雅各布工程 (J) 2002 Q4 法說會逐字稿

Good day everyone and welcome to this Jacobs Engineering Fourth Quarter Earnings Conference Call.

大家好，歡迎參加 Jacobs Engineering 第四季財報電話會議。

This call is being recorded.

此通話正在錄音。

Today's presentation will be available for replay at 2:00 pm Eastern time through November 7 at midnight.

今天的演示將於東部時間下午 2:00 至 11 月 7 日午夜重播。

You may access the replay by dialing 719-457-0820 and entering the pass code 465219.

您可以撥打 719-457-0820 並輸入密碼 465219 觀看重播。

Again, that number is 719-457-0820 and pass code 465219.

同樣，該號碼為 719-457-0820，密碼為 465219。

At this time I would like to turn the call over to Ms. Patty Bruno (ph) to make the forward statements.

現在我想把電話轉給帕蒂·布魯諾女士（博士）來做前瞻性陳述。

Please go ahead, ma'am.

請繼續，女士。

Good morning.

早安.

The company requests that we point out that any statements that the company makes today that are not based on historical facts are forward looking statements.

該公司要求我們指出，該公司今天做出的任何不基於歷史事實的陳述都是前瞻性陳述。

Actual results may differ materially.

實際結果可能存在重大差異。

Information concerning factors that could cause such difference is set forth in Jacobs' Form 10K for the period ending September 30, 2001 under the heading Forward Looking Statements.

有關可能導致這種差異的因素的資訊載於 Jacobs 表格 10K 中截至 2001 年 9 月 30 日期間的「前瞻性陳述」標題下。

The company undertakes no obligation to update publicly any forward looking statements whether as a result of new information, future events or otherwise.

本公司沒有義務公開更新任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因。

Now John Prosser, Chief Financial Officer of Jacobs, will discuss the quarter's results.

現在，Jacobs 財務長 John Prosser 將討論本季的業績。

Good morning.

早安.

I'll just go through the financial highlights and then I'll be turning it over to Noel Watson to talk about our business model and our outlook and prospects going forward.

我將簡單介紹一下財務摘要，然後將其交給諾埃爾·沃森 (Noel Watson) 討論我們的商業模式以及我們的前景和前景。

So we start on slide four.

我們從第四張投影片開始。

I'd just like to recap what we've set out--hello.

我只想回顧一下我們已經制定的內容——大家好。

Oh, sorry about that.

哦，對此感到抱歉。

On slide four, as you'll see, you know, we did end up with a record year and quarter.

在第四張投影片上，正如您所看到的，我們確實取得了創紀錄的年度和季度業績。

The EPS for the year was $1.98 and for the fourth quarter was 52 cents.

今年每股收益為 1.98 美元，第四季每股收益為 52 美分。

These were up 23 percent and 20% and 21% respectively.

分別成長了 23%、20% 和 21%。

The net earnings were $109.7 million for the year and $29 million for the quarter, also both records, up a very strong 25 and 23 percent.

全年淨利為 1.097 億美元，季度淨利為 2,900 萬美元，均創歷史新高，增幅非常強勁，分別為 25% 和 23%。

So by all accounts this was a very successful year for us and we're very pleased and happy with the outcome.

因此，從各方面來看，今年對我們來說是非常成功的一年，我們對結果感到非常滿意。

We did adopt FAS142 during the year effective beginning of 2002.

我們確實在 2002 年初開始採用了 FAS142。

That did have the affect of ceasing amortizing goodwill and while we haven't restated 2001, you know, in accordance with the rules we've, you know, had we done that the adjustment for the quarter last year and the year would have been $0.3 and $0.11, respectively.

這確實對停止攤銷商譽產生了影響，雖然我們沒有重述 2001 年，但根據我們的規則，如果我們這樣做的話，去年季度和當年的調整將是分別為 0.3 美元和 0.11 美元。

Backlog remains strong and we will get into that in a minute.

積壓仍然很嚴重，我們稍後會討論這個問題。

Looking forward, the Street estimates for 2003 are in a range of 227 to 230 with an average of about 228 and I think, you know, we continue to be comfortable with those numbers and that reflects our 15 percent growth rate going forward.

展望未來，華爾街對 2003 年的估計在 227 到 230 之間，平均約為 228，我認為，您知道，我們仍然對這些數字感到滿意，這反映了我們未來 15% 的成長率。

Just highlighting some of our balance sheet information, cash balance of $48.5 million, accounts receivable of $845, debt $91.7 million.

只是強調我們的一些資產負債表信息，現金餘額為 4850 萬美元，應收賬款為 845 美元，債務為 9170 萬美元。

I think highlighting the debt, that is a very good reduction in debt.

我認為突出債務，可以很好地減少債務。

Cash flow from operations was $160 million for the year, a very strong generation of cash.

全年營運現金流為 1.6 億美元，現金流非常強勁。

For the quarter it was 24.5.

本季為 24.5。

A lot of that cash flow was used to pay down debt.

大部分現金流被用來償還債務。

We reduced our overall debt for the year from 92.--by $92.3 million, which was also a reduction of about $26.4 million for the quarter.

我們今年的總債務從 92.- 減少了 9230 萬美元，本季也減少了約 2640 萬美元。

Actually, our cash generation debt reduction was even stronger than that if you consider that in the first quarter of the year we bought Delta Catalytic and spent approximately $50 million, you know, most of which we borrowed and paid all that down as well.

事實上，如果你考慮到今年第一季我們購買了Delta Catalytic 並花費了大約5000 萬美元，你知道，其中大部分是我們借來的，並且還清了所有這些，那麼我們的現金生成債務減少甚至比這還要強勁。

So the actual debt reduction goes into closer to $140 million.

因此實際減少的債務接近 1.4 億美元。

Our debt to capitalization ratio is down to 11.7, probably the lowest ratio we've had for four or five years.

我們的債務與資本比率降至 11.7，可能是四、五年來的最低比率。

Going to slide six--this is something we're very proud of.

轉到第六張投影片——這是我們非常自豪的事情。

It's the history of our growth showing a very strong consistent growth and the compounded growth rate is just over 25 percent over the last 15 years.

我們的成長歷史顯示出非常強勁的持續成長，過去 15 年的複合成長率略高於 25%。

Slide seven--we're talking about our backlog.

幻燈片七——我們正在談論我們的積壓工作。

Backlog remains strong.

積壓依然強勁。

Professional services backlog was $3 million--$3 billion.

專業服務積壓金額為 300 萬美元至 30 億美元。

Overall backlog was 6.6, up only slightly from last quarter but up strongly from last year.

總體積壓量為 6.6，僅比上季略有上升，但比去年強勁成長。

Bookings from the quarter, we're strong and we also had good increase in revenues from last quarter, but the bookings came in at about $1.26 billion for the quarter.

從本季的預訂來看，我們表現強勁，營收也比上季有了大幅成長，但本季的預訂量約為 12.6 億美元。

So it continues to be a strong booking quarter.

因此，本季的預訂量仍然強勁。

And again, it doesn't--I take that back.

再說一次，事實並非如此──我收回那句話。

I have a typo on my slide.

我的投影片上有錯字。

The overall backlog was $6.7 billion, not $6.6.

總體積壓金額為 67 億美元，而非 6.6 美元。

I've got a rounding error on my slide.

我的投影片上出現舍入錯誤。

So we did have a continuing strong flow of orders coming in.

因此，我們確實收到了持續強勁的訂單流。

You know, nothing of any consequence, any single large consequence.

你知道，沒有任何後果，任何單一的重大後果。

I think the largest project we booked in the quarter was about $100 million.

我認為我們本季預訂的最大項目約為 1 億美元。

So most of them were just continued bookings in our alliances and then our overall business practices.

因此，其中大多數只是我們聯盟中的持續預訂，然後是我們的整體業務實踐。

So with that, I'll turn it over to Noel Watson to go through our strategies and outlook for the future.

因此，我將把它交給諾埃爾·沃森 (Noel Watson)，讓他詳細介紹我們的策略和對未來的展望。

Thanks, John.

謝謝，約翰。

We start on slide eight on our strategies to maintain 15 percent growth and I'm going to go through each one of these and discuss this as we move forward.

我們從第八張投影片開始介紹我們保持 15% 成長的策略，我將逐一介紹這些策略，並在我們前進的過程中對此進行討論。

Why don't we just move immediately to slide nine and our commitment to our unique relationship-based business model.

我們為什麼不立即轉向第九張投影片以及我們對基於關係的獨特業務模式的承諾。

As you can see from these two pie charts here, on our model well over 75 percent of our business is through one form of preferred relationship or another.

正如您從這兩個餅圖中看到的，在我們的模型中，超過 75% 的業務是透過一種或另一種形式的首選關係實現的。

We call it the relationship model.

我們稱之為關係模型。

We have about 20 percent of our work comes in the form of discreet projects.

我們大約 20% 的工作都是以謹慎的專案形式進行的。

When we discuss discreet projects we're talking about individual projects with individual clients for whom we don't do a lot of work.

當我們討論謹慎的專案時，我們談論的是與我們不做很多工作的個人客戶的個人專案。

And then we have the last very small piece of the pie, which is the transactional projects.

然後我們還有最後一小部分，就是交易項目。

We define transactional projects as competitively bid, hard money construction work, of which you can see from this pie we do very little.

我們將交易項目定義為競爭性投標、硬通貨建設工作，從這個餅中你可以看到我們做得很少。

On the right hand side we have the standard industry model.

右側是標準產業模型。

And by the way, this is our view of the standard industry model, which has many more transactional projects and therefore the standard industry company has a lot more competitive hard money bid fixed price construction work.

順便說一句，這是我們對標準行業模型的看法，它有更多的交易項目，因此標準行業公司有更多有競爭力的硬錢投標固定價格建設工作。

We have driven our model over the years to the left where a large part of our work comes out of preferred relationships.

多年來，我們的模型一直向左發展，我們的大部分工作都來自於偏好的關係。

We obviously can't do all the work from preferred relationships because we always need to be adding new clients and we add the new clients through the discreet project activity.

顯然，我們無法透過首選關係來完成所有工作，因為我們總是需要添加新客戶，並且我們透過謹慎的專案活動來新增客戶。

Every time we take a discreet project we like to believe there's a chance to bring that client into the long term fold.

每次我們進行一個謹慎的專案時，我們都相信有機會讓該客戶參與長期合作。

And this model gives us consistent earnings, it gives us lower risk and of course, it keeps our sales cost quite low.

這種模式為我們帶來了穩定的收益，降低了風險，當然，它也使我們的銷售成本保持在相當低的水平。

Let's talk about selective market diversity on slide number ten.

讓我們來談談第十張投影片上的選擇性市場多樣性。

And we've changed this just a little bit to show the change in our business over the past decade.

我們對此做了一點改變，以展示過去十年我們業務的變化。

The chart on the left shows our revenues and our percentage in each of the lines of business in 92 and then the chart on the right shows exactly the same for 2002.

左邊的圖表顯示了 92 年我們的收入和在每個業務領域的百分比，右邊的圖表顯示了 2002 年的情況。

We've even tried to make these correct mathematically.

我們甚至試圖在數學上使這些正確。

One chart has four times the area of the other.

一張圖表的面積是另一張圖表的四倍。

As you can see from this particular chart, we have diversified our business significantly.

正如您從這張特定圖表中看到的那樣，我們的業務已顯著多元化。

We've added two major markets during the course of this time period including infrastructure and the buildings market.

在此期間，我們增加了兩個主要市場，包括基礎設施和建築市場。

We had a buildings market back in 1992 but it was basically a competitively bid buildings market, today it is really tied into general buildings, primarily for governmental agencies and most of it's on a low risk basis.

早在1992 年，我們就有了一個建築市場，但它基本上是一個競爭性投標的建築市場，如今，它實際上與一般建築聯繫在一起，主要面向政府機構，而且大部分都處於低風險的基礎上。

And over the course of time we've added the pulp and paper business, which right now is at a low tide but it's a business we weren't in, in 1992.

隨著時間的推移，我們增加了紙漿和造紙業務，目前正處於低潮，但我們在 1992 年並未涉足這項業務。

We believe this significant diversity is a great strength of Jacob.

我們相信這種顯著的多樣性是雅各的一大優勢。

It reduces the cyclicity of our business and also it stabilizes our individual operations.

它減少了我們業務的周期性，也穩定了我們的個人營運。

We like each of our individual operations to operate in two or more business, which gives them a chance to be a lot more stable and also have a continuous growth in their earnings track.

我們希望我們的每個單獨業務都可以經營兩個或多個業務，這使它們有機會變得更加穩定，並且在盈利軌道上也能持續增長。

If we move to slide 11, we show some of this data a little bit differently.

如果我們轉到投影片 11，我們會以稍微不同的方式顯示其中一些資料。

This is a chart in absolute numbers; 1992 revenues and year 2002 revenues.

這是一張絕對數字圖表； 1992 年收入和 2002 年收入。

And you can see that even though if you had went back to the previous chart where in 1992 we had 67 percent of our business in chemical petroleum and today it's only 39 percent.

你可以看到，即使你回到上一張圖表，1992 年我們 67% 的業務來自化學石油，而今天只有 39%。

So we've significantly reduced our dependence on those two markets.

因此，我們大大減少了對這兩個市場的依賴。

If you go to the absolute chart you can see that in absolute terms we've grown both of those businesses dramatically over the past decade.

如果您查看絕對圖表，您會發現，從絕對值來看，我們在過去十年中這兩項業務都取得了顯著成長。

They've just become a much lower piece of the pie.

他們只是成為了蛋糕中地位低得多的一塊。

We have four fairly large businesses in chemicals, petroleum, federal programs and Pharma Bio.

我們在化學品、石油、聯邦計畫和製藥生物領域擁有四個相當大的業務。

In all of these businesses we've got a significant portion of field services or construction revenues passing through.

在所有這些業務中，我們有很大一部分現場服務或建築收入通過。

In some of the bars that look a little smaller like infrastructure buildings where we have a lot of business and a lot of home office professionals involved, we don't have anywhere near the ratio of construction revenues going through those two individual accounts.

在一些看起來小一點的酒吧，例如基礎設施建築，我們有很多業務和很多家庭辦公室專業人士參與其中，我們沒有接近通過這兩個個人帳戶的建築收入的比率。

This balance of growth in all markets again stabilizes the individual operations.

所有市場的成長平衡再次穩定了各個業務。

Our individual operations are diverse in different markets and then if they're growing their business it gives us a real stability in the earnings stream and we think this is one of our factors, major factors in our continued success.

我們的個人業務在不同的市場上是多種多樣的，如果他們不斷發展業務，這會為我們帶來真正穩定的收入流，我們認為這是我們的因素之一，也是我們持續成功的主要因素。

On chart 12 we talk about broadening the life cycle services.

在圖 12 中，我們討論了拓寬生命週期服務。

You can see from the split here we got about an equal amount of our activity and this is a revenue pie chart in project services and construction and then a small amount in operations and maintenance and a small amount yet in consulting.

您可以從此處的劃分中看到，我們的活動量大致相同，這是專案服務和施工的收入餅圖，然後是營運和維護的少量收入以及諮詢的少量收入。

We are trying to sell all of these services to all of our clients and we can give you success story after success story of where we started in the green in the maintenance business, that was spread back to the construction and then to the engineering business and it's been very, very successful for us as we try to sell everything we do to the individual client.

我們正在努力向所有客戶出售所有這些服務，我們可以為您提供一個又一個的成功故事，我們從維護業務的綠色起步，擴展到建築，然後擴展到工程業務，這對我們來說非常非常成功，因為我們試圖將我們所做的一切賣給個人客戶。

The consulting business which is, we've always had a small consulting business.

諮詢業務，我們一直有小型諮詢業務。

We're actually trying to grow it right now as we try to get in with our major private sector clients particularly at the very front end of their programs so that we can help them decide what to build and where to build it and how to build it and then we're trying to drive it downstream from that.

實際上，我們現在正在努力發展它，因為我們試圖與我們的主要私營部門客戶打交道，特別是在他們的項目的最前端，以便我們可以幫助他們決定建造什麼、在哪裡建造以及如何建造然後我們試圖將其推向下游。

Again, this diversity and broadening of the life cycle services balances the short term with the long term and the ongoing nature of our business reduces our dependency on large capital projects.

同樣，生命週期服務的多樣性和拓寬平衡了短期與長期，而且我們業務的持續性減少了我們對大型資本項目的依賴。

We talked on slide 13 about our multi domestic network.

我們在投影片 13 上討論了我們的多國內網路。

We define our multi domestic operation in terms of each of our offices, whether it's in a country or a region within the United States.

我們根據每個辦事處來定義我們的多國內運營，無論是在美國的某個國家還是某個地區。

The first charge is to make money in the local marketplace.

第一個費用是在當地市場賺錢。

The second charge becomes expand the services within the existing operating network, which means bring more of the same to the clients that we've been talking about in the diversity.

第二項任務是在現有營運網路內擴展服務，這意味著為客戶帶來更多我們一直在談論的多樣性的相同服務。

In our multi domestic network we need to anticipate future geographic needs of our core clients so that we can grow into those new locations and growing into new locations historically has been primarily done through acquisitions.

在我們的多個國內網路中，我們需要預測核心客戶未來的地理需求，以便我們能夠發展到這些新地點，而歷史上新地點的發展主要是透過收購來完成的。

Well what we tried to do is anticipate where our core clients are going to spend their capital dollars over the next five to ten years, move into that area and get ourselves in place in what you would call a Just In Time mode so we're ready to do their work when they finally need to have it done.

我們試圖做的是預測我們的核心客戶在未來五到十年內將在哪裡花費他們的資本，進入該領域並讓我們自己處於所謂的準時模式中，所以我們當他們最終需要完成工作時，就做好了準備。

While we primarily grow in the new locations through acquisitions, we have on a couple of occasions just done it by main strength and awkwardness and a good example of that is what we're doing in Singapore today where we have on the back of some large pharmaceutical work down in Singapore, we have opened a general office that's now up to 150 or 60 people going to 200 and we're working for both the large pharmaceutical industry that's emerging in Singapore, and then of course, the large petroleum petrochemical industry that already exists.

雖然我們主要透過收購在新地點實現成長，但有幾次我們只是透過主要實力和尷尬來做到這一點，一個很好的例子就是我們今天在新加坡所做的事情，在那裡我們有一些大型企業的支持。在新加坡的製藥工作中，我們開設了一個總辦公室，目前人數已從150 人或60 人增加到200 人，我們既為新加坡新興的大型製藥行業工作，當然也為新加坡新興的大型石油石化業工作。已經存在。

On slide 14, at Jacobs we can't have a meeting or a conference without talking about driving down cost.

在幻燈片 14 中，在 Jacobs，我們每次開會都會談到降低成本。

Cost and the ability to control your cost is a competitive advantage.

成本和控製成本的能力是一種競爭優勢。

There isn't any question about that.

對此沒有任何疑問。

And we control cost in several different ways.

我們透過幾種不同的方式控製成本。

The first step in controlling cost is control our own internal costs and our G&A costs that it takes to run the business.

控製成本的第一步是控制我們自己的內部成本以及營運業務所需的一般管理費用。

The second cost control that works with our clients is our ability to use low cost engineering centers to drive their capital projects and these low cost engineering centers primarily for Jacobs is in India.

與我們客戶合作的第二個成本控制是我們能夠使用低成本工程中心來推動他們的資本項目，而這些低成本工程中心主要為 Jacobs 設在印度。

And I would say to you that every major project being done today along the Gulf Coast of the United States and most of those being done in Europe of any size have an offshore component where a piece of the design is being done in India for about a third of the cost per work hour that it would cost in the western world.

我想對你們說的是，今天在美國墨西哥灣沿岸完成的每一個重大項目以及在歐洲完成的任何規模的大多數項目都有一個離岸部分，其中一部分設計是在印度完成的，大約花費了大約一年的時間。每個工作小時的成本是西方世界的三分之一。

The third way we're driving down cost is through our electronic network where we're moving work from places that have too much work to places that don't have enough.

我們降低成本的第三種方法是透過我們的電子網絡，我們將工作從工作量過多的地方轉移到工作量不足的地方。

We're also moving technology from where it exists to where it's needed.

我們也將技術從現有的地方轉移到需要它的地方。

And we have found the use of the electronic medium to be extremely beneficial to our business.

我們發現電子媒介的使用對我們的業務極為有利。

In many of these projects that we're working in India are being worked on a 24 hour design basis where the design moves back and forth at the close of business every day.

我們在印度進行的許多專案都是在 24 小時設計基礎上進行的，每天下班後設計都會來回移動。

Let's talk about the markets a little bit.

讓我們談談市場。

And this slide has not changed now for a couple years and while it looks the same, what it really means is that many of our markets have been fairly static in terms of whether they're growth markets or not.

這張投影片已經好幾年沒有改變了，雖然它看起來一樣，但它真正意味著我們的許多市場在是否是成長市場方面相當靜態。

The markets that aren't on this slide are probably worth discussing first and I think the first of those markets we need to talk about would be the chemical business.

這張投影片上沒有出現的市場可能值得先討論，我認為我們需要討論的第一個市場是化學品業務。

If you had gone back to slide ten you'd see the chemical business has been a big business for Jacobs, is a big business for Jacobs.

如果你回到第十張投影片，你會發現化學業務對雅各布斯來說是一項大業務，對雅各布斯來說是一項大業務。

And certainly, our revenues are up over the past decade but the chemical business is at the bottom of the cycle.

當然，我們的收入在過去十年中有所增長，但化學業務正處於週期的底部。

And the work we're doing today is through many of our alliances on small projects, it's some maintenance work, it's some other small cap work.

我們今天所做的工作是透過我們在小型專案上的許多聯盟進行的，這是一些維護工作，還有其他一些小型工作。

But the chemical business is at the bottom of the cycle.

但化工產業正處於週期的底部。

There has been some talk recently that it's going to start to emerge from this bottom pit in the next six to nine months and there are signs that it is emerging.

最近有一些傳言稱，它將在未來六到九個月內開始從這個底部浮出水面，並且有跡象表明它正在浮現。

Even some of our clients are actually starting to show fairly decent profits again.

甚至我們的一些客戶實際上又開始顯示出相當可觀的利潤。

But we believe the chemical market is not going to be a major factor in our growth this coming year, year 2003.

但我們相信化學品市場不會成為我們來年（即 2003 年）成長的主要因素。

We have the pulp and paper market, which is at low tide also and we believe it's going to stay there for the course of the year.

我們的紙漿和造紙市場也處於低潮，我們相信這個市場將在今年維持下去。

We continue to get work in the pulp and paper market.

我們繼續在紙漿和造紙市場開展工作。

People are continuing to upgrade the quality of their products.

人們不斷地提升產品的品質。

We have become the number one supplier in the US in the pulp and paper market.

我們已成為美國紙漿和紙張市場第一大供應商。

But as a practical matter it still is fairly recessed.

但作為一個實際問題，它仍然相當凹進。

And the same is true for the high tech market.

高科技市場也是如此。

Even though we've got some work there, generally speaking this market is down significantly and normally when I'm talking high tech the bulk of the revenue that goes into high tech is the semiconductor business.

儘管我們在那裡做了一些工作，但總的來說，這個市場大幅下滑，通常當我談論高科技時，進入高科技的大部分收入來自半導體業務。

If you go to the strong markets, the defense market is strong, it's continuing to grow and has a lot of pressure from our government and is Jacobs' largest single market.

如果你看看強勁的市場，國防市場很強勁，它正在持續成長，並且受到我們政府的極大壓力，並且是雅各布斯最大的單一市場。

You can all read what's going on in the world.

你們都可以讀到世界上正在發生的事情。

I don't need to explain that.

我不需要解釋這一點。

But it is a very strong growth market for Jacobs and we're taking advantage of it as is the infrastructure market.

但對 Jacobs 來說，這是一個非常強勁的成長市場，我們正在利用它，就像基礎設施市場一樣。

Infrastructure's being rebuilt all over the western world.

西方世界各地都在重建基礎建設。

There's a lot of conversation going on within the general malaise in the business climate.

在商業環境普遍不景氣的情況下，有許多討論正在進行中。

Some of the public entities don't have as much work or as much money, excuse me, as they once had.

對不起，有些公共實體不像以前那樣有那麼多的工作或那麼多的錢。

But as we look at our share of the business and the work we're chasing, this is still a strong growth for Jacobs, both in the US and in Western Europe.

但當我們審視我們的業務份額和我們正在追求的工作時，無論是在美國還是在西歐，這對 Jacobs 來說仍然是強勁的成長。

The Pharma Bio business remains strong.

製藥生物業務依然強勁。

These customers go through different spend cycles and some of our business is moving from one group of customers who've been spending heavily over the past few years to another group but we still had a lot of drugs coming down the pipeline.

這些客戶經歷不同的支出週期，我們的一些業務正在從過去幾年花費大量資金的一組客戶轉移到另一組，但我們仍有大量藥物正在開發中。

We are seeing a lot of new drugs generated by biotechnology or recumbent DNA techniques.

我們看到許多透過生物技術或水平 DNA 技術生產的新藥。

And this is, has been and remains a strong market for Jacobs where we are continuing to get major work at a steady pace.

對於 Jacobs 來說，這現在、過去和現在仍然是一個強勁的市場，我們將繼續以穩定的速度完成主要工作。

The buildings market for Jacobs is primarily for governmental agencies.

雅各布斯的建築市場主要面向政府機構。

It's everything from hospitals to universities to schools to jailhouses.

從醫院到大學，從學校到監獄，無所不包。

It's a wide range of building.

這是一個範圍廣泛的建築。

A lot of this market is federal government and a lot of it is cities and states and counties.

這個市場的大部分是聯邦政府，也有很多是城市、州和縣。

But it has been a very strong business for us over the past, oh I'd say six or seven years and it remains that way.

但在過去，這對我們來說是一項非常強大的業務，哦，我想說六七年了，而且仍然如此。

We have lots of opportunities in this business and while there's been a lot of emphasis on justice and healthcare, today we're doing a lot of work on border stations and that type of thing, so.

我們在這個行業有很多機會，雖然人們非常重視司法和醫療保健，但今天我們在邊境站和此類事情上做了很多工作，所以。

While it is moving around as the governmental dollars move around, we've been very successful here and it looks like it'll grow significantly next year.

雖然它隨著政府資金的流動而變化，但我們在這裡非常成功，看起來明年將會顯著成長。

In the petroleum market the strong part of that right now is the refining market.

在石油市場中，目前最強勁的部分是煉油市場。

Both the US and Western Europe are taking the sulfur out of gasoline.

美國和西歐都在從汽油中去除硫。

Then we're going to take the sulfur out of diesel fuel.

然後我們將從柴油中去除硫。

After we get done with that we're going to take the sulfur out of aviation fuel and then we're going to take the sulfur out of off road vehicle fuel.

完成後，我們將從航空燃料中去除硫，然後我們將從越野車燃料中去除硫。

Those are all large markets and so we foresee not a boom, but a strong market in the refinery work in both the US and Western Europe probably for most of the decade.

這些都是大型市場，因此我們預計，在這十年的大部分時間裡，美國和西歐的煉油廠市場不會繁榮，而是強勁。

We've received a lot of work in taking the sulfur out of gasoline.

我們在去除汽油中的硫方面做了很多工作。

Now we're chasing the work and starting to receive assignments to take the sulfur out of diesel.

現在我們正在抓緊工作，並開始接受從柴油中去除硫的任務。

In the meantime, the sulfur out of gasoline work is moving from engineering into the construction phases of the program.

同時，從汽油中脫硫的工作正在從工程階段進入該計劃的施工階段。

So we've got five markets that are strong, are hot and three that are not, which is very typical for Jacobs and this has not changed now for probably 24 months.

因此，我們有 5 個強勁、熱門的市場，以及 3 個不強勁的市場，這對於 Jacobs 來說是非常典型的，而且這種情況現在可能已經 24 個月沒有改變了。

If we move to slide 16, let's look at the year in review.

如果我們轉到投影片 16，讓我們回顧一下這一年。

As John said earlier, we've had a good year.

正如約翰早些時候所說，我們度過了美好的一年。

We successfully consolidated our acquisitions.

我們成功地整合了我們的收購。

The two major ones that got consolidated this past year were the Gibb (ph) acquisition, which was about a year ago May and then the McGermott (ph) acquisition in Canada, which was about a year ago now.

去年合併的兩個主要項目是收購 Gibb (ph)，大約一年前的 5 月，然後收購加拿大的 McGermott (ph)，大約一年前的事。

Both of those acquisitions have been successfully integrated into Jacobs.

這兩筆收購均已成功整合到 Jacobs 中。

They're part of the team now.

他們現在是團隊的一員了。

They have performed basically on plan and so we've been very pleased with what's gone on there.

他們基本上按照計劃進行，所以我們對那裡發生的事情非常滿意。

As you know or those of you that follow us know, we also did the Stork (ph) acquisition in the Netherlands a little before that and that was a major activity for us spanning a couple, three years but I can say to you that we've got Stork, Gibb and McGermott (ph) acquisition in Canada all operating well at this point.

正如您或關注我們的人所知道的那樣，在此之前我們還在荷蘭收購了 Stork (ph)，這對我們來說是一項歷時三年的主要活動，但我可以對您說，我們目前，在加拿大收購的Stork、Gibb 和McGermott (ph) 均運作良好。

On and off we've talked to you about our modular business.

我們時不時地與您談論我們的模組化業務。

That's a business where we're doing a lot of prefabrication of process units in a shop under roof and then putting them on trains or barges and shipping them to the plant site so they can be put together like an erector set.

在這項業務中，我們在屋頂下的車間裡預製大量的加工單元，然後將它們放在火車或駁船上，然後運送到工廠現場，這樣它們就可以像安裝裝置一樣組裝在一起。

Our shop in Charleston, South Carolina is extremely busy right now.

我們位於南卡羅來納州查爾斯頓的商店現在非常繁忙。

We have lots of work in the shop and we have a lot of backlog.

我們店裡有很多工作，還有很多積壓的訂單。

In past times a lot of this work has come from the oil and chemical guys.

過去，許多這類工作都是由石油和化學人員完成的。

Right now the pharmaceutical guys are dominating the business as they have decided this is a very good way for them to get their plants built in a more speedy manner and have better quality and more reliability as they move forward to validate these facilities for actual production.

目前，製藥公司正在主導這項業務，因為他們認為這是一種非常好的方法，可以讓他們以更快的方式建造工廠，並在他們繼續驗證這些設施用於實際生產時獲得更好的質量和更高的可靠性。

So I'm just pleased to report that business is extremely good right now.

所以我很高興地告訴大家，現在的生意非常好。

I think about a year ago we told you we were going to start to do some federal IT work and we had a make versus buy look in Jacobs.

我想大約一年前我們告訴過你我們將開始做一些聯邦 IT 工作，我們對 Jacobs 進行了自製與外購的比較。

Should we try to make an acquisition to get into this business or should we try to brute force it (ph).

我們應該嘗試進行收購來進入這個行業，還是應該嘗試暴力（ph）。

We made a decision to brute force it and we sold three significant contracts last year, which we're very pleased with.

我們決定全力以赴，去年我們出售了三份重要合同，對此我們感到非常滿意。

We actually are way ahead of our business plan in that area.

實際上，我們在該領域遠遠領先於我們的業務計劃。

And it looks like we're tying it into the kind of work we're doing for the federal government already in the operations and maintenance area.

看起來我們正在將其與我們已經在營運和維護領域為聯邦政府所做的工作聯繫起來。

So it ties in very well and it looks like it's going to become a major business for Jacobs over the coming years.

因此，它與雅各布斯的關係非常密切，看起來它將成為雅各布斯未來幾年的主要業務。

During the course of the year, I just want to repeat what John said, the cash flow was good and we had major debt reduction.

在這一年中，我只想重複約翰所說的，現金流良好，我們的債務大幅減少。

I had told many people that I wanted to get the debt down under $100 million and we reached that goal at yearend with which I am very pleased.

我曾告訴很多人，我希望將債務減少到 1 億美元以下，我們在年底實現了這個目標，我對此感到非常高興。

We had record quality scores through our client survey process last year.

去年，我們透過客戶調查流程獲得了創紀錄的品質得分。

This may not seem important but it is.

這可能看起來並不重要，但事實確實如此。

Our clients took us from 82 to 84 plus percent in our client surveys last year which says that we are pleasing them better in the year 2002 than we were in the year 2001.

在去年的客戶調查中，我們的客戶對我們的評價從 82% 上升到 84% 以上，這表明 2002 年我們比 2001 年更能取悅他們。

And when you enter a relationship based business model such as we are where you continue on--count on continuing support from the same client, having them understand that the work is getting better and feed back to us that it is in fact getting better is the cornerstone of our business.

當您進入基於關係的業務模式（例如我們繼續使用的業務模式）時，您可以依靠同一客戶的持續支持，讓他們了解工作正在變得更好，並向我們反饋工作實際上正在變得更好，這就是我們業務的基石。

We did add seven new significant alliances last year.

去年我們確實增加了七個新的重要聯盟。

I can't give you the names because I'm not sure they've all been properly press released.

我不能告訴你這些名字，因為我不確定它們是否都正確發布。

In fact, I know a couple of them haven't been.

事實上，我知道他們中的一些人還沒有去過。

But I can tell you that you would recognize all the names.

但我可以告訴你，你會認出所有的名字。

These are not fly by night companies we've made these alliances with.

我們與之結盟的這些公司並不是夜班公司。

If you turn to slide 17, I'll get through this.

如果你翻到投影片 17，我會講完這個。

Our business model is unique, particularly in how we apply it and our adherence to it.

我們的商業模式是獨一無二的，特別是我們如何應用它以及我們對它的堅持。

We continue to diversify in our markets, our geographies and our services and we believe diversity is one of our great strengths and that it has given us the ability to have the stable earnings stream and growth that you've seen on the previous slide.

我們繼續在市場、地理和服務方面實現多元化，我們相信多元化是我們的一大優勢，它使我們有能力獲得穩定的收入流和成長，正如您在上一張投影片中看到的那樣。

The balance sheet is better.

資產負債表比較好。

The balance sheet is good and we're pleased about that.

資產負債表狀況良好，我們對此感到高興。

We continue to drive at a 15 percent annual EPS growth and that has not changed and we look forward to getting there in 2003 also.

我們持續推動每年 15% 的每股盈餘成長，這一點沒有改變，我們也期待在 2003 年實現這一目標。

As you might expect, all of us at the senior levels of public corporations have worried a lot about corporate governance and oversight in the past six months for a wide variety of reasons including the laws that have come out of Congress, the rules that have come out of the Stock Exchange and the SEC and of course, we're all struggling with exactly what those rules are.

正如你所預料的那樣，在過去的六個月裡，我們所有上市公司的高層都非常擔心公司治理和監督，原因有很多種，包括國會制定的法律、制定的規則當然，我們都在為這些規則的具體內容而苦苦掙扎。

But in our review of everything we've done we've found that we are in conformance on 99 plus percent of everything that's being requested and there are no significant issues.

但在對我們所做的一切進行審查時，我們發現我們符合 99% 以上的要求，並且沒有重大問題。

But we have spent a lot of time at the Board level on this issue and we've spent a lot of time with the Corporate Governance Committee on this issue.

但我們在董事會層面上花了很多時間來解決這個問題，我們在公司治理委員會上也花了很多時間來解決這個問題。

And with that I'm going to open it up for questions because I'm done.

至此，我將開始提問，因為我已經完成了。

Thank you.

謝謝。

Today's question and answer session will be conducted electronically.

今天的問答環節將以電子方式進行。

If you would like to ask a question you may do so by pressing the star key followed by the digit one on your touchtone phone.

如果您想提問，可以按按鍵式電話上的星號鍵，然後再按數字 1 來提問。

We will come to you in the order that you signal and pause for one moment to assemble our roster.

我們將按照您發出信號的順序來找您，並暫停片刻以集合我們的名單。

Once again, star one for a question.

再次為問題加註星標。

And we'll go first to Raymond Chang (ph) with Lehman Brothers.

我們先請教雷曼兄弟的雷蒙德·張（Raymond Chang）。

Good morning.

早安.

With the clean fuels work on gasoline [Inaudible] construction mixture, do you see the overall revenue mix in '03, being shift towards construction from the front end work?

隨著汽油[聽不清楚]建築混合物的清潔燃料工作，您是否認為 03 年的整體收入組合正在從前端工作轉向建築？

Or are they like (ph) a 50 percent spread between front end and construction right now?

或者現在前端和建置之間的差距是 50%？

Well okay, Raymond, well there isn't any doubt we're going to have more construction in clean fuels but we may end up with less construction in some other places.

好吧，雷蒙德，毫無疑問我們將有更多的清潔燃料建設，但我們最終可能會在其他一些地方減少建設。

So that split you see in that pie chart that's about, got I think 140 and 144, that split isn't going to change a lot this coming year.

因此，您在餅圖中看到的分裂大約是 140 和 144，而這個分裂在來年不會有太大變化。

We are driving very hard as a company, however, to change that split to more field services and to construct more of what we're doing.

然而，作為一家公司，我們正在非常努力地改變這種劃分，以提供更多的現場服務，並建立更多我們正在做的事情。

But the clean fuels work alone is not going to do that and we will do more clean fuel construction work next year.

但僅靠清潔燃料工作並不能做到這一點，明年我們將做更多清潔燃料建設工作。

That's a fact.

這是事實。

But we had some very large projects winding down in semiconductor and in pharmaceutical particularly that probably they may tend to offset each other.

但我們在半導體和製藥領域有一些非常大的項目即將結束，特別是它們可能會相互抵消。

And I don't think the split is going to change a lot next year.

我認為明年的分裂不會有太大變化。

Okay.

好的。

Raymond?

雷蒙？

Raymond, this is John.

雷蒙德，這是約翰。

Hi, John.

你好，約翰。

If you notice over this last year the percentage of construction has been creeping up and, you know, it'll vary from quarter to quarter.

如果您注意到去年的建設百分比一直在攀升，而且您知道，每個季度都會有所不同。

But we have been seeing that trend moving a little bit more toward construction, particularly in the fourth quarter.

但我們已經看到這種趨勢更多地轉向建築業，特別是在第四季度。

Right, okay.

對了，好吧。

Can you elaborate on one of your recent alliances on the gas to liquid partnership with Raytag (ph) and CCC (ph) and what kind of opportunities you see in the refineries like that, characterize that alliance?

您能否詳細介紹一下您最近與Raytag (ph) 和CCC (ph) 建立的天然氣液化合作夥伴關係之一，以及您在此類煉油廠中看到了什麼樣的機會，並描述了該聯盟的特點？

Craig Martin (ph), that's your question.

克雷格馬丁（博士），這是你的問題。

Okay.

好的。

I think frankly that that's an opportunity to exploit a technology.

坦白說，我認為這是一個利用科技的機會。

We expect that we'll get engaged on doing front end work in a number of cases.

我們期望在許多情況下我們會從事前端工作。

I'm not overly optimistic that that's going to result in some giant flow of projects.

我對於這會帶來大量的項目並不太樂觀。

Okay, great.

好的，太好了。

Thanks very much.

非常感謝。

We'll go next to Michael Dudas with Bear Stearns.

接下來我們將討論貝爾斯登的麥可‧杜達斯。

Good morning, gentlemen, Patty.

早安，先生們，帕蒂。

Mike.

麥克風。

Mike.

麥克風。

Noel, looking back over the past 12 months, what was the biggest surprise to you on the positive side and what are the things that maybe you're a little bit disappointed about?

Noel，回顧過去的 12 個月，從積極的方面來看，給您最大的驚喜是什麼？哪些事情可能會讓您有點失望？

I think probably the biggest surprise on the positive side was, you know, the year ago situation at 9/11 and the real uncertainty we all entered the year with and are we, you know, what kind of year was it really going to be.

我認為積極方面最大的驚喜可能是，你知道，一年前 9/11 的情況，以及我們所有人進入這一年的真正不確定性，你知道，這到底會是怎樣的一年。

And of course, we took lots of steps.

當然，我們採取了很多步驟。

I think I told you about the slashed capital and conserved cash and all those things.

我想我已經告訴過你有關削減資本和節省現金以及所有這些事情的事情。

Of course, that's the reason we had the really solid cash flow all year and got the debt down like we did.

當然，這就是我們全年擁有真正穩定的現金流並像我們一樣減少債務的原因。

I guess the thing that I'm not totally happy about is the market drifted down--I'm talking about the general market now, not our market necessarily--drifted down during the course of the year.

我想我不太高興的是市場下滑——我現在談論的是整體市場，不一定是我們的市場——在這一年中下滑。

So while 2002 was a difficult year in many ways and we made it through just fine, I would have thought that the so called recession conversation would be gone by now and it's not.

因此，雖然 2002 年在許多方面都是艱難的一年，而且我們也順利度過了這一年，但我以為所謂的經濟衰退談話現在就會消失，但事實並非如此。

And so I would say that was the thing that--but it's general market conditions that I think a year ago we expected 2000, we didn't know what was going to happen in 2002.

所以我想說的是——但我認為一年前我們預計 2000 年的整體市場狀況是這樣的，我們不知道 2002 年會發生什麼。

We thought everything would be glory days by 2003 and as you know from the markets and everything else we're still, the economies of the western world are still struggling.

我們原以為到 2003 年一切都會變得輝煌，但正如你從市場和其他方面所了解的那樣，西方世界的經濟仍在苦苦掙扎。

And of course, we've taken that into account in everything we've done obviously.

當然，我們所做的一切顯然都考慮到了這一點。

But those are, I think, my answers to that.

但我認為這些就是我對此的答案。

My second question is when you look ahead to potential new businesses, new acquisitions, is it going to be looked upon, other than the metrics of paying the right price and getting the right people, et cetera, is it we're going to see more of a skill set end market or geography-type bent towards it?

我的第二個問題是，當你展望潛在的新業務、新收購時，除了支付合適的價格和獲得合適的人才等指標之外，我們還會看到它嗎？更多的是針對終端市場或地理類型的技能集？

I think--now that's a good question.

我認為這是一個好問題。

Obviously, we can't--one thing I've learned in all the many acquisitions we've done over the years is that I really never quite understand where the next opportunity is going to come from and if you try to force it you pay too much and we're not in the habit of doing that.

顯然，我們不能——我從多年來我們進行的眾多收購中學到的一件事是，我真的不太明白下一個機會將來自哪裡，如果你試圖強迫它，你就會付出太多，但我們沒有這樣做的習慣。

But we are going to be very alert in the field of upstream oil and gas and I mean very alert.

但我們將在上游石油和天然氣領域非常警惕，我的意思是非常警惕。

I mean, we still think we are growing that business.

我的意思是，我們仍然認為我們正在發展這項業務。

We got some help out of Canada.

我們從加拿大得到了一些幫助。

We got some help out of Stork.

我們從 Stork 那裡得到了一些幫助。

But it's still the single largest business that of which we're only still a very bit player and we're going to continue to grow that at every chance we get.

但這仍然是最大的單一業務，而我們只是其中的一個很小的參與者，我們將抓住每一個機會繼續發展這項業務。

So we're going to be very alert for those opportunities.

因此，我們將對這些機會保持高度警覺。

The other place that we're going to be very alert for opportunities is in the infrastructure business.

我們要對機會非常警惕的另一個領域是基礎設施業務。

While we've probably got 2,000, 2,500 people involved in that business, we consider ourselves below critical mass.

雖然我們可能有 2,000 到 2,500 名員工參與這項業務，但我們認為自己還沒有達到臨界規模。

And so both in the US and Western Europe we are going to look very carefully at what we can do to become a very dominant player in that business, now on our terms obviously.

因此，在美國和西歐，我們都將非常仔細地考慮如何成為該行業的主導者，現在顯然是按照我們的條件。

We're not going out and bid construction on the highway jobs and stuff like that.

我們不會出去投標高速公路建設之類的工作。

But on our terms in lieu of doing the, both the engineering design work and doing the construction, construction management work, we're going to grow that business at every opportunity.

但根據我們的條款，我們將抓住一切機會發展該業務，而不是進行工程設計工作和施工、施工管理工作。

Those are kind of our two hot buttons right now; beyond that it's going to be either geographic or client driven.

這是我們現在的兩個熱門按鈕；除此之外，它將是地理或客戶驅動的。

Well then when you're going to drive acquisition in the infrastructure world do you need to have a lot more offices and a lot more cities in the US so you can get a lot more down and dirty with some of the municipal or local opportunities in waste water or infrastructure treatment or is it to kind of balance out some of your, you know, original offices where you are now and try to expand your forces at your local offices?

那麼，當你要推動基礎設施領域的收購時，你是否需要在美國擁有更多的辦事處和更多的城市，這樣你就可以利用美國的一些市政或當地機會獲得更多的機會。廢水或基礎設施處理，還是為了平衡您現在所在的一些原來的辦事處，並試圖擴大您在當地辦事處的力量？

Well we have a consensus emerging within the company that we don't need to have a little bitty office in every port.

我們公司內部已經達成共識，我們不需要在每個港口設立一個小小的辦公室。

We shut down a bunch of office last year and that takes you out of some of the small municipal work, if you will.

去年我們關閉了一些辦公室，如果你願意的話，這會讓你脫離一些小型市政工作。

But if you take a look at where we've been driving, which is in the transportation side in particular, these are bigger jobs for bigger agencies and the United States is for the States and the UK, you know, it's going to be for rail track or whatever rail track's called these days or it's going to be for the individual countries.

但如果你看看我們一直在做什麼，特別是在交通方面，這些對於更大的機構來說是更大的工作，而美國是針對美國和英國的，你知道，這將是針對鐵路軌道或現在所謂的任何鐵路軌道，或它將適用於各國。

So I don't think it's going to--we are not--let me rephrase that, we are not going to create a network of very small offices set to facilitate and service very little jurisdiction.

因此，我認為不會——我們不會——讓我重新表述一下，我們不會創建一個由非常小的辦事處組成的網絡，以促進和服務很少的司法管轄區。

We're just not going to do that.

我們只是不會那樣做。

That's not Jacobs.

那不是雅各布斯。

We're going to try to work in the big cities and in the bigger areas where we can have offices that have several hundred people in them because that's a critical mass and those kinds of offices can be very profitable.

我們將嘗試在大城市和更大的地區開展工作，在那裡我們可以擁有容納數百人的辦公室，因為這是一個臨界數量，而且這類辦公室可以非常有利可圖。

Thank you for your thoughts, Noel.

謝謝你的想法，諾埃爾。

Thanks, Mike.

謝謝，麥克。

We'll go next to John McGinty with CS First Boston.

接下來我們將與 CS First Boston 的 John McGinty 進行對話。

Good afternoon or good morning.

下午好或早安。

Just one mathematical question on the oil, gas and refining, which is if I'm doing the math right, 24 percent of the total is about $1.1 billion.

只是一個關於石油、天然氣和煉油的數學問題，如果我算得對的話，總額的 24% 約為 11 億美元。

Last year looking at the 10K it was about 450.

去年，10K 的數字約為 450。

How much of that increase was Delta and how much of that increase was, you know, the business really being up that strongly?

其中有多少成長是達美航空帶來的，有多少成長是因為業務成長如此強勁？

John, you're closer to the numbers that I am.

約翰，你的數字比我更接近。

Would you try that?

你願意嘗試嗎？

Delta added about $400 million or so in revenue and most of that is in the oil and gas, petroleum area.

達美航空增加了約 4 億美元左右的收入，其中大部分來自石油和天然氣、石油領域。

Now they weren't, you know, they were in there for 11 months so I haven't done the actual mathematics because we don't break things out by acquisitions and such.

現在他們已經不在了，你知道，他們在那裡待了 11 個月，所以我沒有做實際的數學計算，因為我們不會透過收購等方式來打破局面。

We look at them on a consolidated basis.

我們在綜合的基礎上看待它們。

But that's where they--how they fed into it.

但這就是他們的所在——他們如何融入其中。

Okay.

好的。

So it was still--I mean, even if you add that in it was still a very, very nice gain in the oil petroleum business last year.

所以，我的意思是，即使你補充說，去年石油業務仍然取得了非常非常好的收益。

And I guess my question is I'm trying to understand kind of the timing.

我想我的問題是我正在嘗試了解時機。

Is all of the de-sulfurization of gasoline, have all of those orders been placed?

汽油脫硫那些訂單都下了嗎？

Clearly, you go from engineering to, you know, to the next stage of it.

顯然，你從工程領域進入了下一個階段。

Is there a gap before the engineering orders for the de-sulfurization of Diesel NO6 occur or in other words, how do you see your petroleum business--you say it remains strong, but do you see it growing over the next three to four years or do you see it, are we kind of at a high level?

在柴油NO6脫硫的工程訂單出現之前是否存在差距，或者換句話說，您如何看待您的石油業務——您說它仍然強勁，但您認為它在未來三到四年內會增長嗎或者您看到了嗎，我們的水平很高嗎？

I'm just trying to understand the revenue dynamics of the business.

我只是想了解該業務的收入動態。

Craig, why don't you try that?

克雷格，為什麼不嘗試呢？

Yeah, two or three things--let's start with the low sulfur gasoline issues.

是的，有兩三件事——讓我們從低硫汽油問題開始。

Yep.

是的。

The majority of that work has been let although some of that work has not proceeded at the kind of pace you would normally expect.

儘管其中一些工作沒有按照您通常期望的速度進行，但大部分工作已經完成。

So there's still a fairly good backlog of work out there, some of it not awarded in terms of detail design, but most awarded.

因此，仍然有相當多的積壓工作，其中一些沒有在詳細設計方面獲獎，但大多數獲獎。

That stuff will move into construction as we go through this year and next.

當我們今年和明年經歷這些事情時，這些東西將進入建設階段。

Though Knocksworth (ph), which is very significant along the Gulf Coast--and remember, that's a very important part of where we do business.

儘管諾克斯沃思（ph）在墨西哥灣沿岸非常重要，但請記住，這是我們開展業務的非常重要的一部分。

Right.

正確的。

Is turning into awards for detail design as we speak, some good awards last year, some good awards as we've started this year.

正如我們所說，正在變成細節設計獎項，去年有一些好的獎項，今年我們開始有一些好的獎項。

I expect that will continue in various cases through the first half.

我預計這種情況在整個上半年都會持續下去。

Okay.

好的。

The ultra low sulfur diesel work is just now getting out in the front end arena so it's early conceptual studies, it's the figuring out what to do as opposed to the actual doing of it.

超低硫柴油工作剛剛在前端領域展開，因此它還處於早期概念研究，是弄清楚要做什麼，而不是實際做。

And those things will turn into bigger assignments throughout this year and next.

這些事情將在今年和明年變成更大的任務。

Okay.

好的。

And Europe?

那麼歐洲呢？

Europe's pretty much on the same schedule.

歐洲的時間表也基本相同。

Low sulfur gasoline is actually a little further along than it is domestically.

低硫汽油實際上比國內走得更遠。

Low sulfur diesel's about the same place.

低硫柴油的情況也差不多。

As we go from the conceptual work to the engineering work to the construction phase, since we don't get to see that, all we get to see are like the dollars at the top, do your revenues rise as the construction and maybe the margins go down.

當我們從概念工作到工程工作再到施工階段時，因為我們看不到這一點，所以我們看到的只是頂部的美元，您的收入是否會隨著施工而增加，也許還有利潤率下去。

But, I mean, what's the revenue experience?

但是，我的意思是，收入體驗如何？

Assuming this happens like you're talking about do revenues grow high single digit over the next two to three years from the petroleum business?

假設這種情況發生，就像您所說的那樣，石油業務的收入在未來兩到三年內會出現高個位數成長嗎？

I would say that the revenues will grow because they're certainly, you know, 20, 25 percent of the work is engineering and 75 percent is construction.

我想說收入將會成長，因為你知道，20%、25% 的工作是工程，75% 是建築。

And so I don't think there's any doubt that revenues are going to grow.

因此，我認為毫無疑問收入將會成長。

Okay.

好的。

I just think that's factual.

我只是認為這是事實。

You agree with that don't you, guys.

你們同意這一點，不是嗎，夥計們。

Yes.

是的。

Noel, if you said it, they'll agree with it.

諾埃爾，如果你這麼說，他們就會同意。

Not always.

不總是。

Yeah, I wish that were true.

是的，我希望這是真的。

Second question--you mentioned both in buildings and infrastructure as two strong markets.

第二個問題—您提到建築和基礎設施是兩個強大的市場。

Clearly, the UK, the Europe, I can under stand that.

顯然，英國、歐洲，我可以理解這一點。

One of the things that we keep hearing about sometimes from your competitors are that in the building and also in the transportation market, the weakness in the state government revenues because of the, you know, the recessions and so on are causing business to be flat or down.

我們有時會從競爭對手那裡聽到的一件事是，在建築和運輸市場，由於經濟衰退等原因導致州政府收入疲軟，導致業務停滯不前或向下。

Now, your buildings business continues to be strong and you're not worried about the infrastructure being strong and to the extent that that's roads, one would be worried about it.

現在，您的建築業務繼續強勁，您並不擔心基礎設施是否強大，就道路而言，人們會擔心這一點。

Could you talk about why the state and local spending concerns aren't worrying you in those two businesses?

您能談談為什麼您在這兩項業務中不擔心州和地方支出問題嗎？

Well, nobody said they weren't worrying us.

好吧，沒有人說他們不讓我們擔心。

Let's start with that conversation.

讓我們從那次談話開始。

But let's deal with infrastructure.

但讓我們來處理一下基礎設施。

Go back to what I told you already today.

回到我今天已經告訴你的事情。

There's a lot of money being spent.

有很多錢被花掉了。

There's no doubt there's some discombobulation, particularly at the state level as we've got this semi-recession floating around.

毫無疑問，存在一些混亂，特別是在州一級，因為我們正在經歷這種半衰退。

Remember, we're not a dominant player in infrastructure and so on the engineering, construction and project management assignments that we are chasing every day, as we look at our prospect list and we have cornered our sales managers in this business because we read the same junk you do and they frankly can sell all the work that we can staff, okay.

請記住，我們不是基礎設施領域的主導者，在我們每天都在追求的工程、施工和專案管理任務方面，當我們查看我們的潛在客戶名單時，我們已經將我們的銷售經理困在了這在項業務中，因為我們閱讀了你所做的同樣的垃圾，坦白說，他們可以出售我們可以提供的所有工作，好吧。

And I've got in that conversation and we've had lots of meetings in the past couple months where we've had contact with these guys including the annual business review and then our annual meeting just a couple weeks ago for the senior management.

我參與了這次談話，在過去的幾個月裡我們舉行了很多會議，我們與這些人進行了接觸，包括年度業務審查，以及幾週前為高階管理層舉行的年度會議。

In the infrastructure business they can sell all they can staff; it's that simple, both in the UK and in the US.

在基礎設施業務中，他們可以出售所有可以出售的員工；就這麼簡單，無論是在英國還是在美國。

In the buildings business I think it's a little more complex in terms of a lot of the work we do does not seem to be caught up in any of these funding issues.

在建築業務中，我認為情況要複雜一些，因為我們所做的許多工作似乎並沒有陷入任何這些資金問題。

The Justice Department--a lot of it's--first of all, a lot of the work is federal.

司法部——其中很多——首先，很多工作都是聯邦政府的。

The stuff that is not federal is tied up in local school issues and places like that.

非聯邦的東西與當地學校問題和類似的地方有關。

And as you know, the school business from first to K12 and then at the secondary, at the college level, there's just a lot of activity going on because we're short of schoolhouses all over the country.

如您所知，學校業務從一開始到 K12，再到中學、大學，都有很多活動正在進行，因為我們全國各地都缺乏校舍。

And then you look at the piece of business that's in research hospitals and things like that and while I won't say they're immune to the economy, they're close.

然後你看看研究醫院的業務以及類似的事情，雖然我不會說它們不受經濟影響，但它們很接近。

So in the infrastructure business, I guess we're not big enough to be hurt.

因此，在基礎設施業務中，我想我們還沒有大到會受到傷害。

And in the buildings business we're in a market that is not being severely impacted.

在建築業務中，我們所處的市場並未受到嚴重影響。

That's not to say we don't have conversations where we won the job but they can't find the money.

這並不是說我們沒有贏得這份工作的對話，但他們找不到錢。

I mean, we have those conversations.

我的意思是，我們進行了這些對話。

But there are enough overhang of work out there that it's not affecting our business.

但有足夠的工作懸而未決，不會影響我們的業務。

Just one quick final question--the seven new alliances, does that raise your traditional statement that you get 80 percent of your earnings from 40 relationships.

最後一個簡單的問題是，七個新聯盟是否會增強您傳統的說法，即您 80% 的收入來自 40 種關係。

Does this raise it to 47 relationships?

這會使關係增加到 47 嗎？

No it doesn't.

不，沒有。

Craig, try that will you.

克雷格，你試試看。

Remember, we tell you we get 80 percent of our business from formal and informal alliances and core client relationships.

請記住，我們告訴您，我們 80% 的業務來自正式和非正式聯盟以及核心客戶關係。

Some of these are conversions of informal alliances to formal alliances.

其中一些是非正式聯盟向正式聯盟的轉變。

Right.

正確的。

And so that doesn't necessarily affect the share of business numbers.

因此，這並不一定會影響業務數量的份額。

Others are truly new alliances but an alliance doesn't necessarily involve a giant increase in our revenue flow.

其他聯盟是真正的新聯盟，但聯盟並不一定會大幅增加我們的收入流。

What it does is base load our business.

它的作用是為我們的業務提供基本負載。

Okay.

好的。

So you wouldn't necessarily see a swing from 80 to 85 percent or something like that over three or four new alliances.

因此，在三到四個新聯盟中，您不一定會看到從 80% 到 85% 的波動或類似情況。

Got it.

知道了。

Thank you very much.

非常感謝。

Okay.

好的。

Thanks, John.

謝謝，約翰。

We'll go next to John Rogers with D.A. Davidson.

我們將和 D.A. 一起去約翰羅傑斯旁邊。戴維森。

Good morning.

早安.

Hi John.

你好，約翰。

Hi.

你好。

Just one sector I wanted to follow up on was the Pharma Bio sector.

我想跟進的唯一一個領域是製藥生物領域。

Some of those companies are, their financial situations, while not disastrous, have deteriorated somewhat over the past year.

其中一些公司的財務狀況雖然不是災難性的，但在過去一年中卻惡化。

And I was wondering if you could just--I know your outlook over the 2003 is pretty positive but do you see signs of that business slowing, maybe at the same time that, you know, hopefully we'll get a recovery in chemicals or some of the others because it always seems that, I think as you've said you usually have five cylinders kicking in and three not and I'm just trying to get a feel for what may be the sectors that show signs of at least moderating.

我想知道您是否可以——我知道您對 2003 年的前景非常樂觀，但是您是否看到該業務放緩的跡象，也許與此同時，您知道，希望我們能夠在化學品或其他一些，因為似乎總是如此，我認為正如您所說，通常有五個氣缸啟動，而三個則沒有，我只是想了解哪些部門可能至少顯示出放緩的跡象。

Well I think if you want to say that Pharma Capital(ph) is moderating a little bit I don't think anybody would disagree with that but its moderated at a very high level of activity.

好吧，我認為如果你想說 Pharma Capital(ph) 正在適度調整，我認為沒有人會不同意這一點，但它的調整是在非常高的活動水平上進行的。

That, you know, in fact we had fun with the road show.

事實上，我們在路演中玩得很開心。

One of the guys was bitching that it was moderating a little bit.

其中一個傢伙抱怨說它有點緩和了。

And we said yeah, everybody else running a business wished theirs had moderated to your level of activity.

我們說是的，其他經營企業的人都希望他們的活動能適應您的活動量。

So it's that kind of conversation because see, first of all the big guys--and there's three of them earning $2 billion a quarter still earning $2 billion a quarter.

所以這就是這樣的對話，因為看，首先是大人物——其中三個每季賺取 20 億美元，仍然每季賺取 20 億美元。

And so their cash is good and their research programs are good and they've got lots of drugs coming.

所以他們的現金充足，他們的研究計畫也很好，而且他們有很多藥物即將上市。

They do, like everybody else, tend to spend in cycles and one of them that was spending $2.5 billion a year is now spending a little under two billion.

他們確實像其他人一樣傾向於週期性支出，其中一個每年支出 25 億美元，現在支出略低於 20 億美元。

But this is still in our terms a large program.

但這對我們來說仍然是一個大計劃。

So I would say yes, it's moderated at some extent over the last nine months.

所以我想說是的，在過去九個月裡它在某種程度上得到了緩和。

Of course, we've probably never reported to you the bloom that was there nine or ten months ago when it looked like it was just going to overpower our whole service industry.

當然，我們可能從未向您報告過九個月或十個月前出現的繁榮，當時它看起來即將壓倒我們整個服務業。

And that came and went in a period, you know, of probably six months.

你知道，這種情況的發生和消失大約需要六個月的時間。

But it is moderated but at a very high level is about the right way to put it.

但它是有節制的，但在一個非常高的水平上是正確的表達方式。

And certainly, we don't see this being anything other than an engine for growth for a while.

當然，我們認為這只是暫時的成長引擎。

Okay.

好的。

And then just as a follow up on that, you know, of these eight sectors, at what point do you feel that you'd like to bring in another one?

然後，作為這八個部門的後續行動，你覺得什麼時候你想引進另一個部門？

You know, what are the possibilities there?

你知道，那裡有什麼可能性嗎？

Well certainly, we in time want to split petroleum in both upstream and downstream.

當然，我們最終希望將石油分為上游和下游。

Okay.

好的。

So we definitely want to do that.

所以我們絕對想這麼做。

I mean, that's been on our agenda.

我的意思是，這已列入我們的議程。

We have been working very patiently toward that goal and--.

我們一直非常有耐心地朝著這個目標努力，而且——。

But you need the upstream first to do that?

但你首先需要上游才能做到這一點？

Yeah, we need to get some upstream skill.

是的，我們需要獲得一些上游技能。

We need to get enough business there to make it significant and to talk about and while we've had success, we haven't had enough and then maybe we'll talk about it differently because it is a big business, it is a good business and it isn't going away in our lifetime.

我們需要在那裡獲得足夠的業務，使其變得重要並進行討論，雖然我們已經取得了成功，但我們還沒有取得足夠的成功，然後也許我們會以不同的方式談論它，因為它是一項大業務，是一項很好的業務。生意在我們有生之年不會消失。

So we need to do that.

所以我們需要這樣做。

That's the main thing we want to add.

這是我們要添加的主要內容。

I think other activities that we'll do over the next year or two will be rounding out these things in terms of geography, penetration and maybe niche plays.

我認為我們將在未來一兩年內開展的其他活動將在地理、滲透以及可能的利基市場方面完善這些內容。

I mean, there's no doubt that the geography in Europe is moving east and we will participate in that as our clients move east.

我的意思是，毫無疑問，歐洲的地理正在向東移動，隨著我們的客戶向東移動，我們將參與其中。

We've got ourselves set up pretty well in Southeast Asia and in India.

我們在東南亞和印度已經建立了良好的基礎。

And as you know, the economies out there are still, you know, they still haven't gotten over the 97 flu.

如你所知，那裡的經濟體仍然沒有擺脫 97 流感的影響。

But that's how we're going to be playing it.

但這就是我們要玩的方式。

But we will be making moves both in Europe and North America over the next 12 months I guess.

但我想未來 12 個月我們將在歐洲和北美採取行動。

Okay, thank you.

好的謝謝。

We'll go next to Fritz Von Carp at Merrill Lynch.

接下來我們將討論美林證券公司的弗里茨馮卡普 (Fritz Von Carp)。

Are you there, Fritz?

你在嗎，弗里茲？

Mr. Von Carp, your line is open.

馮卡普先生，您的線路已接通。

Please go ahead.

請繼續。

Fritz went to sleep.

弗里茲睡著了。

We'll go next to Jeff Allen (ph)with Silver Crest Asset Management.

接下來我們將邀請來自 Silver Crest 資產管理公司的傑夫艾倫 (Jeff Allen)。

Hi.

你好。

Could I please just get a few balance sheet items?

我可以拿一些資產負債表項目嗎？

I was looking for short term debt, current assets, current liabilities and total assets.

我正在尋找短期債務、流動資產、流動負債和總資產。

What we've put into the press release and in the Webcast is all we're prepared to release at this time.

我們在新聞稿和網路廣播中發布的內容就是我們目前準備發布的全部內容。

We'll release the other details as we release the yearend financials.

我們將在發布年終財務數據時發布其他細節。

Yeah, okay.

好的。

Again, to ask a question press the star key followed by the digit one.

再次，要提問，請按星號鍵，然後按數字一。

Again, I would like to remind everyone that you may listen to a rebroadcast of this conference at 2:00 pm Eastern today through November 7 at midnight by dialing 719-457-0820 and enter confirmation code 465219.

我再次提醒大家，您可以在東部時間今天下午 2:00 至 11 月 7 日午夜收聽本次會議的重播，撥打 719-457-0820 並輸入確認碼 465219。

We do have a follow up question from John McGinty.

我們確實收到了約翰·麥金蒂的後續問題。

Okay.

好的。

Well, if nobody else is around I'll ask just a couple of follow up questions.

好吧，如果周圍沒有其他人，我只會問幾個後續問題。

The high tech work is down.

高科技工作下降了。

There is a significant project you have a small island in the North Atlantic.

有一個重要的項目，你在北大西洋有一個小島。

I think we can talk about that, probably not much more than that.

我想我們可以討論這個問題，但可能僅此而已。

But anyway, assuming at some point that project, which was restarted, gets done, does that business fall off for you in '03?

但無論如何，假設在某個時候重新啟動的專案完成了，那麼您在 03 年的業務會下降嗎？

I just don't know the timing of that business.

我只是不知道這項業務的時間安排。

But it probably won't fall off in '03 but it will in '04, John.

但它可能不會在 03 年掉落，但會在 04 年掉落，約翰。

Okay.

好的。

So I mean, '03 is okay and then--.

所以我的意思是，'03 還可以，然後--。

Yeah.

是的。

That building is down.

那棟大樓倒塌了。

And then could you just talk about capex in '03 and what you would think you would get out of working capital?

然後您能否談談 03 年的資本支出以及您認為將從營運資金中獲得什麼？

John, why don't you take those.

約翰，你為什麼不拿走那些？

You're closer to them than I am.

你比我更接近他們。

Yeah well, you noticed this last year our capex was right around $37 million, which was down from the prior year as Noel mentioned in his comments.

是的，你注意到去年我們的資本支出約為 3700 萬美元，正如諾埃爾在評論中提到的那樣，這比前一年有所下降。

You know, with 9/11 we put a real strong freeze on capex and have kept it down.

你知道，在 9/11 事件中，我們對資本支出進行了真正的強力凍結，並將其控制在較低水平。

Looking at our current run rate and going forward, we would expect that our capital spending will probably be in the $40 million range over the year, which is kind of matches our depreciations a little bit higher than our depreciation rate but pretty close to it.

考慮到我們目前的運行率和未來的發展，我們預計今年的資本支出可能會在 4000 萬美元的範圍內，這與我們的折舊率略高於折舊率但非常接近。

Right.

正確的。

So I think that that would be a reasonable goal.

所以我認為這將是一個合理的目標。

The working capital, we will continue to drive our receivables but as the business grows your--there's pressure to raise them just to keep your days outstanding flat.

營運資金，我們將繼續推動我們的應收帳款，但隨著業務的成長，您將面臨提高應收帳款的壓力，以保持您的應收帳款平穩。

But we've been making--we've had some success this year in getting our days outstanding down.

但今年我們在減少不良日子方面取得了一些成功。

We will continue to drive that, continue to focus on working capital because even though we're down under $100 million in the debt our goal is to continue to drive that down.

我們將繼續推動這一目標，繼續專注於營運資金，因為儘管我們的債務已降至 1 億美元以下，但我們的目標是繼續降低債務。

We don't have any absolute floor that says we've got to have this much debt or that much debt.

我們沒有任何絕對的底線表明我們必須背負這麼多債務。

We want to be so that we have the flexibility to make a move whenever it happens to come up for an acquisition or whatever.

我們希望能夠在發生收購或其他任何事情時靈活地採取行動。

And are we still at least buying back enough shares to prevent share creep or do we still have an authorization or where are we on that?

我們是否仍然至少回購足夠的股票以防止股票攀升，或者我們仍然擁有授權，或者我們在這方面處於什麼位置？

Well the authorization is still certainly in place but I think as we've been saying all this year, with the focus on getting our balance sheet cleaned up and with the growth we've experienced we felt that we could afford some of that share creep and we have not been buying back shares for about a year now.

嗯，授權肯定仍然有效，但我認為正如我們今年一直在說的那樣，重點是清理我們的資產負債表，並且隨著我們所經歷的增長，我們認為我們可以承受一些份額的攀升我們已經大約一年沒有回購股票了。

But you're going to be--unless you make an acquisition, you're going to be debt free at the end of 03.

但除非你進行收購，否則你將在 03 年底擺脫債務。

Your stock is down significantly.

你的庫存大幅下跌。

Are there enough acquisitions in the pipeline that you are just saying hey, we're not going to buy back any shares or, I mean, if you just look at that it's nice to be under 100 but I'm not sure you want to be under zero do you in terms of debt, Noel?

是否有足夠多的收購正在進行中，您只是說，嘿，我們不會回購任何股票，或者，我的意思是，如果您只看一下，低於100 股很好，但我不確定您是否願意諾埃爾，你的債務低於零嗎？

I don't know.

我不知道。

Why not?

為什麼不？

You sound like my son, John, with his (inaudible) way to prosperity.

你聽起來就像我的兒子約翰，有著他的（聽不清楚）致富之道。

But the answer is we--as you know or maybe you don't know, we basically froze acquisition activity the past year because of two things--we are trying to drag Stork Canada and Gibb firmly into the nest, right.

但答案是我們——正如你所知或可能你不知道的那樣，我們在過去一年基本上凍結了收購活動，因為有兩件事——我們正試圖將Stork Canada 和Gibb 牢牢拖入巢穴，對吧。

And so we frankly didn't have the management time to make any acquisitions plus I wanted to see if we could get the debt under 100 and we did.

因此，坦白說，我們沒有管理時間進行任何收購，而且我想看看我們是否可以將債務控制在 100 以下，我們做到了。

I would be surprised if we didn't make an acquisition or two in 2003.

如果我們在 2003 年沒有進行一兩次收購，我會感到驚訝。

Okay.

好的。

And were Stork--final question--Stork, Canada and Gibb all contributing positively to earnings in the year just ended?

Stork——最後一個問題——Stork、Canada 和 Gibb 是否都對剛結束的一年的盈利做出了積極貢獻？

Absolutely.

絕對地。

So you go them all where you want it or almost--well, you got them on the direction.

所以你可以把它們帶到你想要的地方或幾乎——好吧，你讓他們走上了方向。

You never have them where you want them.

你永遠不會把它們放在你想要的地方。

Never have--I knew that was the wrong question.

從來沒有——我知道這是一個錯誤的問題。

Thanks very much.

非常感謝。

Okay.

好的。

And at this time there are no further questions.

此時沒有進一步的問題。

Mr. Watson, I'd like to turn the call back over to you for any additional or closing remarks.

沃森先生，我想將電話轉回給您，以便您發表補充或結束語。

I just want to thank ya'll for joining us.

我只是想感謝你們加入我們。

We appreciate your support.

我們感謝您的支持。

And if you've got any questions, you can always get a hold of John or me.

如果您有任何疑問，可以隨時聯繫約翰或我。

Thanks much, folks.

非常感謝，各位。

Thank you.

謝謝。

That does conclude today's conference call.

今天的電話會議到此結束。

You may disconnect at this time.

此時您可以斷開連線。