ICF International Inc (ICFI) 2025 Q2 法說會逐字稿

Welcome to the second quarter 2025 ICF earnings conference call. My name is Lauren Cannon, and I will be your operator for today's call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 2025 年第二季 ICF 收益電話會議。我叫勞倫‧坎農 (Lauren Cannon)，今天我將擔任您的電話接線生。（操作員指示）請注意，今天的會議正在錄音。

I will now turn the call over to Lynn Morgen, Advisiry Partners. Lynn, you may begin.

現在我將電話轉給 Advisiry Partners 的 Lynn Morgen。林恩，你可以開始了。

Thank you, Lauren. Good afternoon, everyone, and thank you for joining us to review ICF's second quarter 2025 performance. With us today from ICF are John Wasson, Chair and CEO; Barry Broadus, CFO. Joining them is James Morgan, Chief Operating Officer.

謝謝你，勞倫。大家下午好，感謝大家與我們一起回顧 ICF 2025 年第二季的業績。今天與我們一起的有 ICF 董事長兼首席執行官 John Wasson 和首席財務官 Barry Broadus。首席營運長詹姆斯摩根 (James Morgan) 也加入其中。

During this conference call, we will make forward-looking statements to assist you in understanding ICF management's expectations about our future performance. These statements are subject to a number of risks that could cause actual events and results to differ materially, and I refer you to our July 31, 2025, press release and our SEC filings for discussions of those risks.

在本次電話會議中，我們將做出前瞻性陳述，以協助您了解 ICF 管理階層對我們未來績效的期望。這些聲明受到多種風險的影響，這些風險可能導致實際事件和結果大不相同，我建議您參閱我們 2025 年 7 月 31 日的新聞稿和我們向美國證券交易委員會提交的文件，以討論這些風險。

In addition, our statements during this call are based on our reviews as of today. We anticipate that future developments will cause our views to change. Please consider the information presented in that light. We may at some point elect to update the forward-looking statements made today, but specifically disclaim any obligation to do so.

此外，我們在本次電話會議中的陳述均基於我們今天的審查。我們預期未來的發展將導致我們的觀點改變。請從這個角度考慮所提供的資訊。我們可能會在某個時候選擇更新今天所做的前瞻性陳述，但明確否認有這樣做的義務。

I will now turn the call over to ICF's CEO, John Watsson, to discuss second quarter 2025 performance. John?

現在，我將把電話轉給 ICF 的執行長 John Watsson，討論 2025 年第二季的業績。約翰？

Thank you, Lynn, and thank you all for joining us today to review our second quarter results and discuss our business outlook. I am pleased to report that we executed effectively in the second quarter, with results benefiting from our diversified client base and demonstrating our agility in adapting to changing market conditions.

謝謝你，Lynn，也謝謝大家今天加入我們，回顧我們的第二季業績並討論我們的業務前景。我很高興地報告，我們在第二季的執行效果良好，業績受益於我們多元化的客戶群，並展示了我們適應不斷變化的市場條件的敏捷性。

There were several key takeaways worth noting. First, second quarter revenue was generally stable with first quarter levels, in line with our expectations. Revenues from our commercial, state and local government, and international government client set increased 13.8% in the aggregate and accounted for 57% of our second quarter revenues.

有幾個關鍵要點值得注意。第一、第二季營收與第一季水準基本穩定，符合我們的預期。來自商業、州和地方政府以及國際政府客戶的收入總計成長了 13.8%，占我們第二季營收的 57%。

Second, within this client set, revenue from commercial energy clients remained robust, increasing 27% year-on-year thanks to continued strong demand from our utility clients for our energy efficiency programs and ICF's expertise in flexible load management, electrification and grid resilience.

其次，在這一客戶群中，來自商業能源客戶的收入保持強勁，同比增長 27%，這得益於我們的公用事業客戶對我們的能源效率計劃的持續強勁需求以及 ICF 在靈活負載管理、電氣化和電網彈性方面的專業知識。

Third, we expanded our adjusted EBITDA margin by approximately 20 basis points year-on-year, reflecting favorable business mix and cost management initiatives. And fourth, we only experienced an additional $2 million impact on our 2025 revenues from contract cancellations in the US federal market. In the past month, we began to see a pickup in federal procurement activity. Taken together with our strong second quarter book to bill ratio of 1.3, these factors give us confidence in a more positive business outlook for 2025.

第三，我們調整後的 EBITDA 利潤率年增了約 20 個基點，這反映了有利的業務組合和成本管理措施。第四，美國聯邦市場的合約取消僅對我們 2025 年的收入產生了額外的 200 萬美元影響。過去一個月，我們開始看到聯邦採購活動回升。加上我們第二季強勁的訂單出貨比 1.3，這些因素讓我們對 2025 年更積極的業務前景充滿信心。

Taking a closer look at 2025 business trends, revenues from commercial clients increased 25.2% in the second quarter, led by the 27% increase in commercial energy that I just mentioned. This growth was driven by new and expanded energy efficiency, electrification, flexible load management, and customer engagement programs for utility clients as they address rapid load growth.

仔細觀察2025年的商業趨勢，第二季來自商業客戶的營收成長了25.2％，其中我剛才提到的商業能源收入成長了27％。這一成長是由針對公用事業客戶應對快速負載成長的全新和擴大的能源效率、電氣化、靈活的負載管理以及客戶參與計劃所推動的。

ICF is the market leader in designing, developing, and implementing residential energy efficiency programs, and we are progressively gaining share in the commercial energy efficiency market as well. These energy efficiency programs represent the core of our commercial energy work, and as a reminder, they are funded by a small surcharge on ratepayers [levied] by public service commissions in over 30 states.

ICF 是設計、開發和實施住宅能源效率計劃的市場領導者，我們在商業能源效率市場的份額也逐漸擴大。這些能源效率計劃代表了我們商業能源工作的核心，需要提醒的是，它們的資金來自 30 多個州的公共服務委員會向納稅人徵收的小額附加費。

Over the last 20 years, ICF's track record of meeting or exceeding the energy savings goals of our clients has enabled us to significantly increase our utility client base. And as we've built out our capabilities, we have been able to considerably expand the scope of services we provide to these clients, allowing us to capture a larger share of a growing market. We believe that the demand for energy efficiency and other demand side management programs will expand into more states and be relied upon even more in the coming years with the unprecedented demand for electricity associated with the construction of data centers. We've already seen early signs of this in several states ICF is working in, including New York, Georgia, and Illinois.

在過去的 20 年裡，ICF 一直致力於滿足或超越客戶的節能目標，這使我們能夠大幅增加公用事業客戶群。隨著我們能力的增強，我們已經能夠大大擴展為這些客戶提供的服務範圍，使我們能夠在不斷增長的市場中佔據更大的份額。我們相信，隨著資料中心建設帶來的前所未有的電力需求，未來幾年對能源效率和其他需求面管理計畫的需求將擴展到更多州，並將更加依賴。我們已經在 ICF 開展工作的幾個州看到了這種早期跡象，包括紐約州、喬治亞州和伊利諾伊州。

Our energy advisory practice saw a sequential revenue increase, led by a recent increase in grid engineering projects and new business wins in the second quarter that included a broad range of activities including grid transformation planning, fuel constraint analysis, price forecasting, renewables development, and M&A support.

我們的能源諮詢業務收入連續增長，這主要得益於近期電網工程項目的增加以及第二季度新業務的勝利，這些新業務涵蓋了電網轉型規劃、燃料約束分析、價格預測、可再生能源開發和併購支援等廣泛的活動。

Additionally, we have seen an uptick in activity since the passage of the One Big Beautiful Bill and anticipate an increase in development and M&A activities over the next 6 to 18 months, now that regulatory uncertainty has been eliminated and developers seek to meet safe harbor deadlines associated with expiring tax credits for projects already underway.

此外，自《一個美麗的大法案》通過以來，我們看到活動有所增加，並且預計未來 6 至 18 個月的開發和併購活動將會增加，因為現在監管的不確定性已經消除，開發商尋求滿足與已在建項目到期稅收抵免相關的安全港期限。

We experienced strong demand for environment and planning services for commercial clients in the second quarter, driven by growth in renewable and transmission permitting, construction monitoring, wildlife restoration, and new awards in additional work areas. This included a new project to increase mineral extraction by developing the first ever environmental impact assessment for a coal facility associated with the January 2025 executive order directing federal agencies to accelerate critical energy infrastructure projects.

受再生能源和輸電許可、建築監控、野生動物恢復以及其他工作領域的新獎項的成長推動，第二季商業客戶對環境和規劃服務的需求強勁。其中包括一個新項目，旨在透過制定與 2025 年 1 月行政命令相關的首個煤炭設施環境影響評估來增加礦產開採，該命令指示聯邦機構加快關鍵能源基礎設施項目。

The current pace of our work for utility clients and energy developers, together with the opportunities we see on the horizon, underpin our confidence that we will see sustained growth in commercial energy for the foreseeable future.

我們目前為公用事業客戶和能源開發商所進行的工作節奏，加上我們所看到的即將到來的機遇，增強了我們的信心，我們相信在可預見的未來，商業能源將持續成長。

Revenues from state and local government clients increased by 1% in the quarter. In disaster management, which accounts for about 45% of this client category, ICF is currently supporting more than 90 disaster recovery programs in over 20 states and territories, with the largest being in Puerto Rico and Texas.

本季來自州和地方政府客戶的收入成長了 1%。在災害管理方面，ICF 約佔該客戶類別的 45%，目前正在為 20 多個州和地區的 90 多個災害復原項目提供支持，其中最大的項目位於波多黎各和德克薩斯州。

Late last year, Congress appropriated nearly $11.9 billion in CDBG-DR funding to enable long-term recovery from disaster declarations in 2023 and 2024, and in January 2025 HUD released these funds to 46 states and localities. We are actively position[ing] to compete for this work, and we expect decisions on additional procurements to take place in the second half of this year.

去年年底，國會撥款近 119 億美元的 CDBG-DR 資金，用於 2023 年和 2024 年災難聲明後的長期恢復，2025 年 1 月，HUD 將這些資金發放給 46 個州和地方。我們正在積極爭取這項工作，並預計有關額外採購的決定將在今年下半年做出。

Additionally, in response to uncertainty with the respect to the future role of FEMA, ICF has been actively developing an approach and delivery model to provide disaster recovery support to state and local governments, should greater responsibility shift from the federal to the state and local levels.

此外，為了回應聯邦緊急事務管理署未來角色的不確定性，如果更多的責任從聯邦轉移到州和地方層面，ICF 一直在積極開發一種方法和交付模式，為州和地方政府提供災難復原支持。

Our climate, environment, and infrastructure services for state and local clients represent about 40% of our state and local government category. We're also seeing growing opportunities for environmental business arising from changing federal priorities and increasing state-based environmental initiatives. As federal emphasis on environmental protection declines, we are seeing many states increase their efforts to fill the gap, creating opportunities for ICF in state planning, rulemaking, stakeholder engagement, permitting, and compliance.

我們為州和地方客戶提供的氣候、環境和基礎設施服務約占我們州和地方政府類別的 40%。我們也看到，隨著聯邦政府優先事項的變化和各州環保措施的增多，環保業務的機會也越來越多。隨著聯邦政府對環境保護的重視程度下降，我們看到許多州加強填補空白，為 ICF 在州規劃、規則制定、利害關係人參與、許可和合規方面創造機會。

Moving to international government, our second quarter revenues increased 2%, representing a slow ramp up of our recent sizeable contract vehicle wins with the European Union and the UK government. We were pleased to see a pickup in new task orders being issued under these contract vehicles towards the end of the quarter, which will benefit our revenues in the second half of this year as well as in 2026.

轉向國際政府，我們的第二季度收入增長了 2%，這代表著我們最近與歐盟和英國政府簽訂的大量合約的緩慢增長。我們很高興看到本季度末這些合約形式下的新任務訂單有所回升，這將有利於我們今年下半年以及 2026 年的收入。

Despite the delayed activation of work in the international government arena, ICF revenues from commercial, state, and local government, and international government clients are on track to increase approximately 15% this year and will represent over 55% of our 2025 total revenues.

儘管在國際政府領域的工作啟動有所延遲，但 ICF 來自商業、州和地方政府以及國際政府客戶的收入今年仍有望增長約 15%，並將占我們 2025 年總收入的 55% 以上。

Now to our revenues from federal government clients, which declined 9.8% sequentially, representing a 25.2% reduction from last year's second quarter. As I mentioned earlier, the dollar amount of our total 2025 federal revenues that has been impacted by contract cancellations remained stable with our last report on May 1st of this year. As of today, July 31, that number stood at $117 million, only $2 million more than we reported on May 1st. This does not include the impact of the slower pace of program and procurement activity that has also affected our federal revenue comparisons.

現在來看看聯邦政府客戶的收入，季減 9.8%，比去年第二季下降 25.2%。正如我之前提到的，受合約取消影響的 2025 年聯邦總收入的金額與我們今年 5 月 1 日的最新報告保持穩定。截至今天（7 月 31 日），這一數字已達到 1.17 億美元，僅比我們 5 月 1 日報告的數字多 200 萬美元。這還不包括項目和採購活動速度放緩的影響，這也影響了我們的聯邦收入比較。

As we await final decisions on the reorganization of the Department of Health and Human Services, we continue to support our clients' public health programs, for example, CDC's BioSense syndromic surveillance system and the National Program of Cancer Registries. Likewise, we continue to build the database of substance abuse and mental health treatment facilities, helping families in crisis find care. And our scientists review studies and results for inclusion in clinicaltrials.gov, so people needing treatment might more easily find a clinical trial.

在等待衛生與公眾服務部重組的最終決定的同時，我們繼續支持客戶的公共衛生計劃，例如 CDC 的 BioSense 綜合監測系統和國家癌症登記計劃。同樣，我們繼續建立藥物濫用和心理健康治療設施的資料庫，幫助處於危機中的家庭找到護理。我們的科學家會審查研究和結果，並將其納入clinicaltrials.gov，以便需要治療的人更容易找到臨床試驗。

Recently, we've also begun to see new opportunities come out from the Health Resources and Services Administration, NIH, the Administration for Children and Families, and CDC. We believe our expertise in key areas such as nutrition, obesity, suicide prevention, cancer research, and the health risks associated with the use of pesticides, chemicals, and food additives position us well for future opportunities.

最近，我們也開始看到美國衛生資源與服務管理局、美國國立衛生研究院、美國兒童與家庭管理局和美國疾病管制與預防中心帶來的新機會。我們相信，我們在營養、肥胖、自殺預防、癌症研究以及使用殺蟲劑、化學物質和食品添加劑所帶來的健康風險等關鍵領域的專業知識，為我們未來的機會奠定了良好的基礎。

In IT modernization in the federal arena, while the pace of new opportunities and contract modifications has slowed this year, second quarter procurement activity was up from Q1, and that trend is expected to continue in Q3. This improving procurement momentum combined with our skills and positioning gives us confidence that this portion of our federal business will return to growth in 2026.

在聯邦領域的 IT 現代化方面，雖然今年新機會和合約修改的步伐有所放緩，但第二季度的採購活動較第一季有所上升，預計這一趨勢將在第三季度持續下去。採購動能的不斷改善，加上我們的技能和定位，讓我們有信心，我們的這部分聯邦業務將在 2026 年恢復成長。

ICF is well positioned to respond to the needs of our federal clients as we believe our differentiated approach to building agile, flexible, and lean engineering and product teams allows us to deliver value quicker and more efficiently than competitors. And as the federal government continues to shift IT modernization procurements towards outcome-based contracting that is deliverable-based and or fixed price, ICF can easily adapt to these changes and support our clients in the transition, given that approximately 80% of the work we currently perform in this area is in agile scrums and sprints, and at least half is under fixed price or outcome-based contracts.

ICF 完全有能力滿足我們聯邦客戶的需求，因為我們相信，我們建立敏捷、靈活和精益工程和產品團隊的差異化方法使我們能夠比競爭對手更快、更有效率地提供價值。隨著聯邦政府繼續將 IT 現代化採購轉向基於成果的合約（即基於交付成果和/或固定價格），ICF 可以輕鬆適應這些變化並在過渡期間為我們的客戶提供支持，因為我們目前在該領域執行的工作約有 80% 是在敏捷 scrum 和 sprint 中進行的，並且至少有一半是在固定價格或基於成果的合約下進行的固定價格或基於成果的合約。

Further, to help address the pressure for federal agencies to modernize quickly, improve service delivery, and operate more efficiently, this month we are introducing ICF Fathom, a new suite of tailored artificial intelligence solutions and services designed specifically for federal agencies. This is a production-ready solution that can integrate seamlessly into existing systems at scale to unlock the full potential of AI to support mission outcomes.

此外，為了幫助聯邦機構應對快速現代化、改善服務交付和更有效率的營運壓力，本月我們將推出 ICF Fathom，這是一套專為聯邦機構設計的全新客製化人工智慧解決方案和服務。這是一個可立即投入生產的解決方案，可無縫整合到現有系統中，以充分發揮人工智慧的潛力來支援任務成果。

ICF Fathom is built on a proprietary platform and offers a suite of tailored solutions and services, and includes a set of intelligent AI agents that can be directly and securely embedded into existing workflows and infrastructures. The agents automate complex tasks, support informed decision making, reduce waste, and boost productivity. These agents can be configured to support a wide range of functions, from software development, cybersecurity, to document processing, grants management, and regulatory analysis. Our early discussions with clients have generated considerable interest in pilot programs, and we look forward to providing updates on our progress in the coming periods. To sum up, we are pleased with our second quarter performance, as it was in line with our expectations, demonstrated sequential stability, and reflected ICF's agility in managing through a dynamic environment.

ICF Fathom 建立在專有平台上，提供一套客製化的解決方案和服務，並包含一組可直接安全地嵌入到現有工作流程和基礎設施中的智慧 AI 代理。這些代理可以自動執行複雜的任務，支援明智的決策，減少浪費並提高生產力。這些代理可以配置為支援廣泛的功能，從軟體開發、網路安全到文件處理、授權管理和監管分析。我們與客戶的早期討論引起了人們對試點計畫的極大興趣，我們期待在未來一段時間內提供有關我們進展的最新資訊。總而言之，我們對第二季的業績感到滿意，因為它符合我們的預期，表現出連續的穩定性，並反映了 ICF 在動態環境中管理的靈活性。

Now I'll turn the call over to our CFO, Barry Broadus, for financial review. Barry?

現在我將把電話轉給我們的財務長 Barry Broadus，進行財務審查。巴里？

Thank you, John, and good afternoon, everyone. I'm pleased to provide you with additional details on our second quarter financial performance. Revenues in the quarter were $476.2 million, down 2.4% from the first quarter and aligned with our expectations. On a year-over-year basis, total revenues declined 7%, or 4% when you exclude subcontractor and other direct costs. Compared to the second quarter of 2024, revenues from our commercial, state and local, and international customers grew 13.8% and accounted for approximately 57% of total revenues, up from 47% a year ago. This performance was led by revenues from our commercial energy clients, which increased 27%, reflecting the robust demand from utility clients for our extensive domain expertise and implementation capabilities.

謝謝你，約翰，大家下午好。我很高興向您提供有關我們第二季度財務業績的更多詳細資訊。本季營收為 4.762 億美元，較第一季下降 2.4%，符合我們的預期。與去年同期相比，總收入下降了 7%，如果不包括分包商和其他直接成本，則下降了 4%。與 2024 年第二季相比，來自商業、州和地方以及國際客戶的收入成長了 13.8%，約佔總收入的 57%，高於一年前的 47%。這一業績主要得益於我們商業能源客戶的收入成長了 27%，反映了公用事業客戶對我們廣泛的領域專業知識和實施能力的強勁需求。

The continued strong growth in revenues from our non-federal government clients offset a significant portion of the 25.2% year-on-year decline in federal revenues, which was primarily due to contract funding curtailments and delays in federal program and procurement activities that John mentioned in his remarks.

來自我們非聯邦政府客戶的收入持續強勁增長，抵消了聯邦收入同比下降25.2%的很大一部分，這主要是由於約翰在演講中提到的合約資金縮減以及聯邦計劃和採購活動的延遲。

While the federal government business environment continues to evolve, our outlook for this client category has improved since our first quarter call, as we have not experienced a significant increase in contract terminations, and we have begun to see some positive movement with contract modifications, funding, and pipeline opportunities more recently. Our book to bill for the quarter was 1.3, which included an uptick in federal sales, with the majority of the federal new wins generated from recompetes and contract modifications.

雖然聯邦政府的商業環境不斷變化，但自第一季電話會議以來，我們對這一客戶類別的前景有所改善，因為我們沒有經歷合約終止的顯著增加，並且我們最近開始看到合約修改、融資和通路機會方面的一些積極動向。本季我們的訂單出貨比為 1.3，其中包括聯邦銷售額的成長，大部分聯邦新訂單來自重新競爭和合約修改。

Subcontractor and other direct costs declined 15.5% year-over-year and represented 23.6% of total revenues, down 240 basis points from the second quarter of 2024, primarily due to the lower pass throughs in the federal business. As a result, a higher percentage of our revenue was tied to ICF direct labor, which generates higher margins.

分包商和其他直接成本年減 15.5%，佔總收入的 23.6%，較 2024 年第二季下降 240 個基點，主要原因是聯邦業務的轉嫁率較低。因此，我們的收入中很大一部分來自 ICF 直接勞動力，從而產生了更高的利潤。

Our second quarter gross margin expanded 160 basis points to 37.3% as compared to the second quarter of last year. This increasing gross margin was to attributable to three main factors. First, direct labor as a percentage of total direct billable costs increased by 270 basis points as compared to the same period last year as we continue to transition to a higher percentage of revenue being driven by direct labor, as I previously noted. Additionally, the continued expansion of our higher margin commercial business accounted for approximately one-third of our second quarter revenues compared to 24% last year. And finally, we continue to see the favorable shift in our contract mix as fixed price and T&M contracts now represent approximately 93% of our total revenues, up from 88% in the prior year quarter, while our cost reimbursable contracts account for less than 7% of total revenues.

與去年第二季相比，我們的第二季毛利率擴大了 160 個基點，達到 37.3%。毛利率的增加主要歸因於三個因素。首先，正如我之前提到的，由於我們繼續向更高比例的收入由直接人工驅動轉變，因此直接人工佔直接計費總成本的百分比與去年同期相比增加了 270 個基點。此外，我們利潤率較高的商業業務的持續擴張約占我們第二季收入的三分之一，而去年同期為 24%。最後，我們的合約組合繼續呈現有利的變化，固定價格和 T&M 合約現在約占我們總收入的 93%，高於去年同期的 88%，而成本補償合約佔總收入的不到 7%。

Indirect and selling expenses declined 3.2% to $123 million and represented 25.8% of total revenues. We're closely managing our indirect costs while continuing to selectively invest in growth markets, expanding our capabilities in AI and other technologies, and implementing more efficient and effective front and back office systems and tools. These investments will help us scale efficiently as revenues rebound.

間接和銷售費用下降 3.2% 至 1.23 億美元，佔總收入的 25.8%。我們密切管理間接成本，同時繼續有選擇地投資成長市場，擴大我們在人工智慧和其他技術領域的能力，並實施更有效率的前台和後台系統和工具。隨著營收反彈，這些投資將幫助我們有效擴大規模。

EBITDA was $53.1 million versus $55.6 million in the second quarter of 2024, while adjusted EBITDA was $52.9 million compared to $56 million in the prior year second quarter. Adjusted EBITDA margins expanded 20 basis points to 11.1%, reflecting our gross margin expansion.

EBITDA 為 5,310 萬美元，而 2024 年第二季為 5,560 萬美元；調整後 EBITDA 為 5,290 萬美元，而去年同期第二季為 5,600 萬美元。調整後的 EBITDA 利潤率擴大 20 個基點至 11.1%，反映了我們的毛利率擴大。

Second quarter net interest expense was $8.4 million compared to $7.7 million in the comparable period last year due to higher debt balance. The higher debt balance was due in part to our acquisition of AEG in December of 2024. We also repurchased an additional 11 million shares during the first half of this year as compared to the prior year, as well as funding seasonal working capital needs mainly in the first quarter of this year.

由於債務餘額增加，第二季淨利息支出為 840 萬美元，而去年同期為 770 萬美元。債務餘額增加部分是因為我們在 2024 年 12 月收購了 AEG。與去年相比，我們在今年上半年還額外回購了 1,100 萬股股票，並主要為今年第一季的季節性營運資金需求提供資金。

Our tax rate was 21%, below the 26.3% reported last year, as we continue to realize benefits from our tax optimization efforts. Net income was $23.7 million, with diluted EPS of $1.28 versus net income of $25.6 million and diluted EPS of $1.36 in last year's second quarter. Non-GAAP EPS totaled $1.66, which was slightly below the $1.69 reported one year ago.

我們的稅率為 21%，低於去年報告的 26.3%，因為我們繼續從稅收優化工作中獲得收益。淨收入為 2,370 萬美元，稀釋每股收益為 1.28 美元，而去年第二季的淨收入為 2,560 萬美元，稀釋每股收益為 1.36 美元。非公認會計準則每股收益總計 1.66 美元，略低於一年前的 1.69 美元。

The backlog at the end of the second quarter was $3.4 billion, which incorporates year to date contract cancellations and other changes in the Administration's priorities. 54% of our backlog is funded, reflecting the stability and long-term visibility we have in the business. At quarter end, our new business pipeline remained healthy at $9.2 billion.

第二季末的積壓訂單為 34 億美元，其中包括年初至今的合約取消和政府優先事項的其他變化。我們的積壓訂單中有 54% 已獲得資金支持，這反映了我們業務的穩定性和長期可見度。截至本季末，我們的新業務規模仍保持健康，達到 92 億美元。

Operating cash flow in the second quarter was $52 million, and $18.9 million on a year-to-date basis. Our second quarter results represented an improvement of approximately $85 million from the first quarter of 2025. This improvement reflects the continuing success of our cash management initiatives. Days sales outstanding were 80 days, down one day sequentially, and capital expenditures were $9.2 million, down from $10.4 million in the comparable prior year quarter.

第二季的經營現金流為 5,200 萬美元，年初至今的經營現金流為 1,890 萬美元。我們第二季的業績比 2025 年第一季提高了約 8,500 萬美元。這項改善反映了我們的現金管理措施的持續成功。應收帳款週轉天數為 80 天，較上一季減少一天；資本支出為 920 萬美元，低於去年同期的 1,040 萬美元。

Debt at the end of the quarter was $462 million as we reduced our debt by approximately $40 million in the second quarter. This reflects our strong cash flow generation and supports our plan to meaningfully reduce debt by year end and position ICF for future acquisition activity. Approximately 38% of our debt is set at a fixed rate, up from 35% in the first quarter of this year. We expect to continue to improve on that fixed rate as we expect approximately 50% of our debt will be fixed -- at a fixed rate by the end of the year. Our adjusted leverage ratio was 2.1 times at quarter as compared to 2.25 times at the end of the first quarter. Absent any acquisition activity, we expect our leverage position to decrease by about a half a turn by year end.

本季末的債務為 4.62 億美元，因為我們在第二季減少了約 4,000 萬美元的債務。這反映了我們強勁的現金流產生能力，並支持我們在年底前大幅減少債務的計劃，並為 ICF 未來的收購活動做好準備。我們的債務中約有 38% 是固定利率，高於今年第一季的 35%。我們預計該固定利率將繼續提高，因為我們預計到今年年底，大約 50% 的債務將以固定利率固定下來。我們本季的調整後槓桿率為 2.1 倍，而第一季末為 2.25 倍。如果沒有任何收購活動，我們預計到年底我們的槓桿率將下降約半倍。

We maintain our balanced approach to capital allocation. In addition to paying down debt, we remain focused on funding organic growth initiatives, expanding our capabilities and service offerings, especially those infused with AI, pursuing strategic acquisitions, maintaining our quarterly dividend, and executing opportunistic share repurchases alongside our standard buyback program designed to offset dilution from our employee stock programs.

我們保持平衡的資本配置方法。除了償還債務外，我們還將繼續專注於資助有機成長計劃、擴大我們的能力和服務產品（尤其是融入人工智慧的產品）、進行策略性收購、維持季度股息以及執行機會性股票回購以及旨在抵消員工股票計劃稀釋的標準回購計劃。

Today we announced a quarterly cash dividend of $0.14 per share payable on October 10, 2025 to shareholders of record on September 5, 2025. We are maintaining our prior expectations for the following metrics for the full year 2025. Our depreciation and amortization expense is expected to range from $21 million to $23 million. Amortization of intangibles is expected to be $35 million to $37 million. We anticipate interest expenses range from $30 million to $32 million. We continue to expect our full year operating cash flow to be approximately $150 million. Capital expenditures are anticipated to be approximately $26 million to $28 million. The full year tax rate is expected to be approximately 18.5%. We expect a fully diluted weighted average share count to be approximately 18.6 million shares.

今天，我們宣布季度現金股利為每股 0.14 美元，將於 2025 年 10 月 10 日支付給 2025 年 9 月 5 日登記在冊的股東。我們維持對 2025 年全年以下指標的先前預期。我們的折舊和攤銷費用預計在 2,100 萬美元至 2,300 萬美元之間。無形資產攤銷預計為 3,500 萬美元至 3,700 萬美元。我們預計利息支出在 3,000 萬美元至 3,200 萬美元之間。我們繼續預計全年經營現金流約為 1.5 億美元。預計資本支出約 2,600 萬至 2,800 萬美元。預計全年稅率約為18.5%。我們預計完全稀釋的加權平均股數約為 1,860 萬股。

And with that, I'll turn the call back over to John for his closing remarks.

說完這些，我會把電話轉回給約翰，請他作最後發言。

Thanks, Barry. As we noted in our earnings release, we are maintaining the guidance framework for 2025 that we provided at the time of our fourth quarter 2024 earnings release, but our business outlook has improved since then.

謝謝，巴里。正如我們在收益報告中所指出的，我們將維持在 2024 年第四季財報發佈時提供的 2025 年指導框架，但自那時起我們的業務前景有所改善。

Based on our year-to-date results and current visibility, we do not foresee full year revenues declining by as much as 10% from 2024 levels, which was the floor indicated by our original guidance. We continue to expect 2025 adjusted EBITDA margins to be similar to those of 2024, and our GAAP and non-GAAP EPS are likely to be at the higher end of our guidance framework. This guidance framework does not contemplate an extensive government shutdown this year or a prolonged period of pauses and funding modifications to existing contracts or procurements. Our increased confidence in ICF's 2025 year-on-year comparison is underpinned by our expectation for continued robust demand from our commercial energy clients, stable revenues from state and local government clients, and the increasing ramp up of recently won contracts by international government clients, together with the agility and resourcefulness that we have demonstrated to date in serving our federal government clients.

根據我們今年迄今的業績和目前的狀況，我們預計全年收入不會比 2024 年的水準下降 10%，這是我們最初指引中的底線。我們繼續預期 2025 年調整後的 EBITDA 利潤率將與 2024 年相似，而我們的 GAAP 和非 GAAP EPS 可能會處於我們指導框架的高端。該指導框架並未考慮今年出現大規模政府關閉或長期暫停現有合約或採購以及修改資金的情況。我們對 ICF 2025 年同比表現的信心增強，這源於我們對商業能源客戶持續強勁需求、州和地方政府客戶穩定收入、國際政府客戶近期贏得的合約不斷增加的預期，以及我們迄今為止在服務聯邦政府客戶時所展現出的敏捷性和足智多謀。

We are looking ahead to ICF's return to revenue and earnings growth in 2026, supported by continued growth from our non-federal government clients, improvement from portions of our federal government business, and the continued support of our professional staff who have shown tremendous commitment to ICF and to our clients and have been instrumental in helping us manage through challenging industry conditions.

我們期待 ICF 在 2026 年恢復收入和盈利增長，這得益於我們非聯邦政府客戶的持續增長、部分聯邦政府業務的改善，以及我們專業人員的持續支持，他們對 ICF 和我們的客戶表現出了巨大的承諾，並在幫助我們應對充滿挑戰的行業環境方面發揮了重要作用。

With that, operator, please open the call to questions.

接線員，請開始提問。

(Operator Instructions)

（操作員指示）

Sam Kusswurm, William Blair.

山姆·庫斯沃姆、威廉·布萊爾。

Hey, thanks for taking our questions here. I think I'll stick around more of the backlog for my questions. I believe you referenced having a backlog of $3.4 billion, which was down year-over-year but flat sequentially. In recent quarters, both before and after the creation of DOGE, you referenced several large government contract wins that I believe are still in that backlog. Can you give us a sense of the mix of federal work in your backlog and how you're thinking about timing and visibility into those contracts?

嘿，感謝您在這裡回答我們的問題。我想我會繼續關注積壓的問題。我相信您提到了 34 億美元的積壓訂單，該金額同比下降但環比持平。最近幾個季度，無論是在 DOGE 創建之前還是之後，您都提到了幾項大型政府合同，我認為這些合約仍處於積壓狀態。您能否向我們介紹一下您積壓的聯邦工作情況以及您如何考慮這些合約的時間表和透明度？

Sure, Sam. Thanks for the question. Yeah. So from a backlog perspective, our federal government backlog is -- has the majority of the backlog, and it is about in the neighborhood of half the backlog, maybe a little bit more. And then the rest is divided amongst the state and local and commercial client base.

當然，薩姆。謝謝你的提問。是的。因此，從積壓的角度來看，我們的聯邦政府積壓案件佔了大部分，大約佔積壓案件的一半左右，可能還多一點。其餘部分則分配給州、地方和商業客戶群。

Okay. And maybe another way to ask to, we've been hearing that the federal government has been a bit slower to convert award contracts that have been funded into actual task orders. So although the contract awards look good, the translation into actual work and revenue has been a bit slower. I guess is that something that you're also seeing at all on your end kind of as we enter this budget flush season, the federal government's fourth quarter?

好的。也許換一種問法，我們聽說聯邦政府在將已資助的獎勵合約轉化為實際任務訂單方面速度有點慢。因此，儘管合約授予看起來不錯，但轉化為實際工作和收入的速度卻有點慢。我想，當我們進入預算充裕的季節，也就是聯邦政府的第四季時，您是否也看到了這種情況？

Well, I would say that from a procurement activity perspective, yeah, I would say that new procurement certainly has slowed and we're just getting back on track with contract modifications, additional funding, extensions, et cetera, like that.

嗯，我想說，從採購活動的角度來看，是的，我想說新的採購肯定已經放緩，我們只是透過合約修改、額外資金、延期等回到正軌。

I would say that with those type of activities, we're seeing what I would consider a normal battle rhythm of activations and getting to work. There have been some slowdowns as the various agencies figure out what their priorities are and get to work. But I would say that we haven't really seen a slowdown once we get the contracts activated and online to do the work. So I haven't seen a significant drop off in that respect.

我想說，透過這些類型的活動，我們看到了我所認為的正常的戰鬥節奏，即激活和開始工作。隨著各個機構確定各自的優先事項並開始工作，工作進度出現了一些放緩。但我想說的是，一旦我們啟動合約並上線開展工作，我們並沒有真正看到放緩的跡象。因此我還沒有看到這方面的明顯下降。

Great. We'll leave it there. Appreciate the color.

偉大的。我們就把它留在那裡。欣賞色彩。

Okay.

好的。

Kevin Steinke, Barrington Research Associates.

凱文‧史坦克（Kevin Steinke），巴林頓研究協會（Barrington Research Associates）。

Thank you. So you referenced a pickup in federal government activity in the last month or so and also expected improvements from parts of the federal government business in 2026. I'm just wondering if you could add a little more color or detail on the specific parts of the client set or program level where you're seeing the improvement, the pickup and the expected improvement, whether it be IT modernization, health or elsewhere?

謝謝。所以您提到了上個月左右聯邦政府活動的回升，並預計 2026 年聯邦政府的部分業務將有所改善。我只是想知道您是否可以為客戶集或程式層級的特定部分添加更多的顏色或細節，您在其中看到了改進、提升和預期的改進，無論是 IT 現代化、健康還是其他方面？

Sure, Kevin. This is John. So I guess I would just start by relating, obviously, we're pleased to see that contract cancellations have flattened out here and we didn't really see a material increase there in Q2 across our federal client set. I would say that certainly, in Q2, we've seen a pickup in modifications and plus ups on contracts and I would say we've seen those broadly across our clients. Certainly, I think the technology showed the first signs of that and has been leading the way, but we've also seen a pickup across our complex program management or domain consulting as we got later into Q2. And so we have seen progress, as I say, with modifications and plus ups.

當然，凱文。這是約翰。所以我想我首先要說的是，顯然，我們很高興看到合約取消的情況已經趨於平穩，而且我們在第二季度並沒有看到聯邦客戶群的合約取消數量出現實質增長。我想說的是，在第二季度，我們確實看到合約的修改和增加增加，而且我想說，我們在客戶中廣泛看到了這些情況。當然，我認為技術已經顯示出了這種跡象並一直處於領先地位，但隨著進入第二季度後期，我們也看到了複雜專案管理或領域諮詢業務的回升。正如我所說，我們已經看到了進步，包括修改和改進。

And then on the awards front, on the RFP front, and again, I think the technology area, IT modernization has certainly shown more life and we're seeing more green shoots there and that -- we saw that in that area first. Although most recently, we've also seen a few green shoots in our complex program management opportunities.

然後在獎項方面，在 RFP 方面，以及我認為技術領域，IT 現代化無疑已經顯示出更多的活力，我們在那裡看到了更多的綠芽，而且 - 我們首先在該領域看到了這一點。儘管最近，我們也在複雜的專案管理機會中看到了一些新的曙光。

I think as we look to 2026, certainly, we would expect the federal technology area to return to growth given the priority of this administration and the focus on technology modernization and the use of AI. And we would expect to return to growth in that business in 2026. I think the complex program management, the domain, and the consulting has certainly been more challenged and that it could perhaps take more-- longer there, but we're certainly optimistic on the -- and have confidence that we can return to growth on the federal technology side next year.

我認為，展望 2026 年，鑑於本屆政府的優先事項以及對技術現代化和人工智慧使用的關注，我們當然會預期聯邦技術領域將恢復成長。我們預計該業務將在 2026 年恢復成長。我認為複雜的專案管理、領域和諮詢肯定面臨更大的挑戰，也許需要更長的時間，但我們對此肯定持樂觀態度，並且有信心明年我們能夠在聯邦技術方面恢復成長。

Okay, thank you. And as you talked about in the -- your outlook section, you don't see for your 2025 revenues declining by as much as 10% from 2024, but just I don't know if there's any more color you can provide on how much higher you've raised the floor there, in terms of the potential decline or we trending more towards the midpoint or I don't know if there's, again, any additional color you could provide on that.

好的，謝謝。正如您在展望部分中談到的那樣，您認為 2025 年的收入不會比 2024 年下降 10%，但我不知道您是否可以提供更多信息，說明您將潛在下降幅度的下限提高了多少，或者我們更趨向於中點，或者您是否可以提供任何其他信息。

Yeah. I'd say that -- well, I guess I would just first remind you, I mean, when we -- obviously, when we gave our guidance in February of 2025 [it] was a very dynamic environment. And we obviously indicated at the bottom end of the range was minus 10% across the key financial metrics and that was really meant to be a floor. I think we shared our analysis of the maximum downside risk at that time with federal clients.

是的。我想說的是——好吧，我想我首先要提醒你，我的意思是，當我們——顯然，當我們在 2025 年 2 月給出指導時，[它]是一個非常動態的環境。我們顯然指出，關鍵財務指標的最低範圍是-10%，這實際上就是一個底線。我認為我們當時與聯邦客戶分享了我們對最大下行風險的分析。

And I think we said it was a floor that we really were setting and so we did not have to come back to investors in the year with a bigger number or so. So I think based on the visibility we have and what we've seen here in Q2, we certainly don't think we're going to decline by as much as 10% from 2024 levels. I mean I think it's a little too early for us to hold a specific number on that. And you know, it's Q2 there's still risk waiting to see how the 2026 budget shakes out how the continuing resolution plays out. There's a lot of changes going on with the federal government procurement.

我認為我們說過這是我們真正設定的底線，因此我們不必在當年向投資者提供更大的數字。因此，我認為，根據我們現有的情況以及我們在第二季度看到的情況，我們肯定不認為會比 2024 年的水準下降 10%。我的意思是，我認為現在就確定一個具體的數字還為時過早。而且你知道，現在是第二季度，仍然存在風險，要等著看 2026 年預算如何影響持續決議的實施。聯邦政府採購正在發生很多變化。

So I think more to come in future calls, I don't think I'm ready to give a specific number. I think we'll certainly come in less than 10% down. And as we said on the earnings side, I think we'll be towards the high end of our range there, given the strong growth in our commercial energy business and the strong cost management we've had. And so I think I'm going to leave it there in terms of any more color on it.

所以我認為在未來的電話會議中還會有更多內容，但我認為我還沒有準備好給出一個具體的數字。我認為我們的降幅肯定會低於 10%。正如我們在盈利方面所說的那樣，鑑於我們商業能源業務的強勁增長和強大的成本管理，我認為我們將達到盈利範圍的高端。因此，我想我將把它留在那裡，不再添加任何顏色。

Okay. Yeah, understood. That makes sense. Thanks for taking the questions.

好的。是的，明白了。這很有道理。感謝您回答這些問題。

Marc Riddick, Sidoti.

馬克·里迪克、西多蒂。

Hey, good evening, everyone. I wanted to touch a little bit on, maybe you could share what you're seeing with state and local activity, specifically. Are you seeing -- are we beginning to see any shifting of responsibilities/dollars from federal has talked about as much. And if so, maybe you could touch on maybe a few highlights or points to where you might be seeing that, whether that's in service -- particular services or particular geographies where you're beginning to see some activity along those lines?

嘿，大家晚上好。我想稍微談談，也許您可以具體分享您所看到的州和地方活動。您是否看到—我們是否開始看到聯邦政府的責任/資金轉移？如果是這樣，也許您可以談談您可能看到的一些亮點或要點，無論是在服務方面 - 特定服務還是特定地區，您開始在哪些方面看到類似的活動？

Obviously, there's been a lot of discussion around the future role of FEMA and the impacts of FEMA's role could be on future disaster recovery and what the federal or state or local will be. And let me just say clearly, I don't have a crystal ball on where this is going to land. And I guess I have a couple of observations for you. First note, with all the speculation going on, we have not seen a decrease in federal funding certainly authorized for FEMA programs. And there hasn't been a discernible decrease in the number of federal disaster declaration approvals.

顯然，關於聯邦緊急事務管理局未來的角色以及聯邦緊急事務管理局的角色對未來災難復原的影響以及聯邦、州或地方將採取何種行動，已經有很多討論。讓我明確地說，我沒有水晶球可以預測事情最終會如何發展。我想我對您有幾點看法。首先要注意的是，儘管存在各種猜測，但我們並未看到聯邦緊急事務管理局 (FEMA) 計畫授權的聯邦資金減少。聯邦災難聲明批准的數量並沒有明顯減少。

Now while the approvals are moving more slowly in, we did have one recent in the state of Maryland that was denied. And we haven't seen -- in terms of the day-to-day operation, the disaster [work] is underway. We haven't seen a shift in how the work is being done.

現在，雖然審批速度較慢，但最近馬裡蘭州確實有一個申請被拒絕了。我們還沒有看到——就日常運作而言，災難[工作]正在進行中。我們尚未看到工作開展方式的改變。

And so I think that -- and there's the funding on this, I mean, in the lame duck session at the end of 2024, Congress did pass an additional $29 billion for the disaster relief fund. As part of the continuing resolution for storms in '23 and '24, the disaster fund at FEMA has a $14.7 billion balance right now. I talked about the CDBG opportunities, the housing opportunities certainly have. And so I think that there will be opportunity for us there. Our business continues to -- we're quite active in the work we have.

所以我認為——還有這方面的資金，我的意思是，在 2024 年底的跛腳鴨會議上，國會確實通過了額外的 290 億美元救災基金。作為 2023 年和 2024 年風暴持續解決方案的一部分，聯邦緊急事務管理署的災難基金目前有 147 億美元的餘額。我談到了 CDBG 機會，住房機會肯定也有。所以我認為那裡會為我們帶來機會。我們的業務仍在繼續——我們非常積極地開展工作。

And we're also preparing if there is a commission looking at this, if, in fact, more of the responsibility is pushed to the states, I think we'll be in a good position to support them playing a larger leadership role. And so I think -- and so those discussions continue. But the business development efforts right now continues. And I think regardless of where it lands, there will be disasters and there will be disaster recovery, there will be funding for it, and we will continue to be one of the market leaders in that area.

我們也正在準備，如果有委員會來審查這個問題，如果事實上將更多的責任推給各州，我認為我們將能夠很好地支持他們發揮更大的領導作用。所以我認為──這些討論還會繼續。但目前業務拓展工作仍在持續。我認為無論它落在哪裡，都會有災難，都會有災難恢復，都會有資金，我們將繼續成為該領域的市場領導者之一。

Okay. And then I was wondering shifting gears here. Maybe you could talk a little bit about the -- maybe what you're seeing as far as acquisition pipeline that's out there available. Has that changed much since the beginning of the year, have valuations and any shifts and maybe sort of how you're feeling about what's out there today versus beginning of the year?

好的。然後我就想在這裡換個話題。也許您可以稍微談一談——也許就您所看到的現有的收購管道而言。自今年年初以來，情況有很大變化嗎？估值和變化如何？您對目前的情況與年初相比有何感受？

Well, I would say that from an acquisition standpoint, first of all, acquisitions, we've been acquisitive over the years, and it's a key element of our strategy. And I think from a longer-term perspective, it will remain that. I think our focus right now, certainly we're seeing tremendous growth in our commercial energy business. We're a market leader in several aspects of what we do.

嗯，我想說，從收購的角度來看，首先，收購，這些年來我們一直在進行收購，這是我們策略的關鍵要素。我認為從長遠來看，情況仍將如此。我認為我們現在的重點是，我們當然看到商業能源業務的巨大成長。我們在多個領域都處於市場領先地位。

And I think we're taking a hard look at other firms that could bring -- potential acquisition targets that could bring additional scale, in geographic scope or client scope, it would be kind of the next concentric circle out from the work we do across energy programs with modernization, advisory consulting, environmental and planning consulting for utilities.

我認為我們正在認真考慮其他可能帶來潛在收購目標的公司，這些公司可以在地理範圍或客戶範圍方面帶來額外的規模，這將成為我們在能源項目工作中的下一個同心圓，包括現代化、諮詢、環境和公用事業規劃諮詢。

So we're taking a very hard look at that market and if the right opportunity came along. I think we certainly should seriously consider that. I think that market is experiencing a monumental change. There's a tremendous opportunity and I think more scale and more geographic reach would be very helpful to us. So I think that's our number one priority, and we're out in the market, and we're looking.

因此，我們正在認真研究該市場，看看是否有合適的機會出現。我認為我們當然應該認真考慮這一點。我認為該市場正在經歷巨大的變化。這是一個巨大的機遇，我認為更大的規模和更廣泛的地理覆蓋範圍將對我們非常有幫助。所以我認為這是我們的首要任務，我們已經進入市場，正在尋找。

I think that in federal, I think we're unlikely to do anything in federal, certainly, this year or early next year, there's still a lot of uncertainty certainly in the markets we serve in terms of the budgets and where budgets and all that land and procurement and uncertainty, there's not a lot of activity in the markets we're in. And I think the valuations are (inaudible).

我認為在聯邦，我認為我們不太可能在聯邦採取任何行動，當然，今年或明年年初，我們所服務的市場在預算、預算、所有土地和採購方面仍然存在很多不確定性，而且不確定性，我們所處的市場沒有太多活動。我認為估值（聽不清楚）。

And so I don't think we'll do anything in federal in the near term. Disaster recovery, I think, again, I think there's a lot of uncertainty there. I do believe in the longer run, the frequency and severity of disasters is going to continue to increase, and there will be funding. But I think in the short run, the uncertainty there is pretty high. So it's a long-winded way, I think as we're pretty focused on energy, although we'll certainly look at disaster recovery in other areas if an interesting opportunity rises.

因此我認為短期內我們不會在聯邦層級採取任何行動。我認為災難復原存在著許多不確定性。我確實相信，從長遠來看，災難發生的頻率和嚴重程度將會繼續增加，並且需要資金。但我認為，短期內，不確定性相當高。所以這是一個冗長的過程，我認為因為我們非常關注能源，但如果有有趣的機會，我們肯定會考慮其他領域的災難復原。

Great. And then the last one for me, maybe you could swing back to your commentary around on Fantom. Maybe you could talk a little bit about the -- maybe some of the competitive, advantages and dynamics that you're looking at there that, and maybe tell us a little bit -- more about that rollout.

偉大的。然後對我來說最後一個問題，也許你可以回到你對 Fantom 的評論。也許您可以稍微談一談 - 也許您在那裡看到的一些競爭、優勢和動態，也許可以告訴我們一些 - 有關該推出的更多信息。

Sure. I mean I think it's -- obviously, everyone on this call knows, I mean, this administration is very focused on leveraging technology and an AI-first approach to implementing technology in the federal government. And so I think having leading edge AI skills is absolutely -- you have to have it. We're very focused on efficiency, reducing waste, fraud, or abuse, increasing automation and so I see Fathom that I discussed, is really our platform that we can use Agentic AI approaches to help modernize federal technology systems and to also develop applications to support specific areas that are critical to their mission and what they do, whether -- and so it's really -- that's what we're really focused on.

當然。我的意思是，我認為——顯然，參加這次電話會議的每個人都知道，我的意思是，本屆政府非常注重利用技術，並採用人工智慧優先的方法來在聯邦政府中實施技術。所以我認為擁有前沿的人工智慧技能是絕對必要的——你必須擁有它。我們非常注重效率，減少浪費、欺詐或濫用，提高自動化程度，因此我認為我討論過的 Fathom 實際上是我們的平台，我們可以使用 Agentic AI 方法來幫助實現聯邦技術系統的現代化，並開發應用程序來支持對他們的使命和工作至關重要的特定領域，無論 - 所以這真的是 - 這才是我們真正關注的。

I think we've just begun announcing it this week and there will certainly be more to come here in the coming weeks on it. We have been -- we have got -- we've seen this platform with several of our clients. I think it is allowing us to do rapid prototyping very quickly in natural way to demonstrate value very quickly, so the clients can get a very quick sense of what the power of AI could be in terms of their specific programs and needs. And so we're pleased to finally get this launched and to be in the market with it.

我認為我們本週才剛開始宣布這一消息，並且未來幾週肯定會有更多消息發布。我們已經——我們已經——和我們的幾個客戶一起見過這個平台。我認為它使我們能夠以自然的方式快速進行快速原型設計，以快速展示價值，因此客戶可以非常快速地了解人工智慧在其特定程式和需求方面的威力。因此，我們很高興最終推出該產品並將其推向市場。

Great. Thank you very much.

偉大的。非常感謝。

Tobey Sommer, Truist.

托比·索默 (Tobey Sommer)，Truist。

Hi, all. It's Henry on for Tobey. Thanks for taking my questions. Just a quick one to start on the procurement environment for this coming quarter. Do you guys see any risk kind of on the flush season from lower staffing levels for contracting officers?

大家好。亨利替換托比。感謝您回答我的問題。讓我們來快速介紹一下下一季的採購環境。你們認為在旺季合約工人員配備水準較低會帶來什麼風險嗎？

I would say that a couple of things there. First of all, I know you folks know, I mean the third quarter is usually our strongest quarter for sales. And I would expect the third quarter will be seasonally is our best quarter and it's the end of the government fiscal year, and we would certainly expect that to be the case this year again based on what we're seeing.

我想說幾件事。首先，我知道你們知道，第三季通常是我們銷售業績最強勁的季度。我預計第三季度將是我們的季節性表現最好的季度，而且這是政府財政年度的結束，根據我們所看到的情況，我們當然預計今年的情況也將如此。

I think there is, to your point, there has been a lot of folks retiring and change of procurement staff and change on the procurement front. And so I think there's a risk there that, that could have some impact. I do think at the end of the day, we still believe we'll have -- the third quarter will be quite a strong sales quarter. But the question, to your question about the risk on the procurement, there is some risk there. I think the good news is we are seeing some pickup here.

我認為，正如您所說，有很多人退休，採購人員發生變動，採購方面也發生了變化。因此我認為這裡有風險，可能會產生一些影響。我確實認為，最終我們仍然相信，第三季將是一個銷售相當強勁的季度。但對於您提到的採購風險，確實存在一些風險。我認為好消息是我們在這裡看到了一些回升。

I mean we can see the -- our revenue improving, we can see new opportunities entering the pipeline. So I think we'll be stronger but the procurement -- the turnover on the procurement front, the organizations going on -- have created some uncertainty.

我的意思是，我們可以看到我們的收入正在提高，我們可以看到新的機會正在出現。所以我認為我們會更強大，但採購——採購方面的營業額、正在進行的組織——帶來了一些不確定性。

Thanks for that color. And switching to the commercial energy side. How much do you see data centers, the growth there driving that segment growth kind of this year and maybe in some out years. Are utilities growth plans for data centers kind of stabilizing now? Or do you see the forecast kind of keep increasing?

謝謝你這個顏色。並轉向商業能源方面。您認為資料中心的成長將在多大程度上推動今年乃至未來幾年該領域的成長？資料中心的公用事業成長計劃現在是否穩定下來了？或者您認為預測值會持續上升嗎？

I mean I think that there are -- growth in electricity demand associated with data centers in the next decade, it is unprecedented. I think ICF, we put out a report looking at our views on what electricity demand is going to be in North America through 2030, I think 2050. And I think it's an enormous step up, enormous step up. The demand for how they're going to meet this load, how it's going to be generated, it's going to be transmitted, its transmission, how they're going to manage their businesses to meet it. I mean it's pretty -- I'd say it's unprecedented.

我的意思是，我認為未來十年與資料中心相關的電力需求將會成長，這是前所未有的。我認為 ICF 發布了一份報告，探討了我們對 2030 年、我想是 2050 年北美電力需求的看法。我認為這是一個巨大的進步，巨大的進步。他們對於如何滿足此負載、如何產生、如何傳輸、如何管理其業務以滿足此負荷的需求。我的意思是它很漂亮——我想說它是前所未有的。

And while it's certainly the most significant driver, it's not the only driver. I think with all this going on to meet demand it's -- the solution has to be -- every form of generation has to be maximized whether it's natural gas, what sort -- in the long run, it's nuclear, it's hydrogen, it's renewables, it's energy efficiency, you need all of the above, and you need as much as you can.

雖然它無疑是最重要的驅動因素，但它並不是唯一的驅動因素。我認為，為了滿足需求，解決方案必須是，每種發電方式都必須最大化，無論是天然氣，還是其他任何類型的能源——從長遠來看，無論是核能、氫能、再生能源還是能源效率，以上所有能源都需要，而且需要盡可能多的能源。

And so I think in our view, this is a long-term problem, and there's just going to be tremendous opportunity in this sector because of that. In addition to the data centers, crypto requires significant power generation to mine that, the economic growth.

因此，我認為，在我們看來，這是一個長期問題，因此，該領域將面臨巨大的機會。除了資料中心之外，加密貨幣還需要大量的發電量來挖掘經濟成長。

And as part of this, the industry is also undergoing a change to a more distributed, less centralized structure which is also driving significant investment, significant change. So I think this is a 10 to 20-year or more challenge, and it's going to create an enormous opportunity for, certainly in this industry.

作為其中的一部分，該行業也正在經歷向更加分散、更少集中的結構的轉變，這也推動了大量的投資和重大的變革。所以我認為這是一個持續 10 到 20 年甚至更長的挑戰，但它也將為這個行業創造巨大的機會。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to, John Wasson for closing remarks.

謝謝。我目前沒有其他問題。現在我想請約翰‧沃森 (John Wasson) 致最後總結。

Okay. Well, thank you for participating in today's call. We look forward to connecting at upcoming conferences and events and have a good rest of the summer. The dog days of summer. Take care.

好的。好吧，感謝您參加今天的電話會議。我們期待在即將舉行的會議和活動中進行交流，並度過愉快的夏天。三伏天。小心。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。