雅各布工程 (J) 2023 Q1 法說會逐字稿

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Jacobs Solutions Fiscal First Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) Thank you. Jonathan Doros, Investor Relations. You may begin.

早上好。我叫克里斯，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Jacobs Solutions 2023 財年第一季度收益電話會議和網絡直播。 （操作員說明）謝謝。投資者關係部的喬納森·多羅斯 (Jonathan Doros)。你可以開始了。

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 we will reference during the call. I'd like to refer you to Slide 2 of this presentation materials for information about our forward-looking statements and non-GAAP financial measures.

謝謝。大家早上好。我們的收益公告和 10-Q 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，我們將在電話會議期間參考。我想請您參閱本演示材料的幻燈片 2，了解有關我們的前瞻性陳述和非 GAAP 財務措施的信息。

Turning to the agenda. Speaking on today's call will be Jacobs' CEO, Bob Pragada; and Chief Financial Officer, Kevin Berryman. We are also joined today by our incoming CFO, Claudia Jaramillo. Bob will begin by summarizing highlights from our first quarter results, discuss our commitment to sustainability and then provide an update on our strategy. 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, Bob will provide details on our updated outlook along with closing remarks, and then we'll open up the call for your questions.

談到議程。在今天的電話會議上發言的是 Jacobs 的首席執行官 Bob Pragada；和首席財務官 Kevin Berryman。我們即將上任的首席財務官 Claudia Jaramillo 今天也加入了我們的行列。 Bob 將首先總結我們第一季度業績的亮點，討論我們對可持續發展的承諾，然後提供我們戰略的最新情況。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。最後，Bob 將提供有關我們最新展望的詳細信息以及結束語，然後我們將開始徵求您的問題。

In the appendix of the presentation, we provide additional ESG-related information, including examples of our leading ESG solutions. With that, I'll now pass it on to Bob Pragada, CEO.

在演示文稿的附錄中，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，我現在將它傳遞給首席執行官 Bob Pragada。

Thank you, Jon. Good day, everyone. Thank you for joining us today to discuss our first quarter fiscal year 2023 business performance. Starting on Slide 4. I'd like to welcome to the call, Claudia Jaramillo who is currently our Executive Vice President, Strategy and Corporate Development. We recently announced her transition to CFO later this year.

謝謝你，喬恩。今天是個好日子。感謝您今天加入我們討論我們 2023 財年第一季度的經營業績。從幻燈片 4 開始。歡迎致電 Claudia Jaramillo，她目前是我們的戰略和企業發展執行副總裁。我們最近宣布她將在今年晚些時候轉任首席財務官。

I'm excited to now lead Jacobs' CEO. Over the last several years, we have repositioned the company through a purposeful strategy of transforming our portfolio and capture higher value opportunities in our core and adjacent sectors. At this juncture in our strategy, strong execution and focus is pivotal to our success.

我很高興現在領導 Jacobs 的 CEO。在過去的幾年裡，我們通過一項有目的的戰略對公司進行了重新定位，即轉變我們的投資組合併在我們的核心和鄰近行業中抓住更高價值的機會。在我們戰略的這個關鍵時刻，強大的執行力和專注力是我們成功的關鍵。

There are 3 key priorities: first, we will maintain our inclusive and inspirational culture that fosters the creativity needed to live by our mission, challenge today, reinventing tomorrow; second, we will focus on driving a higher structural growth rate across our core sectors by executing against the 3 needle-moving growth accelerators of climate response, data solutions and consulting and advisory across the entire organization and sectors we serve.

有 3 個關鍵優先事項：首先，我們將保持包容和鼓舞人心的文化，培養履行使命、挑戰今天、重塑明天所需的創造力；其次，我們將通過在我們服務的整個組織和部門中執行氣候響應、數據解決方案以及諮詢和諮詢這 3 個針刺式增長加速器，專注於推動核心部門實現更高的結構性增長率。

While we are in a leading position to capitalize on the mega trends and structural tailwinds, our relentless focus on long-term client relationships is driving sustained growth. Third, we will deliver long-term returns for our shareholders by driving further operational discipline across the business to accelerate cash flow generation with disciplined capital allocation.

雖然我們在利用大趨勢和結構性順風方面處於領先地位，但我們對長期客戶關係的不懈關注正在推動持續增長。第三，我們將通過進一步推動整個企業的運營紀律，通過紀律嚴明的資本配置加速現金流產生，從而為股東帶來長期回報。

From a financial standpoint, our underlying business remains strong. Our People & Places Solutions line of business delivered strong performance with net revenue up 8% year-over-year, 13% in constant currency, operating profit up 20% year-over-year, 28% in constant currency, and we continue to gain market share in both the global critical infrastructure and advanced facility sectors.

從財務角度來看，我們的基礎業務依然強勁。我們的 People & Places Solutions 業務線表現強勁，淨收入同比增長 8%，按固定匯率計算增長 13%，營業利潤同比增長 20%，按固定匯率計算增長 28%，我們繼續在全球關鍵基礎設施和先進設施領域獲得市場份額。

In CMS, we continue to deliver a strong base of recurring revenue with a growing new business pipeline. We anticipate strong tailwinds and backlog growth with CMS moving forward. PA Consulting experienced lower-than-expected utilization, but we continue to experience double-digit top line and backlog growth. We are seeing strong demand with robust opportunities in PA sales pipeline.

在 CMS 中，我們繼續通過不斷增長的新業務渠道提供強大的經常性收入基礎。隨著 CMS 的發展，我們預計會有強勁的順風和積壓增長。 PA 諮詢的利用率低於預期，但我們繼續經歷兩位數的收入和積壓增長。我們在 PA 銷售管道中看到強勁的需求和強勁的機會。

A number of recent wins underscores our strategy and demonstrates our move up the value chain with our clients to higher-margin consulting and advisory services. Across the company, we see exciting opportunities ahead of us, specifically in the areas of climate response and especially in energy transition. Our ability to deliver data-enabled solutions is enhancing our clients' resilience and sustainability.

最近的一些勝利突顯了我們的戰略，並證明了我們與客戶一起在價值鏈上向上移動，以獲得更高利潤的諮詢和諮詢服務。在整個公司，我們看到了令人興奮的機遇，特別是在氣候響應領域，尤其是在能源轉型領域。我們提供支持數據的解決方案的能力正在增強我們客戶的彈性和可持續性。

The establishment of divergent solutions enables Jacobs to scale and deploy our domain-centric data platforms across multiple sectors and geographies, further enabling us to deliver solutions to technically complex challenges. I will talk to these key themes further in the presentation.

不同解決方案的建立使 Jacobs 能夠跨多個部門和地區擴展和部署我們以領域為中心的數據平台，進一步使我們能夠為技術上複雜的挑戰提供解決方案。我將在演示文稿中進一步討論這些關鍵主題。

Turning to Slide 5. We remain steadfastly committed to our cultural transformation to create an inspirational journey for all. In 2015, we started our culture journey with the empowerment and accountability, incorporating inclusion, innovation and inspiration into the very fabric of the company.

轉到幻燈片 5。我們仍然堅定不移地致力於我們的文化轉型，為所有人創造一個鼓舞人心的旅程。 2015 年，我們以授權和問責開始了我們的文化之旅，將包容、創新和靈感融入了公司的結構。

I believe our emphasis on inclusion and diversity has been a critically important contributor to our success and provides a key differentiator in attracting and retaining the world's best talent, as well as driving innovation for our clients. A key benefit of being a company with a broad range of capabilities is our ability to provide multiple career and development opportunities, what we refer to as agile careers.

我相信我們對包容性和多樣性的重視一直是我們成功的關鍵因素，並且在吸引和留住世界上最優秀的人才以及為我們的客戶推動創新方面提供了一個關鍵的差異化因素。作為一家擁有廣泛能力的公司的一個主要好處是我們能夠提供多種職業和發展機會，我們稱之為敏捷職業。

When we learn and grow together, we activate empowerment and accountability, inclusion and diversity and innovation. We lead, embrace and anticipate change. To further demonstrate our commitment to inclusion and diversity, we have included a KPI in the refinancing of our credit facilities linked to female leadership representation. Kevin will discuss further details in his remarks.

當我們一起學習和成長時，我們會激活賦權和問責制、包容性、多樣性和創新。我們引領、擁抱並期待變革。為了進一步證明我們對包容性和多樣性的承諾，我們在與女性領導代表相關的信貸安排再融資中納入了 KPI。凱文將在他的發言中討論更多細節。

Turning to Slide 6. Our commitment to sustainability is core to our strategy and our significant performance is being recognized by many of the top ESG accredited institutions. Over the past 5 years, we have advanced to an industry-leading status. This culminated in our inclusion in the 2022 Dow Jones Sustainability World Index, ranking Jacobs among the world's leading companies with outstanding sustainability performance. While the scores themselves are impressive, what's even more significant is the public recognition of Jacobs' positive impact on our clients, communities and the world.

轉到幻燈片 6。我們對可持續發展的承諾是我們戰略的核心，我們的卓越表現得到了許多頂級 ESG 認證機構的認可。在過去的 5 年裡，我們已經發展到行業領先的地位。這最終使我們被列入 2022 年道瓊斯可持續發展世界指數，將 Jacobs 列為可持續發展表現出色的全球領先公司之一。雖然分數本身令人印象深刻，但更重要的是公眾對 Jacobs 對我們的客戶、社區和世界的積極影響的認可。

As we turn to Slide 7, we will focus on our key -- our 4 key growth sectors of critical infrastructure, energy and environment, advanced facilities and national security. These growth sectors are driven by the following catalysts: federal government stimulus from the Infrastructure Investment and Jobs Act, the Inflation Reduction Act and the CHIPS Act, supply chain and technology investments in advanced facilities and the emergence of increased global threats.

當我們轉向幻燈片 7 時，我們將專注於我們的關鍵——關鍵基礎設施、能源和環境、先進設施和國家安全的 4 個關鍵增長領域。這些增長部門受到以下催化劑的推動：聯邦政府通過《基礎設施投資和就業法案》、《降低通貨膨脹法案》和《CHIPS 法案》實施的刺激措施、對先進設施的供應鍊和技術投資以及日益增加的全球威脅的出現。

Let's examine the legislative drivers first and our positioning in the market. I am proud that Jacobs has helped our clients secure over $1 billion in IIJA competitive grants since its passing, and the bill is only in its early stages. We supported our clients in securing over $350 million in IIJA competitive grant funding just last quarter, the largest quarter since the passing of the act. This includes the largest grant awarded nationwide for subway station accessibility in New York City, a major port infrastructure development grant to a long-term client in Alaska, the first phase award of one of the largest water treatment plants in the U.S. and the design of a sustainable battery recycling facility.

讓我們首先研究立法驅動因素和我們在市場中的定位。我很自豪 Jacobs 自通過以來幫助我們的客戶獲得了超過 10 億美元的 IIJA 競爭性贈款，而該法案僅處於早期階段。就在上個季度，我們支持我們的客戶獲得了超過 3.5 億美元的 IIJA 競爭性贈款資金，這是自該法案通過以來最大的一個季度。這包括在全國范圍內為紐約市地鐵站無障礙授予的最大一筆贈款，為阿拉斯加的長期客戶提供的主要港口基礎設施開發贈款，美國最大的水處理廠之一的第一階段贈款以及設計一個可持續的電池回收設施。

With another 4 years of locked in and robust funding, the U.S. infrastructure climate is strong. The coming months will also bring the first dollars of 2 other areas of focus for Jacobs. The inflation Reduction Act with $369 billion to fund the Green Economy transition and the CHIPS Act for semiconductor investment, all in core Jacob sectors.

憑藉另外 4 年的鎖定和強勁資金，美國基礎設施環境強勁。未來幾個月還將為 Jacobs 帶來另外 2 個關注領域的第一筆資金。以 3690 億美元資助綠色經濟轉型的通貨膨脹減少法案和用於半導體投資的 CHIPS 法案，所有這些都在 Jacob 的核心部門。

Before the end of the calendar year, we fully expect to have all 3 bills firing at full strength and funding critical projects sponsored by local governments, the federal government and the semiconductor industry. This overlap of spending will continue for 4 or 5 consecutive fiscal quarters and drive growth across the infrastructure and energy markets.

在日曆年結束之前，我們完全希望所有 3 項法案都能全面啟動，並為地方政府、聯邦政府和半導體行業贊助的關鍵項目提供資金。這種支出重疊將連續 4 或 5 個財政季度持續，並推動基礎設施和能源市場的增長。

In advanced facilities, we continue to see sustained capital investment in the semiconductor manufacturing space, biotechnology capacity expansions and the electric vehicle ecosystem, all being driven by reshaping of global supply chains, technology advancements and decarbonization efforts.

在先進設施方面，我們繼續看到半導體製造領域的持續資本投資、生物技術產能擴張和電動汽車生態系統，所有這些都受到全球供應鏈重塑、技術進步和脫碳努力的推動。

Turning to Slide 8. As evidenced by double-digit pipeline growth in each of these sectors, our industry position continues to grow, and we see this being a long-term secular trend. In addition to previously discussed infrastructure wins, we have been awarded major programs in the semiconductor space to include greenfield expansions in the U.S. and Europe for a global chip manufacturer.

轉到幻燈片 8。正如每個行業兩位數的管道增長所證明的那樣，我們的行業地位繼續增長，我們認為這是一個長期的長期趨勢。除了之前討論的基礎設施項目外，我們還獲得了半導體領域的重大項目，其中包括一家全球芯片製造商在美國和歐洲的綠地擴張。

In the biotechnology sector, we have won multiple expansions in the U.S., Europe and Asia, and we continue to see global growth in electric vehicle ecosystem driven by a favorable regulatory environment with project wins for battery and vehicle manufacturing and charging infrastructure in the U.S. and Europe. Within National Security, we are seeing increased defense spending in the U.S., U.K. and Australia due to continued global threat.

在生物技術領域，我們在美國、歐洲和亞洲贏得了多項擴張，我們繼續看到電動汽車生態系統的全球增長受到有利的監管環境的推動，包括美國和美國的電池和汽車製造以及充電基礎設施項目。歐洲。在國家安全方面，由於持續的全球威脅，我們看到美國、英國和澳大利亞的國防開支有所增加。

As highlighted as a future prospect last quarter, in the U.S., we were successful in winning a critical cyber & intelligence award for $469 million, 5-year contract for a classified defense customer to provide secure data and network solutions globally. In the U.K., PA is leading the consortium that has been selected by the MOD to deliver Crenic, a future force protection electronic countermeasures program. It will provide the next generation of innovative solutions to counter the threat posed by radio-controlled and provides explosive devices, otherwise known as IEDs.

正如上個季度強調的未來前景一樣，在美國，我們以 4.69 億美元的價格成功贏得了重要的網絡和情報獎，為機密防禦客戶提供為期 5 年的合同，在全球範圍內提供安全數據和網絡解決方案。在英國，PA 領導著一個財團，該財團已被 MOD 選擇提供 Crenic，這是一個未來的部隊保護電子對抗計劃。它將提供下一代創新解決方案來應對無線電控制的威脅，並提供爆炸裝置，也稱為簡易爆炸裝置。

And in Australia, we are supporting the acquisition and sustainment of military platforms for the Australian Defense Department, which has engaged Jacobs with increasing volumes of work. Now I'll turn the call over to Kevin to review our financial results in further detail.

在澳大利亞，我們正在支持澳大利亞國防部採購和維護軍事平台，該部門已讓 Jacobs 參與了越來越多的工作。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. Let's turn to Slide 9 for a financial overview of our first quarter results. First quarter gross revenue grew 12% year-over-year, and net revenue grew 8%. Net revenue grew 12% year-over-year on a constant currency basis, an acceleration from our fiscal year 2022 constant currency growth of 8%.

謝謝你，鮑勃。讓我們轉到幻燈片 9，了解我們第一季度業績的財務概覽。第一季度總收入同比增長 12%，淨收入增長 8%。按固定匯率計算，淨收入同比增長 12%，較我們 2022 財年 8% 的固定匯率增長有所加速。

Adjusted gross margin in the quarter as a percentage of net revenue was 26%, sequentially in line with the fourth quarter, but as expected, was down approximately 130 basis points year-over-year, primarily driven by: one, the remaining year-over-year impact of the Idaho remediation contract; and two, lower utilization in PA consulting. I will provide additional comments regarding our segments later in my remarks.

本季度調整後的毛利率占淨收入的百分比為 26%，環比與第四季度一致，但正如預期的那樣，同比下降約 130 個基點，主要受以下因素驅動：一、剩餘的一年-愛達荷州修復合同的年度影響；第二，PA 諮詢的利用率較低。我將在稍後的評論中提供有關我們細分市場的其他評論。

Both People & Places Solutions and Divergent Solutions gross margins were flat year-over-year. We expect total gross margins to remain plus or minus 26% of net revenue for the remainder of the fiscal year and trending higher as we exit the year from a higher margin mix of revenue and new higher-margin opportunities from our growth accelerators. Adjusted G&A as a percentage of net revenue was 15.5%, slightly higher than Q4, but down 130 basis points year-over-year.

People & Places Solutions 和 Divergent Solutions 的毛利率同比持平。我們預計本財年剩餘時間內總毛利率將保持在淨收入的正負 26%，並且隨著我們從更高利潤率的收入組合和我們的增長加速器帶來的新的更高利潤機會退出今年，毛利率將呈上升趨勢。調整後的 G&A 占淨收入的百分比為 15.5%，略高於第四季度，但同比下降 130 個基點。

During the quarter, we benefited from lower employee benefit costs, which were mostly offset by miscellaneous other cost. During the remainder of the fiscal year, we plan to make additional investments in employee welfare programs such as higher 401(k) match and improved medical benefits as part of our continued investment in improving our culture and employee engagement. These costs are factored into our full year outlook. As a result, we are still targeting G&A as a percentage of net revenue to stay below 16% for the full fiscal year 2023.

在本季度，我們受益於較低的員工福利成本，這大部分被雜項其他成本所抵消。在本財政年度的剩餘時間內，我們計劃對員工福利計劃進行額外投資，例如提高 401(k) 匹配和改善醫療福利，作為我們持續投資改善我們的文化和員工敬業度的一部分。這些成本已計入我們的全年展望。因此，我們的目標仍然是 G&A 占淨收入的百分比在 2023 整個財年保持在 16% 以下。

GAAP operating profit was $238 million for the quarter and included $50 million of amortization from acquired intangibles, a $28 million noncash charge related to decreasing our real estate footprint aligned to our future of work strategy. And finally, other acquisition deal-related costs and restructuring efforts of $17 million. Actual restructuring costs were less than half of these costs and supported the creation of our new Divergent Solutions reporting segment. The remaining costs are largely related to PA noncash contingent equity-based agreements associated with our PA transaction structure.

本季度 GAAP 營業利潤為 2.38 億美元，其中包括 5000 萬美元的收購無形資產攤銷，以及 2800 萬美元的非現金費用，該費用與減少與我們未來工作戰略相一致的房地產足蹟有關。最後，其他與收購交易相關的成本和 1700 萬美元的重組工作。實際重組成本不到這些成本的一半，並支持創建我們新的 Divergent Solutions 報告部門。其餘成本主要與與我們的 PA 交易結構相關的 PA 非現金或有股權協議有關。

Adjusted operating profit was $332 million, up 8% year-over-year. On a constant currency basis, adjusted operating profit was up 15% year-over-year. We remain committed to reducing our restructuring-related costs. Consistent with our previous comments, we expect $15 million of restructuring charges for the full year fiscal year 2023.

調整後營業利潤為 3.32 億美元，同比增長 8%。按固定匯率計算，調整後營業利潤同比增長 15%。我們仍然致力於降低與重組相關的成本。與我們之前的評論一致，我們預計 2023 財年全年的重組費用為 1500 萬美元。

We also expect another $30 million in noncash real estate impairment charges over the course of Q2 and Q3 as we further execute our future work strategy. Finally, we expect approximately $20 million of transaction-related expenses from deal-related integration and other costs, most of which is performance-based incentives that were factored into our total purchase price consideration for these acquisitions.

隨著我們進一步執行未來的工作戰略，我們還預計在第二季度和第三季度還會有 3000 萬美元的非現金房地產減值費用。最後，我們預計與交易相關的整合和其他成本將產生約 2000 萬美元的交易相關費用，其中大部分是基於績效的激勵措施，已計入我們對這些收購的總購買價格考慮中。

It also includes the noncash contingent based equity associated with our PA transaction structure. Our adjusted operating profit to net revenue was 10.6%, flat year-over-year. I'll discuss the underlying dynamics during the review by reporting segment. GAAP EPS from continuing operations was $1.07 per share and included a $0.26 impact related to the amortization charge of acquired intangibles, a $0.16 noncash impairment charge related to reducing our real estate footprint, a $0.09 adjustment to align to our projected annual tax rate and a $0.09 from transaction, restructuring and other related costs.

它還包括與我們的 PA 交易結構相關的非現金或有權益。我們調整後的營業利潤占淨收入的比例為 10.6%，同比持平。我將在報告部分的審查期間討論潛在的動態。持續經營業務的 GAAP 每股收益為 1.07 美元，其中包括與收購的無形資產攤銷費用相關的 0.26 美元影響、與減少我們的房地產足跡相關的 0.16 美元非現金減值費用、為與我們預計的年度稅率保持一致而進行的 0.09 美元調整以及 0.09 美元來自交易、重組和其他相關費用。

Excluding these items, first quarter adjusted EPS was $1.67, up 7% year-over-year. Q1 adjusted EBITDA was $339 million and was up 9% year-over-year, representing 10.8% of net revenue. Finally, backlog was up 1% year-over-year and 2% on a constant currency basis. The revenue book-to-bill ratio was 1.1x with our gross margin and backlog as a percentage of net revenue, up over 100 basis points year-over-year.

排除這些項目，第一季度調整後每股收益為 1.67 美元，同比增長 7%。第一季度調整後的 EBITDA 為 3.39 億美元，同比增長 9%，占淨收入的 10.8%。最後，積壓訂單同比增長 1%，按固定匯率計算增長 2%。收入訂單出貨比為 1.1 倍，我們的毛利率和積壓訂單占淨收入的百分比同比增長超過 100 個基點。

Our book-to-bill ratios continue to be impacted by the burn of the approaching NASA -- Kennedy NASA bid, as the project's backlog continues to fall until which time the rebid is awarded. Regarding our LOB performance, let's turn to Slide 10 for Q1. Before delving into the details by segment, I would like to make some overall comments regarding the strength and diversity of the Jacobs portfolio. As you all know, all aspects of our portfolio are aligned with long-term secular growth trends.

我們的訂單出貨比繼續受到即將到來的 NASA - Kennedy NASA 競標的影響，因為該項目的積壓訂單持續下降，直到獲得重新競標。關於我們的 LOB 性能，讓我們轉到第一季度的幻燈片 10。在按細分市場深入研究細節之前，我想就 Jacobs 產品組合的實力和多樣性做一些總體評論。眾所周知，我們投資組合的各個方面都符合長期長期增長趨勢。

Our results in the quarter exhibit the strength of this diversity and its ability to deliver strong consistent operating profit growth. In this quarter, our People & Places Solutions business led the way, so let's start with them. Overall, people and places delivered strong revenue and operating profit results driven by an alignment to the secular growth trends that Bob discussed earlier.

我們在本季度的業績展示了這種多元化的優勢及其實現強勁、持續的營業利潤增長的能力。在本季度，我們的 People & Places Solutions 業務處於領先地位，所以讓我們從他們開始。總體而言，由於與 Bob 之前討論的長期增長趨勢保持一致，人員和地點帶來了強勁的收入和營業利潤結果。

Q1 net revenue was up 8% year-over-year and up 13% in constant currency. All business units contributed solid and often very strong constant currency growth. Backlog grew 2% year-over-year and gross margin and backlog was up double digits in constant currency with a book-to-bill greater than 1.

第一季度淨收入同比增長 8%，按固定匯率計算增長 13%。所有業務部門都貢獻了穩定且通常非常強勁的持續貨幣增長。積壓訂單同比增長 2%，毛利率和積壓訂單按固定匯率計算增長兩位數，訂單出貨比大於 1。

Total People & Places Solutions Q1 gross margins were flat year-over-year, with Q1 operating profit up 20% and 28% in constant currency. Operating profit as a percentage of net revenue was 14.5%, up over 140 basis points year-over-year, driven by revenue growth and a disciplined management of overhead costs. We continue to expect year-over-year improvement in People & Places operating profit and margin, resulting in strong double-digit growth in full year operating profit.

Total People & Places Solutions 第一季度毛利率同比持平，第一季度營業利潤按固定匯率計算分別增長 20% 和 28%。營業利潤占淨收入的百分比為 14.5%，同比增長超過 140 個基點，這得益於收入增長和管理費用的嚴格管理。我們繼續預計 People & Places 的營業利潤和利潤率將同比改善，從而導致全年營業利潤實現兩位數的強勁增長。

Our Advanced Facilities unit which benefits from investments in the life sciences, semiconductor and electric vehicle supply chains posted the strongest double-digit revenue and operating profit growth. We continue to monitor the macro demand trends across sectors that impact our advanced manufacturing clients, and we continue to see robust demand from our life sciences clients, which comprise 2/3 of our People & Places business.

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，實現了最強勁的兩位數收入和營業利潤增長。我們繼續監測影響我們先進製造客戶的各個行業的宏觀需求趨勢，我們繼續看到我們生命科學客戶的強勁需求，這些客戶占我們人員和地方業務的 2/3。

Our backlog and sales pipeline remains robust across a diverse set of customers. And as a result, we continue to expect our advanced facilities growth rate to remain strong during fiscal year 2023 despite the very solid and strong 2022 year-over-year comparisons. Our Americas unit had an outstanding quarter with over 20% year-over-year operating profit growth, driven by infrastructure-related monetization wins, beginning to convert to revenue. The backlog and sales pipeline provides us confidence as we are seeing many large programs mature for a late 2023 or early 2024 award, which should continue to support longer-term momentum.

我們的積壓訂單和銷售渠道在不同的客戶群中保持強勁。因此，儘管 2022 年的同比比較非常穩固和強勁，但我們繼續預計我們的先進設施增長率在 2023 財年將保持強勁。我們的美洲部門在與基礎設施相關的貨幣化勝利的推動下，營業利潤同比增長超過 20%，並開始轉化為收入。積壓和銷售渠道為我們提供了信心，因為我們看到許多大型項目在 2023 年底或 2024 年初的授標中已經成熟，這應該會繼續支持長期勢頭。

Our international business, Q1 revenue and operating profit were up single digits year-over-year on a reported basis, but grew double digits in constant currency. Our international business will continue to be materially impacted by FX during Q2 with FX neutralizing over the second half of our fiscal year, assuming no large variation from existing current foreign exchange rates.

根據報告，我們的國際業務、第一季度收入和營業利潤同比增長個位數，但按固定匯率計算增長兩位數。我們的國際業務將在第二季度繼續受到外彙的重大影響，假設當前匯率沒有太大變化，外匯將在我們財政年度的下半年抵消。

Moving to Critical Mission Solutions. CMS benefits from highly recurring multiyear contracts that require limited overhead support. The business is aligned to national security, space exploration and energy transition priorities mainly in the U.S., Europe and Australia, as well as infrastructure monetization solutions such as U.S. 5G telecom investments.

轉向關鍵任務解決方案。 CMS 受益於經常性的多年期合同，這些合同需要有限的管理費用支持。該業務與主要在美國、歐洲和澳大利亞的國家安全、太空探索和能源轉型優先事項以及美國 5G 電信投資等基礎設施貨幣化解決方案保持一致。

Q1 revenue was up 10% year-over-year and up 13% in constant currency, driven by the Idaho nuclear remediation project contract that ramped up in Q2 of last year. For the remainder of fiscal year 2023, we expect revenue growth in the mid-single digits for the CMS business as we now compare to quarters that include the Idaho project.

第一季度收入同比增長 10%，按固定匯率計算增長 13%，這得益於去年第二季度愛達荷州核修復項目合同的增加。在 2023 財年的剩餘時間裡，我們預計 CMS 業務的收入將實現中個位數增長，因為我們現在將其與包括愛達荷項目在內的季度進行比較。

CMS book-to-bill was just over 1x and continues to be impacted by the approaching NASA Kennedy rebid, which we expect to be awarded soon. Gross profit margins were down year-over-year due to the revenue mix impact from the lower margin remediation project and the year ago closeout benefits associated with our strong performance on several enterprise contracts.

CMS 的訂單出貨比剛剛超過 1 倍，並且繼續受到即將到來的 NASA Kennedy 重新投標的影響，我們預計很快就會獲得批准。由於利潤率較低的修復項目的收入組合影響以及一年前與我們在多個企業合同上的強勁表現相關的收尾收益，毛利率同比下降。

CMS operating profit was $82 million, down 10% year-over-year and down 6% on a constant currency basis. Operating profit margin was aligned with expectations and was down 170 basis points year-over-year to 7.6%, but up 60 basis points sequentially from the Q4 figure. We expect operating margins to improve in the second half of fiscal 2023 with the ability to expand margins as we can convert higher-margin opportunities in our sales pipeline.

CMS 營業利潤為 8200 萬美元，同比下降 10%，按固定匯率計算下降 6%。營業利潤率符合預期，同比下降 170 個基點至 7.6%，但比第四季度連續上升 60 個基點。我們預計營業利潤率將在 2023 財年下半年提高，並有能力擴大利潤率，因為我們可以在銷售渠道中轉化利潤率更高的機會。

Moving to Divergent Solutions. Gross revenue was up 11% year-over-year and when excluding the impact from pass-throughs, net revenue increased 7% year-over-year. We expect net revenue growth to accelerate materially in the second half of our fiscal year as we start to see growth from our investments in sales, data solutions and technology offerings.

轉向不同的解決方案。總收入同比增長 11%，剔除轉手的影響後，淨收入同比增長 7%。我們預計淨收入增長將在本財年下半年大幅加速，因為我們開始看到我們對銷售、數據解決方案和技術產品的投資有所增長。

Gross margins in Divergent are in line with our consolidated gross margin, which we believe provides us the ability to significantly expand DVS operating margins as we gain additional scale from our heightened growth investments. Operating profit margins were 6%, driven by early stage investments and well below our future run rate projections for this business as we begin to embed integrated data-enabled offerings in our core markets. We expect Divergent to finish fiscal 2023 with margins approaching double digits.

Divergent 的毛利率與我們的綜合毛利率一致，我們認為，隨著我們從增加的增長投資中獲得更多規模，這使我們能夠顯著擴大 DVS 的營業利潤率。營業利潤率為 6%，受早期投資的推動，遠低於我們對該業務的未來運行率預測，因為我們開始在我們的核心市場中嵌入集成數據支持的產品。我們預計 Divergent 將在 2023 財年結束，利潤率接近兩位數。

Turning to PA Consulting. The translation impact from a stronger U.S. dollar from the year ago period continued to impact reported revenue and operating profit growth. Revenue from PA was down 3% year-over-year in U.S. dollars, but up over 11% in British pounds. PA had a solid book-to-bill of over 1x. We expect revenue growth in British pounds to remain near or above 10% during fiscal year 2023.

轉向 PA 諮詢。美元較上年同期走強的影響繼續影響報告的收入和營業利潤增長。 PA 的收入以美元計算同比下降 3%，但以英鎊計算增長超過 11%。 PA 的訂單出貨比超過 1 倍。我們預計 2023 財年以英鎊計算的收入增長將保持在 10% 左右或以上。

Turning to profitability. During fiscal year 2022, PA aggressively hired ahead of an increasing demand from secular -- from strong secular growth opportunities across energy transition, sustainable consumer goods and strategic and digital transformation opportunities. While the sales pipeline remains robust and backlog continues to grow, the delayed conversion of these opportunities into burn continues to impact utilization. As a result, Q1 operating profit margins were 18%. While actions have been taken to significantly improve utilization, we expect margins to improve incrementally approaching 20% as we exit the fiscal year.

轉向盈利能力。在 2022 財年，PA 在長期需求不斷增長之前積極招聘 - 來自能源轉型、可持續消費品以及戰略和數字轉型機會的強勁長期增長機會。雖然銷售渠道仍然強勁且積壓訂單繼續增長，但這些機會轉化為燃燒的延遲繼續影響利用率。因此，第一季度營業利潤率為 18%。雖然已採取行動顯著提高利用率，但我們預計隨著本財年的結束，利潤率將逐步提高接近 20%。

Our nonallocated corporate costs were $40 million, down year-over-year as we made a strategic decision to move to a more flexible paid time off program in the U.S. and invest further enhanced employee welfare plans, including improved medical, 401(k) match benefits and parental leave offerings. We believe this strategic decision is key to further strengthening our culture and attracting world -- and attracting and retaining world-class talent.

我們的非分配企業成本為 4000 萬美元，同比下降，因為我們做出戰略決定，在美國轉向更靈活的帶薪休假計劃，並投資進一步增強的員工福利計劃，包括改善醫療、401(k) 匹配福利和育兒假產品。我們相信這一戰略決策對於進一步加強我們的文化和吸引世界以及吸引和留住世界一流人才至關重要。

While Q1 was lower than our previous quarter run rate guidance, we do expect that our corporate costs for the year will increase to our previous estimate of $190 million to $210 million. And we are monitoring our medical and other fringe costs closely, which can vary depending upon our revenue and delivery mix as well as seasonality of medical claims.

雖然第一季度低於我們上一季度的運行率指引，但我們確實預計今年的企業成本將增加到我們之前估計的 1.9 億美元至 2.1 億美元。我們正在密切監控我們的醫療和其他附加成本，這可能會因我們的收入和交付組合以及醫療索賠的季節性而有所不同。

Turning to Slide 11 to discuss our cash flow and balance sheet. We posted another strong quarter of cash flow generation, which is indicative of the quality of our earnings power and cash conversion capabilities. Free cash flow was $270 million, and included an outflow of $60 million for payment of the CARES Act deferral benefit of payroll taxes and $6 million related to transaction costs and other items. Excluding the unusual payment associated with the CARES Act, our underlying free cash flow for the quarter was a very strong $330 million.

轉到幻燈片 11 討論我們的現金流量和資產負債表。我們發布了另一個強勁的現金流產生季度，這表明我們的盈利能力和現金轉換能力的質量。自由現金流為 2.7 億美元，其中包括用於支付 CARES 法案的工資稅遞延收益的 6000 萬美元流出以及與交易成本和其他項目相關的 600 萬美元。排除與 CARES 法案相關的異常付款，我們本季度的基本自由現金流為非常強勁的 3.3 億美元。

In the second quarter, we expect free cash flow to approximate the year-ago figure driven by the very strong Q1 performance. For the full year, we continue to anticipate 100% adjusted free cash flow conversion to adjusted net earnings. Regarding the deployment of our free cash flow, we repurchased approximately $140 million a share during the quarter, as we previously have discussed -- or excuse me, as we previously announced, the Board of Directors have also approved a new 3-year $1 billion share repurchase authorization. We will remain agile and opportunistic in repurchasing shares if we see price dislocation in our relative valuation.

在第二季度，在非常強勁的第一季度業績的推動下，我們預計自由現金流將接近去年同期的數字。對於全年，我們繼續預計 100% 調整後的自由現金流轉換為調整後的淨收益。關於我們自由現金流的部署，我們在本季度回購了大約 1.4 億美元的股份，正如我們之前所討論的那樣——或者對不起，正如我們之前宣布的那樣，董事會還批准了一項新的 3 年期 10 億美元的計劃股份回購授權。如果我們看到我們的相對估值出現價格錯位，我們將在回購股票時保持敏捷和機會主義。

We ended the quarter with cash of $1.2 billion and a gross debt of $3.5 billion, resulting in $2.3 billion of net debt. Our Q1 net debt to 2023 expected adjusted EBITDA of approximately 1.5x is a clear indication of the continued strength of our balance sheet. We remain committed to maintaining an investment-grade credit profile. And given our commitment to inclusion and diversity, all of Jacobs bank debt now has a sustainability-linked KPR target of achieving a 40% female representation in our management team as defined as our Vice President and above population. As of the end of Q1, approximately 60% of our debt is tied to floating rate debt which includes our $500 million notional interest rate lock of 2.7%. As of the end of the first quarter, our weighted average interest cost was 4.6%. For your benefit, in the appendix of the presentation, we have included additional detail related to our debt maturities, interest rate derivatives and quarterly interest expense.

本季度結束時，我們的現金為 12 億美元，總債務為 35 億美元，淨債務為 23 億美元。我們到 2023 年的第一季度淨債務預計調整後 EBITDA 約為 1.5 倍，這清楚地表明我們的資產負債表持續強勁。我們仍然致力於維持投資級信用狀況。鑑於我們對包容性和多樣性的承諾，所有 Jacobs 銀行債務現在都有一個與可持續性相關的 KPR 目標，即在我們的管理團隊中實現 40% 的女性代表，定義為我們的副總裁及以上人口。截至第一季度末，我們大約 60% 的債務與浮動利率債務掛鉤，其中包括我們 5 億美元的 2.7% 名義利率鎖定。截至第一季度末，我們的加權平均利息成本為 4.6%。為了您的利益，在演示文稿的附錄中，我們包含了與我們的債務期限、利率衍生品和季度利息支出相關的更多詳細信息。

Finally, given our strong balance sheet and free cash flow, we remain committed to our quarterly dividend, which was increased 13% year-over-year and which will be paid on March 24. Now I'll turn the call back over to Bob.

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的季度股息，該股息同比增長 13%，將於 3 月 24 日支付。現在我將把電話轉回給鮑勃.

Thank you, Kevin. Turning to Slide 12. Our portfolio is positioned to benefit from multiple secular growth trends across our core sectors with the opportunity to structurally increase our long-term earnings power by executing against our growth accelerators of climate response, data solutions and consulting and advisory.

謝謝你，凱文。轉到幻燈片 12。我們的投資組合定位於受益於我們核心部門的多種長期增長趨勢，並有機會通過執行我們的氣候響應、數據解決方案和諮詢和顧問等增長加速器，從結構上提高我們的長期盈利能力。

We reiterate our outlook for fiscal 2023 adjusted EBITDA of $1.4 billion to $1.48 billion and adjusted EPS to $7.20 to $7.50, which incorporates recent FX rates. In closing, I would like to reiterate my priorities as CEO to maintain an inspirational and inclusive culture that will capitalize on our growth accelerators and drive long-term returns for our shareholders.

我們重申我們對 2023 財年調整後 EBITDA 的展望為 14 億美元至 14.8 億美元，並將每股收益調整為 7.20 美元至 7.50 美元，其中包括近期匯率。最後，我想重申我作為首席執行官的首要任務，即保持鼓舞人心和包容的文化，利用我們的增長加速器並為我們的股東帶來長期回報。

Before we open up the call for questions, I'd like to take a moment to express my sincere condolences on behalf of Jacobs to all those affected by the terrible earthquakes that occurred in Turkey and Syria earlier this week. Our employees have yet again demonstrated a culture of caring and practice by raising their hands to seek ways to support those most impacted by this tragedy. I'm proud to lead a company that rises to the calling in such challenging circumstances. Operator, we will now open the call for questions.

在我們開始提問之前，我想花點時間代表 Jacobs 向本週早些時候在土耳其和敘利亞發生的可怕地震中受災的所有人表示誠摯的哀悼。我們的員工再次展示了一種關懷和實踐的文化，他們舉手尋求支持受這場悲劇影響最嚴重的人的方法。我很自豪能夠領導一家在如此充滿挑戰的環境中勇於接受召喚的公司。接線員，我們現在將打開問題電話。

(Operator Instructions) Our first question is from Jerry Revich with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Jerry Revich。

This is Adam Bubes on for Jerry Revich today. Now that your leverage ratio has declined. Can you provide an update on the M&A pipeline? And if you'd care to comment on opportunity set by line of business?

今天是傑里·雷維奇的亞當·布布斯。現在你的槓桿率已經下降了。您能否提供有關併購管道的最新信息？如果您願意評論業務線設置的機會？

Go ahead, Kevin.

來吧，凱文。

So look, I think the M&A pipeline, we have a list of opportunities at every single point in time. There are things that are of interest, but ultimately, I would suggest to you that we really have nothing to comment on other than we do believe there's some things that are aligned with our strategy. And remember, how we think about our deployment of capital against M&A is to be aligned with our accelerators. So it's climate response, that's data consulting, data solutions and data -- or excuse me, consulting and advisory. So those are the areas we're continuing to focus on. And certainly, given the strong cash flow that we continue to generate, we'll have degrees of freedom to deploy that capital as appropriate when we see value-added opportunities.

所以看，我認為併購管道，我們在每個時間點都有一份機會清單。有些事情很有趣，但最終，我建議你，除了我們確實相信有些事情與我們的戰略一致之外，我們真的沒有什麼可評論的。請記住，我們如何看待針對併購的資本部署與我們的加速器保持一致。所以這是氣候響應，那就是數據諮詢、數據解決方案和數據——或者對不起，諮詢和諮詢。所以這些是我們繼續關注的領域。當然，鑑於我們繼續產生強勁的現金流，當我們看到增值機會時，我們將有一定的自由度來適當地部署該資本。

The next question is from Andy Wittmann with Baird.

下一個問題來自 Andy Wittmann 和 Baird。

Okay. Kevin, I guess I just wanted to dig in a little bit to some of the comments you made about -- I guess, some of the adjustments here. So you previously said $15 million of restructuring, you reiterated that again, obviously noting some real estate impairments that are noncash. But I guess here, you took an exclusion on Focus 2023 expenses. I guess, I wasn't expecting that. Could you talk about what that was in the quarter, what you're hoping to achieve with that? And maybe what the expectation or the budget is for the year, if there are going to be any further Focus 2023 expenses?

好的。凱文，我想我只是想深入了解一下你發表的一些評論——我想，這裡的一些調整。所以你之前說過 1500 萬美元的重組，你再次重申了這一點，顯然注意到一些非現金的房地產減值。但我想在這裡，你排除了 Focus 2023 的費用。我想，我沒想到會這樣。你能談談本季度的情況嗎？你希望通過它實現什麼？如果 Focus 2023 還會有任何進一步的支出，那麼今年的預期或預算是多少？

The focus 2023 to the extent that there is any indications that are really related to the real estate impairment. It's part of our overall Focus 2023 initiative. So it's not over and above the kind of real estate impairments that I highlighted.

重點關注 2023 年是否存在與房地產減值真正相關的任何跡象。這是我們整體 Focus 2023 計劃的一部分。所以這並沒有超過我強調的那種房地產減值。

Might have been viewed as future of work (inaudible).

可能被視為工作的未來（聽不清）。

Yes.

是的。

The next question is from Michael Dudas with Vertical Research.

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

Bob, you talked about your drivers -- the key drivers in the end markets and how they will be impacted. How comfortable do you feel as you're taking over here, how you're positioned from a resource basis to drive that growth? What areas there be more tension paid upon? And of the several different end markets that you see, you did touch on some of them in your prepared remarks, but what ones could we expect to see some more better growth, better opportunities for Jacobs not only just to increase your bookings, but also drive the higher margin mix that you're anticipating?

鮑勃，你談到了你的驅動因素——終端市場的主要驅動因素以及它們將如何受到影響。當您接管這裡時，您感覺如何？您在資源基礎上的定位如何推動增長？哪些方面的壓力更大？在你看到的幾個不同的終端市場中，你在準備好的發言中確實提到了其中的一些，但我們可以期待哪些市場會看到更好的增長，Jacobs 不僅會增加預訂量，還會有更好的機會推動您預期的更高利潤組合？

Sure. From a resources standpoint, Michael, I'd say that we're feeling comfortable. And really, it goes back to what we've talked about previously. Our global -- our use of global talent has really balanced our ability to deliver on our clients' expectations. So it's not where the capital is being deployed. It doesn't necessarily map to where we source talent and deliver the solutions that were expected and can deliver. So we're really positive about the resources front. As far as of the areas that we're looking at, I'd say that specifically in infrastructure and even more specifically in energy transition is providing some real overextended growth opportunities. And that was very evident this quarter in our growth in pipeline. I talked about double-digit composite for the entirety of our inspectors, the highest was energy transition. And we've got a great base, great talent, great solutions and with work that we've already been doing in the renewable space for quite a while, it's serving us well.

當然。從資源的角度來看，邁克爾，我想說我們感覺很舒服。實際上，它可以追溯到我們之前討論過的內容。我們的全球——我們對全球人才的使用確實平衡了我們滿足客戶期望的能力。所以這不是部署資本的地方。它不一定映射到我們尋找人才和提供預期和可以提供的解決方案的地方。所以我們對資源方面非常樂觀。就我們正在關注的領域而言，我想說的是，特別是在基礎設施領域，更具體地說是在能源轉型領域，正在提供一些真正的過度擴張的增長機會。這在本季度我們的管道增長中非常明顯。我談到了我們所有檢查員的兩位數複合材料，最高的是能量轉換。我們擁有良好的基礎、優秀的人才、出色的解決方案，而且我們已經在可再生能源領域開展了很長一段時間的工作，這對我們很有幫助。

The next question is from Andy Kaplowitz with Citigroup.

下一個問題來自花旗集團的 Andy Kaplowitz。

Bob, you mentioned 4 years of locked-in funding for IIJA and that you expected funding from IIJA, IRA and the CHIPS Act to be a strong run rate by the end of the calendar year, maybe you can give us a little more color regarding what that could mean for PPS NSR. You're already growing NSR at 8%. So does it mean you could trend higher than that? And is there any risk that DC-related budget noise can impact the infrastructure ramp up?

鮑勃，你提到了 IIJA 4 年的鎖定資金，你預計 IIJA、IRA 和 CHIPS 法案的資金到日曆年年底將達到強勁的運行率，也許你可以給我們更多關於這對 PPS NSR 意味著什麼。您已經以 8% 的速度增長了 NSR。那麼這是否意味著您的趨勢可能高於此？與 DC 相關的預算噪音是否存在影響基礎設施升級的風險？

So let me answer the last part first. I think that the infrastructure ramp up is pretty locked in with regards to IIJA. And then the effects that the IRA and the CHIPS Act will be supplemental to that. My comment about the end of the year is that those 3 will be in real time. So we're feeling comfortable about that 4-year time line. I think what's also important to understand is that when we -- the difference between the appropriation, the deployment of the funds and capital and then the duration of the projects, programs and engagements, that has a tail on it that's 6 to 7 years. And so you see -- Kevin talked about the backlog growth in revenue being kind of in that mid-single digits, but the gross margin being in double digits on a constant currency basis, that's really a function of where we are in the phasing of that work. So comfortable on that front. As far as could that mean incremental growth to what we've already projected in our out-year plan? We're feeling strongly that it could really be a big part of the company, so we're optimistic.

所以讓我先回答最後一部分。我認為在 IIJA 方面，基礎設施的提升已經完全鎖定。然後是 IRA 和 CHIPS 法案的補充作用。我對今年年底的評論是，這 3 個將是實時的。所以我們對 4 年的時間線感到滿意。我認為理解的同樣重要的是，當我們 - 撥款、資金和資本的部署與項目、計劃和約定的持續時間之間的差異時，它有 6 到 7 年的尾巴。所以你看 - 凱文談到收入積壓增長是中等個位數，但毛利率在固定貨幣基礎上是兩位數，這實際上是我們在分階段的功能那個工作。在這方面很舒服。就我們已經在年外計劃中預測的而言，這是否意味著增量增長？我們強烈認為它真的可以成為公司的重要組成部分，所以我們很樂觀。

Your next question is from Jamie Cook with Credit Suisse.

你的下一個問題來自瑞士信貸的傑米庫克。

This is (inaudible) on for Jamie. So on CMS, I was wondering if you continue to expect low to mid-8% margins for the year? And is there any opportunity to look at divesting underperforming or noncore businesses in CMS and focus more on higher-margin businesses, in particular, now with Claudia on board.

這是 Jamie 的（聽不清）。所以在 CMS 上，我想知道你是否繼續預計今年的利潤率將保持在 8% 的低至中等水平？是否有任何機會考慮剝離 CMS 中表現不佳或非核心業務，並更多地關注利潤率更高的業務，特別是現在有 Claudia 加入。

So look, I think the -- we are a proactive team that always evaluates what we believe is the right portfolio for our company, both now and into the future. We've proven that by the divestiture that we executed against in 2019 with the sale of our Energy, Chemicals and Resources business, which one could argue was actually the legacy of the company. So we are always proactive in that consideration. So I'll leave it there. And so we can't really comment on anything other than, look, we always consider the opportunities. As it relates to CMS, we do believe that they are going to be able to get up into the 8% margins over the course of the year. So we see improving, they're at a point in time where some of the wins that they've had, which are a little bit higher margin are yet to kind of get into the burn. And we would expect that, that will be happening over the course of the balance of the year.

所以看，我認為 - 我們是一個積極主動的團隊，始終評估我們認為對我們公司來說正確的投資組合，無論是現在還是未來。通過我們在 2019 年通過出售我們的能源、化學品和資源業務而執行的資產剝離，我們已經證明了這一點，人們可以說這實際上是公司的遺產。因此，我們始終積極主動地考慮這一點。所以我會把它留在那裡。所以我們不能真正評論任何事情，看，我們總是考慮機會。由於它與 CMS 相關，我們確實相信他們將能夠在這一年中達到 8% 的利潤率。所以我們看到了進步，他們正處於一個時間點，他們已經取得了一些勝利，利潤率略高一些，但還沒有開始燃燒。我們預計，這將在今年餘下的時間裡發生。

If I could add just one item to what Kevin said. Our -- when we talk about energy transition, please keep in mind that, that includes components of CMS that's around our nuclear new build and the AMR SMR technologies that we have, and we're seeing some real opportunities and growth in Europe that will be contributing to the margin profile that Kevin mentioned.

如果我可以在 Kevin 所說的內容中添加一項。我們——當我們談論能源轉型時，請記住，這包括圍繞我們新核設施的 CMS 組件和我們擁有的 AMR SMR 技術，我們在歐洲看到了一些真正的機會和增長，這將為凱文提到的利潤率做出貢獻。

And just to clarify as well, when we talk about the future, I think we're approaching 8% for the year, which means because we started at the level we are, we're going to have to be having subsequent quarters margins that are going to be above 8%.

還要澄清一下，當我們談論未來時，我認為我們今年的利潤率接近 8%，這意味著因為我們從現在的水平開始，我們將不得不在隨後的幾個季度中獲得利潤率將超過8%。

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

下一個問題來自美國銀行的 Michael Feniger。

On the potential DC lockdown or just headlines around a prolonged continuing resolution. Just maybe, Kevin, you kind of walk through on -- I know we talked on IIJA, but even on the CMS side, anything that we should be aware of that could lead to orders being pushed out? Rebids being pushed out? Are you hearing any of that based on some of the headlines we're seeing down in D.C.?

關於潛在的 DC 鎖定或只是關於長期持續解決方案的頭條新聞。也許，凱文，你有點走過去——我知道我們在 IIJA 上談過，但即使在 CMS 方面，我們應該注意的任何事情都可能導致訂單被推遲？重新出價被推出？您是否根據我們在 D.C. 看到的一些頭條新聞聽到了這些？

Go ahead, and then I'll back you up.

去吧，然後我會支持你。

So thanks, Michael. Look, I think the bottom line is we're -- we have an omnibus in place for 2023. So what we're really fundamentally talking about is a continuing resolution for 2024. Look, it remains to be seen how that plays out. Clearly, there's some differences of opinion in the house right now relative to where we may end up. I would say the good news is relative to this, if there is good news, is that we're kind of based off a strong omnibus program in 2023, it could impact new items getting funded, but we're based on a 23% kind of level, which is pretty straightforward. As it relates to the disruption relative to the debt and whatnot, we think our view is they'll come to some rational conclusion on that, but we'll see how that plays out.

所以謝謝，邁克爾。看，我認為底線是我們 - 我們有一個 2023 年的綜合計劃。所以我們真正從根本上談論的是 2024 年的持續解決方案。看，結果如何還有待觀察。很明顯，對於我們的最終結果，目前內部存在一些意見分歧。我想說好消息是與此相關的，如果有好消息，那就是我們在 2023 年有點基於強大的綜合計劃，它可能會影響新項目獲得資助，但我們基於 23%一種水平，這非常簡單。由於它涉及到與債務相關的破壞等等，我們認為我們的觀點是他們會就此得出一些合理的結論，但我們會看到結果如何。

And right now, the programs, Michael, that we're looking at are not totally insulated, but we've got a strong view on those programs being funded here in the near term -- I'm sorry, awarded.

現在，邁克爾，我們正在研究的項目並不是完全絕緣的，但我們對短期內在這裡資助的這些項目有強烈的看法——對不起，獎勵。

The next question is from Robert Connors with Stifel.

下一個問題來自 Stifel 的 Robert Connors。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Yes.

是的。

Okay. Well, first off, Bob, if I remember correctly, I'm wishing your birthday, good luck next weekend. And I guess for my question, you guys have a lot of tailwinds going into the back half, strong outlook on various end markets, just sort of wondering what your thinking was with around sort of maintaining the guidance, especially with the currency sort of being a tailwind here.

好的。嗯，首先，鮑勃，如果我沒記錯的話，我祝你生日快樂，祝你下週末好運。我想對於我的問題，你們有很多順風進入後半部分，各種終端市場前景強勁，只是想知道你們對維持指導的想法是什麼，尤其是貨幣有點像這裡順風。

Well, there's a couple of things that we have to recognize, certainly exchange rates are a positive, but also we have incremental interest costs that are largely offsetting that. So there's gives and takes here. I think given the dynamic of how we're playing out in D.C., I think we're being prudent relative to our guidance that we've provided. And look, there's gives and takes here. FX isn't the only one. I would say, certainly, interest is some headwinds that we're facing. And then the business is kind of net off. And I think at the end of the day, we're I think, positioned for good results for the full year fiscal 2023.

嗯，有幾件事我們必須承認，當然匯率是積極的，但我們也有增量利息成本，這在很大程度上抵消了這一點。所以這裡有給予和索取。我認為，考慮到我們在華盛頓的表現，我認為我們相對於我們提供的指導是謹慎的。看，這裡有讓步。 FX 不是唯一的。我會說，當然，興趣是我們面臨的一些不利因素。然後業務有點淨。我認為，我認為最終我們將為 2023 財年全年的良好業績做好準備。

And then, Robert, maybe I'll make a couple of comments on the markets. The reason why we highlighted those 4 sectors that we did is the tailwinds that we are seeing, and it's materializing in the double-digit pipeline growth, the backlog growth that we're seeing and our bookings performance, all leading indicators to strengthen those markets. The burn of those bookings is something we continue to monitor very closely. But the stage that we're coming in on those programs are creating a higher level of utilization, specifically in the U.S. for the Jacobs business.

然後，羅伯特，也許我會對市場發表一些評論。我們之所以強調我們所做的這 4 個行業，是因為我們看到了順風，它正在實現兩位數的管道增長、我們看到的積壓增長和我們的預訂表現，所有領先指標都可以加強這些市場.這些預訂的消耗是我們繼續密切關注的事情。但是我們進入這些項目的階段正在創造更高水平的利用率，特別是在美國的 Jacobs 業務。

The next question is from Louie DiPalma with William Blair.

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

Congrats to everyone on your promotions and new positions.

祝賀大家獲得晉升和新職位。

Thank you, Louie.

謝謝你，路易。

As it relates to the exceptional strength for advanced facilities for this current fiscal 2023 on top of 2022. Kevin, I think you mentioned how difficult comp, and I was wondering should investors expect a consistent long-term upward trajectory for advanced facilities with all of the stimulus funding from the CHIPS Act or will it be lumpy in certain years as funding may be inconsistent?

因為它與當前 2023 財年和 2022 財年先進設施的非凡實力有關。凱文，我想你提到了比較困難，我想知道投資者是否應該期望先進設施的長期上升軌跡與所有來自 CHIPS 法案的刺激資金還是在某些年份會因為資金可能不一致而變得不穩定？

Yes, Louie, I think if you go back a decade ago, that lumpiness was -- in the time between cycles, whether it be semi or in life sciences was a lot longer. We're seeing those cycles contract. Look at the current semi cycle as well. And so we think that, that long-term growth aspect versus what we used to see a decade ago, we've demonstrated that we -- the diversity of our portfolio has been able to really sustain that. You mentioned '22, it was also '21 as well. So we're feeling really positive there. The other item I would highlight is that it's the reason what's driving these growth catalysts, the reason why we highlighted the supply chain disruption, as well as technology advancements is that in the past, the lumpiness was driven by demand. And so capacity was almost exclusively tied to demand and then you could just map it via economic cycles.

是的，Louie，我想如果你回到十年前，那塊塊是——在周期之間的時間裡，無論是半週期還是生命科學，都要長得多。我們看到這些週期收縮。看看當前的半週期。因此，我們認為，與十年前我們過去看到的情況相比，長期增長方面，我們已經證明我們 - 我們投資組合的多樣性能夠真正維持這一點。你提到了'22，它也是'21。所以我們在那裡感覺非常積極。我要強調的另一個項目是，這是推動這些增長催化劑的原因，我們強調供應鏈中斷以及技術進步的原因是，在過去，這種波動是由需求驅動的。因此，產能幾乎完全與需求掛鉤，然後你可以通過經濟周期來映射它。

Today, that has completely changed and the drivers are more driven around technology advancements, reshaping of supply chains from the east to the west as well as innovations that are happening in, whether it be chip design or novel therapy. So the drivers also give us that level of confidence, too.

如今，情況已經完全改變，驅動力更多地圍繞技術進步、從東方到西方的供應鏈重塑以及正在發生的創新，無論是芯片設計還是新療法。因此，車手們也給了我們這樣的信心。

The next question is from Gautam Khanna with Cowen.

下一個問題來自 Gautam Khanna 和 Cowen。

I was wondering if you could talk a little bit about recompetes. Besides the Kennedy contract over the next 18, 24 months? Do you have any big ones coming up? And then just related to the continuing resolution risk around the budget next year. Are there any programs that kind of -- new programs that were -- when your prior guidance, you were counting on growing, but that might not be able to grow in such an environment. Anything that we should be thinking about as a potential headwinds in '24?

我想知道你是否可以談談重新競爭。除了未來 18、24 個月的肯尼迪合同？你有什麼大的要來嗎？然後只與明年預算的持續解決風險有關。是否有任何程序 - 新程序 - 當您之前的指導時，您指望增長，但在這樣的環境中可能無法增長。在 24 世紀，我們應該考慮哪些潛在的不利因素？

Sure. Maybe I'll talk first on the recompetes. Outside of Kennedy, for the next 12 to 18 months, I think that was the time line that you put it at nothing of that size. We have smaller recompetes that are probably a little less under -- a little bit more under the radar. But those are well within the normal cycle of our business. On the CR with new programs, Gautam, that's one where we continue to be very sensitive to that. From a recompete standpoint, those could end up being upside for us because we're on programs that are continuing to be determined. But I think the diversity of our portfolio has lessened the impact of what we saw historically with CRs -- and so I think that's where -- I think it would not be wise of us to predict the effect of CRs, but I think the diversity is where we see the hedge, and we feel confident about our business.

當然。也許我會先談談重賽。在肯尼迪之外，在接下來的 12 到 18 個月裡，我認為這就是你把它放在那個規模的時間線上。我們有一些較小的重新競爭，這些競爭可能會少一些 - 多一些在雷達下。但這些都在我們業務的正常週期內。關於新計劃的 CR，Gautam，這是我們繼續對此非常敏感的地方。從重新競爭的角度來看，這些最終可能對我們有利，因為我們正在進行的項目仍有待確定。但我認為我們投資組合的多樣性減少了我們在歷史上看到的 CR 的影響——所以我認為這就是——我認為預測 CR 的影響對我們來說是不明智的，但我認為多樣性是我們看到對沖的地方，我們對我們的業務充滿信心。

The next question is from Josh Sullivan with The Benchmark Company.

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

Just to follow up on that a little bit. As far as the NASA Kennedy rebid itself, given so many changes in the space industry and emergence of a lot of commercial space interest, where is your confidence in retaining the work?

只是稍微跟進一下。至於美國宇航局肯尼迪重新競標，鑑於航天工業發生瞭如此多的變化，並且出現了許多商業太空利益，您對保留這項工作的信心在哪裡？

Our confidence is solid. We -- whether it be NASA or other clients you could even outside the aerospace world, we've grown with our clients. So the intimacy that we have with the science of our clients' business has allowed us to be there long-term advocate and long-term partner. So wherever the space industry goes, a movement to commercial, which we're involved with or in other areas of exploration we've been a part of that journey and a valued partner. So we're feeling confident.

我們的信心是堅定的。我們 - 無論是 NASA 還是其他客戶，甚至在航空航天世界之外，我們都與我們的客戶一起成長。因此，我們與客戶業務科學的密切關係使我們能夠成為他們的長期倡導者和長期合作夥伴。因此，無論航天工業走向何方，無論是商業化運動，還是我們參與的其他探索領域，我們都是這一旅程的一部分，也是重要的合作夥伴。所以我們很有信心。

The next question is from Chad Dillard with AB Bernstein.

下一個問題來自 Chad Dillard 和 AB Bernstein。

This is Brandon, on for Chad. Follow-up on CMS margins. You said that ending the year above 8% to give the full year to 8%. But given the high-margin projects you all have been talking about, is it safe to assume that we can expect that exit rate to be the prevailing rate going forward? And could the margins potentially approach people and places levels given all these projects.

我是布蘭登，代表查德。跟進 CMS 利潤率。你說年末超過 8% 會使全年達到 8%。但考慮到你們一直在談論的高利潤項目，是否可以安全地假設我們可以預期退出率將成為未來的普遍利率？鑑於所有這些項目，利潤率是否可能接近人員和地點水平。

That would certainly be consistent with our strategy. I would say the margin burn that I was referring to is second half oriented primarily. So as we look to beyond 2023, certainly consistent with our strategy, we are always looking for an incremental profit improvement in terms of margin. So yes that would be consistent with our execution strategy.

這肯定符合我們的戰略。我會說我所指的利潤率燃燒主要是下半年。因此，當我們展望 2023 年以後時，當然與我們的戰略一致，我們一直在尋求利潤率方面的增量利潤改善。所以是的，這與我們的執行策略一致。

The next question is from Alex Dwyer with KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Alex Dwyer。

This is Alex, on for Sean this morning. So my question, the backlog was very strong this quarter, and it looks like all segments grew sequentially from 4Q. You guys had highlighted this gross margin in the backlog was up 100 basis points. Can you guys talk a little bit about what's driving this 100 basis point increase in margin? Is it 1 or 2 segments? Or is it more broad-based in all the segments?

我是亞歷克斯，今天早上接替肖恩。所以我的問題是，本季度積壓量非常大，看起來所有部門都從第四季度開始連續增長。你們強調了積壓訂單中的毛利率上升了 100 個基點。你們能談談是什麼推動了這 100 個基點的利潤增長嗎？是 1 段還是 2 段？還是在所有細分市場中都具有更廣泛的基礎？

I'd say, it's broad-based. This is -- again, when we keep reiterating, moving up the value chain with our clients, this is -- these are higher level technically complex, as well as digitally enabled offerings that we have now in the marketplace, which is driving that higher margin in our backlog. And so it's not acutely focused in a specific one area. It's across the board.

我會說，它的基礎很廣泛。這是——再一次，當我們不斷重申，與我們的客戶一起提升價值鏈時，這是——這些是更高層次的技術複雜性，以及我們現在在市場上擁有的數字化產品，這正在推動更高的價值我們積壓的保證金。因此，它並沒有特別專注於某個特定領域。這是全面的。

We have no further questions at this time. I'll turn it over to the presenters for any closing remarks.

目前我們沒有其他問題。我會把它交給主持人聽取任何結束語。

All right. Thank you, operator. And thank you, everyone, for joining our earnings call, looking forward to future calls and providing further updates on upcoming events and on our further calls. So thank you very much, and have a great week.

好的。謝謝你，運營商。感謝大家參加我們的財報電話會議，期待未來的電話會議，並提供有關即將舉行的活動和我們進一步電話會議的進一步更新。非常感謝你，祝你度過愉快的一周。

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

女士們，先生們，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。