雅各布工程 (J) 2022 Q3 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Fiscal Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you. Jonathan Doros, you may begin your conference.

早上好。我的名字是 Rob，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Jacobs 2022 財年第三季度收益電話會議。 （操作員說明）謝謝。 Jonathan Doros，你可以開始你的會議了。

Thank you. Good morning to all. Our earnings announcement and 10-Q were filed this morning, and we have posted a copy of the slide presentation on our website, which will be referenced during the call.

謝謝你。大家早上好。我們的收益公告和 10-Q 已於今天上午提交，我們已在我們的網站上發布了幻燈片演示文稿的副本，將在電話會議期間引用。

I'd like to refer you to Slide 2 of the presentation materials for information about our forward-looking statements, non-GAAP financial measures and pro forma figures. For pro forma comparisons, the current and prior periods include the results of recent acquisitions, including StreetLight Data and BlackLynx as well as our strategic investment in PA Consulting for the full fiscal period.

我想請您參閱演示材料的幻燈片 2，以獲取有關我們的前瞻性陳述、非公認會計原則財務指標和備考數據的信息。對於備考比較，當前和前期包括最近收購的結果，包括 StreetLight Data 和 BlackLynx 以及我們在整個財政期間對 PA Consulting 的戰略投資。

Turning to the agenda on Slide 3. Speaking on today's call will be Jacobs' Chair and CEO, Steve Demetriou; President and Chief Operating Officer, Bob Pragada; and the CEO of PA Consulting, Ken Toombs; and President and Chief Financial Officer, Kevin Berryman. Steve will begin by reviewing our third quarter results and then discuss how Jacobs and PA are accelerating positive social impact. Bob will then review our performance by line of business. Ken will provide an update on PA Consulting. And Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flow. Finally, Steve will provide details on our updated outlook, along with some closing remarks. And then we'll open the call up for your questions. In the appendix of this presentation, we have provided additional ESG-related information, including examples of our leading ESG solutions.

轉到幻燈片 3 上的議程。在今天的電話會議上發言的將是 Jacobs 的主席兼首席執行官 Steve Demetriou；總裁兼首席運營官 Bob Pragada；和 PA Consulting 的首席執行官 Ken Toombs；總裁兼首席財務官 Kevin Berryman。 Steve 將首先回顧我們的第三季度業績，然後討論 Jacobs 和 PA 如何加速積極的社會影響。然後 Bob 將按業務線審查我們的績效。 Ken 將提供有關 PA 諮詢的最新信息。凱文將對我們的財務指標進行更深入的討論，並對我們的資產負債表和現金流進行審查。最後，史蒂夫將提供有關我們最新展望的詳細信息，以及一些結束語。然後我們將打開電話詢問您的問題。在本演示文稿的附錄中，我們提供了更多與 ESG 相關的信息，包括我們領先的 ESG 解決方案的示例。

With that, I will now pass it over to Steve Demetriou, Chair and CEO.

有了這個，我現在將把它交給主席兼首席執行官史蒂夫德米特里歐。

All right. Thank you for joining us today to discuss our third quarter fiscal year 2022 business performance and our near-term outlook. We're excited to be conducting today's call from PA Consulting offices in London, and I'll provide more color in just a moment on our strong early on success of our investment in PA.

好的。感謝您今天加入我們，討論我們 2022 財年第三季度的業務表現和我們的近期展望。我們很高興能夠在倫敦的 PA 諮詢辦公室進行今天的電話會議，我將在稍後提供更多關於我們在 PA 投資成功的早期成功的信息。

But first, turning to Slide 4. At Jacobs, the combination of a proactive approach to strategic portfolio management and driving a high-performance culture has created a top-quality business, with substantial recurring revenue that's resilient during a variety of macroeconomic conditions. This is complemented by our focus on secular growth in the areas of Climate Response, Consulting & Advisory and Data Solutions.

但首先，請看幻燈片 4。在 Jacobs，積極主動的戰略投資組合管理方法與推動高績效文化相結合，創造了一流的業務，在各種宏觀經濟條件下都具有可承受的大量經常性收入。我們專注於氣候響應、諮詢和諮詢以及數據解決方案領域的長期增長，這與此相輔相成。

Our competitive advantage is based on strength, staying true to our values. We harness our deep technical expertise to reinvent the way we solve problems and shape the next generation of innovative solutions for our clients.

我們的競爭優勢基於實力，忠於我們的價值觀。我們利用深厚的技術專長來重塑我們解決問題的方式，並為我們的客戶塑造下一代創新解決方案。

As I shift to the quarterly results, we're clearly seeing strong underlying trends and accelerated growth at Jacobs. From the velocity of our sales pipeline, our recent major wins that we'll talk about today and next quarter, to increasing trends in utilization, we're positioned for strong profitable growth going forward.

當我轉向季度業績時，我們清楚地看到了 Jacobs 強勁的潛在趨勢和加速增長。從我們銷售渠道的速度，我們將在今天和下個季度討論的最近的重大勝利，到利用率的增加趨勢，我們為未來強勁的盈利增長做好了準備。

During the quarter, net revenue grew 8% year-over-year and double digit on a constant currency basis, with growth across each line of business. More importantly, bookings were strong across the company, resulting in revenue backlog up 10% year-over-year and actually up 13% in constant currency. We saw continued strong performance in our advanced facilities business, as demonstrated by our 25% year-over-year top line growth, and an acceleration in [TMTS] bookings during the quarter within our Americas business, driven by awards related to the U.S. infrastructure modernization.

本季度，淨收入同比增長 8%，按固定匯率計算兩位數，各業務線均實現增長。更重要的是，整個公司的預訂量都很強勁，導致積壓的收入同比增長 10%，按固定匯率計算實際上增長了 13%。我們看到我們先進設施業務的持續強勁表現，這體現在我們的收入同比增長 25%，以及在與美國基礎設施相關的獎項的推動下，我們美洲業務的 [TMTS] 預訂量在本季度加速現代化。

Within Critical Mission Solutions, we were awarded a strategic $3.9 billion NASA Johnson 10-year rebid, significantly larger than our existing contract and which will be added to our backlog in the fourth quarter. This is one of many long-term recurring contracts that provide revenue visibility for the business.

在關鍵任務解決方案中，我們獲得了 39 億美元的戰略性 NASA 約翰遜 10 年再投標合同，遠高於我們現有的合同，並將在第四季度添加到我們的積壓訂單中。這是為企業提供收入可見性的眾多長期定期合同之一。

On a constant currency basis, PA Consulting continued to show strong growth, with revenue up 22% and backlog up 19% year-over-year. The strong visibility of our diverse business with upside from secular growth trends, combined with robust cash flow generation, affords us the ability to generate returns for our shareholders through times of economic uncertainty.

按固定匯率計算，PA Consulting 繼續呈現強勁增長，收入同比增長 22%，積壓訂單增長 19%。我們多元化業務的強大知名度以及長期增長趨勢的優勢，加上強勁的現金流產生，使我們有能力在經濟不確定時期為股東創造回報。

Now turning to Slide 5. This time 2 years ago, in the height of the pandemic, we were zeroing in on the PA Consulting transaction. And (inaudible) PA is significantly exceeding our financial expectations, and revenue synergies are accelerating. Results are strong across all PA's key performance indicators. In culture and talent, the number of partners has increased more than 20% since the transaction closed, with additional key hires across operations, research, technology and sales further strengthening PA's capabilities and client solution. And very exciting is their women and leadership program, with the current PA leadership team now at 50% female.

現在轉到幻燈片 5。這一次是 2 年前，在大流行最嚴重的時候，我們將注意力集中在 PA Consulting 交易上。並且（聽不清）PA 大大超出了我們的財務預期，收入協同效應正在加速。 PA 的所有關鍵績效指標的結果都很強勁。在文化和人才方面，自交易完成以來，合作夥伴的數量增加了 20% 以上，運營、研究、技術和銷售方面的更多關鍵員工進一步加強了 PA 的能力和客戶解決方案。非常令人興奮的是他們的女性和領導力計劃，目前的 PA 領導團隊現在有 50% 是女性。

Financial performance continues strong, with the weighted pipeline up more than 40% compared to the prior year. Fiscal year-to-date revenues are up 20% in constant currency, with an operating margin of 21%, which is an indicator of PA's high-quality business. On the operations and strategy front, PA is seeing success following the launch of its IP monetization. And they are gaining momentum in the U.S. with new leadership in an expanding portfolio. And in the area of revenue synergies, we have posted 18 joint wins since the beginning of the partnership and are seeing significant collaborative opportunities in multiple markets, including health and life sciences, energy and utilities and consumer products. Our partnership with PA has been one of the most successful and value-creating investments, and our Consulting & Advisory accelerator is a clear priority for future capital deployment.

財務表現繼續強勁，加權管道與上一年相比增長了 40% 以上。按固定匯率計算，本財年迄今為止的收入增長了 20%，營業利潤率為 21%，這是 PA 高質量業務的一個指標。在運營和戰略方面，PA 在推出 IP 貨幣化後取得了成功。他們在美國的勢頭越來越大，在不斷擴大的投資組合中獲得了新的領導地位。在收入協同效應方面，自合作開始以來，我們已經發布了 18 次聯合勝利，並且在多個市場看到了重要的合作機會，包括健康和生命科學、能源和公用事業以及消費品。我們與 PA 的合作夥伴關係是最成功和創造價值的投資之一，我們的諮詢和諮詢加速器顯然是未來資本部署的優先事項。

Turning to Slide 6. A key to our successful partnership has been the close alignment of our purpose around creating solutions that have positive social impact. Whether it's working together to improve health care for families through leading-edge cell and gene therapy; addressing patient safety and emergency departments across the U.S.; solving issues of connectivity and decarbonization for global rail market; delivering resilient solutions in the areas of deforestation and fire prevention in the U.K. and the undergrounding of 10,000 miles of cable for PG&E to mitigate forest fires in California; and on the clean energy front, collaborating on analyzing investments for private equity in clean hydrogen. Once again, looking ahead, we believe our partnership with PA is critical to delivering our new Jacobs strategy.

轉到幻燈片 6。我們成功合作的關鍵是我們的目標緊密結合，圍繞創造具有積極社會影響的解決方案。是否通過領先的細胞和基因療法共同改善家庭的醫療保健；解決美國各地的患者安全和急診科；解決全球鐵路市場的連通性和脫碳問題；在英國的森林砍伐和防火領域提供彈性解決方案，並為 PG&E 將 10,000 英里的電纜埋入地下以減輕加利福尼亞的森林火災；在清潔能源方面，合作分析私募股權對清潔氫的投資。再一次，展望未來，我們相信我們與 PA 的合作夥伴關係對於實現我們新的 Jacobs 戰略至關重要。

Now I'll turn it over to Bob Pragada to discuss our line of business.

現在我將把它交給 Bob Pragada 來討論我們的業務範圍。

Thank you, Steve. Moving on to Slide 7 to review Critical Mission Solutions. The CMS business continued its strong performance in the third quarter, with total backlog increasing 7% on a reported basis -- reported and pro forma basis to $10.2 billion. Our CMS strategy is focused on creating resilient recurring revenue growth and margin expansion by offering technology-enabled solutions aligned to critical national priorities. Our service and solution offerings are delivered across our core customers' markets: space, national security, cyber and intelligence and energy environment. And we are leveraging our growth accelerators of Data Solutions, Climate Response and Consulting & Advisory to catalyze the business.

謝謝你，史蒂夫。轉到幻燈片 7，查看關鍵任務解決方案。 CMS 業務在第三季度繼續保持強勁表現，在報告的基礎上總積壓增加了 7%——報告和備考基礎上達到 102 億美元。我們的 CMS 戰略專注於通過提供與國家關鍵優先事項相一致的技術解決方案，創造有彈性的經常性收入增長和利潤率擴張。我們的服務和解決方案產品遍及我們的核心客戶市場：太空、國家安全、網絡和情報以及能源環境。我們正在利用我們的數據解決方案、氣候響應和諮詢與諮詢的增長加速器來促進業務發展。

We have substantial revenue visibility as approximately 85% of CMS' portfolio consists of large enterprise contracts with durations greater than 4 years and 88% from federal-level government funding. Although economic and geopolitical uncertainties continue, our strong Q3 ending backlog gives us confidence in our next 12 months forecasted revenue. Three market trends that we see contributing to our continued growth include: space debris management, robotics and 5G network buildout.

我們有可觀的收入可見性，因為 CMS 的投資組合中大約 85% 由期限超過 4 年的大型企業合同組成，88% 來自聯邦政府的資金。儘管經濟和地緣政治不確定性繼續存在，但我們強勁的第三季度末積壓訂單讓我們對未來 12 個月的預測收入充滿信心。我們認為有助於我們持續增長的三個市場趨勢包括：空間碎片管理、機器人技術和 5G 網絡建設。

Beginning with space debris management. Decades of space travel resulted in large amounts of space debris damage today's satellites and future launches, adding to the cost of operating satellite and other space platforms, like the International Space Station, or ISS. If debris destroys a satellite, it could take months and cost hundreds of millions of dollars to restore the service. We support the orbital debris tracking program at NASA and provide plume analysis and communication systems simulation for vehicles visiting the ISS. In addition, we provide meteor tracking data for multiple government agencies. Space retracting is one of many services Jacobs provides on the recently awarded Johnson Engineering, Technology, and Science, or JETS II contract, which builds on Jacobs' more than 17 years of continuous support at Johnson Space Center. Under this contract, we will provide multidisciplinary technical services to support the future of human space exploration as well as help NASA incubate the emerging commercial space economy. This 10-year $3.9 billion win will book in Q4 and represents a $1.8 billion increase to our existing contract. This service illustrates the continuing strong massive Jacobs partnership.

從空間碎片管理開始。數十年的太空旅行導致今天的衛星和未來的發射造成大量空間碎片損壞，增加了衛星和其他空間平台（如國際空間站或國際空間站）的運營成本。如果碎片摧毀了一顆衛星，恢復服務可能需要數月時間和數億美元。我們支持美國宇航局的軌道碎片跟踪計劃，並為訪問國際空間站的車輛提供羽流分析和通信系統模擬。此外，我們為多個政府機構提供流星追踪數據。空間收縮是 Jacobs 在最近授予的 Johnson Engineering、Technology 和 Science 或 JETS II 合同中提供的眾多服務之一，該合同建立在 Jacobs 對約翰遜航天中心超過 17 年的持續支持的基礎上。根據這份合同，我們將提供多學科技術服務，以支持人類太空探索的未來，並幫助 NASA 孵化新興的商業太空經濟。這筆 10 年 39 億美元的勝利將在第四季度預訂，這意味著我們現有的合同增加了 18 億美元。這項服務說明了 Jacobs 持續強大的大規模合作夥伴關係。

Moving on to robotics. We are increasingly delivering valued solutions to our clients by utilizing robots that reduce costs and increase accuracy and safety in otherwise manual human processes. And we're excited to announce that last quarter, we integrated the Resolve Robotics team in the U.K. into CMS, who brings software expertise and IP to help accelerate our growth.

繼續機器人技術。我們越來越多地利用機器人為客戶提供有價值的解決方案，這些機器人可以降低成本，提高人工人工流程的準確性和安全性。我們很高興地宣布，上個季度，我們將英國的 Resolve Robotics 團隊整合到 CMS 中，CMS 帶來了軟件專業知識和 IP 來幫助加速我們的增長。

Our existing CMS robotics team already delivers groundbreaking innovations, developing and deploying robotic systems in challenging environments, such as the robotic tool to retrieve sand-like debris from inside a damaged nuclear reactor at Fukushima in Japan, autonomous systems to map riverbeds for the British Army and designing robotic systems for ITER, the world's largest fusion power experiment.

我們現有的 CMS 機器人團隊已經提供了突破性的創新，在具有挑戰性的環境中開發和部署機器人系統，例如從日本福島受損核反應堆內回收沙狀碎片的機器人工具，為英國陸軍繪製河床地圖的自主系統並為世界上最大的聚變能實驗 ITER 設計機器人系統。

Finally, demand for 5G telecommunications. Our telecom group provides full solutions for the deployment of next-generation wireless and wireline networks for leading telecommunication companies like AT&T, Verizon and T-Mobile as well as Fortune 1000 health care and commercial companies looking to build their own 5G networks. We also support the infrastructure market, providing 5G integration, network optimization and technical services alongside our P&PS teams to accelerate growth.

最後，對5G電信的需求。我們的電信集團為 AT&T、Verizon 和 T-Mobile 等領先的電信公司以及希望建立自己的 5G 網絡的財富 1000 強醫療保健和商業公司提供下一代無線和有線網絡部署的完整解決方案。我們還支持基礎設施市場，與我們的 P&PS 團隊一起提供 5G 集成、網絡優化和技術服務，以加速增長。

While rollout of 5G infrastructure deployment is still in its early ramp phase, we continue to see increased demand for both integrated 4G and 5G solutions from our commercial telco, infrastructure, health care and government clients. During the quarter, our telecom group added several new awards totaling more than $150 million to deliver projects advancing 5G nationwide. We are excited for the team's recent successes and are well positioned for growth as adoption of 5G use cases and penetration grow.

雖然 5G 基礎設施部署的推出仍處於初期階段，但我們繼續看到我們的商業電信、基礎設施、醫療保健和政府客戶對集成 4G 和 5G 解決方案的需求不斷增加。在本季度，我們的電信集團增加了幾項總額超過 1.5 億美元的新獎項，以交付在全國推進 5G 的項目。我們對該團隊最近的成功感到興奮，並為隨著 5G 用例的採用和滲透率的增長做好準備。

In summary, we continue to see solid demand for our CMS solutions. Last week, we were notified that we were awarded a $470 million 6-year cyber and intelligence-related task order, which we expect to benefit beginning -- begin ramping at the end of this current quarter. The sales pipeline remains robust with the next 24-month qualified new business pipeline at approximately $25 billion, including $10 billion in source selection with an expanding margin profile.

總之，我們繼續看到對我們的 CMS 解決方案的強勁需求。上週，我們收到通知，我們獲得了 4.7 億美元的 6 年網絡和情報相關任務訂單，我們預計將從本季度末開始受益。銷售渠道保持強勁，未來 24 個月合格的新業務渠道約為 250 億美元，其中包括 100 億美元的來源選擇和不斷擴大的利潤率。

Turning to Slide 8. During the quarter, People & Places Solutions delivered record-setting quarterly bookings that top pre-pandemic levels. We also enjoyed year-over-year bookings growth of 11% and backlog growth of 13%, delivering a high mark for operating profit in the quarter. Despite macroeconomic concerns, we performed well due to the balance of public and private sector clients with a multinational focus, resulting in continued high percentage of revenue already booked in backlog.

轉到幻燈片 8。在本季度，People & Places Solutions 提供了創紀錄的季度預訂量，高於大流行前的水平。我們還享有 11% 的同比預訂增長和 13% 的積壓增長，在本季度的營業利潤中取得了高分。儘管存在宏觀經濟問題，但由於公共和私營部門客戶以跨國公司為重點的平衡，我們表現良好，導致已經積壓的收入比例持續居高不下。

As I talk about the quarter, I'll address our 4 ongoing themes of supply chain diversification, infrastructure modernization, climate response and data solutions.

在談到本季度時，我將討論供應鏈多樣化、基礎設施現代化、氣候響應和數據解決方案這四個持續的主題。

Starting with supply chain diversification. With continued breakthroughs in biotechnology, strong customer demand and robust operating cash flow, life sciences clients are investing in manufacturing expansion and contract operations capacity globally. As a leader in the market, Tier 1 clients have confidence in Jacobs' ability to deliver highly complex greenfield and expansion projects at speed that provides time to market for our clients to maximize their competitive advantage in new therapeutics.

從供應鏈多元化開始。隨著生物技術的不斷突破、強勁的客戶需求和強勁的運營現金流，生命科學客戶正在全球範圍內投資於製造擴張和合同運營能力。作為市場的領導者，一級客戶對 Jacobs 快速交付高度複雜的新建和擴建項目的能力充滿信心，從而為我們的客戶提供上市時間，以最大限度地提高他們在新療法方面的競爭優勢。

Growing health service needs are leading to innovative approaches to care. We are optimizing facilities for clients such as the University of Iowa Hospitals & Clinics, where we serve as their project delivery partner. We are improving sustainability access and energy efficiency for NHS Scotland as well as increasing much-needed access to critical mental health care in Australia.

不斷增長的衛生服務需求正在導致創新的護理方法。我們正在為愛荷華大學醫院和診所等客戶優化設施，我們是他們的項目交付合作夥伴。我們正在改善蘇格蘭 NHS 的可持續性和能源效率，並增加澳大利亞急需的關鍵精神保健服務。

We continue to see robust demand for semiconductor chips, data center capacity expansion and growth in the electric vehicle market and have secured recent confidential wins in all 3 categories. On top of strong secular demand for semiconductors, we are pleased to see the passing of the $53 billion U.S. CHIPS bill, which will incentivize investment in U.S. semiconductor manufacturing and specialized tooling.

我們繼續看到對半導體芯片的強勁需求、數據中心容量的擴張和電動汽車市場的增長，並且最近在所有 3 個類別中都獲得了機密勝利。除了對半導體的強勁長期需求之外，我們很高興看到 530 億美元的美國 CHIPS 法案獲得通過，該法案將激勵對美國半導體製造和專業工具的投資。

Infrastructure modernization. Increased client investments in mega and gigascale infrastructure continues. And with our #1 ENR ranking and program management, our delivery reputation has been a key differentiator in staying ahead of our clients' needs in a dynamic global environment. We recently have been awarded several strategic full life cycle programs for new transformative scale cities in the Middle East that will address social, economic and climate priorities and will have flexible and long-term contracting vehicles. With a renewed interest in equitable, sustainable transportation, we are experiencing a significant investment in the transit and rail sector with wins across the globe, such as Irish Rail, British Railways, multiple clients in Australia and resilient transit planning for Sacramento Area Council of Governments here in the U.S.

基礎設施現代化。客戶對大型和千兆級基礎設施的投資繼續增加。憑藉我們排名第一的 ENR 排名和項目管理，我們的交付聲譽一直是在動態的全球環境中領先於客戶需求的關鍵差異化因素。我們最近獲得了幾個戰略性全生命週期計劃，這些計劃將針對中東新的轉型規模城市，這些城市將解決社會、經濟和氣候優先事項，並將擁有靈活和長期的合同工具。隨著對公平、可持續交通的重新興趣，我們正在經歷對交通和鐵路行業的重大投資，並在全球範圍內取得了成功，例如愛爾蘭鐵路、英國鐵路、澳大利亞的多個客戶以及薩克拉門托地區政府委員會的彈性交通規劃在美國這裡

The Infrastructure Investment and Jobs Act is resulting in a steady increase in new project awards to modernize and increase the resiliency of U.S. infrastructure. For example, we won a major water supply resilience program for Eastern New Mexico Water Utility Authority, a 5-year stormwater implementation program for the city of Baton Rouge, and a funding strategy with Oklahoma DOT. Additionally, our IIJA advisory team is positioning our clients to win funding opportunities, with over 50 differentiated grant applications across transportation, water and energy. We anticipate additional awards in the coming quarters as the opportunities in our sales pipeline move into the next phase of procurement.

《基礎設施投資和就業法案》導致新項目獎勵的穩步增加，以實現美國基礎設施的現代化並提高其彈性。例如，我們為新墨西哥州東部水務局贏得了一項重大的供水恢復計劃，為巴吞魯日市製定了一項為期 5 年的雨水實施計劃，以及與俄克拉荷馬州交通部的一項資助戰略。此外，我們的 IIJA 諮詢團隊正在幫助我們的客戶贏得資金機會，在交通、水和能源領域提出了 50 多項差異化撥款申請。隨著我們銷售渠道中的機會進入下一階段的採購，我們預計未來幾個季度將獲得更多獎勵。

Moving to Climate Response. We see our clients continuing to invest in clean energy across all sectors, with primary spend related to grid modernization, cost-effective renewable energy generation and EV charging infrastructure, or EVCI. Our progress in these areas is demonstrated globally: in Asia, through advisory and policy consulting for the Asian Development Bank; in Canada, with a pipeline utility program; in Australia, through transmission and distribution design projects with AusNet Services; and in the U.S. via a new consulting and advisory framework to advance energy transition with a leading provider.

轉向氣候響應。我們看到我們的客戶繼續投資於所有行業的清潔能源，主要支出與電網現代化、具有成本效益的可再生能源發電和電動汽車充電基礎設施（EVCI）有關。我們在這些領域的進步在全球範圍內得到證明：在亞洲，通過為亞洲開發銀行提供諮詢和政策諮詢；在加拿大，具有管道實用程序；在澳大利亞，通過 AusNet Services 的輸配電設計項目；在美國，通過新的諮詢和諮詢框架與領先的供應商一起推進能源轉型。

Transportation electrification and advanced charging infrastructure plans have topped our clients' agendas across all regions for aviation, sports, highway and rail and transit. This includes projects for Heathrow Airport in the U.K. to implement landside EVCI, Ohio DOT statewide EV infrastructure program and a major U.S. transportation authority transitioning operations to zero emissions for one of the world's largest bus fleets by 2040. Collectively, this is a very exciting space for us and aligns strongly with our Climate Response accelerator.

交通電氣化和先進的充電基礎設施計劃已成為我們客戶在航空、體育、公路、鐵路和交通領域的首要任務。這包括在英國希思羅機場實施陸側 EVCI 的項目、俄亥俄州交通運輸部全州電動汽車基礎設施計劃以及美國主要運輸當局到 2040 年將世界上最大的公交車隊之一的運營過渡到零排放的項目。總的來說，這是一個非常令人興奮的空間對我們來說，並與我們的氣候響應加速器緊密結合。

Moving to Data Solutions. We are using advanced data analytics to optimize our clients' decision-making as well as their ability to derisk long-term investments. For example, in collaboration with the California Air Resources Board, our StreetLight Data team is using advanced analytics to better measure and manage transportation emission. We are also continuing our technology consulting support for a U.S. state DOT with integrated corridor management, connected automated transportation systems and other advanced mobility solutions to maximize use of their existing transportation infrastructure.

轉向數據解決方案。我們正在使用先進的數據分析來優化客戶的決策以及他們取消長期投資風險的能力。例如，與加州空氣資源委員會合作，我們的 StreetLight Data 團隊正在使用高級分析來更好地測量和管理交通排放。我們還將繼續通過綜合走廊管理、互聯自動化交通系統和其他先進的移動解決方案為美國州交通部提供技術諮詢支持，以最大限度地利用其現有的交通基礎設施。

In the water market, we were awarded a contract with The Water Research Foundation to develop the first full-scale deployment of machine learning, predictive control for wastewater systems, a new technology to advance the global water industry. Our cyber and digital services teams were awarded projects in support of the operational technology resiliency plan for a major U.K. utility network operator. And in Australia, we have secured the digital and data advisory services scope to support advanced analytics across Brisbane City Council's entire asset life cycle.

在水市場，我們獲得了與水研究基金會的合同，以開發第一個全面部署機器學習、廢水系統預測控制的新技術，以推動全球水行業的發展。我們的網絡和數字服務團隊獲得了支持英國主要公用事業網絡運營商運營技術彈性計劃的項目。在澳大利亞，我們確保了數字和數據諮詢服務範圍，以支持布里斯班市議會整個資產生命週期的高級分析。

In summary, our strong sales pipeline is supported by well-funded government budgets to modernize their infrastructure and commercial clients that are addressing secular growth opportunities. The agility of our global workforce, combined with elevated spend on transformative, complex infrastructure uniquely positions us to deliver differentiated value to our clients. Given these dynamics and the visibility of our revenue and backlog, we are excited in the growth trajectory for our People & Places business, both now and into the future.

總之，我們強大的銷售渠道得到了資金充足的政府預算的支持，以實現其基礎設施和商業客戶的現代化，從而解決長期增長的機會。我們全球員工隊伍的敏捷性，加上在變革性、複雜基礎設施方面的支出增加，使我們能夠為客戶提供差異化的價值。鑑於這些動態以及我們的收入和積壓工作的可見性，我們對現在和未來的 People & Places 業務的增長軌跡感到興奮。

As Steve mentioned, we are impressed with PA's strong results, which underscores the strategic logic for our investment. We're excited to be joined by PA's CEO, Ken Toombs, who'll provide a quarterly update. Ken, over to you.

正如史蒂夫所說，我們對 PA 的強勁業績印象深刻，這凸顯了我們投資的戰略邏輯。我們很高興 PA 的首席執行官 Ken Toombs 加入我們，他將提供季度更新。肯，交給你了。

Thanks, Bob. Moving to Slide 9. PA's current quarter continued to see strong sales bookings, up 25% and backlog was up 19% in constant currency. Here's what I see driving that. We have unique value proposition that starts with our purpose, bringing ingenuity to life to build a positive human future. This enables us to deliver both financial

謝謝，鮑勃。轉到幻燈片 9。PA 本季度的銷售預訂量繼續保持強勁增長，按固定匯率計算，增長了 25%，積壓訂單增長了 19%。這就是我看到的驅動。我們有獨特的價值主張，從我們的目標開始，將獨創性帶入生活，以建立積極的人類未來。這使我們能夠同時提供財務

(technical difficulty)

（技術難度）

Our purpose is critical in our ability to attract and retain top talent. Our differentiation extends to our strategy, which is focused on helping clients address some of the biggest forces shaping society with our unique end-to-end innovation offering. Indeed, having technologists, scientists, engineers and designers working together creates a unique set of propositions.

我們的目標對於我們吸引和留住頂尖人才的能力至關重要。我們的差異化延伸到我們的戰略，該戰略專注於通過我們獨特的端到端創新產品幫助客戶應對塑造社會的一些最大力量。事實上，讓技術專家、科學家、工程師和設計師一起工作創造了一組獨特的命題。

Let me shift gears and talk a bit about our partnership with Jacobs. As Steve mentioned, our partnership supports key aspects of our strategy. We have numerous key accounts in common. Those accounts are ones where we can leverage PA's relationships at the C-suite to bring Jacobs into the mix early and create a differentiated solution. In some cases, it could be the advantage of scale that Jacobs has or a specialized expertise.

讓我換個角度談談我們與 Jacobs 的合作關係。正如史蒂夫所提到的，我們的合作夥伴關係支持我們戰略的關鍵方面。我們有許多共同的關鍵客戶。在這些賬戶中，我們可以利用 PA 在最高管理層的關係，儘早將 Jacobs 納入組合併創建差異化的解決方案。在某些情況下，這可能是 Jacobs 擁有的規模優勢或專業知識。

It can also work the opposite way where Jacobs has a key relationship and brings PA into complex deals. A great example is PG&E in California, where Jacobs has a strong existing relationship. The differentiation on this project was a combination of Jacobs' program management expertise with PA's strategic consultancy advise and deep domain expertise. And more than a year into the partnership, these types of opportunities are growing.

它也可以與 Jacobs 建立關鍵關係並將 PA 帶入複雜交易的相反方式發揮作用。一個很好的例子是加利福尼亞州的 PG&E，Jacobs 在那裡建立了牢固的關係。該項目的不同之處在於將 Jacobs 的項目管理專業知識與 PA 的戰略諮詢建議和深厚的領域專業知識相結合。合作一年多來，這些類型的機會正在增加。

Another area of our strategy is expansion in the United States, where the outlook is very promising, with strong double-digit revenue growth over the last 6 months. Beyond the synergies with Jacobs, we see a big demand for our end-to-end services. We're focused on 3 sectors, in particular: energy and utilities; health and life sciences; and consumer and manufacturing. In each of these areas, we're winning and delivering exciting purpose-driven work.

我們戰略的另一個領域是在美國的擴張，該地區的前景非常有希望，過去 6 個月收入實現兩位數的強勁增長。除了與 Jacobs 的協同效應外，我們還看到對我們的端到端服務的巨大需求。我們專注於 3 個行業，特別是：能源和公用事業；健康和生命科學；以及消費者和製造業。在這些領域中的每一個領域，我們都在贏得併交付令人興奮的目標驅動型工作。

For example, innovating cell and gene therapy manufacturing with Ori Biotech and creating a growth strategy for Green Boom, a start-up, which has developed a sustainable (inaudible) to prevent, reduce and clean up oil spills. Over time, we've made several U.S. acquisitions, which have provided a platform for further organic growth. Additionally, the significant hiring of great new talent at the partner level is another way we are stimulating growth. Since the beginning of 2020, we've grown the number of U.S. partners by 60%.

例如，與 Ori Biotech 合作創新細胞和基因療法製造，並為初創公司 Green Boom 制定增長戰略，該公司開發了一種可持續的（聽不清）來預防、減少和清理石油洩漏。隨著時間的推移，我們在美國進行了幾次收購，為進一步的有機增長提供了平台。此外，在合作夥伴層面大量招聘優秀的新人才是我們刺激增長的另一種方式。自 2020 年初以來，我們的美國合作夥伴數量增加了 60%。

Now I'd like to spend a minute on resiliency of our business. We enjoy a loyal client base, with approximately 90% of revenue typically coming from repeat clients over the last 5 years. And our expertise continues to be in high demand. We also enjoy resiliency given our balance between private and public sector work. For example, during the pandemic, we transformed the entire corporate business models to account for new customer behaviors. While in the public sector, we work with some of the biggest government agencies that provide critical services that are largely unaffected by short-term budget decisions, like the U.K. National Health Service and Ministry of Justice. This helps to mitigate risk from future macroeconomic trends.

現在，我想花一點時間談談我們業務的彈性。我們擁有忠實的客戶群，在過去 5 年中，大約 90% 的收入通常來自回頭客。我們的專業知識仍然很受歡迎。鑑於我們在私營和公共部門工作之間的平衡，我們也享有彈性。例如，在大流行期間，我們改變了整個企業的商業模式，以適應新的客戶行為。在公共部門，我們與一些最大的政府機構合作，這些機構提供基本不受短期預算決定影響的關鍵服務，例如英國國家衛生服務局和司法部。這有助於減輕未來宏觀經濟趨勢帶來的風險。

So to summarize, we're running a purpose-driven business with a clear strategy to address our clients' biggest challenges in an end-to-end manner that separates us from the competition. And structurally, we're set up to be able to pivot in response to external factors, ensuring we're well positioned for the future.

總而言之，我們正在經營一家以目標為導向的業務，其戰略明確，以端到端的方式解決客戶面臨的最大挑戰，使我們在競爭中脫穎而出。在結構上，我們能夠根據外部因素進行調整，確保我們為未來做好準備。

Kevin, I'll hand it over to you.

凱文，我會把它交給你的。

Thank you, Ken. I'm going to turn to Slide 10 for a financial overview of third quarter fiscal 2022 results. Third quarter gross revenue grew 7% year-over-year and net revenue grew 8%. Pro forma for our acquired revenue, net revenue also grew 7% year-over-year, which is an acceleration in growth from the second quarter. Currency negatively impacted revenue growth by nearly 400 basis points. And given current foreign exchange spot rates, we expect FX to impact our Q4 revenue by nearly 450 basis points on a year-over-year basis. On a reported basis for the fourth quarter, we expect revenue growth in the mid- to high single digits, which translates into double-digit growth on a constant currency basis.

謝謝你，肯。我將轉向幻燈片 10，了解 2022 財年第三季度業績的財務概覽。第三季度總收入同比增長 7%，淨收入增長 8%。就我們收購的收入進行備考，淨收入也同比增長 7%，這比第二季度有所加速。貨幣對收入增長產生了近 400 個基點的負面影響。鑑於目前的外匯即期匯率，我們預計外匯對我們第四季度的收入同比影響近 450 個基點。根據第四季度的報告，我們預計收入增長將達到中高個位數，這轉化為固定貨幣基礎上的兩位數增長。

Adjusted gross margin in the quarter as a percentage of net revenue was 25.8%, down 180 basis points from a year ago, primarily driven by our CMS line of business related to newly ramping remediation contracts and the timing of the ramp on higher-margin federal contracts and the investment in incremental resources in PA in advance of expected growth. We expect gross margins to marginally improve in the fourth quarter and expand further during fiscal 2023, driven by a higher-margin backlog and sales pipeline, favorable revenue mix within CMS, an acceleration in P&PS revenue and continued strong PA performance.

本季度調整後的毛利率占淨收入的百分比為 25.8%，比去年同期下降 180 個基點，主要受我們與新增加的修復合同相關的 CMS 業務線以及利潤率較高的聯邦增加時間的推動合同以及在預期增長之前對 PA 增量資源的投資。我們預計毛利率將在第四季度小幅改善，並在 2023 財年進一步擴大，這得益於利潤率更高的積壓和銷售渠道、CMS 內部有利的收入組合、P&PS 收入的加速以及持續強勁的 PA 業績。

Adjusted G&A as a percentage of net revenue was 15.6%, down nearly 100 basis points from Q2 and down 130 basis points year-over-year. We expect our G&A as a percentage of revenue to remain at this level in Q4 as we balance our investments to support growth in fiscal 2023 and beyond.

調整後的 G&A 占淨收入的百分比為 15.6%，比第二季度下降近 100 個基點，同比下降 130 個基點。隨著我們平衡投資以支持 2023 財年及以後的增長，我們預計 G&A 佔收入的百分比將在第四季度保持在這一水平。

GAAP operating profit was $266 million and was mainly impacted by $52 million of amortization from acquired intangibles and other acquisition deal-related costs and restructuring efforts of $10 million, with over half of that associated with integration costs associated with acquisitions. Adjusted operating profit was $327 million, up 4% year-over-year on both a reported and pro forma basis. On a constant currency basis, adjusted operating profit was up 8% year-over-year. Our adjusted operating profit to net revenue was 10.3%, and we expect a similar level in Q4. I'll discuss the moving parts later when reviewing the line of business performance.

GAAP 營業利潤為 2.66 億美元，主要受到來自收購的無形資產和其他收購交易相關成本的 5200 萬美元攤銷以及 1000 萬美元的重組努力的影響，其中一半以上與收購相關的整合成本有關。調整後的營業利潤為 3.27 億美元，在報告和備考基礎上同比增長 4%。按固定匯率計算，調整後的營業利潤同比增長 8%。我們調整後的營業利潤占淨收入的比例為 10.3%，我們預計第四季度將達到類似水平。稍後我將在審查業務線績效時討論活動部分。

GAAP EPS from continuing operations was $1.52 and included a $0.27 impact related to our amortization charge of acquired intangibles, $0.04 from transaction-related costs, only $0.02 of other restructuring costs and a $0.01 benefit adjustment to align to our effective tax rate. Excluding these items, third quarter adjusted EPS was $1.86, up 13% year-over-year. On a year-over-year basis, FX impacted our EPS negatively by $0.09.

持續經營的公認會計原則每股收益為 1.52 美元，其中包括與我們收購的無形資產的攤銷費用相關的 0.27 美元的影響、0.04 美元的交易相關成本、僅 0.02 美元的其他重組成本以及與我們的有效稅率相一致的 0.01 美元的福利調整。不計這些項目，第三季度調整後每股收益為 1.86 美元，同比增長 13%。與去年同期相比，外匯對我們的每股收益產生了 0.09 美元的負面影響。

Within the other income line on the P&L, important to note, we realized a cash pretax gain of approximately $14 million or $0.08 in after-tax EPS from the sale of our ownership in commercial cybersecurity provider, WatchGuard Technologies, that came as part of the KeyW acquisition. This benefit was captured within our other income line and adjusted EBITDA, but not reflected in operating profit results. The sale of this strategic investment was driven by contract terms associated with our interest, which would have limited future monetization of our investment. We remain excited about our continued partnership with WatchGuard.

在損益表的另一條收入線中，值得注意的是，我們通過出售我們在商業網絡安全提供商 WatchGuard Technologies 的所有權，實現了大約 1400 萬美元的稅前現金收益或稅後每股收益 0.08 美元，這是作為KeyW 收購。這一收益體現在我們的其他收入線和調整後的 EBITDA 中，但未反映在營業利潤結果中。這項戰略投資的出售是由與我們利益相關的合同條款推動的，這將限制我們未來投資的貨幣化。我們仍然對與 WatchGuard 的持續合作感到興奮。

Jacobs' consolidated Q3 adjusted EBITDA was $363 million and was up nearly 13% year-over-year, representing 11.4% of net revenue. On a constant currency basis, adjusted EBITDA was up 16% year-over-year.

Jacobs 的第三季度綜合調整後 EBITDA 為 3.63 億美元，同比增長近 13%，占淨收入的 11.4%。按固定匯率計算，調整後的 EBITDA 同比增長 16%。

Finally, turning to our bookings during the quarter. The revenue book-to-bill ratio was 1.1x and did not include the estimated $550 million backlog value of the 10-year $3.9 billion NASA Johnson win, which we'll recognize in backlog in our fourth quarter. As Bob mentioned earlier, the contract savings of this rebid win is significantly higher than our existing contract and is an agency-wide contract not limited to Johnson Space Center. We plan to backlog the first 2 years of the approximate current revenue run rate, but expect on-contract growth to the ceiling value over the life of the contract.

最後，轉向我們在本季度的預訂。收入賬面比為 1.1 倍，不包括 NASA 約翰遜贏得的 10 年 39 億美元的估計積壓價值 5.5 億美元，我們將在第四季度的積壓中確認。正如 Bob 之前提到的，這次重新投標中標所節省的合同成本明顯高於我們現有的合同，並且是一份機構範圍的合同，不僅限於約翰遜航天中心。我們計劃將當前收入運行率的前 2 年積壓，但預計在合同期限內合同上的增長率將達到最高值。

Regarding our LOB performance, let's turn to Slide 11. Starting with CMS. Q3 revenue was up 8% year-over-year and up 7% on a pro forma basis. FX negatively impacted growth by over 200 basis points. For the fourth quarter, we expect revenue growth to approach double-digits, and after adjusting for an estimated FX impact of 250 basis points, deliver constant currency double-digit growth.

關於我們的 LOB 性能，讓我們轉到幻燈片 11。從 CMS 開始。第三季度收入同比增長 8%，在備考基礎上增長 7%。外匯對增長的負面影響超過 200 個基點。對於第四季度，我們預計收入增長將接近兩位數，並在調整估計的 250 個基點的外匯影響後，實現恆定匯率兩位數的增長。

Q3 CMS operating profit was $104 million, down 3.5% year-over-year, but flat on a constant currency basis. Operating profit margin was down over 90 basis points year-over-year to 7.9%. Q3 operating profit and margin percentage continued to be impacted by the delay of the higher-margin, shorter-cycle awards that were pushed to the right due to the continuing resolution as well as related timing of our investments ahead of new cyber and intelligence contract wins. Due to these investments and the timing of both new and anticipated awards, we expect CMS operating profit margin to remain under 8% for the fourth quarter, but improving in 2023 and beyond.

第三季度 CMS 營業利潤為 1.04 億美元，同比下降 3.5%，但在固定貨幣基礎上持平。營業利潤率同比下降超過 90 個基點至 7.9%。第三季度營業利潤和利潤率繼續受到利潤率更高、週期更短的獎勵的延遲的影響.由於這些投資以及新的和預期的獎勵的時間安排，我們預計 CMS 第四季度的營業利潤率將保持在 8% 以下，但在 2023 年及以後會有所改善。

Moving to People & Places. Q3 net revenue accelerated to 7% year-over-year growth, including a negative effect of 350 basis points from FX. On a constant currency basis, P&PS overall grew double digits year-over-year. Also on a constant currency basis, each People & Places segment demonstrated net revenue growth, with strong year-over-year growth acceleration in our Americas business as impact from U.S. infrastructure spending begins to materialize.

搬到人和地方。第三季度淨收入同比增長 7%，包括來自外彙的 350 個基點的負面影響。按固定匯率計算，P&PS 總體同比增長兩位數。同樣在不變的貨幣基礎上，每個人與地方部門都顯示出淨收入增長，隨著美國基礎設施支出的影響開始顯現，我們的美洲業務實現了強勁的同比增長加速。

Our advanced facilities business continues to demonstrate robust double-digit net revenue growth, with strong performance in both semiconductor and life sciences. We expect this performance to continue given our strong backlog and sales pipeline. Our international business growth on a constant currency basis also remains strong as those governments continue to prioritize infrastructure modernization and investments related to our ESG solutions.

我們的先進設施業務繼續呈現強勁的兩位數淨收入增長，在半導體和生命科學領域均表現強勁。鑑於我們強大的積壓和銷售渠道，我們預計這種表現將繼續下去。隨著這些政府繼續優先考慮與我們的 ESG 解決方案相關的基礎設施現代化和投資，我們在固定貨幣基礎上的國際業務增長也保持強勁。

Total P&PS Q3 gross profit grew year-over-year, and gross margins were consistent with Q3 2021, with Q3 operating profit up 2% year-over-year and up 8% when eliminating the impact from FX translation.

P&PS 第三季度總毛利潤同比增長，毛利率與 2021 年第三季度一致，第三季度營業利潤同比增長 2%，在消除外匯轉換的影響後增長 8%。

In terms of PA's performance, PA revenue grew 8% year-over-year in U.S. dollars, an impressive 22% in PA's local currency. Q3 adjusted operating profit margin was 18.5% due to lower utilization, but still up 2% when factoring the impact of currency. The lower utilization during Q3 was driven by a proactive effort to add resources for additional growth expected in 2022 and 2023 for the PA team. Consequently, we expect PA's operating profit margin to return to greater than 20% next quarter and continue to strengthen further in 2023. We also expect continued double-digit revenue growth on a constant currency basis.

就 PA 的業績而言，以美元計算的 PA 收入同比增長 8%，以 PA 當地貨幣計算的收入增長了 22%，令人印象深刻。由於利用率較低，第三季度調整後的營業利潤率為 18.5%，但考慮到貨幣的影響，仍增長了 2%。第三季度利用率較低的原因是積極努力為 PA 團隊在 2022 年和 2023 年增加資源以實現額外增長。因此，我們預計 PA 下個季度的營業利潤率將恢復至 20% 以上，並在 2023 年繼續進一步走強。我們還預計，按固定匯率計算，收入將繼續保持兩位數增長。

Our nonallocated corporate costs were $38 million, down year-over-year as we benefited from continuing moderation in medical costs, and to a lesser extent, from a positive currency impact on our support costs and other benefits. We now expect nonallocated corporate costs to be in the range of $170 million to $190 million versus our previously communicated range of $200 million to $250 million for fiscal 2022.

我們的未分配企業成本為 3800 萬美元，同比下降，因為我們受益於醫療成本的持續放緩，並且在較小程度上受益於貨幣對我們的支持成本和其他收益的積極影響。我們現在預計未分配的公司成本將在 1.7 億美元至 1.9 億美元之間，而我們之前傳達的 2022 財年的範圍為 2 億美元至 2.5 億美元。

Turning to Slide 12 to discuss our cash flow and balance sheet. We had another quarter of solid underlying cash flow generation. On a reported basis, free cash flow was a negative $281 million, but included a $480 million cash outflow related to the previously discussed INPEX legal settlement as well as $10 million related to transaction costs and other items. Excluding these outflows, free cash flow was strong and conversion was in line with our expectations. DSOs were relatively flat year-over-year. We expect solid free cash flow in the fourth quarter, again, in line with our previous conversion expectations for the full year.

轉到幻燈片 12 討論我們的現金流和資產負債表。我們還有另外四分之一的穩健基礎現金流產生。據報導，自由現金流為負 2.81 億美元，但包括與先前討論的 INPEX 法律和解相關的 4.8 億美元現金流出，以及與交易成本和其他項目相關的 1000 萬美元。排除這些流出，自由現金流強勁，轉換符合我們的預期。 DSO 與去年同期相比相對持平。我們預計第四季度的自由現金流穩健，再次符合我們之前對全年的轉換預期。

During the quarter, we've repurchased approximately $200 million of our shares. As we have said before, we will remain agile and opportunistic in repurchasing shares as we see dislocation in the market. As a result of the strong underlying cash flow, we ended the quarter with cash of $1.1 billion and a gross debt of $3.6 billion, resulting in $2.5 billion of net debt. Our net debt to adjusted 2022 expected EBITDA of approximately 1.8x is a clear indication of the continued strength of our balance sheet. As of the end of Q3, approximately 60% of our debt is tied to floating rate prepayable debt. And as a result, we are expecting incremental interest costs going forward, which we have incorporated into our outlook. Finally, given our strong balance sheet and free cash flow, we remain committed to our quarterly dividend, which we recently announced.

在本季度，我們回購了大約 2 億美元的股票。正如我們之前所說，當我們看到市場混亂時，我們將在回購股票時保持敏捷和機會主義。由於強勁的基礎現金流，我們在本季度末擁有 11 億美元的現金和 36 億美元的總債務，淨債務為 25 億美元。我們的淨債務與調整後的 2022 年預期 EBITDA 約為 1.8 倍，清楚地表明我們的資產負債表持續強勁。截至第三季度末，我們約 60% 的債務與浮動利率預付債務掛鉤。因此，我們預計未來會增加利息成本，我們已將其納入我們的展望。最後，鑑於我們強勁的資產負債表和自由現金流，我們仍然致力於我們最近宣布的季度股息。

Before I turn it back to Steve, I'd like to talk about the resiliency of our portfolio. The portfolio is strong and resilient, aligned around high-priority federal government spend areas and state and local institutions supported by government stimulus programs. The private sector business is centered on high-margin markets like semiconductors and life sciences, which are currently focused on incremental investment in capacity to resolve supply chain constraints and support novel therapies. As a result, while we may not be totally immune to the global economic uncertainties, we're confident that we are positioned to deliver the level of growth identified in our strategy.

在我把它轉回史蒂夫之前，我想談談我們投資組合的彈性。該投資組合強大且有彈性，圍繞政府刺激計劃支持的高優先級聯邦政府支出領域以及州和地方機構保持一致。私營部門業務以半導體和生命科學等高利潤市場為中心，這些市場目前專注於對解決供應鏈限制和支持新療法的能力進行增量投資。因此，雖然我們可能無法完全不受全球經濟不確定性的影響，但我們相信我們有能力實現我們戰略中確定的增長水平。

Over to you, Steve.

交給你了，史蒂夫。

All right. Thank you, Kevin. As Kevin described, we have a diverse portfolio with significant reimbursable recurring revenue. It provides us the ability to grow under multiple economic scenarios and manage the impacts of inflationary pressures on our business. With this diversity comes some exposure to foreign currency translation, as we have approximately 34% of our revenue outside of the U.S., with 21% of that revenue in U.K. pound sterling.

好的。謝謝你，凱文。正如凱文所描述的，我們擁有多元化的投資組合，並擁有大量可報銷的經常性收入。它使我們能夠在多種經濟情景下實現增長並管理通脹壓力對我們業務的影響。這種多樣性帶來了一些外幣換算的風險，因為我們大約 34% 的收入來自美國以外，其中 21% 的收入是英鎊。

As a result of the latest foreign exchange dynamics, we're providing updated guidance for the fourth quarter of adjusted EBITDA in the range of $340 million to $360 million and an adjusted EPS of $1.75 to $1.85, with the midpoints tied to the current FX rates. We feel very confident in our underlying business trends in the fourth quarter and have provided the lower end of the range to reflect the possibility of any FX erosion.

由於最新的外匯動態，我們正在為第四季度調整後 EBITDA 提供更新的指導，範圍為 3.4 億美元至 3.6 億美元，調整後每股收益為 1.75 美元至 1.85 美元，中點與當前匯率掛鉤.我們對第四季度的基本業務趨勢充滿信心，並提供了範圍的下限以反映任何外匯侵蝕的可能性。

It is important to note that relative to our fiscal 2022 forecast back in November, foreign currency translation has impacted our full year expected fiscal 2022 net revenue outlook by approximately $320 million, adjusted EBITDA by approximately $40 million and adjusted EPS by nearly $0.20. So in short, our change in annual guidance and EPS is effectively driven by currency volatility versus our original expectations.

值得注意的是，相對於我們在 11 月份對 2022 財年的預測，外幣折算對我們 2022 財年全年預期淨收入前景的影響約為 3.2 億美元，調整後的 EBITDA 約為 4000 萬美元，調整後的每股收益約為 0.20 美元。簡而言之，我們對年度指引和每股收益的變化實際上是由貨幣波動而不是我們最初的預期推動的。

In closing, we are excited about the momentum across all of our business as demonstrated by our accelerating revenue growth, our strong bookings and backlog and a robust sales pipeline globally.

最後，我們對我們所有業務的發展勢頭感到興奮，這體現在我們加速的收入增長、強勁的預訂和積壓以及強大的全球銷售渠道。

Operator, we'll now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Jamie Cook from Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Jamie Cook。

I guess 2 questions. First, Kevin, you talked about the resilience of your business model in a macro downturn and understanding the guide lower was largely FX. One, can you sort of speak to, are you seeing any signs of macro weakness when you talk to your customers? And which parts of your portfolio would be most impacted assuming we are going into a recession or are in a recession?

我猜2個問題。首先，凱文，您談到了您的商業模式在宏觀經濟低迷時期的彈性，並且理解較低的指導主要是外匯。第一，您能說一下，當您與客戶交談時，您是否看到任何宏觀疲軟的跡象？假設我們陷入衰退或陷入衰退，您的投資組合中的哪些部分會受到最大的影響？

And then the second question is just a clarification. The gain, I think, was from WatchGuard. That is included in the EPS number that you guys laid out, the $1.52 and the $1.86?

然後第二個問題只是一個澄清。我認為，收益來自 WatchGuard。這包括在你們列出的每股收益數字中，1.52 美元和 1.86 美元？

First point, relative to client. Look, we're really not sensing any significant commentary from clients which are indicating concerns on the impact to their business associated with their investment profile. And look, if you look at the, I'm going to call it the private parts of the portfolio, specifically life sciences and semiconductor, those clients are really continuing to be quite robust in their outlook.

第一點，相對於客戶。看，我們真的沒有從客戶那裡看到任何重要的評論，這些評論表明他們擔心與其投資狀況相關的業務影響。看，如果你看一下，我將把它稱為投資組合的私人部分，特別是生命科學和半導體，這些客戶的前景確實非常強勁。

And I'll go on to your second question and see if my colleagues want to add any color on that. But your second question about the WatchGuard, yes, it was included in the $1.86 EPS that we had for the quarter. It's important to note that we had about $0.09 of FX challenges in the quarter associated with kind of the weakening of the -- or strengthening, excuse me, of the U.S. dollar. But in addition to that, we took the opportunity to cruise some additional expenditures in support of employee-related costs in the quarter, offsetting some of the benefit of that WatchGuard gain.

我會繼續你的第二個問題，看看我的同事是否想在上面添加任何顏色。但是你關於 WatchGuard 的第二個問題，是的，它包含在我們本季度的 1.86 美元每股收益中。重要的是要注意，我們在本季度遇到了大約 0.09 美元的外匯挑戰，這與美元走弱或走強（對不起，請原諒我）有關。但除此之外，我們還藉此機會在本季度增加了一些額外支出以支持與員工相關的成本，從而抵消了 WatchGuard 收益的部分收益。

Your next question comes from the line of Bert Subin from Stifel.

您的下一個問題來自 Stifel 的 Bert Subin。

Bob, you mentioned the CHIPS bill in your prepared remarks. How much of a tailwind, if any, should we expect that to be for your fab design business? And then just a quick follow-up to what you were talking about on the Resilient side. Is it fair to think that PA Consulting would be sort of the most volatile piece of your business as we think about sort of going through a potential economic recession?

Bob，你在準備好的評論中提到了 CHIPS 法案。如果有的話，我們應該期望這對您的晶圓廠設計業務有多大的推動作用？然後快速跟進您在彈性方面所談論的內容。當我們考慮經歷潛在的經濟衰退時，認為 PA Consulting 將成為您業務中最不穩定的部分是否公平？

Yes. Bert, on the first part, on the CHIPS bill, I think the way that we're thinking about it is that, that was already such a robust business for us based on the clientele that we have and what the business drivers were for them. What the CHIPS bill did though is put even more credibility as well as substantiation of continued growth for those clients that are actually changing their business model. So I think it's putting more confidence that the cycle that we used to talk about being traditional 18- to 36-month cycles, going even further with now support from the federal government. So we're excited about that.

是的。伯特，在第一部分，關於 CHIPS 法案，我認為我們正在考慮的方式是，基於我們擁有的客戶以及他們的業務驅動因素，這對我們來說已經是一項如此強大的業務.不過，CHIPS 法案所做的卻是為那些實際上正在改變其商業模式的客戶提供了更多的可信度和持續增長的證據。因此，我認為我們過去所說的傳統的 18 到 36 個月的周期更加有信心，在聯邦政府的支持下更進一步。所以我們對此感到興奮。

With regards to the volatility in PA's business, PA's very unique model, it's structured where the traditional management consultant relying on discretionary spend of their clients for business transformation activities is not really where PA sits. PA sits in product innovation and in using that product innovation to transform businesses. And so these are really at the core of the clients that they serve. So we're not really -- we're not seeing that as evidenced by the bookings trends that we saw with PA this quarter being at the highest that they've been eventually ever, which is really putting some credibility in the backlog moving forward.

關於 PA 業務的波動性，PA 非常獨特的模式，它的結構是，傳統的管理顧問依賴客戶的可自由支配支出進行業務轉型活動，而不是 PA 真正所處的位置。 PA 專注於產品創新，並利用該產品創新來改變業務。因此，這些確實是他們所服務客戶的核心。所以我們並不是真的 - 我們沒有看到這一點，正如我們在本季度看到的 PA 的預訂趨勢所證明的那樣，他們最終達到了最高水平，這確實為未來的積壓工作增添了一些可信度.

Your next question comes from the line of Jerry Revich from Goldman Sachs.

您的下一個問題來自高盛的 Jerry Revich。

I'm wondering if you could just expand, Kevin, on the -- Kevin, if you wouldn't mind just expanding on the margin comments in your prepared remarks for Critical Mission Solutions and People & Places. Exiting the fourth fiscal quarter, it sounds like you've got some idiosyncratic moving pieces that might impact normal seasonality as we head into the December quarter. Can you just tease that out a bit based on contract cadence, et cetera, that you alluded to for full fiscal year '23?

凱文，我想知道你是否可以擴展——凱文，如果你不介意擴展你為關鍵任務解決方案和人員與地點準備的評論中的邊緣評論。退出第四財季，聽起來你有一些特殊的移動部件，可能會在我們進入 12 月季度時影響正常的季節性。您能否根據您提到的整個 23 財年的合同節奏等來梳理一下？

Yes, Jerry. A couple of points. First is on the win profile associated with our CMS business. We've been ramping some of the big environmental contracts, the nuclear remediation contracts, which are embedded into our forecast, which as you know, is lower margin. And we've previously discussed that the balance of the year, we'd start to see an uptick in margins because of all of the shorter cycle and cyber and intelligence wins which are coming. And actually, Bob announced that one was we just heard about this week actually, and so -- or last week. And so look, at the end of the day, all of those are happening. They're just not happening and won't ramp in Q4, which was our original expectation.

是的，傑瑞。幾點。首先是與我們的 CMS 業務相關的獲勝檔案。我們一直在增加一些大型環境合同，即核修復合同，這些合同已嵌入我們的預測中，如您所知，利潤率較低。我們之前已經討論過，今年餘下的時間裡，由於所有更短的周期以及即將到來的網絡和情報勝利，我們將開始看到利潤率上升。實際上，Bob 宣布我們剛剛在這週聽說過一個，所以 - 或者上週。所以看，歸根結底，所有這些都在發生。它們只是沒有發生，也不會在第四季度出現，這是我們最初的預期。

So if you look at that dynamic, that puts a little bit of pressure on the Q4 margins that we have. In addition, we continue to have the investment profile. And we're not backing off of that in Q4 because of the anticipation of the growth in 2023 and beyond. So it's a double -- kind of a double impact on Q4, but ultimately then translates into 2023 starting to rebound back into the margin profile that we've seen in the past. Now it's going to take a while to get there. But ultimately, we're confident that the margin profile will start to kick back up in '23.

因此，如果你看一下這種動態，這會給我們第四季度的利潤率帶來一點壓力。此外，我們繼續擁有投資概況。由於對 2023 年及以後的增長的預期，我們不會在第四季度放棄這一點。因此，這是對第四季度的雙重影響，但最終會轉化為 2023 年開始反彈回我們過去看到的利潤率狀況。現在需要一段時間才能到達那裡。但最終，我們相信利潤率將在 23 年開始回升。

Your next question comes from the line of Steven Fisher from UBS.

您的下一個問題來自瑞銀的 Steven Fisher。

I just wanted to follow up on that discussion about the cyber contracts. And you mentioned that $500 million one, I guess that's the one from last week. I guess I'd call that a midsized award compared to the NASA-type opportunities. Can you just talk a little bit more about how much more of that you have in the pipeline and the timing of those and then how relatively important they are to that 2023 plan?

我只是想跟進關於網絡合同的討論。你提到了那個 5 億美元的，我猜這是上週的那個。我想與 NASA 類型的機會相比，我認為這是一個中等規模的獎項。您能否多談談您在管道中還有多少項目以及這些項目的時間安排以及它們對 2023 年計劃的相對重要性？

Yes. So it's Steve here. The good news is we actually had 2 wins in the last 30 days in the cyber and intelligence business. There was the $500 million one that did get booked late in the third quarter. And then we've had one just in the last week that Kevin just talked about. That's just under $500 million. And those are 2 good-sized cyber and intelligence awards, with better margins than some of our longer-term enterprise contracts that we have in CMS. So they're going to be margin accretive in -- and we're really going to see those playing out as early as -- as far as the P&L in the first quarter of 2023. So -- and then on top of that, we have about $1.5 billion of things that could hit sometime in the fourth quarter as far as pursuits out there. And if you look at our normal win rate, that's going to add on top of that. And then on the back of that, there's a series of other pursuit opportunities that will play out sometime in the first half of '23.

是的。所以這裡是史蒂夫。好消息是，在過去 30 天裡，我們實際上在網絡和情報業務中取得了 2 場胜利。有一筆 5 億美元的交易確實在第三季度末被預定。然後我們在上周剛剛談到了凱文剛剛談到的一個。這不到5億美元。這些是 2 個規模大的網絡和情報獎項，比我們在 CMS 中擁有的一些長期企業合同的利潤率更高。因此，它們將在 2023 年第一季度的損益表中增加利潤——而且我們真的會看到那些最早出現的情況。所以——然後最重要的是，我們有大約 15 億美元的東西可能會在第四季度的某個時候出現，就那裡的追求而言。而且，如果您查看我們的正常勝率，那將是最重要的。然後在此之後，還有一系列其他的追求機會將在 23 年上半年的某個時候出現。

So we are excited about cyber and intelligence. A little frustrated that it's taken a few quarters longer than we had expected.

因此，我們對網絡和情報感到興奮。有點沮喪，它比我們預期的要長幾個季度。

And then I just want to add on the back of that, outside of cyber and intelligence, which also gives us some optimism, is that the Americas IIJA initiatives, we are clearly seeing momentum now in that. The pipeline is building. We've had some early on wins. We've got about 50 grants out there that we are highly confident of winning a large share of, and that's going to translate into business. And we see that starting to accelerate in 2023. And so it really hasn't been a material impact on our business to date. And we all know that, that's coming because of the commitment of the U.S. government around that IIJA. So those are reasons for optimism as we get into both top line and margin improvement as we enter 2023.

然後我只想補充一點，除了網絡和情報之外，這也給了我們一些樂觀情緒，那就是美洲 IIJA 倡議，我們現在顯然看到了勢頭。管道正在建設中。我們在早期取得了一些勝利。我們有大約 50 筆贈款，我們非常有信心贏得很大一部分，這將轉化為業務。我們看到這種情況在 2023 年開始加速。因此，迄今為止，它確實對我們的業務沒有產生重大影響。我們都知道，這是因為美國政府對 IIJA 的承諾。因此，隨著我們進入 2023 年，收入和利潤率都得到改善，這些都是我們保持樂觀的原因。

Your next question comes from the line of Chad Dillard from Bernstein.

您的下一個問題來自 Bernstein 的 Chad Dillard。

So on the back of the announcement of the 2022 inflation reduction bill, particularly the climate change portion, can you give a little bit of color on that? And just like how much would be addressable to Jacobs?

那麼，在 2022 年通脹削減法案公佈的背後，尤其是氣候變化部分，您能否對此稍作說明？就像雅各布斯可以解決多少問題一樣？

Yes. It's very similar to the IIJA. When you look at the climate change portion, which is in the high $300 billion, I think it's somewhere in the $370 billion, $380 billion. We see somewhere in the 85-plus percent coverage by Jacobs of when you break that bill down to what we're able to see so far. And we haven't been able to get 100% of it. But based on some of the specifics and what we're hearing, it's going to be a majority of it that's going to be an opportunity for Jacobs.

是的。它與 IIJA 非常相似。當您查看高達 3000 億美元的氣候變化部分時，我認為它在 3700 億美元、3800 億美元之間。我們在 Jacobs 85% 以上的覆蓋率中看到某處，當您將該賬單分解為我們目前能夠看到的情況時。而且我們還無法獲得 100% 的收益。但根據一些細節和我們所聽到的，這將是雅各布斯的機會。

Your next question comes from the line of Andy Wittmann from Baird.

您的下一個問題來自 Baird 的 Andy Wittmann。

I guess just a clarification. I think Kevin, in your remarks, you made a comment, there was an FX benefit in your corporate unallocated. Is that the $8 million? And was that like a -- did you sell a swap or a currency hedge there to realize that? I'm just curious if that was cash or noncash as well.

我想只是一個澄清。我認為凱文，在您的評論中，您發表了評論，您的公司未分配有外匯收益。那是800萬美元嗎？這就像——你在那裡出售掉期或貨幣對沖來實現這一點嗎？我只是好奇那是現金還是非現金。

No. This is basically translation-related efforts or impacts, I should say, Andy. So effectively, if you think about the revenue and the gross margin, all of that is negatively impacted by the dollar strength as the foreign currencies get translated into lower revenue and gross margin. That's partially offset by the fact that our costs are also reduced in terms of our international operations. So it's really driven more by that. No effective kind of transaction was related to that.

不，這基本上是與翻譯相關的努力或影響，我應該說，安迪。因此，如果您考慮收入和毛利率，所有這一切都會受到美元走強的負面影響，因為外幣會轉化為較低的收入和毛利率。這部分被我們的國際業務成本降低的事實所抵消。所以它真的更多地受此驅動。沒有任何有效的交易與此相關。

Your next question comes from the line of Louie DiPalma from William Blair.

您的下一個問題來自 William Blair 的 Louie DiPalma。

With the announcement of this earnings call from PA Consulting headquarters in London, do you have any plans to acquire the remaining 40% of PA Consulting that you don't already own?

隨著 PA Consulting 倫敦總部的財報電話會議的宣布，您是否有計劃收購您尚未擁有的剩餘 40% 的 PA Consulting？

We've talked about this in the past and continue to have the same view that we really love the model that we've set up for the investment in PA. I think it not only is unique, but it's one of the reasons why we were able to get that and to get this investment across the finish line. And there could be a scenario where we incrementally grow our ownership. But right now, over the long term, we think having the PA partners and employees have ownership and the collaborative opportunities that, that gives us is really part of -- is really a key reason why we're off to such a strong start in the first year plus. And so we see that kind of model continuing going forward.

我們過去曾討論過這個問題，並繼續持有相同的觀點，即我們真的很喜歡我們為投資 PA 建立的模型。我認為它不僅是獨一無二的，而且這也是我們能夠獲得這一點並讓這項投資越過終點線的原因之一。並且可能存在我們逐漸增加所有權的情況。但是現在，從長遠來看，我們認為讓 PA 合作夥伴和員工擁有所有權和合作機會，這給了我們真正的一部分——這確實是我們在這方面取得如此強勁開端的關鍵原因第一年加。因此，我們看到這種模式繼續向前發展。

Your next question comes from the line of Michael Feniger from Bank of America.

您的下一個問題來自美國銀行的 Michael Feniger。

I realize you added in some areas, investing in people, adding resources for the stronger growth outlook. You're talking about CMS, how some of these cyber contracts which are higher margins are going to pick up next year. Just based on what you're saying and the expected pickup in funding, should we be seeing an outsized level of margin expansion in 2023 as utilization levels are likely to pick up?

我意識到您在某些領域進行了補充，投資於人員，為更強勁的增長前景增加了資源。您在談論 CMS，其中一些利潤率較高的網絡合同將如何在明年回升。僅根據您所說的和預期的資金回升，隨著利用率水平可能回升，我們是否會看到 2023 年的利潤率大幅增長？

Michael, this is Kevin. Is your comment about CMS specifically? Or overall?

邁克爾，這是凱文。您是否專門針對 CMS 發表評論？還是整體？

It's about P&PS and overall, the mix of the business.

這是關於 P&PS 和整體的業務組合。

Well, look, if we look at our margin profile just in Q3 and Q4, we do believe there's going to be an ability to increase margins as we come out of this dynamic that we're facing in Q3, Q4 where growth hasn't kicked in as much as we want or continuing to vest, so we do believe that there's margin upside in 2023 versus current level. But I wouldn't say extraordinary because we're going to ultimately continue to drive investments and support our business ability to grow longer term and at higher gross margins.

好吧，看，如果我們只看第三季度和第四季度的利潤率概況，我們確實相信隨著我們擺脫第三季度和第四季度所面臨的這種動態，而增長還沒有增長，我們確實有能力增加利潤率盡可能多地投入或繼續歸屬，因此我們相信 2023 年的利潤率與當前水平相比存在上升空間。但我不會說非凡，因為我們最終將繼續推動投資並支持我們的業務能力，以實現長期增長和更高的毛利率。

Your next question comes from the line of Josh Sullivan from The Benchmark Company.

您的下一個問題來自 The Benchmark Company 的 Josh Sullivan。

As far as the Russia war in Ukraine, rising tensions in the Taiwanese Strait, can you just talk about if you've seen any specific uptick in demand for Jacobs' capabilities in space, cyber? You've seen international demand or mostly domestic? And then I guess a related question on the commercial side. What is the flow of European energy projects look like at this point?

至於烏克蘭的俄羅斯戰爭，台灣海峽的緊張局勢升級，您能否談談您是否看到對雅各布斯在太空和網絡方面能力的需求有任何具體上升？您看到的是國際需求還是主要是國內需求？然後我猜想商業方面的一個相關問題。目前歐洲能源項目的流程是怎樣的？

Yes, Josh, I'd say [2 parts]. The short answer is yes. We have seen an uptick in the client conversations and just the dialogue around potential opportunities. I break it down into 2 main parts and then to address your energy comment in Europe. For cyber services, yes, these are predominantly U.S.-based framework agreements that we have in place, and we've seen efforts around those agreements be applied to cyber and intelligence activities, specifically surrounding what's going on in the Ukraine. And then the second part has been around defense infrastructure. And so you mentioned what's happening in the Taiwanese Strait. You'll probably say that our posture -- well, when I say, the Western Hemisphere's posture around defense infrastructure in Asia has been going on for the better part of the decade. But now in addition to that, we're seeing more requests. In fact, we've been awarded confidential -- a few jobs already in Eastern Europe around similar types of laydown platforms in defense infrastructure in Eastern Europe as a whole.

是的，喬希，我會說 [2 部分]。簡短的回答是肯定的。我們已經看到客戶對話以及圍繞潛在機會的對話有所增加。我將其分為兩個主要部分，然後解決您在歐洲的能源評論。對於網絡服務，是的，這些主要是我們制定的基於美國的框架協議，我們已經看到圍繞這些協議的努力適用於網絡和情報活動，特別是圍繞烏克蘭正在發生的事情。然後第二部分是圍繞國防基礎設施。所以你提到了台灣海峽發生的事情。你可能會說我們的姿態——好吧，當我說西半球圍繞亞洲國防基礎設施的姿態時，這十年的大部分時間裡一直在持續。但現在除此之外，我們看到了更多的請求。事實上，我們已經獲得了機密 - 東歐已經有一些工作圍繞著整個東歐國防基礎設施中類似類型的鋪設平台。

On the second part around energy in Europe, the answer again is yes. Energy transition and -- in that effort, not just in Continental Europe, but in the U.K. and in Ireland as well, is probably at an all-time high with regards to the activity. And that continues to be a strong catalyst for growth for us in our European business.

關於歐洲能源的第二部分，答案再次是肯定的。能源轉型——在這一努力中，不僅在歐洲大陸，而且在英國和愛爾蘭，其活動可能處於歷史最高水平。這仍然是我們歐洲業務增長的強大催化劑。

Your next question comes from the line of Gautam Khanna from Cowen.

您的下一個問題來自 Cowen 的 Gautam Khanna。

I had a couple of quick questions. First, on the CMS segment. You talked about the $10 billion of source selection bids out there. Does that -- is that net of the $4 billion NASA contract? And in general, what are you looking at for the September quarter? Are you looking for some fairly sizable bookings? And if you could also refresh us on the recompete dynamic over the next 12 months. How much of the CMS business is up for rebids?

我有幾個簡單的問題。首先，關於 CMS 部分。您談到了 100 億美元的資源選擇投標。那是不是 NASA 40 億美元合同中的淨額？總的來說，您對 9 月季度有何看法？您是否正在尋找一些相當大的預訂？如果您還可以讓我們了解未來 12 個月的重新競爭動態。 CMS 業務中有多少需要重新投標？

Let me just start and then maybe, Bob, you can pick up. So the in-source selection, around the $10 billion, it's net. So the -- I just want to be clear that the Johnson win is not in our backlog in the third quarter and will be added to the backlog in the fourth quarter. But what we're talking about now moving into the fourth quarter with our bid process is, I already covered several billion of that being around the cyber and intelligence business and also some opportunity, specifically in our aero segment working with the U.S. government. And so we're talking about that around -- net around all of that.

讓我開始吧，然後也許，鮑勃，你可以接聽。因此，大約 100 億美元的源內選擇是淨值。所以——我只是想明確一點，約翰遜的勝利不在我們第三季度的待辦事項中，並將在第四季度添加到我們的待辦事項中。但我們現在談論的是進入第四季度的投標流程，我已經涵蓋了網絡和情報業務以及一些機會，特別是在我們與美國政府合作的航空領域。所以我們正在談論這個 - 圍繞所有這些。

Bob, anything to add?

鮑勃，有什麼要補充的嗎？

No. I mean probably the biggest recompete is NASA Kennedy that is coming up later in the year. We're currently under an extension there. So we like our -- we're confident about our opportunities in both Q4 and Q1.

不，我的意思是，最大的競爭對手可能是今年晚些時候推出的 NASA 肯尼迪。我們目前正在那裡進行延期。所以我們喜歡我們的 - 我們對第四季度和第一季度的機會充滿信心。

Let me just clarify. The $10 billion is new business, not rebids? So it's new awards pending.

讓我澄清一下。 100億美元是新業務，而不是重新投標？所以這是新的獎項待定。

New awards and in-source collection. And it's net of NASA.

新獎項和源內收藏。它是美國宇航局的網絡。

Yes.

是的。

Your next question comes from the line of Sean Eastman from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Sean Eastman。

I just wanted to come back to the investments being made this year. I think it's been clear all through this year that this is somewhat of a major investment year for Jacobs. And it sounded like that actually ramped up in the third quarter, with sort of incremental investments offsetting that gain on sale. I just wondered how much of that ramp is Jacobs really getting more aggressive and really bolstering that personnel to support growth versus -- and ending up costing more than you thought at the start of the year to build up that personnel to support growth. I hope that's a fair question.

我只是想回到今年的投資。我認為今年很明顯，這對於雅各布斯來說是一個重要的投資年。聽起來這實際上在第三季度有所增加，增量投資抵消了銷售收益。我只是想知道雅各布斯在多大程度上真正變得更加積極進取並真正支持人員以支持增長，而最終花費比你在年初建立人員以支持增長的成本要高。我希望這是一個公平的問題。

Let me characterize our investment profile. Certainly, we entered the year with the -- as we've talked about over the course of the fiscal year, some pretty strong investment profiles associated with the expected growth. We've actually reduced that a tad in Q3 and Q4 as we've seen a delay in some of the revenue build that we have envisioned happening faster and sooner in the second half of 2022. Now this one particular investment partially offset the WatchGuard benefit. But I think we've continued to be very proactive in supporting people. I know that PA has invested in terms of salary improvements and have increased the pricing associated with efforts in that regard. So effectively, I think it's been broad based that we continue to be investing against our people and supporting our people, but actually probably faster and -- in the first half versus the second half other than this incremental investment we just made because of the WatchGuard benefit.

讓我描述一下我們的投資概況。當然，正如我們在本財年中談到的那樣，我們進入了這一年，一些與預期增長相關的相當強勁的投資概況。我們實際上已經在第三季度和第四季度減少了一點，因為我們已經看到一些我們設想在 2022 年下半年更快更快地實現的收入增長。現在，這一特殊投資部分抵消了 WatchGuard 的好處.但我認為我們繼續非常積極地支持人們。我知道 PA 在提高工資方面進行了投資，並提高了與這方面努力相關的定價。如此有效，我認為這是廣泛的基礎，我們繼續投資於我們的人民並支持我們的人民，但實際上可能更快 - 在上半年與下半年相比，除了我們剛剛因為 WatchGuard 而進行的增量投資益處。

Your next question comes from the line of Andy Kaplowitz from Citigroup.

您的下一個問題來自花旗集團的 Andy Kaplowitz。

Can you give a little more color into PA Consulting margin? I know you talked about it being pressured by FX and incremental investments. Can you quantify those investments possibly? And I know you mentioned margins. You returned over 20% in the short term. But do you still have confidence in your longer-term margin expectation for PA, that sort of 20%, 30% flattish as you go out over the next several years?

你能給 PA Consulting 的利潤多一點顏色嗎？我知道你談到它受到外彙和增量投資的壓力。你能量化這些投資嗎？我知道你提到了利潤。你在短期內回報了 20% 以上。但是您是否仍然對您對 PA 的長期利潤率預期充滿信心，即隨著您在未來幾年的退出，20%、30% 的持平？

Yes, I'll take a crack at it. And then we have Ken here with us, and I'll turn it to him to see if he has any additional color. But the PA team has been very aggressive in getting new talent into the organization, both at an executive level and at a partner level, which ultimately helps drive and support incremental growth going long term. They were very successful, especially in Q3 and bringing on board a bevy of talent, which is going to be positioning them for really strong growth going forward in 2023. That all came together. And fundamentally, when they brought those folks on board, they're not obviously originally billable from day 1. And so that will put some pressure on the gross margin. Now it's just about adjusting the hiring going forward, determining how much they need, and they'll start to see an improvement back up to the operating profit margin that we discussed in the prepared remarks, over 20% in our fourth quarter and ultimately beyond into 2023 and beyond. And we feel confident on that. Ken?

是的，我會試一試。然後我們有肯和我們在一起，我會把它交給他，看看他是否有任何額外的顏色。但 PA 團隊一直非常積極地將新人才帶入組織，無論是在執行層面還是在合作夥伴層面，這最終有助於推動和支持長期的增量增長。他們非常成功，尤其是在第三季度，並引進了一批人才，這將使他們在 2023 年實現真正強勁的增長。這一切都融合在一起。從根本上說，當他們讓這些人加入時，他們顯然從第一天起就不會被計費。所以這會給毛利率帶來一些壓力。現在只是調整未來的招聘，確定他們需要多少，他們將開始看到我們在準備好的評論中討論的營業利潤率有所改善，在我們的第四季度超過 20% 並最終超過到 2023 年及以後。我們對此充滿信心。肯?

Yes. I think you hit it, Kevin. Two things. One was a significant amount of senior executive hiring, which came together all at the same time. So we actually had 5 senior executives joined in the same quarter, which had significant cost [with it]. And then the second part was, given the large deals that we have in the pipeline that we certainly have not had, we've started to ramp up hiring in advance that to ensure we can actually service those should we win one or more of them. So we're very confident about the profile going forward. We obviously watch our recruiting go forward, and the pipeline remains very active and strong and we're confident.

是的。我想你成功了，凱文。兩件事情。其中之一是大量高級管理人員的招聘，它們同時聚集在一起。因此，我們實際上在同一季度有 5 名高級管理人員加入，這 [with it] 成本很高。然後第二部分是，考慮到我們在籌備中的大筆交易，我們肯定沒有，我們已經開始提前增加招聘，以確保我們能夠真正為那些我們贏得一個或多個他們提供服務.因此，我們對未來的概況非常有信心。我們顯然看到我們的招聘繼續前進，並且管道仍然非常活躍和強大，我們有信心。

Your next question comes from the line of Sabahat Khan from RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Sabahat Khan。

Just kind of the first question is the 50 grants that I think Steve called out earlier related to the IIJA. Any way you could quantify sort of the dollar amount or how much of that money sort of come through already? And then just the second question is, maybe a bit more philosophical, but as you mentioned earlier, you're seeing not really any meaningful slowdown in the outlook. But -- and in the past downturns, governments really stepped up with spending across some of your end markets and regions. In the conversations you're having and how much those governments have spent over the last couple of years, what do you think the propensity is there to step up if there is any meaningful slowdown as you look over the next 1, 2, 3 years?

第一個問題是我認為史蒂夫早些時候提出的與 IIJA 相關的 50 筆贈款。有什麼方法可以量化美元金額或已經通過多少資金？然後只是第二個問題，也許更哲學一點，但正如你之前提到的，你並沒有看到前景真正有任何有意義的放緩。但是——在過去的經濟低迷時期，政府確實加大了在一些終端市場和地區的支出。在您進行的對話中，以及這些政府在過去幾年中花費了多少，您認為如果未來 1、2、3 年出現任何有意義的放緩，那麼有什麼傾向會加大力度？ ?

Yes. Let me start. Steve here. Let me start with it and then I'll turn it over to Bob. But first of all, congratulations. We understand you just had a new baby and wish you success on that. Big opportunity for your family. So on the grant side, I mentioned 50, there's -- we really -- right now, there's some small fees associated with that, but the big opportunity is that we see the first 12 coming to fruition as far as a go decision over the next few weeks. And then those will start to ramp up. And there's other grants on the back of that. So we have yet to see the benefit of those, and we're pretty excited about what those will lead to as the procurement cycle progresses on those.

是的。讓我開始吧。史蒂夫在這裡。讓我從它開始，然後我會把它交給鮑勃。但首先，恭喜。我們了解您剛剛有了一個新寶寶，並祝您在這方面取得成功。為您的家人帶來巨大的機會。所以在贈款方面，我提到了 50 個，我們真的 - 現在，有一些與此相關的小額費用，但最大的機會是，我們看到前 12 個項目即將結出果實接下來的幾週。然後這些將開始增加。在這背後還有其他贈款。所以我們還沒有看到這些好處，隨著採購週期的進展，我們對這些將導致什麼感到非常興奮。

Bob, I'll let you handle the rest.

鮑勃，剩下的交給你。

Yes. And maybe just to add on to that, which would then lead into those growth trajectories that we highlighted in our strategy, which we're gaining more confidence around that, specifically in our infrastructure business, in the 3 major markets, which -- actually 4. We got the Middle East, but in the U.S., U.K. and Australia.

是的。也許只是為了補充這一點，這將導致我們在戰略中強調的那些增長軌跡，我們對此越來越有信心，特別是在我們的基礎設施業務中，在 3 個主要市場，這 - 實際上4. 我們得到了中東，但在美國、英國和澳大利亞。

On the government's historical reaction to recessionary-type periods and then how does that compare to what's happening right now, we actually see that step up as being positive again. We're seeing governments pretty bullish on infrastructure spend. And then in areas where that might be a little bit in debate, those political candidates that seem to have some traction in the marketplace are making very vocal comments about putting more money into major programs in those geographies. So all in all, we're feeling very positive about what the future looks like in infrastructure.

關於政府對衰退型時期的歷史反應，以及與現在發生的情況相比如何，我們實際上認為這再次是積極的。我們看到政府非常看好基礎設施支出。然後在可能引起爭議的領域，那些似乎在市場上具有一定吸引力的政治候選人正在就將更多資金投入這些地區的主要項目發表非常直言不諱的評論。總而言之，我們對基礎設施的未來前景感到非常樂觀。

Gautam, you also asked about the percent of money that's out there. I think it's over 30% now on IIJA. I don't know exactly what the number is right now, but it's over 30%.

Gautam，您還詢問了那裡的資金百分比。我認為現在在 IIJA 上超過 30%。我不知道現在的確切數字是多少，但超過 30%。

And there are no further questions at this time. Mr. Steve Demetriou, I turn the call back over to you for some closing comments.

目前沒有進一步的問題。 Steve Demetriou 先生，我將電話轉回給您，以徵求一些結束意見。

I just want to thank everyone for calling in, and we look forward to updating you next quarter.

我只想感謝大家的來電，我們期待在下個季度為您提供更新。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。