雅各布工程 (J) 2022 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions). It is now my pleasure to turn today's call over to Mr. Jonathan Doros, Investor Relations. Sir, please go ahead.

女士們，先生們，謝謝你們的支持。我叫布倫特，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加雅各布斯第四季度和 2022 年全年收益電話會議。 （操作員說明）。現在我很高興將今天的電話轉給投資者關係部的 Jonathan Doros 先生。先生，請繼續。

Thank you. Good morning to all. Earnings announcement and 10-K were filed this morning, and we have posted a copy of the slide presentation on our website, which we'll reference during the call. I would like to refer you to Slide 2 of the presentation materials for information about forward-looking statements and non-GAAP financial measures. Now 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; President and Chief Financial Officer, Kevin Berryman.

謝謝你。大家早上好。今天早上提交了收益公告和 10-K，我們已經在我們的網站上發布了幻燈片演示文稿的副本，我們將在電話會議期間參考。我想請您參閱演示材料的幻燈片 2，了解有關前瞻性報表和非 GAAP 財務措施的信息。現在轉到幻燈片 3 上的議程。在今天的電話會議上發言的是 Jacobs 的董事長兼首席執行官 Steve Demetriou；總裁兼首席運營官 Bob Pragada；總裁兼首席財務官凱文·貝里曼 (Kevin Berryman)。

Steve will begin by reviewing our fourth quarter results and then provide an overview of our software and technology platforms. Bob will then review our performance by line of business, and Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flows.

史蒂夫將首先回顧我們第四季度的業績，然後概述我們的軟件和技術平台。然後鮑勃將按業務線審查我們的業績，凱文將對我們的財務指標進行更深入的討論，並審查我們的資產負債表和現金流量。

Finally, Bob will provide details on our updated outlook along with some closing remarks, and then we'll open up the call for your questions. In the appendix of this presentation, we provide additional ESG-related information, including examples of our leading ESG solutions. With that, I'll now pass it over to Steve Demetriou, Chair and CEO.

最後，Bob 將提供有關我們最新展望的詳細信息以及一些結束語，然後我們將開始徵求您的問題。在本演示文稿的附錄中，我們提供了額外的 ESG 相關信息，包括我們領先的 ESG 解決方案的示例。有了這個，我現在將它傳遞給主席兼首席執行官史蒂夫德米特里烏。

Thank you for joining us today to discuss our fourth quarter and fiscal year 2022 business performance and 2023 outlook. As I transition to Jacobs' Executive Chair, I'm excited and confident about the next phase of our strategy: Boldly Moving Forward. This strategy continues to unlock and elevate our transformed high-performance culture to capture significant growth opportunities we've identified across climate response, consulting advisory and data solutions, while benefiting from the recurring nature and diversity of our core businesses. From a financial standpoint, we believe the rigorous execution of this strategy will result in enhanced long-term revenue growth and expansion in our profit margin profile.

感謝您今天加入我們，討論我們第四季度和 2022 財年的經營業績和 2023 年展望。當我過渡到 Jacobs 的執行主席時，我對我們戰略的下一階段感到興奮和自信：大膽前進。這一戰略繼續釋放和提升我們轉型後的高性能文化，以抓住我們在氣候響應、諮詢諮詢和數據解決方案方面發現的重大增長機會，同時受益於我們核心業務的經常性和多樣性。從財務角度來看，我們相信嚴格執行這一戰略將促進長期收入增長並擴大我們的利潤率。

During our last 2 strategies, we maintained a focus on continuing to reshape our business through organic investments, acquisitions and divestitures. And by doing so, we were able to deliver value for all of our stakeholders, including our shareholders. Since we started our journey together in 2016, we intentionally transformed our culture and our brand, grew revenue and expanded profit margins, leading to a total shareholder return of approximately 250%, almost twice the return of the S&P 500. We believe the next phase will be equally as transformative as we maintain our brand promise of challenging today and reinventing tomorrow.

在我們最近的兩項戰略中，我們一直專注於通過有機投資、收購和資產剝離繼續重塑我們的業務。通過這樣做，我們能夠為包括股東在內的所有利益相關者創造價值。自 2016 年開始我們的旅程以來，我們有意識地轉變了我們的文化和品牌，增加了收入並擴大了利潤率，使股東總回報率達到約 250%，幾乎是標準普爾 500 指數回報率的兩倍。我們相信下一階段將同樣具有變革性，因為我們保持我們挑戰今天和重塑明天的品牌承諾。

Let's now discuss our fourth quarter results. We're seeing strong demand with robust opportunities in our sales pipelines in a number of [market] recent wins, which underscores our strategy. During the quarter, net revenue grew 6% year-over-year and grew 11% on a constant currency basis with another quarter of constant currency growth across each line of business.

現在讓我們討論我們的第四季度業績。在最近的一些 [市場] 勝利中，我們看到我們的銷售渠道中有強勁的需求和強勁的機會，這突顯了我們的戰略。本季度，淨收入同比增長 6%，按固定匯率計算增長 11%，每條業務線的另一個季度均保持固定匯率增長。

Backlog was up 5% from the prior year's quarter and 8% on a constant currency basis. Within People & Places Solutions, our advanced facilities business again posted double-digit year-over-year top line and operating profit growth in the fourth quarter. And the remaining P&PS units in constant currency also experienced year-over-year growth.

積壓訂單比去年同期增長 5%，按固定匯率計算增長 8%。在 People & Places Solutions 中，我們的高級設施業務在第四季度再次實現了兩位數的同比收入和營業利潤增長。其餘以固定匯率計算的 P&PS 單位也經歷了同比增長。

During the current quarter, Critical Mission Solutions is beginning to see previously delayed opportunities into the final stages with a major cyber win last week and with another win close to clearing the protest period.

在本季度，Critical Mission Solutions 開始看到之前延遲的機會進入最後階段，上週取得了重大網絡勝利，另一場胜利接近清除抗議期。

PA Consultancy and -- PA Consulting in constant currency continued to show strong Q4 growth with revenue up 9% and backlog up 8% year-over-year. PA successfully won a large multiyear contract with the Ministry of Defense to secure the next-generation soldier in what's proving to be a digitally-enabled battlefield. From a full year standpoint, we finished the year within our original guidance range, even when recognizing the translation impact from the strengthening U.S. dollar with double-digit net revenue and operating profit growth on a constant currency basis.

PA 諮詢和——按固定匯率計算的 PA 諮詢繼續顯示第四季度強勁增長，收入同比增長 9%，積壓訂單同比增長 8%。 PA 成功贏得了與國防部的一份多年期大型合同，以確保下一代士兵在事實證明是數字化戰場上的安全。從全年的角度來看，我們在最初的指導範圍內完成了這一年，即使是在認識到美元走強帶來的換算影響時，淨收入和營業利潤在固定貨幣基礎上實現兩位數增長。

Turning to Slide 5. Let me discuss an element of our Data Solutions accelerator that's housed within the Divergent Solutions business unit, which we will formally break out starting in our fiscal first quarter of 2023. We have consolidated the majority of our software and data solutions into a single unit to gain benefits from consistent product management, marketing and research and development. Our data solutions are aligned to 3 high-growth verticals of transportation, water and national security.

轉到幻燈片 5。讓我討論一下位於 Divergent Solutions 業務部門內的數據解決方案加速器的一個元素，我們將從 2023 財年第一季度開始正式拆分該部門。我們已經整合了大部分軟件和數據解決方案合併為一個單位，以從一致的產品管理、營銷和研發中獲益。我們的數據解決方案與交通、水和國家安全這 3 個高增長的垂直領域保持一致。

A competitive differentiation of our vertical software platforms is access and integration of unique data sets and the ability to turn that data into actionable outcomes for our customers. For example, our StreetLight Data platform is a SaaS solution that ingests a variety of mobility data sources into proprietary algorithms that provide data analytics for both traditional transportation clients and Giga-Projects within the broader infrastructure market.

我們的垂直軟件平台的競爭優勢在於訪問和集成獨特的數據集，以及將這些數據轉化為客戶可操作結果的能力。例如，我們的 StreetLight Data 平台是一個 SaaS 解決方案，它將各種移動數據源吸收到專有算法中，為更廣泛的基礎設施市場中的傳統交通客戶和 Giga-Projects 提供數據分析。

Our GeoPod technology creates mapping data for multiple confidential customers as they plan for autonomous driving, precision agriculture and other aerial surveillance requirements. In water, we continue to leverage smart algorithms developed by our domain experts to optimize our clients' operations and maintenance, both AquaDNA and our Intelligent O&M solution can save 10% to 30% in energy use for wastewater treatment. We continue to expand our water solutions across our clients' assets life cycle.

我們的 GeoPod 技術為多個機密客戶創建地圖數據，因為他們計劃自動駕駛、精準農業和其他空中監視要求。在水務方面，我們繼續利用我們領域專家開發的智能算法來優化我們客戶的運營和維護，AquaDNA 和我們的智能運維解決方案都可以節省 10% 到 30% 的廢水處理能源使用。我們繼續在客戶的資產生命週期中擴展我們的水解決方案。

From a national security standpoint, our Extreme Search solution has proprietary algorithms and compute ability that can rapidly search large volumes of real-time or live data. One critical use case is quickly finding indicators of compromise to prevent cyber breaches. Given the significant amount of data that will be created and utilized in IT and OT environments, we believe the applications of these type of solutions are in the early stages of decades of robust growth.

從國家安全的角度來看，我們的極搜解決方案具有專有算法和計算能力，可以快速搜索大量實時或實時數據。一個關鍵用例是快速找到妥協指標以防止網絡漏洞。鑑於將在 IT 和 OT 環境中創建和使用大量數據，我們相信這些類型的解決方案的應用正處於幾十年強勁增長的早期階段。

Before I turn the call over to Bob, first, I'd like to thank the amazing people at Jacobs for living our values and progressing our culture over the last several years. Every single day, Jacobs is providing critical solutions globally. For example, most recently, supporting NASA for the Artemis launch to the moon or consulting on green hydrogen solutions for sovereign nations, delivering world-scale biotechnology manufacturing solutions, remediating harmful PFAS chemicals from our water or planning autonomous transportation for the city of the future. It is truly our people that make Jacobs a company like no other.

在我將電話轉給 Bob 之前，首先，我要感謝 Jacobs 的優秀員工在過去幾年中踐行我們的價值觀並推動我們的文化發展。每一天，Jacobs 都在全球範圍內提供關鍵解決方案。例如，最近支持 NASA 的 Artemis 登月計劃或為主權國家提供綠色氫解決方案諮詢、提供世界級生物技術製造解決方案、修復水中有害的 PFAS 化學物質或規劃未來城市的自主交通.真正讓 Jacobs 成為與眾不同的公司的是我們的員工。

Now I'd like to congratulate Bob on his appointment to CEO and say that I'm excited we have an experienced a dynamic leader who brings decades of industry domain knowledge and a proven track record to lead our Boldly Moving Forward strategy into the future. Bob?

現在，我要祝賀 Bob 被任命為 CEO，並表示我很高興我們有一位經驗豐富、充滿活力的領導者，他擁有數十年的行業領域知識和可靠的業績記錄，可以帶領我們的 Boldly Moving Forward 戰略走向未來。鮑勃？

Thank you, Steve. I'm honored to take on the role of CEO early next year and advance the exciting work underway to further diversify our capabilities and offerings, increasing opportunities and value for our people, our clients and our shareholders alike. I want to thank Steve for his partnership and guidance over the past 7 years. He is an incredible leader who inspires all around (inaudible) a tremendous legacy at Jacobs.

謝謝你，史蒂夫。我很榮幸在明年初擔任首席執行官一職，並推進正在進行的激動人心的工作，以進一步豐富我們的能力和產品，為我們的員工、客戶和股東增加機會和價值。我要感謝史蒂夫在過去 7 年中的合作和指導。他是一位令人難以置信的領導者，他激發了所有人（聽不清） Jacobs 的巨大遺產。

I'll begin on Slide 6, discussing our People & Places Solutions business where we achieved strong top and bottom line results with backlog up 8% year-over-year and 12% in constant currency.

我將從幻燈片 6 開始，討論我們的 People & Places Solutions 業務，我們在該業務中取得了強勁的頂線和底線結果，積壓同比增長 8%，按固定匯率計算增長 12%。

With critical infrastructure priorities on the rise over the past year, our quarter results show that we've been successful in converting opportunities into accessible backlog. This success is underpinned by our global workforce, which expanded 12% this year. For example, in FY '22, our advanced facilities operating -- advanced facilities unit operating profit grew by well over 25% and on a constant currency basis due to our scalable multi-geography delivery teams.

隨著過去一年關鍵基礎設施優先事項的增加，我們的季度業績表明我們已經成功地將機會轉化為可訪問的積壓工作。這一成功得益於我們的全球員工隊伍，今年員工人數增加了 12%。例如，在 22 財年，由於我們可擴展的多地域交付團隊，我們的高級設施運營 - 高級設施單位運營利潤增長了 25% 以上，並且以固定貨幣為基礎。

Overall, we see our quarter results as Jacobs strategy in action. It's proof that Jacobs deep domain expertise can transform client outcomes, replacing conventional infrastructure delivery with modern data-enabled solutions. I'll discuss results under the themes of supply chain diversification, infrastructure modernization and client response. Across these themes, I'll highlight how our technology and data solutions enable our success.

總體而言，我們將季度業績視為 Jacobs 戰略的實施。這證明 Jacobs 深厚的領域專業知識可以改變客戶的成果，用現代數據支持的解決方案取代傳統的基礎設施交付。我將在供應鏈多元化、基礎設施現代化和客戶響應的主題下討論結果。在這些主題中，我將強調我們的技術和數據解決方案如何幫助我們取得成功。

First, supply chain diversification has led to expanded delivery for clients with long-term investment profiles that continue through changing economic conditions. In life sciences, our clients are in the middle of a generational expansion of therapeutics and vaccines as well as advanced health care and [tapping] people on a global scale. Our confidential clients can accelerate production capacity for life-saving medicines for the most widespread chronic diseases by leveraging Jacobs' expertise in digital design to optimize delivery across multiple large-scale biotech campuses.

首先，供應鏈多元化擴大了對長期投資概況的客戶的交付範圍，這些客戶在經濟狀況不斷變化的情況下仍在繼續。在生命科學領域，我們的客戶正處於療法和疫苗的世代擴展以及先進的醫療保健和全球範圍內[挖掘]人員的中間。我們的機密客戶可以利用 Jacobs 在數字設計方面的專業知識來優化跨多個大型生物技術園區的交付，從而提高針對最廣泛慢性病的救生藥物的生產能力。

We are also advising and delivering predictive analytics for point-of-care treatment resulting in improved outcomes for a growing and aging population with clients such as New South Wales Health Infrastructure in Australia, Children's Hospital of Philadelphia and the Centers for Disease Control in the U.S.

我們還為床旁治療提供建議和預測分析，從而改善不斷增長和老齡化人口的結果，客戶包括澳大利亞新南威爾士州衛生基礎設施、費城兒童醫院和美國疾病控制中心。

Jacobs remains uniquely positioned across the entire electric vehicle ecosystem to address all aspects of this rapidly expanding market from manufacturing capacity to EV charging infrastructure to advanced mobility implementation.

Jacobs 在整個電動汽車生態系統中保持獨特的定位，以應對這個快速擴張的市場的各個方面，從製造能力到 EV 充電基礎設施，再到先進的移動實施。

With favorable tailwinds and expanding list of automobile and EV manufacturing clients are seeking Jacobs' leading support to develop sustainable production capacity.

隨著有利的順風和不斷擴大的汽車和電動汽車製造客戶名單，他們正在尋求 Jacobs 的領先支持，以發展可持續的生產能力。

Moving to climate response. Global demand for affordable green energy led to an increase of over 33% in bookings with wins across multiple geographies, including the U.K.'s National Grid, U.S. Department of Energy, Elenergy in Korea where we're developing a new green hydrogen production and import facility.

轉向氣候響應。全球對負擔得起的綠色能源的需求導致預訂量增加了 33% 以上，並在多個地區贏得了勝利，包括英國國家電網、美國能源部、韓國的 Elenergy，我們正在那裡開發新的綠色氫生產和進口設施。

In the U.S., IIJA supported pipeline is building momentum and projects are moving through the sales cycle into delivery. For example, there is a broad focus on transportation decarbonization with support for the National Electric Vehicle Infrastructure program, NEVI, across multiple DOTs. Charging infrastructure for the navy and in multiple states under the low or no emission vehicle brand programs. For the environment agency in the U.K., we are living a digital proof-of-concept, leveraging spatial, predictive analytics to avoid extensive damage in human casualties due to flooding and other climate-driven disasters.

在美國，IIJA 支持的管道正在建立勢頭，項目正在通過銷售週期進入交付階段。例如，在跨多個 DOT 的國家電動汽車基礎設施計劃 NEVI 的支持下，廣泛關注交通脫碳。根據低排放或無排放車輛品牌計劃，為海軍和多個州提供充電基礎設施。對於英國的環境機構，我們正在進行數字概念驗證，利用空間預測分析來避免因洪水和其他氣候驅動的災害造成大量人員傷亡。

At the same time, national highways chose us to streamline their complex data landscape, thanks to our cyber and digital capabilities, partnered with PA Consulting. With StreetLight Data's multimodal transportation insights platform, we've expanded opportunities for both traditional public sector transportation clients and new private sector clients to prioritize marketing and real estate investments.

同時，得益於我們與 PA Consulting 合作的網絡和數字能力，國家高速公路選擇了我們來簡化其複雜的數據環境。借助 StreetLight Data 的多模式交通洞察平台，我們為傳統的公共部門交通客戶和新的私營部門客戶擴大了優先營銷和房地產投資的機會。

Water sector clients are investing in our new technologies, such as AquaDNA, Dragonfly and intelligent operations maintenance. These integrated AI and ML cloud-based technologies enable clients to provide reliable clean water access for all communities, leading to expanded services this quarter from wins in Puerto Rico, Florida, Louisiana, the U.K., Singapore and Australia. These innovative platforms are driving the new standard for asset management.

水務行業的客戶正在投資我們的新技術，例如 AquaDNA、Dragonfly 和智能運營維護。這些集成的 AI 和 ML 基於雲的技術使客戶能夠為所有社區提供可靠的清潔用水，從而在本季度擴大了在波多黎各、佛羅里達、路易斯安那、英國、新加坡和澳大利亞的服務範圍。這些創新平台正在推動資產管理的新標準。

In Hawaii, we are delivering a 20-year installation development plan to address climate adaptation for the Joint Base Pearl Harbor-Hickam. Under infrastructure modernization, mega program delivery trends continue as clients look for more efficient ways to deliver sustainable, livable places. In Scandinavia, we are designing the Nordhavn Tunnel to cross the harbor in Copenhagen, Denmark. And in Toronto, MetroLinx recently awarded Jacobs a multiyear extension to support their $85 billion regional transit expansion.

在夏威夷，我們正在交付一項為期 20 年的設施開發計劃，以解決珍珠港-希卡姆聯合基地的氣候適應問題。在基礎設施現代化的背景下，隨著客戶尋求更有效的方式來提供可持續的宜居場所，大型項目交付趨勢將繼續。在斯堪的納維亞，我們正在設計穿過丹麥哥本哈根海港的 Nordhavn 隧道。在多倫多，MetroLinx 最近授予 Jacobs 多年延期，以支持其 850 億美元的區域交通擴張。

In summary, People & Places Solutions is positioned for long-term growth as evidenced by strong performance across all geographies and client segments. Clients are continuing to partner with Jacobs to deliver transformative infrastructure, advanced manufacturing expansion and energy security projects with sustainable lasting outcomes.

總之，People & Places Solutions 定位於長期增長，所有地區和客戶群的強勁表現都證明了這一點。客戶繼續與 Jacobs 合作，以提供具有可持續持久成果的變革性基礎設施、先進製造擴張和能源安全項目。

Moving to Slide 7 to review Critical Mission Solutions line of business. CMS delivered solid performance in the fourth quarter with backlog remaining strong at $10.6 billion, flat year-over-year, with gross profit in backlog was up 10% year-over-year and 12% in constant currency.

轉到幻燈片 7 來查看關鍵任務解決方案業務線。 CMS 在第四季度表現穩健，未完成訂單保持強勁，達到 106 億美元，同比持平，未完成訂單毛利同比增長 10%，按固定匯率計算增長 12%。

Our CMS strategy is focused on creating resilient revenue growth and margin expansion by offering technology-enabled solutions aligned to critical national priorities. CMS's service and solutions offerings are delivered across our core customer markets: base, cyber, intelligence, defense and energy. And we continue to see strong demand for our solutions across all of them.

我們的 CMS 戰略專注於通過提供符合國家關鍵優先事項的技術支持解決方案來創造彈性收入增長和利潤擴張。 CMS 的服務和解決方案產品遍及我們的核心客戶市場：基地、網絡、情報、國防和能源。我們繼續看到對我們所有解決方案的強勁需求。

In space, Jacobs is a critical prime contractor to NASA's Artemis program, including being the key integrator of the successful uncrewed launch last week of the space launch system rocket in preparation to spend U.S. astronauts back to the moon by 2025. The Artemis I launch is historic, and we are proud of Jacobs' role in the mission. Also, we were awarded contracts by the Scottish rocket manufacturer and small sat launch service provider Orbex to help them build and operate a vertical launch site for satellites in the U.K.

在太空中，Jacobs 是 NASA 的 Artemis 計劃的重要主承包商，包括成為上周成功無人駕駛發射太空發射系統火箭的關鍵集成商，為美國宇航員在 2025 年之前重返月球做準備。Artemis I 發射是歷史性的，我們為雅各布斯在使命中的作用感到自豪。此外，我們還獲得了蘇格蘭火箭製造商和小型衛星發射服務提供商 Orbex 的合同，幫助他們在英國建造和運營垂直衛星發射場。

Several trends in other Jacobs key markets that we are seeing contributing to our continued growth include (inaudible), hypersonics and modular reactors. Beginning with Zero Trust Architecture or ZTA. White House Executive Order, 14028, mandates, adoption of ZTA cybersecurity models across the federal government. Importantly, ZTA requires continuous verification of identity as movers as users move laterally through network systems. Jacobs' cyber intelligence team, which is now part of our new Divergent Solution operating unit is the program manager for one of the intelligence communities largest [directorates] responsible for Identity, Credential and Access Management, ICAM.

我們看到有助於我們持續增長的其他 Jacobs 主要市場的幾個趨勢包括（聽不清）、超音速和模塊化反應堆。從零信任架構或 ZTA 開始。白宮行政命令 14028 要求聯邦政府採用 ZTA 網絡安全模型。重要的是，ZTA 需要在用戶通過網絡系統橫向移動時不斷驗證移動者的身份。 Jacobs 的網絡情報團隊現在是我們新的 Divergent Solution 運營部門的一部分，是負責身份、憑證和訪問管理 ICAM 的情報社區最大[局]之一的項目經理。

ICAM is a critical architectural component of effective Zero Trust models and Jacobs' technical leadership in this area positions us to help clients across the federal government, meet the White House executive order.

ICAM 是有效的零信任模型的關鍵架構組件，Jacobs 在該領域的技術領導地位使我們能夠幫助聯邦政府的客戶滿足白宮的行政命令。

Our cyber intelligence business unit has a significant pipeline of opportunities requiring ZTA adoption. In Q4, our cyber intelligence team also won several new non-ZTA contracts, including an agile software development and sustainment contract or a classified contract and one assisting the Navy to advance their radar sensing capability at the Naval Research Laboratory. We also recently cleared the protest period for a $470 million 6-year IDIQ, providing identity intelligence support to the DoD, which is not yet reflected in backlog.

我們的網絡情報業務部門擁有大量需要採用 ZTA 的機會。在第四季度，我們的網絡情報團隊還贏得了幾份新的非 ZTA 合同，包括一份敏捷軟件開發和維護合同或一份機密合同，以及一份協助海軍提高海軍研究實驗室雷達傳感能力的合同。我們最近還清除了 4.7 億美元的 6 年 IDIQ 的抗議期，為國防部提供身份情報支持，這尚未反映在積壓中。

Moving on to hypersonics. With advances in hypersonic missile technology by China and Russia, the U.S. Department of Defense is developing missile defenses to defend against hypersonic weapons and other emergent missile threats. Because hypersonic weapons fly at speeds of at least Mach 5, roughly 1 mile per second and can maneuver in route to their target, they are more difficult to defend against. Jacobs has decades of experience supporting the U.S. Air Force and NASA and has positioned itself as a leader in hypersonic solutions.

繼續高超音速。隨著中國和俄羅斯在高超音速導彈技術方面的進步，美國國防部正在發展導彈防禦系統以抵禦高超音速武器和其他緊急導彈威脅。由於高超音速武器的飛行速度至少為 5 馬赫，大約每秒 1 英里，並且可以在通往目標的路線上機動，因此它們更難防禦。 Jacobs 擁有數十年支持美國空軍和 NASA 的經驗，並將自己定位為高超音速解決方案的領導者。

In last quarter, Jacobs was awarded a 5-year $100 million IDIQ to help the U.S. Navy design and operate an underwater launch test system with the Naval Surface Warfare Center. The contract also covers modernization, design, fabrication and operation support for an in-air launch testing platform at the Naval Air Weapons Station, China Lake in California. Finally, demand for modular reactors. Nuclear power is coming into favor as a clean energy alternative to fossil fuels.

上個季度，雅各布斯獲得了 5 年 1 億美元的 IDIQ，以幫助美國海軍與海軍水面作戰中心一起設計和運行水下發射測試系統。該合同還包括為加利福尼亞中國湖海軍航空武器站的空中發射測試平台提供現代化、設計、製造和運營支持。最後，對模塊化反應堆的需求。核能作為替代化石燃料的清潔能源正受到青睞。

For countries to achieve their next-zero carbon emission goals and ensure energy independence and security, leaders are realizing they need to include the always-on emission-free generation. Small modular reactors or SMRs are reactors with electric generating capacity of 300 megawatts versus traditional large reactors with generating capacity of 1 gigawatt or more. SMRs have numerous benefits, including lower initial capital investment, greater scalability through factory manufacturing processes, greater siding flexibility on smaller grid and isolated areas and greater energy efficiency.

為了讓各國實現下一個零碳排放目標並確保能源獨立和安全，領導人意識到他們需要包括永遠在線的無排放發電。小型模塊化反應堆或 SMR 是發電能力為 300 兆瓦的反應堆，而傳統大型反應堆的發電能力為 1 吉瓦或更高。 SMR 有很多好處，包括較低的初始資本投資、通過工廠製造過程實現更大的可擴展性、在較小的電網和孤立區域上具有更大的側線靈活性以及更高的能源效率。

In the U.K., we are delivering engineering and technical services to the Rolls-Royce SMR program and licensing advice to GE Hitachi Nuclear Energy as they look to enter the U.K. market. There's also increased interest in new advanced modular reactors or AMRs, that can be designed to provide specific benefits such as producing high heat for green hydrogen production. We are supporting multiple AMR vendors in the U.S. and U.K. Jacobs is a leader in global nuclear solutions, building on our long legacy of organic capabilities and acquisitions of CH2M and Wood Nuclear.

在英國，我們為 Rolls-Royce SMR 項目提供工程和技術服務，並為 GE Hitachi Nuclear Energy 尋求進入英國市場提供許可建議。人們對新型先進模塊化反應堆或 AMR 的興趣也越來越大，這些反應堆可以設計為提供特定優勢，例如為綠色制氫生產產生高溫。我們支持美國和英國的多家 AMR 供應商。Jacobs 是全球核解決方案的領導者，建立在我們長期有機能力和收購 CH2M 和 Wood Nuclear 的基礎上。

In summary, we continue to see solid revenue visibility for our solutions in FY '23 and with approximately 85% of CMS' portfolio, consisting of large enterprise contracts with durations greater than 4 years and 88% from federal level government funding. We are also pleased with the Government Accountability Office's recent guidance to have the U.S. Air Force reevaluate proposals for its large Integrated Support Contract, ISC 2.0, in support of a new source selection decision. And therefore, this remains in our pipeline as a potential multibillion-dollar opportunity.

總而言之，我們繼續看到我們的解決方案在 23 財年的穩定收入可見性，CMS 產品組合的大約 85% 包括期限超過 4 年的大型企業合同和 88% 來自聯邦政府的資金。我們也很高興政府問責辦公室最近指導美國空軍重新評估其大型綜合支持合同 ISC 2.0 的提案，以支持新的來源選擇決定。因此，這仍然是我們的管道中的一個潛在的數十億美元的機會。

The CMS sales pipeline remains robust with the next 24-month qualified new business at approximately $30 billion, including $10 billion in source selection with an expanding margin profile.

CMS 的銷售渠道依然強勁，未來 24 個月的合格新業務約為 300 億美元，其中包括 100 億美元的來源選擇以及不斷擴大的利潤率。

Moving on to PA Consulting on Slide 8. PA continues to deliver its strategy and is securing exciting and enduring work. PA's deep client insight, lasting relationships and ability to assist clients through economic cycles is also generating consistent demand for its expertise.

轉到幻燈片 8 上的 PA 諮詢。PA 繼續實施其戰略，並正在確保令人興奮和持久的工作。 PA 深入的客戶洞察力、持久的關係以及在經濟周期中協助客戶的能力也為其專業知識帶來了持續的需求。

This quarter, PA was awarded marketing wins across its key markets. As Steve mentioned, in the U.K. public sector, where it's a major player, PA was selected as the lead systems integrator for Crenic, a multiyear contract providing next-generation solutions to counter threats posed by radio-controlled improvised explosive devices, IEDs. The contract leverages PA's extensive experience in major program delivery as they lead the delivery consortium, Team Protect.

本季度，PA 在其主要市場獲得了營銷勝利。正如史蒂夫提到的，在英國公共部門，它是一個主要參與者，PA 被選為 Crenic 的主要係統集成商，這是一份多年合同，提供下一代解決方案，以應對無線電控制的簡易爆炸裝置 IED 帶來的威脅。該合同利用了 PA 在領導交付聯盟 Team Protect 時在主要項目交付方面的豐富經驗。

PA was also appointed to oversee the delivery of a once-in-a-generation program for social care reform in the U.K., further cementing its position in government and public sector. Transport continues to be a major focus with additional awards won at Schipol Airport in the Netherlands, where the joint capabilities of Jacobs and PA continue to create further opportunities to include boardroom advisory and digitalization of airside operations.

PA 還被任命監督英國千載難逢的社會護理改革計劃的實施，進一步鞏固其在政府和公共部門的地位。交通仍然是一個主要焦點，在荷蘭史基浦機場贏得了額外獎項，Jacobs 和 PA 的聯合能力繼續創造更多機會，包括董事會諮詢和空側運營數字化。

The Jacobs PA partnership is strongly positioned to continue to capitalize on substantial market opportunities. Jacobs' global footprint and broad-based domain expertise together with PA's high-end digital consulting, creates a compelling value proposition in distinct areas of opportunity. Now I'll turn the call over to Kevin to review our financial results in further detail.

Jacobs PA 的合作夥伴關係具有強大的優勢，可以繼續利用大量的市場機會。 Jacobs 的全球足跡和廣泛的領域專業知識與 PA 的高端數字諮詢一起，在不同的機會領域創造了引人注目的價值主張。現在，我將把電話轉給凱文，讓他更詳細地審查我們的財務業績。

Thank you, Bob. And turning to Slide 9 for a financial overview of our fourth quarter results. Fourth quarter gross revenue grew 8% year-over-year and net revenue grew 6% and up 11% year-over-year on a constant currency basis. All lines of businesses grew fourth quarter revenue over 9% versus a year ago in constant currency. Adjusted gross margin in the quarter as a percentage of net revenue was 26% and improved slightly from the third quarter, but was approximately down 130 basis points year-over-year, primarily driven by: one, our CMS line of business due to the newly ramped remediation contract; and two, investments in incremental employees in PA in advance of the large wins such as the U.K. MOD award that will ramp over the coming months.

謝謝你，鮑勃。並轉向幻燈片 9，了解我們第四季度業績的財務概覽。第四季度總收入同比增長 8%，淨收入增長 6%，按固定匯率計算同比增長 11%。按固定匯率計算，所有業務線的第四季度收入與去年同期相比增長了 9% 以上。本季度調整後的毛利率占淨收入的百分比為 26%，較第三季度略有改善，但同比下降約 130 個基點，主要受以下因素驅動：其一，我們的 CMS 業務線，由於新增加的補救合同；第二，在未來幾個月將獲得英國 MOD 獎等重大勝利之前，對賓夕法尼亞州的增量員工進行投資。

We expect gross margins to modestly improve from Q4 levels during fiscal 2023, driven by recent wins in cyber, favorable revenue mix, recent wins in PA Consulting and continued strong performance in our People & Places Solutions business. Adjusted G&A as a percentage of net revenue was 15.2%, down 40 basis points from Q3 and down 200 basis points year-over-year.

我們預計毛利率將從 2023 財年第四季度的水平小幅提高，這得益於最近在網絡領域的勝利、有利的收入組合、最近在 PA 諮詢領域的勝利以及我們的人員和場所解決方案業務的持續強勁表現。調整後的 G&A 占淨收入的百分比為 15.2%，較第三季度下降 40 個基點，同比下降 200 個基點。

During the quarter, we benefited from lower labor expenses as we managed our cost structure. We are targeting G&A as a percentage of net revenue to stay below 16% for the full fiscal year 2023. GAAP operating profit was $309 million and was mainly impacted by $52 million of amortization from acquired intangibles and other acquisition deal-related costs and restructuring efforts of $14 million with over half associated with integration costs of acquisitions.

本季度，由於我們管理了成本結構，我們受益於較低的勞動力支出。我們的目標是在 2023 年整個財年將 G&A 占淨收入的百分比保持在 16% 以下。GAAP 營業利潤為 3.09 億美元，主要受到收購無形資產攤銷 5200 萬美元以及其他收購交易相關成本和重組工作的影響1400 萬美元，其中一半以上與收購整合成本相關。

And finally, a positive benefit from third-party recoveries of $27 million pretax, which we excluded from our adjusted results. Adjusted operating profit was therefore $347 million, up 15% year-over-year. On a constant currency basis, it was up 19% year-over-year. Our adjusted operating profit to net revenue was 10.7%, up 80 basis points year-over-year. I'll discuss the moving parts later when reviewing the line of business performance.

最後，我們從調整後的結果中排除了 2700 萬美元的稅前第三方追回收益。因此，調整後的營業利潤為 3.47 億美元，同比增長 15%。按固定匯率計算，同比增長 19%。我們調整後的營業利潤占淨收入的比例為 10.7%，同比增長 80 個基點。我將在稍後審查業務線績效時討論移動部分。

GAAP EPS from continuing operations was $1.75 per share and included a $0.16 benefit from the third-party recovery receivable, a $0.12 benefit to align to our effective adjusted tax rate, offset by a $0.27 impact related to the amortization charge of acquired intangibles and $0.06 from transaction, restructuring and other related costs. Excluding these items, third quarter adjusted EPS was $1.80, up 14% year-over-year and up 18% in constant currency.

持續經營業務的 GAAP 每股收益為 1.75 美元，其中包括來自第三方回收應收賬款的 0.16 美元收益，與我們有效調整後的稅率保持一致的 0.12 美元收益，被與收購無形資產攤銷費用相關的 0.27 美元影響和 0.06 美元來自交易、重組和其他相關費用。排除這些項目，第三季度調整後每股收益為 1.80 美元，同比增長 14%，按固定匯率計算增長 18%。

Jacobs' consolidated Q4 adjusted EBITDA was $350 million and was up 13% year-over-year, representing 10.8% of net revenue. On a constant currency basis, adjusted EBITDA was up 17% year-over-year. Finally, backlog was up 5% year-over-year and 8% on a constant currency basis. Sequentially, backlog was impacted by the strengthening U.S. dollar at year-end compared to the end of the third quarter. As an example, the dollar strengthened 8% versus the pound sterling from the end of Q3 to the end of Q4.

Jacobs 第四季度綜合調整後 EBITDA 為 3.5 億美元，同比增長 13%，占淨收入的 10.8%。按固定匯率計算，調整後的 EBITDA 同比增長 17%。最後，積壓訂單同比增長 5%，按固定匯率計算增長 8%。因此，與第三季度末相比，年末美元走強影響了積壓訂單。例如，從第三季度末到第四季度末，美元兌英鎊上漲了 8%。

As a result, on a constant currency basis, backlog was flat sequentially. The revenue book-to-bill ratio was 0.94x with our gross margin book-to-bill at 1.05x given a higher margin profile within backlog on both a year-over-year and sequential basis. Our book-to-bill ratios continue to be impacted by the burn of the approaching Kennedy NASA rebid as backlog continues to fall until which time the rebid is awarded.

因此，在固定匯率的基礎上，積壓訂單環比持平。收入訂單出貨比為 0.94 倍，我們的毛利率訂單出貨比為 1.05 倍，因為積壓的利潤率在同比和環比的基礎上都更高。我們的訂單出貨比繼續受到即將到來的肯尼迪 NASA 重新投標的影響，因為積壓繼續下降，直到重新投標被授予。

Now moving to Slide 10 for a brief recap of our full year 2022 performance. (inaudible) year gross revenue grew 6% year-over-year and net revenue grew 10% in constant currency. On a reported basis, we expect fiscal 2023 revenue growth in the mid-single digits and high single digits on a constant currency basis. GAAP operating profit was $918 million, up significantly year-over-year, driven by a material decrease in onetime items related to transaction and restructuring as well as solid underlying constant currency growth in the business.

現在轉到幻燈片 10，簡要回顧我們 2022 年全年的表現。 （聽不清）年總收入同比增長 6%，按固定匯率計算淨收入增長 10%。在報告的基礎上，我們預計 2023 財年的收入將在固定匯率基礎上實現中個位數和高個位數增長。 GAAP 營業利潤為 9.18 億美元，同比大幅增長，這主要是由於與交易和重組相關的一次性項目大幅減少，以及業務中穩定的潛在貨幣持續增長。

GAAP EPS was $4.98 and adjusted EPS was $6.93, up 10% year-over-year and up 13% on a constant currency basis. Adjusted operating profit grew 10.6% and was up 13% on a constant currency basis. Operating profit margins expanded nearly 30 basis points to 10.4%, driven by revenue mix benefits and lower support costs. Adjusted EBITDA was $1.36 billion, up 10% and up 12% in constant currency. As a percentage of net revenue, adjusted EBITDA was 10.8%, up 20 basis points from fiscal 2021.

GAAP 每股收益為 4.98 美元，調整後每股收益為 6.93 美元，同比增長 10%，按固定匯率計算增長 13%。調整後營業利潤增長 10.6%，按固定匯率計算增長 13%。營業利潤率擴大了近 30 個基點，達到 10.4%，這得益於收入組合收益和較低的支持成本。調整後的 EBITDA 為 13.6 億美元，增長 10%，按固定匯率計算增長 12%。調整後的 EBITDA 占淨收入的百分比為 10.8%，比 2021 財年上升 20 個基點。

We expect modest adjusted operating profit margin expansion in fiscal 2023, driven by a combination of a higher margin revenue mix and lower employee-related costs. However, adjusted EBITDA margins are expected to be flat year-over-year as other income will be burdened primarily by unfavorable pension costs driven by the higher interest rate environment. On a trailing 12-month basis, book-to-bill was 0.97x and gross margin book-to-bill was over 1 at 1.05. Regarding our LOB performance, let's turn to Slide 11 for Q4 performance and Slide 12 for full year performance.

我們預計 2023 財年調整後的營業利潤率將適度擴張，這主要受利潤率更高的收入組合和更低的員工相關成本的共同推動。然而，調整後的 EBITDA 利潤率預計將同比持平，因為其他收入將主要受到較高利率環境導致的不利養老金成本的負擔。在過去 12 個月的基礎上，訂單出貨比為 0.97 倍，毛利率為 1.05，超過 1。關於我們的 LOB 性能，讓我們轉向幻燈片 11 了解第四季度的性能，轉向幻燈片 12 了解全年的性能。

Starting with CMS. Q4 revenue was up 10% year-over-year and up 12% in constant currency. BlackLynx contributed approximately $22 million to the fourth quarter revenue. Fiscal 2020 (sic) [2022] revenue on a reported and constant currency basis grew 3% as the part of the year -- as the first part of the year did not benefit from the ramp of the Idaho nuclear remediation win. BlackLynx contributed $50 million in revenue for fiscal year 2022. For fiscal year 2023, we expect revenue growth in the mid-single digits for the CMS business and higher double-digit growth in our Divergent Solutions unit.

從 CMS 開始。第四季度收入同比增長 10%，按固定匯率計算增長 12%。 BlackLynx 為第四季度收入貢獻了約 2200 萬美元。 2020 財年（原文如此）[2022] 按報告和固定貨幣計算的收入在這一年的一部分增長了 3%——因為今年上半年沒有受益於愛達荷州核修復勝利的增長。 BlackLynx 在 2022 財年貢獻了 5000 萬美元的收入。在 2023 財年，我們預計 CMS 業務的收入將實現中個位數增長，而我們的 Divergent Solutions 部門將實現更高的兩位數增長。

Q4 CMS operating profit was $95 million, down 17% year-over-year and down 14% on a constant currency basis. Operating profit margins as a result, were down 220 basis points year-over-year to 6.9%. Consistent with our previous outlook, Q4 operating margin percentage were impacted by a rate true-up in our cyber and intelligence business. The rate true-up was related to higher G&A over the course of the year given the slower ramp in the business during the continuing resolution.

CMS 第四季度營業利潤為 9500 萬美元，同比下降 17%，按固定匯率計算下降 14%。因此，營業利潤率同比下降 220 個基點至 6.9%。與我們之前的展望一致，第四季度營業利潤率受到我們網絡和情報業務利率調整的影響。考慮到在持續解決方案期間業務的增長速度較慢，調整率與一年中較高的 G&A 有關。

Looking forward, we have successfully been awarded a large new classified cyber win that was previously delayed during the continuing resolution, indicating developing momentum. Looking into fiscal 2023, we expect approximately 75 basis points of sequential operating margin expansion in Q1 and driven by immediate rebound from the onetime rate true-up in Q4. We're also targeting further margin expansion through fiscal 2023 as we win and ramp new higher-margin awards.

展望未來，我們已經成功地獲得了之前在持續決議期間被推遲的大型新機密網絡勝利，表明了發展勢頭。展望 2023 財年，我們預計第一季度營業利潤率將連續增長約 75 個基點，並受到第四季度一次性利率調整後立即反彈的推動。我們還計劃在 2023 財年進一步擴大利潤率，因為我們贏得併增加了新的更高利潤率的獎項。

Moving to People & Places Solutions. Overall, P&PS delivered strong revenue and operating profit results. Q4 net revenue was up 6% year-over-year and up 10% in constant currency. On a constant currency basis, each P&PS region demonstrated net revenue growth. And for the full year, P&PS grew 4% on a reported basis and 7% in constant currency. Looking deeper into our business units, our advanced facilities unit, which benefits from investments in the life sciences, semiconductor and EV supply chains, posted another stellar quarter of double-digit revenue operating profit growth.

轉向人與地方解決方案。總體而言，P&PS 實現了強勁的收入和營業利潤結果。第 4 季度淨收入同比增長 6%，按固定匯率計算增長 10%。在固定匯率的基礎上，每個 P&PS 地區都顯示出淨收入增長。全年，P&PS 按報告基礎增長 4%，按固定匯率計算增長 7%。深入了解我們的業務部門，我們的先進設施部門受益於對生命科學、半導體和電動汽車供應鏈的投資，該季度的收入營業利潤又實現了兩位數的出色增長。

For the fiscal year, the business grew operating profit well north of 25%. We expect our advanced facilities growth rate to continue to remain robust during the fiscal year 2023 at approximately 10% despite the strong year-over-year comparisons. The P&PS International business, Q4 revenue and operating profit was essentially flat year-over-year on a reported basis, but grew double digits in constant currency. For the full year, international operating profit was up 10% year-over-year in constant currency.

在本財年，該業務的營業利潤增長了 25% 以上。我們預計我們的先進設施增長率在 2023 財年將繼續保持強勁，約為 10%，儘管同比增長強勁。 P&PS International 業務、第四季度收入和營業利潤在報告基礎上與去年同期基本持平，但按固定匯率計算增長了兩位數。按固定匯率計算，全年國際營業利潤同比增長 10%。

Our international business will continue to be materially impacted by FX during fiscal 2023, resulting in flattish reported revenue growth, but is poised for full year growth on a constant currency basis. Total P&PS Q4 gross profit and margins were up year-over-year with Q4 operating profit up 31% and operating profit as a percentage of net revenue up 275 basis points, driven by revenue growth and mix as well as lower labor costs during the quarter. Full year People & Places operating profit was up 5.5% on a reported basis and up 10% in constant currency, with operating margins of 13.2%, up 20 basis points versus a year ago.

在 2023 財年，我們的國際業務將繼續受到外彙的重大影響，導致報告的收入增長持平，但有望在固定貨幣基礎上實現全年增長。 P&PS 第 4 季度總毛利和利潤率同比增長，第 4 季度營業利潤增長 31%，營業利潤占淨收入的百分比上升 275 個基點，這主要受本季度收入增長和組合以及勞動力成本降低的推動. People & Places 全年營業利潤按報告基礎增長 5.5%，按固定匯率計算增長 10%，營業利潤率為 13.2%，比一年前增長 20 個基點。

In terms of PA's performance, PA Q4 revenue declined 7.7% year-over-year in U.S. dollars, but it grew 9% in pound sterling. Q4 adjusted operating profit margin was 19.4% during the quarter due to continued lower utilization and investments in pipeline pursuits. As Bob mentioned, PA Consulting has been successful winning the large Crenic award with the MOD for which we expect to show benefit later in 2023. We continue to target double-digit revenue growth on a constant currency basis with operating margins returning to above 20% throughout 2023, driven by improved utilization.

PA的表現方面，PA Q4營收以美元計算同比下降7.7%，但以英鎊計算增長9%。由於利用率持續下降和對管道追求的投資，本季度第四季度調整後的營業利潤率為 19.4%。正如 Bob 所提到的，PA Consulting 憑藉 MOD 成功贏得了大型 Crenic 獎，我們預計將在 2023 年晚些時候顯示收益。我們繼續以固定匯率為基礎實現兩位數的收入增長目標，營業利潤率恢復到 20% 以上在利用率提高的推動下，整個 2023 年。

Our non-allocated corporate costs were $28 million, down year-over-year as we benefited from lower incentive costs and to a lesser extent, from a positive currency impact on our supported costs and other benefits. We now expect non-allocated costs -- corporate costs to be $190 million to $210 million for fiscal 2023, which is slightly higher than fiscal year 2022 as we expect higher incentive costs on a year-over-year basis.

我們的未分配企業成本為 2800 萬美元，同比下降，因為我們受益於較低的激勵成本，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。我們現在預計非分配成本——2023 財年的企業成本為 1.9 億至 2.1 億美元，略高於 2022 財年，因為我們預計激勵成本將同比增加。

Now turning to Slide 13 to discuss our cash flow and balance sheet. Cash flow generation continued to be strong. Free cash flow was $230 million in Q4 and included $12 million related to transaction costs and other items. On a full year basis, reported cash flow was $347 million, but included the net $475 million of cash outflows related to the previously announced Inpex settlement, the first $55 million repayment of Cares Act payroll tax deferral and a net $4 million cash benefit related to other items. Excluding these items, free cash flow conversion to adjusted net income was 97% for the year.

現在轉到幻燈片 13 討論我們的現金流量和資產負債表。現金流產生繼續強勁。第四季度的自由現金流為 2.3 億美元，其中包括與交易成本和其他項目相關的 1200 萬美元。按全年計算，報告的現金流量為 3.47 億美元，但包括與先前宣布的 Inpex 和解相關的淨現金流出 4.75 億美元、Cares Act 工資稅延期償還的首筆 5500 萬美元以及與相關的淨現金收益 400 萬美元其他項目。排除這些項目，當年自由現金流轉為調整後淨收入的比例為 97%。

For fiscal 2023, we expect 2 items to impact cash flow an approximately net $15 million of further cash outflows from restructuring, transaction and other related costs. And a final repayment of $60 million of Cares Act payroll tax deferral benefits. Excluding these items, we anticipate again to achieve 100% free cash flow to adjusted net earnings in fiscal 2023. We are also continuing to evaluate further real estate opportunities given our developing insight as to our longer-term needs given the hybrid work environment, and we will update on our Q1 earnings call with further developments in this regard.

對於 2023 財年，我們預計有 2 個項目會影響現金流量，重組、交易和其他相關成本產生的進一步現金流出淨額約為 1500 萬美元。以及最終償還 6000 萬美元的《關懷法案》工資稅遞延福利。排除這些項目，我們預計將在 2023 財年再次實現 100% 的自由現金流與調整後的淨收益。鑑於我們對混合工作環境下的長期需求的發展洞察力，我們還將繼續評估更多的房地產機會，以及我們將在第一季度的財報電話會議上更新這方面的進一步發展。

During the quarter, we repurchased approximately $31 million of shares. And for the full year, we repurchased $282 million. After September, we have continued to be actively purchasing shares with approximately $135 million repurchased as of last week. As we have said before, we will remain agile and opportunistic and repurchasing shares as we see disruption in the market. We ended the quarter with cash of $1.1 billion and gross debt of $3.4 billion, resulting in a $2.3 billion of net debt.

本季度，我們回購了大約 3100 萬美元的股票。全年，我們回購了 2.82 億美元。 9 月之後，我們繼續積極購買股票，截至上週已回購約 1.35 億美元。正如我們之前所說，我們將保持敏捷和機會主義，並在我們看到市場中斷時回購股票。本季度結束時，我們的現金為 11 億美元，總債務為 34 億美元，淨債務為 23 億美元。

Our Q4 net debt to 2023 expected adjusted EBITDA of approximately 1.6x is a clear indication of the continued strength of our balance sheet. As of the end of Q4, approximately 60% of our debt is like the floating rate debt. And as a result, we are expecting incremental interest costs going forward, which we have incorporated into our outlook. As of the end of the fourth quarter, our weighted average interest rate was approximately 3.6%. Early in the fourth quarter, we entered into a notional $500 million interest rate lock at a rate of 2.7% as related to a planned future fixed rate issuance.

我們到 2023 年的第四季度淨債務預計調整後 EBITDA 約為 1.6 倍，這清楚地表明我們的資產負債表持續強勁。截至第四季度末，我們大約 60% 的債務是浮動利率債務。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。截至第四季度末，我們的加權平均利率約為 3.6%。在第四季度初，我們以 2.7% 的利率鎖定了 5 億美元的名義利率，這與計劃中的未來固定利率發行有關。

The mark-to-market benefit from the in the money interest rate lock is currently recognized in other comprehensive income, but will offset interest expense of our future expected fixed income issuance. Also, in early October, we redeemed $481 million of private notes at par.

貨幣利率鎖定帶來的按市值計價收益目前在其他綜合收益中確認，但將抵消我們未來預期固定收益發行的利息支出。此外，在 10 月初，我們按面值贖回了 4.81 億美元的私人票據。

In the appendix on Slide 16 of the presentation, we included additional detail related to our debt maturities, interest rate derivatives and quarterly interest expense. Finally, given our strong balance sheet and free cash flow, we remain committed to our quarterly dividend, which we announced at the end of the fourth quarter of fiscal 2022 and paid on October 28. I will now turn the call back over to Bob.

在演示文稿幻燈片 16 的附錄中，我們包含了與我們的債務到期日、利率衍生品和季度利息支出相關的更多詳細信息。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在 2022 財年第四季度末宣布並於 10 月 28 日支付的季度股息。我現在將電話轉回給鮑勃。

Thank you, Kevin. Turning to Slide 14. As we discussed throughout our remarks, through proactive portfolio management, we have aligned our business to sectors that continue to demonstrate robust growth through multiple economic scenarios. We continue to enhance our overall growth rate with our climate response consulting and advisory and data solutions strategic accelerators. Given the volatility of FX rates, we are providing our outlook under 2 FX scenarios: one, an outlook based on constant currency, which provides greater insight of underlying business performance; and two, an outlook based on more recent FX rates.

謝謝你，凱文。轉到幻燈片 14。正如我們在整個評論中所討論的那樣，通過積極的投資組合管理，我們已將我們的業務與通過多種經濟情景繼續表現出強勁增長的行業保持一致。我們繼續通過我們的氣候響應諮詢和諮詢以及數據解決方案戰略加速器來提高我們的整體增長率。鑑於匯率的波動性，我們提供了兩種外匯情景下的展望：一種是基於固定匯率的展望，它提供了對基礎業務績效的更深入洞察；第二，基於最近匯率的展望。

Although we transact in multiple currencies, one example for reference is the pound sterling. The full year 2022 average conversion rate for the pound sterling was $1.28 compared to $1.15 early November 2022. As footnoted in our earnings release and investor presentation, based on fiscal 2022 average rate, our outlook for fiscal 2023 adjusted EBITDA is $1.465 billion to $1.545 billion and adjusted EPS of $7.60 to $7.90, up 10% and 12%, respectively, at the midpoint. Based on rates in early November, our outlook for fiscal 2023 adjusted EBITDA is $1.4 billion to $1.48 billion and adjusted EPS of $7.20 to $7.50, both up 6% at the midpoint.

雖然我們以多種貨幣進行交易，但一個可供參考的例子是英鎊。 2022 年全年英鎊的平均兌換率為 1.28 美元，而 2022 年 11 月初為 1.15 美元。正如我們在收益發布和投資者介紹中的腳註，根據 2022 財年的平均匯率，我們對 2023 財年調整後 EBITDA 的展望為 14.65 億美元至 15.45 億美元調整後每股收益為 7.60 美元至 7.90 美元，中點分別增長 10% 和 12%。根據 11 月初的利率，我們對 2023 財年調整後 EBITDA 的預期為 14 億美元至 14.8 億美元，調整後每股收益為 7.20 美元至 7.50 美元，均增長 6%。

On a net revenue basis, the difference between these 2 scenarios is approximately $430 million. Looking beyond fiscal 2023, we remain confident achieving double-digit constant currency adjusted EBITDA growth, consistent with our strategic plan. Operator, we will now open the call for questions.

在淨收入的基礎上，這兩種情況之間的差異約為 4.3 億美元。展望 2023 財年之後，我們仍然有信心實現兩位數的恆定貨幣調整後 EBITDA 增長，這與我們的戰略計劃一致。接線員，我們現在將打開問題電話。

(Operator Instructions) Your first question comes from the line of Bert Subin with Stifel.

（操作員說明）您的第一個問題來自 Bert Subin 與 Stifel 的合作。

Congratulations to both Bob and Steve. Bob, maybe to start out with you. You ended there talking about feeling pretty confident in sort of double-digit growth. You guys have previously provided your fiscal '24 targets by segment on both a margin and a sales basis. If we exclude the impact of FX, do you still remain confident in those bands across each segment?

祝賀鮑勃和史蒂夫。鮑勃，也許從你開始。你在那裡結束時談到對兩位數的增長感到非常有信心。你們之前已經在利潤率和銷售額的基礎上按細分市場提供了你們的 24 財年目標。如果我們排除外彙的影響，您是否仍然對每個細分市場的這些頻段充滿信心？

We do, Bert. The tailwinds that we see in the markets that we're certain, we stand by those commitments that we made on the -- in the '24 strategic line.

我們知道，伯特。我們在市場上看到的順風，我們確信，我們堅持我們在 24 世紀戰略路線上做出的承諾。

Okay. And just a quick follow-up in terms of thinking about P&PS. It performed really well during the quarter, and you made some pretty positive comments on what you're seeing on the advanced facility side. Should we expect any sort of incremental softness just as your semiconductor clients slow their CapEx spend? And in terms of the infrastructure side of things in the segment, are you starting to see a material uptick from IIJA? Or is that just the plan as you sort of -- as you progress through '23?

好的。並且只是在考慮 P&PS 方面的快速跟進。它在本季度表現非常好，您對您在先進設施方面看到的情況發表了一些非常積極的評論。當您的半導體客戶放慢資本支出時，我們是否應該期待任何形式的疲軟？就該細分市場的基礎設施方面而言，您是否開始看到 IIJA 的實質性增長？或者這只是你的計劃——隨著你在 23 年的進步？

Sure. So let me answer the first question. On the semiconductor spend, the industry as a whole from a demand standpoint is in a bit of soft period. The client base and the geographies that we're working in, we have not seen that. And so the front end, the design work, the momentum that we've seen over the course of the last 6 to 8 quarters, that has not slowed at all. And so we're feeling comfortable about where we sit in that ecosystem of consultants to that industry, specifically with our client base.

當然。那麼讓我回答第一個問題。在半導體支出方面，從需求的角度來看，整個行業都處於疲軟時期。客戶群和我們正在工作的地區，我們還沒有看到。因此，我們在過去 6 到 8 個季度中看到的前端、設計工作和勢頭絲毫沒有放緩。因此，我們對我們在該行業的顧問生態系統中所處的位置感到滿意，特別是與我們的客戶群。

So we're positive on that front. On IIJA, we actually -- we are seeing those projects that we have been tracking through the development of both grants as well as the formula funding coming to fruition. Probably the bigger element to that is that the release of those monies is actually unlocking the base funding that the states previously, specifically during COVID, had locked up not knowing kind of what the future looks like. So overall, the pipeline is up on the U.S. basis and infrastructure. Our pipeline is up of 4% to 5% -- I'm sorry, 5% without IIJA, 18% with IIJA from a pipeline standpoint. So we are seeing that.

所以我們在這方面是積極的。在 IIJA 上，我們實際上 - 我們正在看到我們一直在通過贈款和公式資金的發展跟踪的那些項目正在取得成果。可能更大的因素是，這些資金的發放實際上是在釋放各州之前鎖定的基礎資金，特別是在 COVID 期間，他們不知道未來會是什麼樣子。所以總的來說，這條管道是建立在美國的基礎和基礎設施上的。我們的管道增加了 4% 到 5%——對不起，從管道的角度來看，沒有 IIJA 的情況下增加了 5%，有 IIJA 的增加了 18%。所以我們看到了。

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

你的下一個問題來自 Louie DiPalma 和 William Blair。

I would like to echo congrats to Steve and Bob on your new roles. For Steve and Bob, you referenced several cyber intel awards associated with your KeyW and Buffalo Group acquisitions. Are these awards margin accretive? And should the Critical Missions operating profit in 2023 be back to the 2021 level?

我想對史蒂夫和鮑勃擔任新角色表示祝賀。對於 Steve 和 Bob，你提到了與 KeyW 和 Buffalo Group 收購相關的幾個網絡英特爾獎項。這些獎勵利潤增加了嗎？ 2023 年的關鍵任務營業利潤是否應該回到 2021 年的水平？

So both question, Louie, the answer is yes. The award -- the 2 awards that Steve and I specifically spoke about are coming in through those 2 at a portals or through those relationships that we had and the acquisitions that we made during that period. So we are seeing that. They are margin accretive.

所以兩個問題，路易，答案是肯定的。該獎項——史蒂夫和我特別談到的 2 個獎項是通過門戶網站上的這 2 個獎項或通過我們擁有的那些關係以及我們在此期間進行的收購獲得的。所以我們看到了。它們可以增加利潤。

This -- the flip side of this is that these are awards that we had expected in previous quarters. And we talked about it a lot in previous earnings calls, that the knock-on effect of the CR has now had an effect on kind of when those things start. So we do see margins going up, and these are serving as catalysts for that too.

這 - 另一方面是這些獎項是我們在前幾個季度所預期的。我們在之前的財報電話會議上談了很多，CR 的連鎖反應現在已經對這些事情何時開始產生了影響。因此，我們確實看到利潤率在上升，而這些也起到了催化劑的作用。

The other thing, Louie, though, '21 was the high point. So I would say that the underlying business is returning. We had some other events in 2021 that accelerated the margin a little bit higher. We had some one-off closeouts, which were pretty strong. But I think in 2023, the underlying is getting back up well into the 8s, I would say. So maybe not all the way back up to the -- I think we were at 9% in 2021, but we're going to get underlying to be quite consistent with 2021.

另一件事，Louie，不過，'21 是高潮。所以我想說基礎業務正在回歸。我們在 2021 年還發生了一些其他事件，這些事件加速了利潤率的提高。我們有一些一次性的收尾，這是非常強大的。但我認為，到 2023 年，底層證券將回升至 8 美元，我會說。因此，也許不會一直回到——我認為我們在 2021 年達到了 9%，但我們將使基礎與 2021 年保持一致。

Your next question comes from Michael Dudas with Vertical Research.

您的下一個問題來自 Vertical Research 的 Michael Dudas。

Maybe for Bob or Kevin, you call out in your CMS the improved in -- the book-to-bill, but also the gross margin book-to-bill. Maybe you can talk a little bit about P&PS and PAC in a similar light? Or do you want to give out the actual numbers? And how much is -- as you look into timing of awards and ramp up and some of the utilization issues that you or (inaudible) in '22, is that more of mid- to later '23 to show some much better pay for FX better growth as we move towards the end of '23?

也許對於 Bob 或 Kevin，您在 CMS 中指出改進了訂單出貨比，還有毛利率。也許您可以從類似的角度談談 P&PS 和 PAC？或者你想給出實際數字？有多少 - 當你研究獎勵的時間和增加以及你或（聽不清）在 22 年的一些利用問題時，23 年中後期的更多人會顯示出更好的 FX 報酬隨著我們走向 23 年底，增長會更好嗎？

I'm sorry, Mike, you were breaking up. I was having trouble understanding you. I apologize.

對不起，邁克，你分手了。我無法理解你。我道歉。

So first, Kevin, I'm just talking about like your book-to-bill, you talked about the CMS gross margin book-to-bill. Maybe you could highlight in PP&S (sic) [P&PS] and PAC similar just the observations relative to what's in backlog, what do you anticipate in new orders? And maybe the timing of those orders relative to your outlook for 2023?

所以首先，凱文，我只是在談論你的訂單到賬單，你談到了 CMS 毛利率訂單到賬單。也許您可以在 PP&S（原文如此）[P&PS] 和 PAC 中強調與積壓訂單相關的觀察結果，您對新訂單的預期是什麼？也許這些訂單的時間與您對 2023 年的展望有關？

Yes. Okay. Got that. All right. Thanks, Mike. So look, People & Places continue to show good margin profile and backlog as well. So I think that's obviously, a very critical part of our strategy. When we think about delivering more value-added solutions, the margin is it's got to come with it. So the backlog margin profile is better in People & Places, and also it's better in PA as well. And the dynamic of PA relative to the Q4 number really was effectively the continued utilization we had expected to get up to around 20%.

是的。好的。了解。好的。謝謝，邁克。所以看，People & Places 繼續表現出良好的利潤率和積壓情況。所以我認為這顯然是我們戰略中非常關鍵的一部分。當我們考慮提供更多增值解決方案時，利潤是必須隨之而來的。因此，People & Places 中的積壓保證金情況更好，而且在 PA 中也更好。 PA 相對於第 4 季度數字的動態實際上是我們預計將達到 20% 左右的持續利用率。

We fell a little bit short of that, but it's continuing to improve, and we would expect that we'll get back up to those more normalized levels that we saw over the course of '22 -- early '22 relative to the margin profile there.

我們還差一點，但它正在繼續改善，我們預計我們將恢復到我們在 22 年期間看到的那些更正常化的水平 - 相對於利潤率狀況，22 年初那裡。

Your next question is from the line of Jamie Cook with Credit Suisse.

你的下一個問題來自瑞士信貸的 Jamie Cook。

Congrats, Bob. And congrats, Steve. I guess first question, over the long-term, can you just talk to -- on CMS, can you talk to the strategic importance of CMS to the portfolio? And if margins continue to sort of underperform, would you consider sort of other options? Or do you see a path over time to get to, I think, the margin improvement targets that you laid out in the 2024 targets like how long before we get there?

恭喜，鮑勃。恭喜你，史蒂夫。我想第一個問題，從長遠來看，你能談談——在 CMS 上，你能談談 CMS 對投資組合的戰略重要性嗎？如果利潤率繼續表現不佳，您會考慮其他選擇嗎？或者你是否看到了一條隨著時間的推移實現你在 2024 年目標中設定的利潤率提高目標的路徑，比如我們到達那裡需要多長時間？

And then my second question, Kevin, the cash flow generation that you're implying for 2023, it's quite strong and your balance sheet is in good shape. So just trying to understand how you're looking at -- how you're thinking about the M&A profile versus share repurchase?

然後是我的第二個問題，凱文，你暗示 2023 年的現金流量生成非常強勁，你的資產負債表狀況良好。因此，只是想了解您的看法——您如何看待併購概況與股票回購？

You want to respond the first one?

你想回复第一個嗎？

Yes. It's Steve here, Jamie. So I can speak for both the Board and management around that question is we, first of all, the whole strategy around Divergent Solutions was to break out the elements of CMS that are highly consistent, especially with the data solutions side of our 3 accelerators. And so obviously, we're [often running] that. We're excited about that. That's where we're really going to see accelerated margin growth, especially with these recent cyber wins that we've talked about, but also across the entire platform.

是的。我是史蒂夫，傑米。所以我可以代表董事會和管理層圍繞這個問題發言，首先，圍繞 Divergent Solutions 的整個戰略是打破 CMS 的高度一致的元素，尤其是我們 3 個加速器的數據解決方案方面。很明顯，我們[經常運行]那個。我們對此感到興奮。這就是我們真正將看到利潤率加速增長的地方，尤其是我們最近談到的這些網絡勝利，而且在整個平台上也是如此。

And then when you get into the remaining CMS business, just as an example, nuclear most recently has been surging with regard to becoming a clean energy transition solution. And as you know, we're a major player in nuclear, not just in the remediation side, but the new build side, especially in the new technology of advanced small modular reactors. So we're excited about the future of those, and we'll continue to monitor the entire company as far as fit, et cetera, long term, as we've done in the past. And I mentioned in my remarks, but we're very optimistic about the CMS business as we move into 2023.

然後當你進入剩餘的 CMS 業務時，舉個例子，核能最近在成為清潔能源轉型解決方案方面一直在飆升。如您所知，我們是核能領域的主要參與者，不僅在修復方面，而且在新建方面，尤其是在先進小型模塊化反應堆的新技術方面。因此，我們對這些公司的未來感到興奮，我們將像過去一樣，繼續盡可能地長期監控整個公司，等等。我在發言中提到，隨著我們進入 2023 年，我們對 CMS 業務非常樂觀。

Jamie, about the cash flow. Yes, we feel continued strength in our cash flow is expected over the course of 2023, that provides us degrees of freedom, to your point, about how we will deploy that additional capital that's available. So look, I think we continue to monitor the M&A front, I think we were very clear during our strategy as to where we would probably be focusing those ideas and thoughts relative to the 3 accelerators that we outlined in strategy, and we're continuing to monitor those opportunities.

傑米，關於現金流。是的，我們認為我們的現金流預計在 2023 年將持續強勁，這為我們提供了自由度，就您的觀點而言，我們將如何部署可用的額外資本。所以看，我認為我們會繼續監控併購前沿，我認為我們在我們的戰略中非常清楚我們可能會將這些想法和想法集中在我們在戰略中概述的 3 個加速器方面，我們正在繼續監控這些機會。

There are things out there that are being evaluated obviously. Got to result in bid equaling ask where we feel like we can add an ROIC and a return profile to our shareholders that are appropriate. And so we'll see how that plays out. Of course, we also talked about during the prepared remarks, the proactive stance that we've been taking on the share repurchases. And so we feel like we're well positioned to be able to act when appropriate relative to a potential strategic opportunity and/or do share buybacks when there's market dislocation.

顯然，有些事情正在接受評估。必須導致出價等於詢問我們認為我們可以在哪裡添加 ROIC 和適當的回報給我們的股東。因此，我們將看看結果如何。當然，我們在準備好的評論中也談到了我們在股票回購方面一直採取的積極立場。因此，我們覺得我們處於有利地位，能夠在適當的時候針對潛在的戰略機會採取行動和/或在市場錯位時進行股票回購。

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

你的下一個問題來自高盛的 Jerry Revich。

Steve and Bob, congratulations. Bob, I'm wondering if you could just talk about your strategic priorities over the next 3 to 5 years just from a high-level standpoint, anything that we should be keeping in mind?

史蒂夫和鮑勃，恭喜。鮑勃，我想知道你是否可以從高層的角度談談你未來 3 到 5 年的戰略重點，我們應該記住什麼？

Yes, Jerry, obviously something that we've been -- I've been thinking about a lot. Maybe a couple of precursor comments and then directly to the question. The precursor comment was, and I tried to infer -- say it almost explicitly, the way Steve has run the executive team and the company has been really very inclusive. And so when you look at our strategy, not just the one that we released last March, but even in '16 and '19, that's a strategy that was developed by all of us as a team. So it's not me coming in with a new strategy. I feel very, very bought in and tied to with the strategy that we have.

是的，傑里，顯然我們一直在做的事情——我一直在想很多。也許是一些前驅評論，然後直接回答問題。先驅評論是，我試圖推斷 - 幾乎明確地說，史蒂夫管理執行團隊的方式和公司一直非常包容。因此，當您查看我們的戰略時，不僅是我們去年 3 月發布的戰略，而且即使在 16 年和 19 年，這也是我們所有人作為一個團隊制定的戰略。所以這不是我提出新戰略的原因。我覺得非常非常認同我們的策略。

So the first big area around our clients. The accelerators that we have are the national and global priorities that are driving the world. And so that's going to continue to drive our business as we come up with more technology-enabled and client-driven type solutions. The second is around investments in our people. Our people have delivered time and time again over decades. But if you look at the profile of our people, although our business is weighted towards the U.S., our -- we have about a 55-45 U.S. versus outside of the U.S. profile of our people, really driven around that global delivery that we've counted for so long.

所以我們客戶周圍的第一個大區域。我們擁有的加速器是推動世界發展的國家和全球優先事項。因此，隨著我們提出更多技術支持和客戶驅動型解決方案，這將繼續推動我們的業務。第二個是圍繞對我們人民的投資。幾十年來，我們的員工一次又一次地交付。但是，如果你看看我們員工的概況，雖然我們的業務偏重於美國，但我們的 - 我們有大約 55-45 美國與美國以外的員工概況，真正圍繞我們的全球交付驅動算了這麼久。

And so those investments and continued driving around inclusion and diversity and sourcing talent from all over the world is going to be really, really important. And the last piece I'd say is around resilience. Resilience in our business with regards to our systems and how we run the company, but also simplicity of our business. We've diversified the business, and we've tried to have direct access to our clients. But making that -- having simplicity in the forefront is really key as well. So kind of segregated in those 3 main areas.

因此，這些投資和繼續推動包容性和多樣性以及從世界各地採購人才將變得非常非常重要。我要說的最後一點是關於彈性的。我們的業務在我們的系統和我們如何運營公司方面具有彈性，但我們的業務也很簡單。我們實現了業務多元化，並嘗試直接接觸我們的客戶。但是做到這一點——將簡單放在首位也非常關鍵。在這 3 個主要區域中有點隔離。

Your next question is from the line of Steven Fisher with UBS.

你的下一個問題來自瑞銀集團的 Steven Fisher。

So we have about a month left on the current continuing resolution. So I'm curious what you've baked into the guidance for continuing resolution across your segments? And then I guess there's clearly a lot of cross currents in the global economy at the moment. What do you see as any other big risks to your guidance? And maybe what contingency plans do you have in process to address those risks?

因此，目前的持續決議還剩下大約一個月的時間。因此，我很好奇您將哪些內容納入了持續解決您的細分市場的指南中？然後我想目前全球經濟中顯然存在很多交叉趨勢。您認為您的指導還有哪些其他重大風險？也許您正在製定哪些應急計劃來應對這些風險？

Maybe I'll make some comments first, and then have my partners here add any additional commentary to think appropriate. So look, I think we feel pretty good about the continuing resolution, given the makeup of the Senate and the House and how that's going to be coming together. And we just had a really deep dive review from a government relations team feeling pretty good about how things are going to play out over the course of this quarter. So we don't believe that there is going to be a continuing resolution that extends well into 2023.

也許我會先發表一些評論，然後讓我的合作夥伴添加任何其他認為合適的評論。所以看，考慮到參議院和眾議院的構成以及這將如何結合在一起，我認為我們對持續的決議感到非常滿意。我們剛剛從政府關係團隊那裡獲得了非常深入的審查，他們對本季度的進展情況感到非常滿意。因此，我們認為不會有延續到 2023 年的持續解決方案。

We're hoping that, that will become resolved near the end of the calendar year. So I think that we're already starting to see, regardless of that continuing resolution, some momentum building relative to what Bob alluded to as -- and I made some comments on in terms of the cyber and intelligence business starting to get unlocked relative to bids being awarded and whatnot. So we think that the combination of those 2 things are embedded into our guidance. And I feel -- we feel pretty good about it actually.

我們希望，這將在日曆年結束時得到解決。所以我認為我們已經開始看到，不管那個持續的解決方案如何，一些相對於 Bob 提到的勢頭正在建立 - 我就網絡和情報業務開始解鎖相對於出價被授予等等。因此，我們認為這兩件事的結合已嵌入到我們的指南中。我覺得 - 實際上我們感覺很好。

Your next question is from the line of Andy Kaplowitz with Citigroup.

你的下一個問題來自花旗集團的 Andy Kaplowitz。

Steve and Bob, congratulations. So you mentioned you're still targeting double-digit constant currency revenue growth for PA Consulting, but I think constant currency Q4 was in the high single digits. Does the recent large contract when you mentioned to give you the visibility you need to be confident around constant currency double-digit growth for FY '23 despite U.K. economic concerns? And does margin normalize higher quite significantly impair as revenue ramps up towards that 20% goal that you've given us before? Or should we think about a gradual margin ramp-up from here in PA?

史蒂夫和鮑勃，恭喜。所以你提到你仍然為 PA 諮詢公司設定兩位數的固定貨幣收入增長目標，但我認為第四季度的固定貨幣收入增長是高個位數。儘管英國經濟存在擔憂，但當您提到最近的大合同是否讓您了解您需要對 23 財年持續的貨幣兩位數增長充滿信心？隨著收入增加到您之前給我們的 20% 的目標，利潤率正常化是否會受到相當大的影響？或者我們應該考慮從這裡開始逐步提高賓夕法尼亞州的利潤率嗎？

So if you look at the ramp-up of the year, certainly, that large win is part of the equation, but it ends up kind of building over the course of 2023. And so it's less of a direct impact in 2023. What we do believe and our view on the U.K. is that we've -- I guess, I would characterize us as being underwhelmed by the level of activity -- productive activity in the government, which has actually put some pressure in the short-term relative to the U.K.

因此，如果你看一下今年的增長，當然，巨大的勝利是等式的一部分，但它最終會在 2023 年的過程中有所積累。因此它對 2023 年的直接影響較小。我們是什麼確實相信，我們對英國的看法是，我們——我想，我會把我們描述為對活動水平不感興趣——政府的生產性活動，這實際上給短期相對壓力帶來了一些壓力到英國

But with the recent budget that was announced and some of the activity of our clients is starting to look much better. So we're feeling like longer-term into 2023, that we're going to start to see some incremental momentum versus kind of what we've been seeing over the last, I'm going to call it, 6 months. So we're feeling that things will start to improve. The other thing is that the backlog and the pipeline of PA, we're seeing no challenges associated with that. Seeing a little bit of the burn profile, as mentioned just earlier relative to the, I'm going to call it, the unknown relative to the U.K. government, but we're starting to see that instance in that issue going away as we speak.

但隨著最近公佈的預算，我們客戶的一些活動開始看起來好多了。所以我們覺得到 2023 年會更長期，我們將開始看到一些增量勢頭，而不是我們在過去看到的那種，我稱之為 6 個月。所以我們覺得情況會開始好轉。另一件事是 PA 的積壓和管道，我們沒有看到與之相關的挑戰。看到一點燒傷情況，正如前面提到的，我將稱之為與英國政府相關的未知事件，但我們開始看到那個問題的實例在我們說話時消失了.

Just to put some -- just to quantify Kevin's last comment, the pipeline growth in PA alone this quarter was 52% year-on-year. So the pipeline continues to grow. And the way we evaluate pipeline within the PA world, since it's a pure-play consultancy are projects, programs, engagements where we already actually have started a bit of them, too. So these are promising as well as the programs that were announced in the budget that Kevin referenced. Other programs that PA and Jacobs are actually partnered on right now. So that's, hence, the bit of positivity there along with some realism of the last couple of months on what's gone down.

只是為了量化凱文的最後評論，僅本季度 PA 的管道增長就同比增長了 52%。因此管道繼續增長。我們在 PA 世界中評估管道的方式，因為它是一個純粹的諮詢公司，我們實際上已經開始了其中的一些項目、計劃和參與。因此，這些以及凱文提到的預算中宣布的計劃都是有前途的。 PA 和 Jacobs 目前正在合作的其他項目。因此，這就是那裡的一點點積極性以及過去幾個月發生的事情的一些現實主義。

Your next question is from Sean Eastman with KeyBanc Capital Markets.

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

I just wanted to confirm whether we should still anticipate Divergent Solutions to be broken out as a new segment starting in the first quarter? And perhaps in advance of that, just trying to get a rough expectation as to what that business line is contributing to this initial fiscal '23 outlook maybe from an EBIT perspective?

我只是想確認我們是否仍應預期 Divergent Solutions 從第一季度開始作為一個新的細分市場進行細分？也許在此之前，只是試圖從息稅前利潤的角度對該業務線對這個最初的 23 財年前景的貢獻做出粗略的預期？

So the business is effectively operational right now, and we will be executing against the promise that we made relative to reporting that as a separate segment on the financials. So Sean, we're on track to do that. So I think that we'll -- we're going to provide additional color commentary because we're still working through all of the accounting mechanisms to make sure that our systems are reporting accurately and the controls are in place because it's a pretty large change.

因此，該業務目前正在有效運營，我們將履行我們做出的關於將其作為單獨的財務部分報告的承諾。所以肖恩，我們正朝著這個方向努力。所以我認為我們將 - 我們將提供額外的顏色評論，因為我們仍在努力通過所有會計機制來確保我們的系統準確報告並且控製到位，因為它相當大改變。

But I will tell you that it will be one of the highest growth areas that we're expecting in the company for 2023. And effectively, it will be a margin profile that will be growing substantially over time, a little bit lower in 2023 than what we expect at the exit rate. But at the end of the day, we'll provide a lot of details in Q1 relative to that.

但我會告訴你，這將是我們預計 2023 年公司增長最快的領域之一。實際上，這將是一個利潤率狀況，隨著時間的推移將大幅增長，2023 年略低於我們對退出率的期望。但最終，我們將在第一季度提供與此相關的大量細節。

Your next question comes from Chad Dillard with Bernstein.

你的下一個問題來自 Chad Dillard 和 Bernstein。

So I was hoping you guys could expand on just like the opportunities for increased wallet share on infrastructure work? Maybe you can weave in some of the recent acquisitions and some of your expanded digital capabilities and just talk about just what sort of margin we should be kind of thinking about for these new projects?

所以我希望你們能擴大基礎設施工作中增加錢包份額的機會？也許您可以結合最近的一些收購和一些擴展的數字能力，談談我們應該為這些新項目考慮什麼樣的利潤率？

Sorry, Chad, you were a little broken up there. Can you repeat the question?

對不起，乍得，你在那裡有點崩潰。你能重複這個問題嗎？

Yes. So can you just expand on like what sort of incremental wallet share opportunities you have in your infrastructure business. And maybe weave into it as some of the recent acquisitions that you've had in terms of your expanded digital capabilities?

是的。那麼你能不能擴展一下你在基礎設施業務中擁有什麼樣的增量錢包共享機會。也許將它作為您最近在擴展數字功能方面進行的一些收購的一部分？

Okay. Infrastructure, was that -- (inaudible) that part?

好的。基礎設施，是——（聽不清）那部分嗎？

Correct.

正確的。

Yes. Got it. Okay. Yes. In infrastructure, the opportunities continue to grow. I'd say broadly driven mostly in the U.S., but we're seeing this and Steve talked about the international -- I'm sorry, Kevin talked about the international business, but heavily geared towards transportation and water with a growing profile around energy transition. And so those are kind of the 3 main areas. Environmental continues to be robust.

是的。知道了。好的。是的。在基礎設施方面，機會不斷增加。我想說主要是在美國廣泛推動，但我們看到了這一點，史蒂夫談到了國際——對不起，凱文談到了國際業務，但主要針對交通和水資源，能源方面的影響力越來越大過渡。因此，這些是 3 個主要領域。環境繼續強勁。

So we see those -- I mean, the pipeline growth I talked about before, has been really, really strong. On the acquisitions, that's a business where StreetLight Data probably was the last -- the one that we did, it was a smaller acquisition. And we are immediately seeing fit that we had anticipated in the deal kind of thesis around StreetLight all around that data-enabled, use of data in driving a different type of solution for our clients.

所以我們看到那些 - 我的意思是，我之前談到的管道增長非常非常強勁。在收購方面，StreetLight Data 可能是最後一次收購——我們所做的那次收購是一次規模較小的收購。我們立即看到我們在圍繞 StreetLight 的交易類型論文中預期的適合數據支持，使用數據為我們的客戶驅動不同類型的解決方案。

They had clients before, predominantly the state DOTs in the U.S., but that's been expanded with our relationships. And then we're seeing private sector utilization too, as private sector firms have looked at the use of data in order to cite different investments that they're making from a capital project perspective. So very positive news on that front.

他們以前有客戶，主要是美國的州 DOT，但隨著我們的關係，這已經擴大了。然後我們也看到了私營部門的利用，因為私營部門的公司已經研究了數據的使用，以便從資本項目的角度引用他們正在進行的不同投資。在這方面非常積極的消息。

Your next question is from Michael Feniger with Bank of America.

你的下一個問題來自美國銀行的 Michael Feniger。

I believe you're guiding 2023 growth mid-single digit or high single digit on a constant currency basis. You're citing some really robust sectors, EVs, life sciences, reshoring, hydrogen, autonomous. So what isn't growing that fast in the portfolio? Does it just take longer? Is there momentum, the project dollars get going? Does organic growth profile actually reaccelerate further in 2024? And in 2023, you get just better operating leverage off that type of growth with higher utilization? How should we kind of think about that as we move forward into 2024?

我相信您正在引導 2023 年在固定貨幣基礎上實現中個位數或高個位數的增長。你引用了一些非常強勁的行業，電動汽車、生命科學、回流、氫、自主。那麼，是什麼在投資組合中沒有增長那麼快呢？只是需要更長的時間嗎？項目資金是否有動力？ 2024 年有機增長真的會進一步加速嗎？到 2023 年，您會從那種具有更高利用率的增長中獲得更好的運營槓桿嗎？當我們進入 2024 年時，我們應該如何考慮這一點？

Well, look, if you think about the high single digits in terms of constant currency growth, I think that's pretty strong actually. And look, I think that the bottom line is -- for example, Bob just quoted the pipeline growth in the United States of near 20% kind of growth in the pipeline. It just takes a while for that to kind of get -- be won and then start to build the burn associated with it. So you're relying on your clients as much as you are anything else to be able to execute against that. And they're sometimes not as quick as we are ready to execute. So look, I think it's a growing momentum. And I think we're being prudent assuming how that's going to build over the course of 2023.

嗯，看，如果你考慮貨幣持續增長方面的高個位數，我認為這實際上非常強勁。看，我認為底線是——例如，鮑勃剛剛引用了美國管道增長近 20% 的管道增長。只是需要一段時間才能獲得 - 贏得然後開始建立與之相關的燃燒。所以你依賴你的客戶，就像你依賴其他任何東西來執行它一樣。而且他們有時沒有我們準備好執行的那麼快。所以看，我認為這是一個不斷增長的勢頭。而且我認為我們謹慎地假設這將如何在 2023 年期間建立。

What if I could add, Kevin, while we're adding on those end markets that do have a quicker burn profile, all 3 of us today talked about the growth in advanced facilities where that has been a catalyst for growth. So though the top line might be in those numbers that were quoted, I did think -- we did say on a constant currency basis, our bottom line growth would be double digits. So I think there's some real optimism in the portfolio.

如果我可以補充一下，凱文，當我們加入那些確實具有更快燃燒曲線的終端市場時，我們今天所有人都談到了先進設施的增長，這一直是增長的催化劑。因此，儘管最重要的可能是引用的那些數字，但我確實認為——我們確實說過，在不變的貨幣基礎上，我們的底線增長將是兩位數。所以我認為投資組合中有一些真正的樂觀情緒。

Your next question is from the line of Gautam Khanna with Cowen.

你的下一個問題來自 Gautam Khanna 與 Cowen 的對話。

Congrats, Steve and Bob. I wanted -- just following up on some of the recent questions. Can you frame recompete exposure in fiscal '23 and maybe even opine on '24 CapEx, CMS and wherever you think it's noteworthy percentage of sales up for rebid? Or if there are any lumpy individual contracts that are up and maybe the timing of those?

恭喜史蒂夫和鮑勃。我只想跟進最近的一些問題。您能否在 23 財年重新規劃風險敞口，甚至可能對 24 財年的資本支出、CMS 以及您認為值得注意的銷售額百分比重新投標的任何地方發表意見？或者是否有任何塊狀的個人合同到期，也許這些合同的時間？

Sure. I'd say that the recompete exposure in '23 is moderate to low. We -- it's predominantly in our CMS business, and we've already gotten some real positive indications of some of those larger ones that are -- I say there's only a couple. So I would not characterize that as a big exposure in '23.

當然。我想說 23 年的重新競爭曝光率是中等到低的。我們 - 它主要是在我們的 CMS 業務中，我們已經得到了一些真正積極的跡象，其中一些較大的 - 我說只有幾個。所以我不會將其描述為 23 年的重大曝光。

The only one that -- we've called out the one at Kennedy, which is -- that's a big one, but we feel good about our position there.

唯一一個——我們在肯尼迪召集了那個——這是一個很大的，但我們對我們在那裡的位置感覺很好。

Your next question is from the line of Andy Wittmann with Baird.

你的下一個問題來自 Andy Wittmann 與 Baird 的合作。

Great. And Bob, congratulations on promotion, Steve yours as well. Kevin, I just thought maybe a question for you. I wanted to understand the fourth quarter results here a little bit clear. I guess your corporate unallocated expense was $28 million. I think you were kind of suggesting it was going to be higher than that for the quarter as well as your guidance for '23 is implying a run rate of about $50 million per quarter. So I was wondering, I guess you called out incentive comp.

偉大的。鮑勃，祝賀你晉升，史蒂夫也是。凱文，我只是想問你一個問題。我想在這裡更清楚地了解第四季度的結果。我猜你的公司未分配費用是 2800 萬美元。我認為你是在暗示它會高於本季度的水平，而你對 23 年的指導暗示每季度的運行率約為 5000 萬美元。所以我想知道，我猜你叫了激勵補償。

You also mentioned an FX impact, keeping that number down this quarter. So could you comment on the size of the FX impact? And was that -- what the nature of that was? Is that like a non-cash accounting thing for some hedges that you had in FX? Or was there something else in there that was driving that benefit to the quarter?

您還提到了外匯影響，使該數字在本季度有所下降。那麼您能否評論一下外匯影響的大小？那是——那是什麼性質？對於您在 FX 中擁有的某些對沖，這是否類似於非現金會計？還是有其他因素推動了該季度的收益？

No. Look, the dynamic -- I don't have the FX dynamic specifically outlined, but certainly, we can follow up with you, Andy, on that. But if you think about it, our corporate-related costs that support costs are embedded around the world. And so effectively, if you have U.K., for example, corporate-related costs, they're getting translated into a lower rate effectively. So the value of those costs go down, and that effectively had some benefits associated with us because it's all -- it's effectively corporate costs and not corporate revenue.

不，看，動態 - 我沒有具體概述 FX 動態，但當然，我們可以跟進你，安迪，就此。但如果你仔細想想，我們支持成本的企業相關成本是嵌入在世界各地的。如此有效，如果你有英國，例如，與公司相關的成本，它們會有效地轉化為較低的利率。因此，這些成本的價值下降了，這實際上給我們帶來了一些好處，因為這就是——這實際上是企業成本，而不是企業收入。

So if you get the difference between the 2. And then look, we have known that the constant currency dynamic was still robust, but we knew that the reported currency continued to be a challenge, and we are very proactive in terms of taking steps to ensure that we reach the commitment levels that we had established for the company. So we pay attention to this and very, very proactive in terms of the management of our cost structure during Q4.

因此，如果您了解兩者之間的差異。然後看，我們知道恆定的貨幣動態仍然強勁，但我們知道報告的貨幣仍然是一個挑戰，我們在採取措施方面非常積極主動確保我們達到我們為公司製定的承諾水平。因此，我們在第四季度的成本結構管理方面非常非常積極地關注這一點。

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

你的最後一個問題來自 Sabahat Khan 與 RBC Capital Markets 的對話。

Just, I guess, the earlier commentary around how much the pipeline is building up, including the IIJA. Kind of if we think about that bill and the other ones starting to flow through, maybe some offset with pricing maybe moderating, how do you expect, I guess, backlog just to trend over the course of the next 12 to 18 months? I guess is it fair to assume with that extra government funding it could continue to grow? I just want to understand what you have embedded in the guidance that you've provided today?

只是，我猜，早期關於管道正在建立多少的評論，包括 IIJA。如果我們考慮該法案和其他法案開始流通，可能會因定價而有所抵消，可能會有所緩和，我猜你如何看待積壓在未來 12 到 18 個月內的趨勢？我想假設有了額外的政府資金它可以繼續增長是公平的嗎？我只想了解您在今天提供的指南中嵌入了什麼？

Well, I will tell you that, as you may know, backlog is one of our incentive metrics. And I can assure you that our incentives are based on backlog continuing to show very strong growth year-over-year.

好吧，我會告訴你，正如你所知，積壓是我們的激勵指標之一。我可以向你保證，我們的激勵措施是基於積壓訂單繼續顯示出非常強勁的同比增長。

Maybe I could you like to add one more thing, just on what drives backlog, which is sales at, Sabahat, we've put a tremendous amount we've been a sales-driven company for since inception. I think Dr. Jacob started that mantra. Our sales-driven growth and the investments we've made, naming now our new Chief Growth Officer as well, has been very, very specific as our portfolio has developed over the period -- this most recent period of time. So we're putting the full force effort on our sales effort as the pipeline continues to grow. So timing is good.

也許我想再補充一件事，關於推動積壓的因素，即 Sabahat 的銷售，我們已經投入了大量資金，自成立以來我們一直是一家以銷售為導向的公司。我認為雅各布博士開始了這個咒語。我們以銷售為導向的增長和我們所做的投資，現在也任命了我們的新首席增長官，隨著我們的投資組合在此期間（最近一段時間）的發展，一直非常非常具體。因此，隨著管道的持續增長，我們將全力投入銷售工作。所以時機很好。

There are no further questions. I will now turn the call back to Mr. Bob Pragada.

沒有其他問題了。我現在將電話轉回 Bob Pragada 先生。

Yes. Thank you. Thank you, everyone, for joining our earnings call. I'm looking forward to providing further updates on our progress and upcoming events and calls. Have a -- for those of you in the U.S., have a wonderful Thanksgiving.

是的。謝謝你。謝謝大家參加我們的財報電話會議。我期待提供有關我們的進展和即將舉行的活動和電話的進一步更新。有一個 - 對於你們這些在美國的人來說，有一個美好的感恩節。

Thank you.

謝謝你。

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.

女士們，先生們，感謝你們的參與。今天的電話會議到此結束。您現在可以斷開連接。