of our largest markets demonstrate the progress being made. In the US, a recent Supreme Court ruling and several executive orders are streamlining the NEPA permitting process while Transportation Secretary Duffy's America is Building Again agenda focuses on removing investment barriers.

此外，政府的支持政策對於維持這種成長至關重要，我們幾個最大市場最近採取的行動證明了正在取得的進展。在美國，最高法院最近的一項裁決和幾項行政命令正在簡化《國家環境政策法》的許可程序，而交通部長達菲的「美國重建議程」則側重於消除投資障礙。

Similarly, the UK's 10-year strategy prioritizes efficient project delivery, and Canada is centralizing permitting with the goal of approving projects 60% faster. These are bold steps that will deliver better outcomes for our clients and attract more capital to our markets. Within this accelerating demand environment and global push for more efficient infrastructure delivery, three key areas give us a competitive edge.

同樣，英國的十年策略優先考慮高效的專案交付，加拿大則集中審批，目標是將專案審批速度提高 60%。這些大膽的舉措將為我們的客戶帶來更好的結果並吸引更多的資本進入我們的市場。在這種不斷加速的需求環境和全球對更有效率基礎設施交付的追求下，有三個關鍵領域為我們帶來了競爭優勢。

First, our advisory business, informed by our technical expertise, helps clients plan dynamically for their investments and solve complex challenges faster than ever. This business grew at a double-digit pace this quarter, and we aim to double advisory to $400 million of NSR within three years, positioning it as our next $1 billion growth platform.

首先，我們的諮詢業務以我們的技術專長為基礎，幫助客戶動態地規劃他們的投資並以比以往更快的速度解決複雜的挑戰。本季該業務以兩位數的速度成長，我們的目標是在三年內將諮詢業務翻一番，達到 4 億美元的 NSR，將其定位為我們下一個 10 億美元的成長平台。

Second, our program management business excels in delivering our clients' largest and most complex projects. We have won nearly 90% of our largest program management pursuits this year and we remain on track with our long-term target of delivering at least 50% of revenue from program management and advisory over time.

其次，我們的專案管理業務擅長交付客戶最大、最複雜的專案。我們今年贏得了近 90% 的大型專案管理項目，我們仍有望實現我們的長期目標，隨著時間的推移，從專案管理和諮詢中獲得至少 50% 的收入。

Finally, our competitive advantage would not be possible without our inspired and engaged professionals. As Troy noted, we're continuing to invest in leadership and technical development as well as our AI capabilities, which provide our clients with the best technical solutions and generate high returns. In fact, we had record high satisfaction in our most recent employee survey, and voluntary attrition remains well ahead of industry expectations.

最後，如果沒有我們富有靈感和奉獻精神的專業人員，我們的競爭優勢就不可能實現。正如特洛伊所說，我們將繼續投資於領導力和技術開發以及我們的人工智慧能力，為我們的客戶提供最佳的技術解決方案並產生高回報。事實上，我們在最近的員工調查中獲得了創紀錄的高滿意度，自願離職率仍然遠高於行業預期。

Taken together, we stand in a very strong position through the first three quarters of the year and are continuing to build momentum as an organization.

總的來說，今年前三個季度我們處於非常強勁的地位，並且作為一個組織正在繼續增強發展勢頭。

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

說完這些，我將把電話轉給 Gaurav。

Thanks, Lara. Our third quarter results continue to reflect strong operational performance across the company. NSR growth accelerated, margins and profitability reached new records, our backlog and pipeline are at all-time high and our cash flow was very strong.

謝謝，拉拉。我們的第三季業績持續反映出整個公司強勁的營運表現。NSR 成長加速，利潤率和獲利能力創下新高，我們的積壓訂單和管道處於歷史最高水平，我們的現金流非常強勁。

Of note, our segment-adjusted operating margin achieved a major milestone of 17.1%, a 90 basis point improvement over the prior year and exceeded our long-term target more than a year ahead of our prior expectation. There were no extraordinary items in our margin.

值得注意的是，我們的分部調整後營業利潤率實現了 17.1% 的重要里程碑，比上年提高了 90 個基點，並且比我們之前的預期提前一年多超出了我們的長期目標。我們的保證金中沒有非常項目。

Leading our industry in margins has been a hallmark of our performance over the past seven years. Our record business development expense continued to increase over the prior year and is ahead of our plan for the year, which has been the case for many quarters. These margins also continue to include record investment in organic growth initiatives such as in our advisory business and in our technical capabilities underpinning the high returns we earn on our investments and the continued opportunity to expand our margins over time.

在過去七年中，我們一直保持行業利潤領先，這是我們業績的標誌。我們的創紀錄業務發展費用比上一年持續增加，並且超出了我們今年的計劃，這種情況已經持續了多個季度。這些利潤率也繼續包括對有機成長計畫的創紀錄投資，例如我們的諮詢業務和技術能力，這些投資支撐了我們從投資中獲得的高回報以及持續擴大利潤率的機會。

Turning to our segment results. Beginning with Americas, NSR grew by 8%. The adjusted operating margin increased by 120 basis points to 20.5%, a new quarterly record that reflects growth in our largest market and the benefits from high returning organic growth investments in the business. Backlog in the Americas Design business grew by 4%. We expect business development expense to increase as a share of revenue in the fourth quarter, as we will continue to capitalize on a record pipeline.

談到我們的分部表現。從美洲開始，NSR 成長了 8%。調整後的營業利潤率增加了 120 個基點，達到 20.5%，創下了新的季度記錄，反映了我們最大市場的成長以及業務高回報有機成長投資帶來的好處。美洲設計業務的積壓訂單成長了 4%。我們預計第四季度業務開發費用佔收入的比例將會增加，因為我們將繼續利用創紀錄的管道。

Turning to the International segment. NSR grew by 3%, driven by the UK and the Middle East, which was partially offset by a decline in Australia. The adjusted operating margin increased by 20 basis points to 11.9%, as we continue to execute across our largest and highest returning geographies. Backlog grew by 8% in the International segment and contracted backlog was even stronger at 15% growth, which underpins our expectation for growth accelerating in the fourth quarter.

轉向國際部分。NSR 成長了 3%，主要受英國和中東地區的推動，但澳洲的下降部分抵消了這一增長。由於我們繼續在規模最大、回報率最高的地區執行，調整後的營業利潤率增加了 20 個基點，達到 11.9%。國際業務積壓訂單成長了 8%，合約積壓訂單成長更為強勁，達到 15%，這鞏固了我們對第四季成長加速的預期。

Turning to our cash flow and capital allocation. We delivered $262 million of free cash flow in the quarter, contributing to a 27% increase for year-to-date period to a new all-time high. We are on track with our guidance for at least 100% free cash flow conversion for the full year, which would mark the fifth year in a row we have delivered at or better than this level.

轉向我們的現金流和資本配置。我們在本季實現了 2.62 億美元的自由現金流，推動年初至今的成長 27%，創下歷史新高。我們正朝著全年至少 100% 的自由現金流轉換目標邁進，這將是我們連續第五年達到或超過這一水平。

We returned nearly $240 million to shareholders year-to-date and $2.7 billion of capital since September 2020. We maintained excellent balance sheet strength with net leverage of 0.6, a low cost of debt and no maturities until 2029.

今年迄今，我們已向股東返還近 2.4 億美元，自 2020 年 9 月以來已返還 27 億美元資本。我們的資產負債表保持了良好的實力，淨槓桿率為 0.6，債務成本低，並且到 2029 年都沒有到期日。

Our returns-based capital allocation policy remains unchanged. This includes our high returning organic growth investments and capital returns to shareholders through repurchases and dividends. While the timing of cash flow within the year and within a quarter can influence the pace of returns from period to period, importantly, all capital allocation decisions are returns-based to ensure we build on our industry-leading return on capital performance.

我們的基於回報的資本配置政策保持不變。這包括我們高回報的有機成長投資以及透過回購和股息向股東提供的資本回報。雖然一年內和一個季度內的現金流時間會影響不同時期的回報速度，但重要的是，所有資本配置決策都是以回報為基礎的，以確保我們在行業領先的資本回報率表現的基礎上再接再厲。

Concluding with the details of our guidance. We are raising our financial guidance for a third consecutive quarter. This is driven by our year-to-date outperformance, our record backlog and a strong end market environment. We now expect adjusted EPS and EBITDA to increase by 10% and 16%, respectively, at the midpoint of ranges.

最後給出我們指導的細節。我們連續第三個季度提高財務預期。這是由我們今年迄今為止的優異表現、創紀錄的積壓訂單以及強勁的終端市場環境所推動的。我們現在預計調整後的每股盈餘和息稅折舊攤提前利潤將分別成長 10% 和 16%，處於區間中點。

We are also raising our full year margin guidance, including our expectation for a 16.5% segment-adjusted operating margin, a 70 basis point increase over the prior year. This improvement is more than double a 20 to 30 basis point annual improvement we have in our long-term financial framework.

我們也提高了全年利潤率預期，包括分部調整後的營業利潤率為 16.5%，比上年增加 70 個基點。這項改善是我們長期財務框架中每年 20 至 30 個基點改善的兩倍以上。

With that, operator, we are open for questions.

接線員，我們現在可以回答您的問題了。

(Operator Instructions)

（操作員指示）

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great. Thanks and good morning.

偉大的。謝謝，早安。

Just wanted to get with the evolving backdrop, if you could just share some thoughts specifically on the US market? I'm more curious on sort of how the private sector is evolving and just given some of the noise during calendar Q1, did things sort of change or stabilize during calendar Q2? And so, just curious sort of specifics on the US market across private and public, please.

只是想了解不斷變化的背景，能否具體分享一些關於美國市場的想法？我更好奇的是私營部門是如何發展的，考慮到第一季的一些噪音，第二季的情況是否發生了變化或穩定下來？所以，我只是好奇地詢問美國私人和公共市場的具體情況。

Yes. Good morning, Sabahat. It's Troy here. Just to clarify your question, when you say Q1 and Q2, I think you are referring to the calendar year. So, again...

是的。早安，Sabahat。這裡是特洛伊。只是為了澄清你的問題，當你說 Q1 和 Q2 時，我認為你指的是日曆年。那麼，再說一次...

Yes. Calendar, of course.

是的。當然是日曆。

I'll focus on that. Yes. So first of all, I think these comments actually apply to the US market and to our large international markets, which is sort of start with the backdrop is that there were a lot of elections that took place over the last year. And it has taken time for those governments to get into place and for their agendas and the funding of those agendas to become clearer.

我會集中精力於此。是的。首先，我認為這些評論實際上適用於美國市場和我們的大型國際市場，其背景是去年舉行了許多選舉。這些政府需要時間來建立並明確其議程和議程的資金來源。

And so, we've actually seen that now in the US, we're seeing that in Canada, we're seeing that in the UK, and we're starting to see that at the very beginning of that in Australia. But with respect to the US market, I think inherent in your question, you said that there was some stability, and there's no doubt there is stability in terms of the agenda of the US Federal -- the new US administration and the US Federal government.

因此，我們實際上已經在美國看到了這種情況，在加拿大看到了這種情況，在英國看到了這種情況，而且在澳洲也剛開始看到這種情況。但就美國市場而言，我認為您在問題中提到了一定的穩定性，毫無疑問，就美國聯邦——新一屆美國政府和美國聯邦政府的議程而言，美國市場是穩定的。

And we're seeing the funding now come behind that. And it's becoming quite clear that there's a very important agenda, which is investing in infrastructure in the United States, and there's a lot of support to do that and encouragement to do that.

我們現在看到資金已經到位。越來越明顯的是，有一個非常重要的議程，那就是投資美國的基礎設施，而且有很多支持和鼓勵這樣做。

Encouragement through, first of all, funding coming from The Big Beautiful Bill, encouragement coming through reducing the regulation to get infrastructure into the market faster and encouragement in terms of the environment for focused investment in the US in the long term. So all those things seem to be coming to better together and are supporting a more stable market and a much clearer picture in terms of the long-term investment infrastructure in the US

首先，透過《大美麗法案》提供資金鼓勵，透過減少監管讓基礎設施更快進入市場鼓勵，並透過長期在美國集中投資的環境鼓勵。因此，所有這些因素似乎都在逐漸好轉，並支持美國市場更加穩定，長期投資基礎設施的前景也更加清晰。

I also said in the prepared comments that we're also seeing this at a state level. And we're seeing next year, certainly, in transportation infrastructure, the expectation forming around state budgets so that there'll be more money spent in transportation by the states in aggregate next year than there has been in this current year.

我在準備好的評論中也說過，我們在州一級也看到了這種情況。當然，我們看到明年在交通基礎設施方面，人們預期各州的預算將會增加，因此明年各州在交通方面的總支出將比今年更多。

So overall, we're seeing clarity come together, and that clarity means what we think is continued long-term investment in infrastructure in the US

因此，總體而言，我們看到情況正在明朗化，而這種明朗意味著我們認為美國將繼續長期投資於基礎建設。

Great. And then just for my follow-up, I just got -- the margin is obviously trending in the right direction. Could you sort of just dig into some of the drivers there just for this year and kind of over the next little while just across maybe operating leverage and just breaking out some of the operational initiatives that might be driving some of the margin improvement? How much more juice is left there? A bit more detail on the margin side, please? Thanks.

偉大的。然後，就我的後續情況而言，我剛剛得到——利潤率顯然正朝著正確的方向發展。您能否深入研究今年以及未來一段時間內的一些驅動因素，例如經營槓桿，以及可能推動利潤率提高的一些營運舉措？還剩下多少果汁？請提供更多關於邊距方面的詳細信息，好嗎？謝謝。

Sure. Sabahat, I'm going to turn that over to Gaurav.

當然。先生，我要把這個交給 Gaurav。

Morning, Sabahat. Thanks for the question.

早安，Sabahat。謝謝你的提問。

Margins -- we're very pleased with our margin performance, and thanks for acknowledging. The delivery this quarter, we delivered a margin target that is almost 15 months ahead of schedule. And first and foremost, the credit goes to our professionals who work hard every single day and operate not only in the marketplace with their clients from a quality delivery and being -- having a DNA of always improving from a cost standpoint as well.

利潤率－我們對我們的利潤率表現非常滿意，感謝您的認可。本季的交付，我們提前近15個月實現了利潤目標。首先，最重要的是，我們的專業人員每天都在努力工作，他們不僅在市場上與客戶合作，提供優質的產品，而且從成本角度來看，他們也一直具有不斷改進的 DNA。

You have to do all of those things well across the board to have this kind of performance that we've had. And for us, specifically on margin, and to your question, delivery in the quarter and what the trajectory opportunity looks like going forward? For us, it starts in investing in high-returning organic growth opportunities. Starting with our traditional core end markets where business development expense is not only higher than prior year, but it's higher than what we had even planned year-to-date and quarter-to-date. So we continue to make robust investments in the pipeline to make sure our book-to-burn, our backlog is very healthy.

我們必須全面做好所有這些事情才能取得這樣的成績。對於我們來說，特別是在利潤率方面，對於您的問題，本季的交付情況以及未來的軌跡機會是什麼樣的？對我們來說，投資高報酬的自然成長機會是第一步。從我們的傳統核心終端市場開始，業務開發費用不僅高於去年，而且高於我們年初至今和本季迄今的計畫。因此，我們將繼續大力投資，以確保我們的存貨量和積壓訂單量非常健康。

As Troy commented in the opening comments, this is now 19th quarter in a row where we've delivered our book-to-burn at 1 or greater, a testament to that business development investment, organic investment that we make. It's also a lot of operational focus on improving our cost base.

正如特洛伊在開場白中所說，這已經是連續第 19 個季度，我們的書單銷量達到 1 或更高，這證明了我們所做的業務發展投資和有機投資。我們的營運重點也集中在改善成本基礎。

While we're still in the early stages of benefiting from some key strategic initiatives such as our infrastructure advisory business that we launched middle of last year. Solutions focus, drives higher margins for us, our enterprise capability centers. We're still in the mid- to high-single digit in terms of total labor hours that we deliver.

我們仍處於受益於一些關鍵策略舉措的早期階段，例如我們去年年中推出的基礎設施諮詢業務。解決方案重點為我們的企業能力中心帶來更高的利潤。就我們交付的總工時而言，我們仍然處於中高個位數。

And as we've stated before, we will get to middle digits in this delivery of our capability centers in the short to medium term. So there's still a lot of opportunity left. And I'm not yet going into a lot of detail, but AI is not only something in the future, but right now, it has been providing us with a good lift in all facets of how we go to market, how we operate, the lever and the opportunity to become more efficient in each one of those phases.

正如我們之前所說，我們將在短期到中期內實現能力中心交付的中等數字。因此，還有很多機會。我暫時不會深入討論細節，但人工智慧不僅是未來的事物，而且現在，它已經為我們進入市場、如何運作的各個方面提供了良好的推動力，並在每個階段提供了提高效率的槓桿和機會。

So for us, you'll notice, two years ago, when we had put the target forward of 17% and said we were going to deliver it in three years, we did it earlier, of course. But about a year ago, the confidence we were seeing internally is why we shifted that target to 17%-plus because we're not -- we knew the opportunity is not just a North Star of delivering 17% and being higher than anybody else in the industry, as we have been for the past few years, but the opportunity is still in front of us.

因此，對我們來說，您會注意到，兩年前，當我們提出 17% 的目標並表示我們將在三年內實現這一目標時，我們當然提前做到了。但大約一年前，我們內部看到的信心就是我們將目標調整到 17% 以上的原因，因為我們知道這個機會不僅僅是實現 17% 的北極星，而且比業內任何其他人都高，就像我們過去幾年所做的那樣，但機會仍然擺在我們面前。

Adam Bubes, Goldman Sachs.

高盛的亞當布貝斯 (Adam Bubes)。

Hi. Good morning.

你好。早安.

Good morning.

早安.

I'm wondering if you folks could just provide an update on the AI and automation initiatives? How long until these initiatives start to move the needle on utilization or margins? And just where are we in that journey?

我想知道你們是否可以提供有關人工智慧和自動化計劃的最新資訊？這些措施多久才能開始對利用率或利潤率產生影響？那麼，我們目前處於旅程的哪個階段？

Yes. So we are already -- we've already begun that journey to actually deploy AI. And we've talked about this, I think, for about 18 months now. So we started thinking about investing in AI and how we would do that about 18 months ago, and we've been doing that consistently. We think about it in two ways.

是的。所以我們已經——我們已經開始了實際部署人工智慧的旅程。我想，我們已經討論這個問題大約有 18 個月了。因此，大約 18 個月前，我們就開始考慮投資人工智慧以及如何進行投資，並且一直在這樣做。我們從兩個方面來考慮這個問題。

First of all, we think about it, how we actually use AI to sort of improve how we support or run the business. And second is we think about how it will actually change the way we deliver our work for customers. And obviously, there's a lot of discussion around the impact of AI. Without getting into the details of how we're deploying it, the answer to your first question is, yes, it is having an impact on our margins and our results.

首先，我們思考如何實際使用人工智慧來改善我們支援或經營業務的方式。其次，我們思考它將如何真正改變我們為客戶提供服務的方式。顯然，關於人工智慧的影響有很多討論。無需了解我們如何部署它的細節，您的第一個問題的答案是，是的，它對我們的利潤和業績產生了影響。

And the second most important thing is, is that we believe that AI will have a visible, a material and a really favorable impact to our business over the next three years. Most importantly is, we never lose sight of the fact of the most important thing in our business is our people and what they bring to solving our clients' problems, especially from our perspective, the really complex and highly visible and important problems that our people solve.

第二件最重要的事情是，我們相信人工智慧將在未來三年對我們的業務產生明顯、實質和真正有利的影響。最重要的是，我們永遠不會忽視這樣一個事實：我們業務中最重要的是我們的員工，以及他們為解決客戶問題所做的貢獻，特別是從我們的角度來看，我們的員工解決的那些真正複雜、高度可見且重要的問題。

But the investments that we're making in AI are absolutely going to extend their capabilities. And I will just leave you with this, I'll just restate the fact that we think that AI is going to have a material impact on our business over the next two or three years. And if you think about this as sort of the question around, is there more juice left in margins? No question that there is.

但我們在人工智慧方面的投資絕對會擴展其能力。我只想重申一下事實，我們認為人工智慧將在未來兩三年內對我們的業務產生重大影響。如果您將此視為一個問題，那麼利潤空間是否還很大？毫無疑問存在。

Great. And then I think the EBITDA margin guidance implies margin stepped down slightly sequentially at the midpoint from these really strong levels in 4Q. Looking at recent years, I think margins typically stepped slightly up 4Q versus 3Q. Any moving pieces that should drive margins different than normal seasonality in 4Q? Is that maybe the business development expenses in Americas that were referenced?

偉大的。然後，我認為 EBITDA 利潤率指引意味著利潤率在第四季度的強勁水平上中點環比略有下降。回顧最近幾年，我認為第四季的利潤率通常會比第三季略有上升。有沒有什麼變動因素會導致第四季的利潤率與正常季節性有所不同？這是否指的是美洲的業務發展費用？

Hey. Morning, Adam. This is Gaurav.

嘿。早安，亞當。這是 Gaurav。

You're exactly right. In our prepared comments, one of the things we pointed out is we're very happy and pleased with how strong our pipeline is across all the end markets in all of our key regions. So one thing we're not going to shy away from is making sure we put our best foot forward to take advantage of these -- this great pipeline that we have, which means making the business development expense.

你說得完全正確。在我們準備好的評論中，我們指出的一件事是，我們對我們的管道在所有主要地區的所有終端市場的強大實力感到非常高興和滿意。因此，我們不會迴避的一件事是確保我們盡最大努力利用這些——我們擁有的這個偉大的管道，這意味著業務發展成本。

As you can see, with high level of confidence, anytime we've made these organic investments over the last six years, they've had an outsized organic return on that investment, including the margin trajectory growth. So we're just being very balanced as we look forward into Q4, saying we're going to make all these continuing great business development investments expense because we know the outsized return it drives for us in the future.

如您所見，我們非常有信心，在過去六年中，每當我們進行這些有機投資時，都會獲得超額的有機投資回報，包括利潤率軌跡成長。因此，當我們展望第四季度時，我們保持著非常平衡的態度，我們將把所有這些持續的、巨大的業務發展投資作為費用，因為我們知道它將來會給我們帶來巨大的回報。

Great. Thanks so much.

偉大的。非常感謝。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Yes. Great. Thanks for taking my questions and good morning, everyone. So I guess I'm going to ask a margin question in a little bit different way than some of the other ones have been asked.

是的。偉大的。謝謝你們回答我的問題，大家早安。所以我想我將以與其他一些問題略有不同的方式提出保證金問題。

And obviously, basically, this year, it looks like you're on track to deliver actually more than twice the annual level that was kind of the straight-line effect, the 20 to 30 basis points, it'll be 70-ish this year. So I guess, as you think about kind of the planning period, is that a pull forward of like some of next year's margins or does next year just build off a higher base than maybe was originally anticipated? I guess I just kind of want to be clear as to how the phasing of these margins go in? Obviously, this is a relevant question for the investment community with your initial guidance coming up next quarter.

顯然，基本上，今年，看起來你有望實現年水平的兩倍以上，這是一種直線效應，即 20 到 30 個基點，今年將達到 70 左右。所以我想，當您考慮規劃期時，這是否會像明年的一些利潤一樣提前，或者明年是否只是建立在比最初預期更高的基礎上？我想我只是想清楚地了解這些利潤是如何分階段達成的？顯然，這對於投資界來說是一個相關的問題，因為您的初步指導將於下個季度發布。

Yes. So Andy, it is absolutely premature for us to give guidance next year. But nevertheless, I'll say that the margins this year are not a pull forward of something from the future. They represent the run rate margins that we see in our business and in our backlog. And I did try to give an answer in the last question a preview of our expectations, which is we see that there is significant upside still remaining in our margins based on the investments that we have been making and the investments that we think we're -- that we know we're going to continue to make next year.

是的。所以安迪，我們現在給出明年的指導還為時過早。但儘管如此，我要說的是，今年的利潤率並不是對未來的預測。它們代表了我們在業務和積壓訂單中看到的運行率利潤率。我在最後一個問題中確實嘗試回答我們的預期，也就是說，根據我們一直以來的投資以及我們認為明年將繼續進行的投資，我們的利潤率仍然有很大的上升空間。

Yes. Okay. Just wanted to make sure on that.

是的。好的。只是想確認一下。

And then I guess, for my follow-up question, I wanted to ask on your capital deployment and specifically your buyback in the quarter, it was really light compared to kind of where you've been and, in the past, it's been you've kind of married it up with your cash flow. Fourth quarter is always a big cash flow quarter so I understand that. But you've done things to smooth out your timing of your cash flow, the seasonality of it at least throughout the year. And so your buyback has correspondingly been a little bit more smooth out, this quarter pretty light.

然後我想，對於我的後續問題，我想問一下您的資本配置，特別是本季度的回購，與您過去的情況相比，這真的很輕，而且在過去，您已經將其與您的現金流結合起來了。第四季總是現金流較大的季度，所以我理解這一點。但是您已經採取措施來平衡現金流的時間，至少是全年的季節性。因此，本季的回購相應地變得更加平穩，相當輕鬆。

And I was just wondering if there's something that we should know about that affected that? Maybe it's just as simple as you're expecting a lot more cash in 4Q, but the balance sheet here is in a great spot. So maybe, Gaurav, can you just kind of talk about the buyback and how important it is and maybe the performance in the quarter, what you did there and why?

我只是想知道我們是否應該知道一些影響這一點的事情？也許這只是因為您預計第四季度會有更多現金，但這裡的資產負債表處於良好狀態。那麼，Gaurav，您能否談談回購以及它的重要性，以及本季的表現，您在那裡做了什麼以及為什麼？

Yes, fair question, Andy. No change in our capital allocation policy. We will continue to execute that consistent with how we have acted in the past. And specific to this quarter, in this business, the cash always comes in end of the quarter. And as we've stated before, our buybacks will follow as we generate that free cash flow. So as we've generated in Q3, we'll execute it during Q4. And as we generate more cash in Q4, consistent with our expectations, we'll continue on that path.

是的，公平地問，安迪。我們的資本配置政策沒有改變。我們將繼續按照過去的行動來執行這項政策。具體到這個季度，在這個業務中，現金總是在季度末到達。正如我們之前所說，隨著我們產生自由現金流，我們的回購也會隨之而來。因此，正如我們在第三季所產生的，我們將在第四季度執行它。隨著我們在第四季度產生更多現金，符合我們的預期，我們將繼續沿著這條道路前進。

Okey dokey. Thanks.

好。謝謝。

Thanks, Andy.

謝謝，安迪。

Andy Kaplowitz, Citi.

花旗銀行的安迪‧卡普洛維茲 (Andy Kaplowitz)。

Hey. Good morning, guys. This is actually [Jose] on for Andy.

嘿。大家早安。這實際上是 [Jose] 為 Andy 而做的。

The last several quarters, your book-to-bill has been at a steady greater than 1x even despite tariff uncertainty and increased volatility in international markets. Do you think you can continue to record a book-to-bill over 1 in the current environment based on your current pipeline? I know your high win rates have been helping you out, particularly in your large pursuits. So maybe you can talk about the confidence level there and how sustainable these win rate levels are.

過去幾個季度，儘管關稅存在不確定性且國際市場波動加劇，但您的訂單出貨比一直穩定在 1 倍以上。您認為在當前環境下，基於您目前的管道，您可以繼續實現超過 1 的訂單出貨比嗎？我知道您的高勝率對您很有幫助，特別是在您追求重大目標時。所以也許您可以談談那裡的信心水平以及這些勝率水平的可持續性。

Well, I guess -- again, I'd start with saying that past is not a perfect predictor of the future, but it certainly helps having a track record of 19 quarters with a book-to-burn greater than 1. So I think that what that indicates is that we do have the underlying conditions to repeat that. And so again, going back to some of the prepared comments is, we have a very healthy pipeline and it's in the good locations where we have great strength in the marketplace.

好吧，我想——再次強調，我首先要說的是，過去並不能完美地預測未來，但擁有 19 個季度的待售書數大於 1 的記錄肯定會有所幫助。所以我認為這表明我們確實有重複這一做法的基本條件。因此，再次回顧一些準備好的評論，我們擁有非常健康的管道，並且在良好的地理位置上我們在市場上擁有強大的實力。

We continue to have a very high win rate, which means that we are somehow have an edge in our marketplace against the competition. And I described that edge is, we focus on things where it plays to our strengths. The strength of our team is that we have a large, very sophisticated global team with a very diverse set of experiences and qualifications. And it allows us to compete on those projects and to win at a very high rate.

我們的勝率一直都很高，這意味著我們在市場上相對於競爭對手具有優勢。我所描述的優勢是，我們專注於能夠發揮優勢的事情。我們團隊的優勢在於我們擁有一支龐大、非常成熟的全球團隊，他們擁有非常多元的經驗和資格。它使我們能夠在這些項目上競爭並以非常高的速度獲勝。

So I look at the business and say nothing has really changed. Our markets are strong and healthy. We see more clarity around the funding agendas for our government, which allows us to preposition for the longer term. And we have strength in the business that we're taking advantage of that manifests itself in our very high win rates. So we have confidence that we'll keep it up.

因此，我審視了一下業務，發現實際上什麼都沒有改變。我們的市場強勁而健康。我們對政府的資金議程有了更清晰的了解，這使我們能夠為長期發展做好準備。我們在業務上擁有優勢，這一點從我們非常高的勝率中就可以看出來。因此我們有信心堅持下去。

Thanks for that. And then as a follow-up. I wanted to ask about the water and environment advisory business you introduced in 1Q '25. Curious if you could talk about how you're seeing that business progress and any development or opportunities that have made you incrementally more excited about the growth prospects of that business?

謝謝。然後作為後續行動。我想問一下您在 2025 年第一季推出的水和環境諮詢業務。好奇的是，您能否談談您如何看待該業務的進展，以及哪些發展或機會讓您對該業務的成長前景更加興奮？

Yes. Lara will take that.

是的。拉拉會接受的。

Yes, Lara here. Thank you for the question.

是的，我是蘿拉。謝謝你的提問。

We continue to be really excited about it. During the quarter, the advisory business grew double digit [indiscernible] of doubling the scale of this business to $400 million of NSR over the next three years and for it to be our next billion-dollar platform. We've had -- we continue to have such positive client feedback, we're winning great work, we're hiring great people. So we've got great momentum, and we're absolutely on track and really excited about the future growth of that business.

我們對此一直感到非常興奮。在本季度，諮詢業務實現了兩位數成長，即在未來三年內將該業務規模翻一番，達到 4 億美元的 NSR，並使其成為我們的下一個 10 億美元平台。我們一直都有非常正面的客戶回饋，我們贏得了出色的工作，我們僱用了優秀的人才。因此，我們擁有強大的發展勢頭，並且完全走在正確的軌道上，並且對該業務的未來成長感到非常興奮。

Thanks for your time, guys.

謝謝你們的時間。

Sangita Jain, KeyBanc Capital Markets.

Sangita Jain，KeyBanc 資本市場。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

So one question I want to follow up on the AI discussion that we just had earlier. How does the shifting of work to the overseas technical centers intersect with the use of AI? Do you think there could be a risk of possibly overinvesting in these if AI can take over some of the tasks?

所以我想就我們之前討論的人工智慧問題提出一個問題。將工作轉移到海外技術中心與人工智慧的使用有何交集？如果人工智慧可以接管部分任務，您是否認為可能存在過度投資的風險？

Well, first of all, I think that they work well together. I think you sort of have to look at the portfolio of skills that are required to solve our -- to solve the problems of our customers or to deliver those projects. And so, there is always certainly a pace that you have to spend time on the ground, you have to spend time with your customers and that goes at the beginning and throughout those projects. I don't think that part is, really frankly, ever going to change.

嗯，首先，我認為他們合作得很好。我認為你必須考慮解決我們的問題——解決客戶的問題或完成這些專案所需的技能組合。因此，你必須花時間在實地，你必須花時間與你的客戶相處，這貫穿專案的開始和整個過程。坦白說，我認為這部分永遠不會改變。

Then you have to have -- again, people with really sophisticated experiences and skills and that's a combination of people that are on the ground with customers and in our enterprise capability centers. And then what I think you'll see is that AI will certainly supplement what both of those groups do.

然後你必須擁有——再次強調，擁有真正豐富經驗和技能的人才，這些人才是與客戶打交道的人員和我們企業能力中心的人員的組合。然後我認為你會發現人工智慧肯定會補充這兩個群體所做的事情。

So we think about how AI works to support our teams, and it frankly supports our teams regardless of where they are. And we're very conscious in terms of how we're thinking about investing in the teams and investing across the business so that we take advantage of the existing strength of the business and supplement it by investing in AI.

因此，我們思考人工智慧如何支援我們的團隊，坦白說，無論我們的團隊身在何處，它都會為他們提供支援。我們非常清楚如何投資團隊和整個業務，以便我們可以利用現有的業務優勢，並透過投資人工智慧來補充它。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

And just on NSR growth, I know you're heading towards the end of your fiscal year. This year, it looks like it's going to trend towards the lower side of your guidance range and just wondering how that positions you for next year, probably easier comps in certain areas and maybe UK picks up. So any thoughts, early thoughts there would be appreciated. Thank you.

就 NSR 成長而言，我知道您的財政年度即將結束。今年，看起來它將趨向於指導範圍的低端，我只是想知道這將如何為您明年的定位，可能在某些領域更容易比較，也許英國會回升。因此，任何想法，任何早期的想法都會受到讚賞。謝謝。

Hi, Sangita. This is Gaurav. I'll take that question.

你好，桑吉塔。這是 Gaurav。我來回答這個問題。

You're right in terms of we are going to be within the range of guidance we have provided, but it is going to trend towards the lower part of it. We are expecting growth to pick up in Q4. It's historically consistent, number of workdays also impacting us gives us good strong confidence going into Q4, and we're currently in our plan process.

您說得對，我們會處於我們提供的指導範圍內，但趨勢會趨向於指導範圍的下限。我們預計第四季經濟成長將會回升。從歷史上看，這是一致的，工作日的數量也對我們產生了影響，這讓我們對進入第四季度充滿信心，目前我們正處於計劃過程中。

But again, if you look at what we have delivered in terms of backlog growth -- contracted backlog growth, wins, book-to-burn, it all gives us confidence that long-term algorithm we had put out of 5% to 8%. We have a high level of confidence, even though we haven't completed our planning process that continues to be a good range for us as we look into next year.

但是，如果你再看看我們在積壓訂單成長方面取得的成績——合約積壓訂單成長、勝利、訂單量與銷售量之比，這一切都讓我們有信心，我們已經實現了 5% 到 8% 的長期演算法成長。我們非常有信心，儘管我們還沒有完成規劃過程，但展望明年，這對我們來說仍然是一個很好的範圍。

Appreciate it. Thank you, guys.

非常感謝。謝謝你們。

Michael Dudas, Vertical Research Partners.

杜達斯（Michael Dudas），Vertical Research Partners。

Good morning, gentlemen, Lara.

早安，先生們，拉拉。

Troy, you highlighted in your prepared remarks the earlier stage of investment from your clients and your seeing more opportunities and I guess more access exposure there for your company. Does that provide the longer-term confidence in organic growth in the cycle in front of us? And is it your -- the ability to grow some of these advisory opportunities in infrastructure and water that we're finding a lot of lower-hanging fruit to drive the margin also drive more wallet share amongst your clients?

特洛伊，您在準備好的演講中強調了客戶早期的投資階段，您看到了更多的機會，我想您的公司也將獲得更多的曝光機會。這是否為我們眼前的周期中的有機成長提供了更長期的信心？您是否有能力在基礎設施和水資源領域拓展一些諮詢機會，從而找到許多唾手可得的成果來提高利潤率，同時增加客戶的錢包份額？

Yes, I think -- so Mike, think about this in two different ways. First of all, is that as I said earlier, we've seen a lot of our clients formulating their agenda. So if you come to an election period, it takes a little while to formulate that agenda. But then when it is formed and the funding is made available through it the legislative process, well, then that means that you typically have a good line of sight for four or five years on what's going to be spent and what the focus is going to be.

是的，我認為——麥克，請從兩個不同的角度來思考這個問題。首先，正如我之前所說，我們已經看到很多客戶正在製定他們的議程。因此，如果進入選舉期，制定議程需要一些時間。但是，當它成立並透過立法程序提供資金時，那麼，這意味著你通常可以清楚地了解四到五年內將要花多少錢以及重點是什麼。

And I think when you look at our earlier stage pipeline, again, we have a very significant portfolio of government clients, I think it's a good example that when those agendas form, you start to see your early stage pipeline growing, which indicates that there's good funding and have a good pipeline that will take you through the next four or five years.

我認為，當你回顧我們早期的管道時，你會發現我們擁有非常重要的政府客戶組合，我認為這是一個很好的例子，當這些議程形成時，你會開始看到你的早期管道不斷增長，這表明我們有充足的資金，並且擁有良好的管道，可以幫助你度過未來四五年。

And then the second point is, you think about the diversity we've created in the business, now focusing on advisory or being there earlier in the process, bringing really good technical underlying skills to provide that advice to our customers, which does differentiate from the typical adviser. And then you have program management, which keeps us there throughout the process.

第二點是，想想我們在業務中創造的多樣性，現在專注於諮詢或在流程早期就出現，帶來真正良好的技術基礎技能，為我們的客戶提供建議，這與典型的顧問確實有所不同。然後你有專案管理，它讓我們在整個過程中保持同步。

So as that pipeline forms, I think you rightly pointed out, we're going to be more exposed to that pipeline. And as we said in our Investor Day almost two years ago, we would typically, in the past, been exposed to our clients maybe to 10% to 15% of our clients' budgets. Now through advisory program management in our design business, we're exposed to 30% to 35% or 40% of our clients' budgets. And more importantly, the margin in those budgets is higher than where it is in the other places of their infrastructure spend.

因此，隨著該管道的形成，我認為您正確指出，我們將更多地接觸該管道。正如我們在大約兩年前的投資者日所說的那樣，過去，我們通常會向客戶投入大約 10% 到 15% 的預算。現在，透過我們設計業務中的諮詢專案管理，我們可以接觸到客戶 30% 到 35% 或 40% 的預算。更重要的是，這些預算的利潤率高於其他地方的基礎設施支出。

So you line those two things up and based on the investments we've been making, growing our at bats and the early-stage pipeline continuing to grow and gives us good visibility and confidence into the next four or five years.

因此，將這兩件事結合起來，並基於我們一直以來的投資，不斷增加我們的擊球機會和持續增長的早期管道，讓我們對未來四五年有良好的了解和信心。

Well said, Troy. Thank you.

說得好，特洛伊。謝謝。

Nandita Nayar, Bank of America.

美國銀行的 Nandita Nayar。

Hey. Good morning, guys. This is Nandita Nayar on from Michael Feniger. Thanks for taking my questions.

嘿。大家早安。我是 Nandita Nayar，來自 Michael Feniger。感謝您回答我的問題。

So you mentioned that advisory was up double digits. If we can just pull on the thread a bit more here, how much of this would you say is the overall market? And how much is this AECOM initiatives capturing more share? Thanks.

所以您提到諮詢數字上升了兩位數。如果我們可以在這裡進一步闡述一下，您認為這在多大程度上代表了整體市場？那麼 AECOM 的這些舉措又能佔多大的份額呢？謝謝。

Thanks for the question, Nandita. In terms of the project life cycle, I think we're capturing an earlier segment of the project life cycle because we're advising clients much earlier. So I think that is additive, if you look at it in total project life cycle terms.

謝謝你的提問，Nandita。就專案生命週期而言，我認為我們正在捕捉專案生命週期的早期階段，因為我們很早就為客戶提供建議。因此，如果從整個專案生命週期的角度來看，我認為這是附加的。

And then for us, obviously, there is the low-hanging fruit, which is the existing clients where we can grow the share of wallet, so to speak, in terms of providing them additional advisory services. And then with the pull-through of all of the usual technical disciplines and design work that they know us for. So there are sort of two dimensions that I would respond with.

然後對我們來說，顯然，有一些唾手可得的成果，那就是現有客戶，我們可以透過為他們提供額外的諮詢服務來增加他們的錢包份額。然後結合他們所了解的所有常見技術學科和設計工作。因此，我會從兩個方面來回應。

Great, that's helpful. And if I can just squeeze one more in? You mentioned margins hitting a big milestone. How much would you balance investing in the business and expanding margins going forward? And like how much would you say like the opportunity going forward is in the Americas versus International?

太好了，很有幫助。我還能再擠進一個嗎？您提到利潤率達到了一個重要的里程碑。您會在多大程度上平衡對業務的投資和未來擴大利潤率？您認為未來在美洲和國際上的機會有多大？

Well, so look, I think our margins have improved not because we've been managing the costs, but we've actually been investing in generating returns from those investments. So I think, again, our belief and the strength of what we've been capable of doing is actually investing in growing margins in the business and that's not going to stop.

嗯，所以，我認為我們的利潤率提高並不是因為我們一直在管理成本，而是因為我們實際上一直在投資以從這些投資中獲得回報。因此，我認為，我們的信念和我們能夠做到的優勢實際上在於投資於業務利潤的成長，而這種投資不會停止。

We're going to continue to invest. And as we look forward, we actually see more opportunities to invest to drive a much better result than we have in the past. So looking back, it's a great track record, but looking forward, we actually are even more optimistic to continue to improve in the future based on what we think we can invest in.

我們將繼續投資。展望未來，我們實際上看到了比過去更多的投資機會，可以帶來更好的結果。因此，回顧過去，這是一個偉大的記錄，但展望未來，我們實際上更加樂觀地認為，基於我們認為可以投資的東西，未來將會繼續進步。

Great. Appreciate the answers. Thank you.

偉大的。感謝您的回答。謝謝。

With no further questions, that concludes the Q&A session. I'll now turn the conference back over to Troy for closing remarks.

如果沒有其他問題，問答環節就結束。現在我將會議交還給特洛伊，請他作結束語。

Thank you, everyone, for joining us today, and we thank you for your support. And most importantly, I thank all of the employees and all the people working here at AECOM for their fantastic contributions this quarter. They've continued to provide just a superior result for the work that we do for our clients. Thank you.

感謝大家今天的加入我們，也謝謝你們的支持。最重要的是，我要感謝 AECOM 的所有員工和所有工作人員本季做出的傑出貢獻。他們持續為我們為客戶所做的工作提供卓越的成果。謝謝。

This concludes this conference call. You may now disconnect.

本次電話會議到此結束。您現在可以斷開連線。